Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 26, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-34723 | ||
Entity Registrant Name | AMERICOLD REALTY TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 93-0295215 | ||
Entity Address, Address Line One | 10 Glenlake Parkway, | ||
Entity Address, Address Line Two | Suite 600, South Tower | ||
Entity Address, City or Town | Atlanta, | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30328 | ||
City Area Code | 678 | ||
Local Phone Number | 441-1400 | ||
Title of 12(b) Security | Common Shares of Beneficial Interest, $0.01 par value per share | ||
Trading Symbol | COLD | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5.3 | ||
Entity Common Stock, Shares Outstanding | 200,164,155 | ||
Documents Incorporated by Reference [Text Block] | Part III incorporates by reference portions of Americold Realty Trust’s Proxy Statement for its 2020 Annual Meeting of Shareholders, which the registrants anticipate will be filed no later than 120 days after the end of its fiscal year pursuant to Regulation 14A. | ||
Entity Central Index Key | 0001455863 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Americold Realty Operating Partnership, L.P.. | |||
Document Information [Line Items] | |||
Entity Registrant Name | AMERICOLD REALTY OPERATING PARTNERSHIP, L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 01-0958815 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0001768982 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Property, plant, and equipment | $ 4,149,214 | $ 2,898,139 |
Accumulated depreciation and depletion | (1,216,553) | (1,097,624) |
Property, buildings and equipment – net | 2,932,661 | 1,800,515 |
Operating lease right-of-use assets | 77,723 | 0 |
Accumulated depreciation – operating leases | (18,110) | 0 |
Operating leases – net | 59,613 | 0 |
Financing leases: | ||
Property, plant and equipment - gross | 88,038 | |
Accumulated depreciation – financing leases | (29,697) | |
Financing leases – net | 58,341 | |
Financing leases: | ||
Property, plant and equipment - gross | 60,503 | |
Accumulated depreciation – financing leases | (21,317) | |
Financing leases – net | 39,186 | |
Cash and cash equivalents | 234,303 | 208,078 |
Restricted cash | 6,310 | 6,019 |
Accounts receivable – net of allowance of $6,927 and $5,706 at December 31, 2019 and 2018, respectively | 214,842 | 194,279 |
Intangible assets – net | 284,758 | 25,056 |
Goodwill | 318,483 | 186,095 |
Investments in partially owned entities | 0 | 14,541 |
Other assets | 61,372 | 58,659 |
Total assets | 4,170,683 | 2,532,428 |
Liabilities: | ||
Borrowings under revolving line of credit | 0 | 0 |
Accounts payable and accrued expenses | 350,963 | 253,080 |
Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $12,996 and $13,943 in the aggregate, at December 31, 2019 and 2018, respectively | 1,695,447 | 1,351,014 |
Sale-leaseback financing obligations | 115,759 | 118,920 |
Financing lease obligations | 58,170 | |
Financing lease obligations | 40,787 | |
Operating lease obligations | 62,342 | |
Unearned revenue | 16,423 | 18,625 |
Pension and postretirement benefits | 12,706 | 16,317 |
Deferred tax liability – net | 17,119 | 17,992 |
Multiemployer pension plan withdrawal liability | 8,736 | 8,938 |
Total liabilities | 2,337,665 | 1,825,673 |
Shareholders’ equity: | ||
Common units of beneficial interest, 141,088,314 and 68,676,903 issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 1,918 | 1,482 |
Paid-in capital | 2,582,087 | 1,356,133 |
Accumulated deficit | (736,861) | (638,345) |
Accumulated other comprehensive loss | (14,126) | (12,515) |
Total shareholders’ equity | 1,833,018 | 706,755 |
Total liabilities and shareholders’ equity | 4,170,683 | 2,532,428 |
Americold Realty Operating Partnership, L.P.. | ||
Assets | ||
Property, plant, and equipment | 4,149,214 | 2,898,139 |
Accumulated depreciation and depletion | (1,216,553) | (1,097,624) |
Property, buildings and equipment – net | 2,932,661 | 1,800,515 |
Operating lease right-of-use assets | 77,723 | 0 |
Accumulated depreciation – operating leases | (18,110) | 0 |
Operating leases – net | 59,613 | 0 |
Financing leases: | ||
Property, plant and equipment - gross | 88,038 | |
Accumulated depreciation – financing leases | (29,697) | |
Financing leases – net | 58,341 | |
Financing leases: | ||
Property, plant and equipment - gross | 60,503 | |
Accumulated depreciation – financing leases | (21,317) | |
Financing leases – net | 39,186 | |
Cash and cash equivalents | 234,303 | 208,078 |
Restricted cash | 6,310 | 6,019 |
Accounts receivable – net of allowance of $6,927 and $5,706 at December 31, 2019 and 2018, respectively | 214,842 | 194,279 |
Intangible assets – net | 284,758 | 25,056 |
Goodwill | 318,483 | 186,095 |
Investments in partially owned entities | 0 | 14,541 |
Other assets | 61,372 | 58,659 |
Total assets | 4,170,683 | 2,532,428 |
Liabilities: | ||
Accounts payable and accrued expenses | 350,963 | 253,080 |
Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $12,996 and $13,943 in the aggregate, at December 31, 2019 and 2018, respectively | 1,695,447 | 1,351,014 |
Sale-leaseback financing obligations | 115,759 | 118,920 |
Financing lease obligations | 58,170 | |
Financing lease obligations | 40,787 | |
Operating lease obligations | 62,342 | |
Unearned revenue | 16,423 | 18,625 |
Pension and postretirement benefits | 12,706 | 16,317 |
Deferred tax liability – net | 17,119 | 17,992 |
Multiemployer pension plan withdrawal liability | 8,736 | 8,938 |
Total liabilities | 2,337,665 | 1,825,673 |
Shareholders’ equity: | ||
General partner – 189,881,910 and 146,752,609 units issued and outstanding as of December 31, 2019 and 2018, respectively | 1,828,673 | 712,078 |
Limited partner – 1,917,999 and 1,482,350 units issued and outstanding as of December 31, 2019 and 2018, respectively | 18,471 | 7,192 |
Accumulated other comprehensive loss | (14,126) | (12,515) |
Land | ||
Assets | ||
Property, plant, and equipment | 526,226 | 385,232 |
Land | Americold Realty Operating Partnership, L.P.. | ||
Assets | ||
Property, plant, and equipment | 526,226 | 385,232 |
Shareholders’ equity: | ||
Total shareholders’ equity | 1,833,018 | 706,755 |
Buildings and improvements | ||
Assets | ||
Property, plant, and equipment | 2,696,732 | 1,849,749 |
Financing leases: | ||
Property, plant and equipment - gross | 11,227 | |
Financing leases: | ||
Property, plant and equipment - gross | 11,227 | |
Buildings and improvements | Americold Realty Operating Partnership, L.P.. | ||
Assets | ||
Property, plant, and equipment | 2,696,732 | 1,849,749 |
Financing leases: | ||
Property, plant and equipment - gross | 11,227 | |
Financing leases: | ||
Property, plant and equipment - gross | 11,227 | |
Shareholders’ equity: | ||
Total liabilities and shareholders’ equity | 4,170,683 | 2,532,428 |
Machinery and equipment | ||
Assets | ||
Property, plant, and equipment | 817,617 | 577,175 |
Financing leases: | ||
Property, plant and equipment - gross | 76,811 | |
Financing leases: | ||
Property, plant and equipment - gross | 49,276 | |
Machinery and equipment | Americold Realty Operating Partnership, L.P.. | ||
Assets | ||
Property, plant, and equipment | 817,617 | 577,175 |
Financing leases: | ||
Property, plant and equipment - gross | 76,811 | |
Financing leases: | ||
Property, plant and equipment - gross | 49,276 | |
Assets under construction | ||
Assets | ||
Property, plant, and equipment | 108,639 | 85,983 |
Assets under construction | Americold Realty Operating Partnership, L.P.. | ||
Assets | ||
Property, plant, and equipment | $ 108,639 | $ 85,983 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance | $ 6,927 | $ 5,706 |
Discount and deferred financing costs | $ 12,996 | $ 13,943 |
Common shares, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common shares, shares issued (in shares) | 191,799,909 | 148,234,959 |
Common shares, shares outstanding (in shares) | 191,799,909 | 148,234,959 |
Americold Realty Operating Partnership, L.P.. | ||
Accounts receivable, allowance | $ 6,927 | $ 5,706 |
Discount and deferred financing costs | $ 12,996 | $ 13,943 |
General partner units issued (in shares) | 188,881,910 | 146,752,609 |
General partner units outstanding (in shares) | 188,881,910 | 146,752,609 |
Limited partner units issued (in shares) | 1,917,999 | 1,482,350 |
Limited partner units outstanding (in shares) | 1,917,999 | 1,482,350 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Revenues: | $ 1,783,705 | $ 1,603,635 | $ 1,543,587 |
Operating expenses: | |||
Depreciation, depletion and amortization | 163,348 | 117,653 | 116,741 |
Selling, general and administrative | 129,310 | 110,825 | 99,616 |
Acquisition, litigation and other | 40,614 | 3,935 | 11,329 |
Impairment of long-lived assets | 13,485 | 747 | 9,473 |
Loss (gain) from sale of real estate, net | 34 | (7,471) | (43) |
Total operating expenses | 1,652,239 | 1,423,675 | 1,406,598 |
Operating income | 131,466 | 179,960 | 136,989 |
Other (expense) income: | |||
Interest expense | (94,408) | (93,312) | (114,898) |
Interest income | 6,286 | 3,996 | 1,074 |
Bridge loan commitment fees | (2,665) | 0 | 0 |
Loss on debt extinguishment, modifications and termination of derivative instruments | 0 | (47,559) | (986) |
Foreign currency exchange gain (loss), net | (10) | (2,882) | 3,591 |
Other expense, net | (1,870) | (532) | (1,944) |
Loss from partially owned entities | (111) | (1,069) | (1,363) |
Gain from sale of partially owned entities | 4,297 | 0 | 0 |
Impairment of partially owned entities | 0 | 0 | (6,496) |
Income before income tax benefit (expense) | 43,005 | 44,366 | 8,785 |
Income tax benefit (expense): | |||
Current | (5,544) | 467 | (13,051) |
Deferred | 10,701 | 3,152 | 3,658 |
Total income tax benefit (expense) | 5,157 | 3,619 | (9,393) |
Net income (loss) | 48,162 | 47,985 | (608) |
Less distributions on preferred shares of beneficial interest - Series A | 0 | (1) | (16) |
Less distributions on preferred shares of beneficial interest - Series B | 0 | (1,817) | (28,436) |
Less accretion on preferred shares of beneficial interest – Series B | 0 | 0 | (867) |
Net income (loss) attributable to common shares of beneficial interest | $ 48,162 | $ 46,167 | $ (29,927) |
Weighted average common shares outstanding – basic (in shares) | 179,598 | 141,415 | 70,022 |
Weighted average common shares outstanding – diluted (in shares) | 183,950 | 144,338 | 70,022 |
Net income (loss) per common share of beneficial interest - basic (in USD per share) | $ 0.26 | $ 0.31 | $ (0.43) |
Net income (loss) per common share of beneficial interest - diluted (in USD per share) | 0.26 | 0.31 | (0.43) |
Distributions declared per common share of beneficial interest (in USD per share) | $ 0.82 | $ 0.74 | $ 0.29 |
Operating Segments | |||
Revenues: | |||
Revenues: | $ 1,783,705 | $ 1,603,635 | $ 1,543,587 |
Operating expenses: | |||
Operating income | 478,257 | 405,649 | 374,105 |
Operating Segments | Rent, storage and warehouse services | |||
Revenues: | |||
Revenues: | 1,377,217 | 1,176,912 | 1,145,662 |
Operating expenses: | |||
Cost of operations | 929,626 | 802,378 | 797,334 |
Operating income | 447,591 | 374,534 | 348,328 |
Operating Segments | Third-party managed services | |||
Revenues: | |||
Revenues: | 252,939 | 259,034 | 242,189 |
Operating expenses: | |||
Cost of operations | 241,178 | 244,274 | 229,364 |
Operating income | 11,761 | 14,760 | 12,825 |
Operating Segments | Transportation services | |||
Revenues: | |||
Revenues: | 144,844 | 158,790 | 146,070 |
Operating expenses: | |||
Cost of operations | 126,777 | 143,055 | 133,120 |
Operating income | 18,067 | 15,735 | 12,950 |
Operating Segments | Other | |||
Revenues: | |||
Revenues: | 8,705 | 8,899 | 9,666 |
Operating expenses: | |||
Cost of operations | 7,867 | 8,279 | 9,664 |
Operating income | 838 | 620 | 2 |
Americold Realty Operating Partnership, L.P.. | |||
Revenues: | |||
Revenues: | 1,783,705 | 1,603,635 | 1,543,587 |
Operating expenses: | |||
Depreciation, depletion and amortization | 163,348 | 117,653 | 116,741 |
Selling, general and administrative | 129,310 | 110,825 | 99,616 |
Acquisition, litigation and other | 40,614 | 3,935 | 11,329 |
Impairment of long-lived assets | 13,485 | 747 | 9,473 |
Loss (gain) from sale of real estate, net | 34 | (7,471) | (43) |
Total operating expenses | 1,652,239 | 1,423,675 | 1,406,598 |
Operating income | 131,466 | 179,960 | 136,989 |
Other (expense) income: | |||
Interest expense | (94,408) | (93,312) | (114,898) |
Interest income | 6,286 | 3,996 | 1,074 |
Bridge loan commitment fees | (2,665) | 0 | 0 |
Loss on debt extinguishment, modifications and termination of derivative instruments | 0 | (47,559) | (986) |
Foreign currency exchange gain (loss), net | (10) | (2,882) | 3,591 |
Other expense, net | (1,870) | (532) | (1,944) |
Loss from partially owned entities | (111) | (1,069) | (1,363) |
Gain from sale of partially owned entities | 4,297 | 0 | 0 |
Impairment of partially owned entities | 0 | 0 | (6,496) |
Income before income tax benefit (expense) | 43,005 | 44,366 | 8,785 |
Income tax benefit (expense): | |||
Current | (5,544) | 467 | (13,051) |
Deferred | 10,701 | 3,152 | 3,658 |
Total income tax benefit (expense) | 5,157 | 3,619 | (9,393) |
Net income (loss) | 48,162 | 47,985 | (608) |
General partners’ interest in net income (loss) attributable to unitholders | 47,680 | 47,505 | (602) |
Limited partners’ interest in net income (loss) attributable to unitholders | $ 482 | $ 480 | $ (6) |
General partner units outstanding (in shares) | 177,180 | 139,394 | 68,677 |
Limited partner units outstanding (in shares) | 1,790 | 1,408 | 694 |
General partners' net income (loss) per unit (in USD per share) | $ 0.27 | $ 0.34 | $ (0.01) |
Limited partners' net income (loss) per unit (in USD per share) | 0.27 | 0.34 | (0.01) |
General partners' distributions declared per unit (in USD per share) | 0.82 | 0.76 | 0.70 |
Limited partners' distributions declared per unit (in USD per share) | $ 0.82 | $ 0.76 | $ 0.70 |
Americold Realty Operating Partnership, L.P.. | Operating Segments | Rent, storage and warehouse services | |||
Revenues: | |||
Revenues: | $ 1,377,217 | $ 1,176,912 | $ 1,145,662 |
Operating expenses: | |||
Cost of operations | 929,626 | 802,378 | 797,334 |
Americold Realty Operating Partnership, L.P.. | Operating Segments | Third-party managed services | |||
Revenues: | |||
Revenues: | 252,939 | 259,034 | 242,189 |
Operating expenses: | |||
Cost of operations | 241,178 | 244,274 | 229,364 |
Americold Realty Operating Partnership, L.P.. | Operating Segments | Transportation services | |||
Revenues: | |||
Revenues: | 144,844 | 158,790 | 146,070 |
Operating expenses: | |||
Cost of operations | 126,777 | 143,055 | 133,120 |
Americold Realty Operating Partnership, L.P.. | Operating Segments | Other | |||
Revenues: | |||
Revenues: | 8,705 | 8,899 | 9,666 |
Operating expenses: | |||
Cost of operations | $ 7,867 | $ 8,279 | $ 9,664 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) attributable to Americold Realty Trust | $ 48,162 | $ 47,985 | $ (608) |
Other comprehensive (loss) income - net of tax: | |||
Adjustment to accrued pension liability | 3,269 | (901) | 5,754 |
Change in unrealized net (loss) gain on foreign currency | (3,388) | (11,640) | 4,444 |
Unrealized (loss) gain on cash flow hedge | (1,492) | 256 | 116 |
Other comprehensive (loss) income attributable to Americold Realty Trust | (1,611) | (12,285) | 10,314 |
Total comprehensive income | 46,551 | 35,700 | 9,706 |
Americold Realty Operating Partnership, L.P.. | |||
Net income (loss) attributable to Americold Realty Trust | 48,162 | 47,985 | (608) |
Other comprehensive (loss) income - net of tax: | |||
Adjustment to accrued pension liability | 3,269 | (901) | 5,754 |
Change in unrealized net (loss) gain on foreign currency | (3,388) | (11,640) | 4,444 |
Unrealized (loss) gain on cash flow hedge | (1,492) | 256 | 116 |
Other comprehensive (loss) income attributable to Americold Realty Trust | (1,611) | (12,285) | 10,314 |
Total comprehensive income | $ 46,551 | $ 35,700 | $ 9,706 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Series A | Series B | Preferred Shares of Beneficial Interest Series A | Preferred Shares of Beneficial Interest Series ASeries A | Common Stock | Paid-in Capital | Paid-in CapitalSeries A | Paid-in CapitalSeries B | Accumulated Deficit and Distributions in Excess of Net Earnings | Accumulated Deficit and Distributions in Excess of Net EarningsSeries A | Accumulated Deficit and Distributions in Excess of Net EarningsSeries B | Accumulated Other Comprehensive (Loss) | Americold Realty Operating Partnership, L.P.. | Accumulated Other Comprehensive (Loss)Americold Realty Operating Partnership, L.P.. | Limited Partners’ CapitalAmericold Realty Operating Partnership, L.P.. | General Partners’ CapitalAmericold Realty Operating Partnership, L.P.. |
Beginning balance (in shares) at Dec. 31, 2016 | 125 | 69,370,609 | |||||||||||||||
Beginning balance at Dec. 31, 2016 | $ (149,455) | $ 0 | $ 694 | $ 392,591 | $ (532,196) | $ (10,544) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income (loss) | (608) | (608) | $ (608) | $ (6) | $ (602) | ||||||||||||
Other comprehensive income (loss) | 10,314 | 10,314 | 10,314 | $ 10,314 | |||||||||||||
Distribution on preferred shares of beneficial interest | $ (16) | $ (28,436) | $ (16) | $ (28,436) | |||||||||||||
Distributions on common shares | (20,214) | (20,214) | |||||||||||||||
Accretion on preferred shares of beneficial interest - Series B | (867) | $ (867) | |||||||||||||||
Share-based compensation expense (Stock Options and Restricted Stock Units) | 2,358 | 2,358 | 2,358 | 24 | 2,334 | ||||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 125 | 69,370,609 | |||||||||||||||
Beginning balance at Dec. 31, 2016 | 222,472 | (10,544) | $ 2,329 | $ 230,687 | |||||||||||||
Beginning balance (in shares) at Dec. 31, 2016 | 693,706 | 68,676,903 | |||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||
Net income (loss) | (608) | (608) | (608) | $ (6) | $ (602) | ||||||||||||
Other comprehensive income (loss) | 10,314 | 10,314 | 10,314 | 10,314 | |||||||||||||
Distributions to parent | (48,666) | (487) | (48,179) | ||||||||||||||
Share-based compensation expense | 2,358 | 2,358 | 2,358 | 24 | 2,334 | ||||||||||||
Ending balance at Dec. 31, 2017 | 185,870 | (230) | $ 1,860 | $ 184,240 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 693,706 | 68,676,903 | |||||||||||||||
Ending balance at Dec. 31, 2017 | (186,924) | $ 0 | $ 694 | 394,082 | (581,470) | (230) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income (loss) | 47,985 | 47,985 | 47,985 | $ 480 | $ 47,505 | ||||||||||||
Other comprehensive income (loss) | (9,492) | (9,492) | (9,492) | (9,492) | |||||||||||||
Distribution on preferred shares of beneficial interest | $ (1,817) | $ (1,817) | |||||||||||||||
Distribution on preferred shares of beneficial interest - Series A | $ (134) | $ (133) | $ (1) | ||||||||||||||
Distribution on preferred shares of beneficial interest (in shares) | (125) | ||||||||||||||||
Distributions on common shares | (104,976) | (104,976) | |||||||||||||||
Share-based compensation expense (Stock Options and Restricted Stock Units) | 8,556 | 8,556 | 10,598 | 106 | 10,492 | ||||||||||||
Share-based compensation expense (modification of Restricted Stock Units) | 2,042 | 2,042 | |||||||||||||||
Common share issuance related to share-based payment plans, net of shares withheld for employee taxes | 2,667 | $ 18 | 2,649 | ||||||||||||||
Common stock issuance related to share-based payment plans, net of shares withheld for employee taxes (in shares) | 1,847,274 | ||||||||||||||||
Warrants exercise | 0 | $ 64 | (64) | ||||||||||||||
Warrants exercise (in shares) | 6,426,818 | ||||||||||||||||
Issuance of common shares | 577,338 | $ 374 | 576,964 | ||||||||||||||
Issuance of common shares (in shares) | 37,350,000 | ||||||||||||||||
Conversion of mezzanine Series B Preferred shares | 372,791 | $ 332 | 372,459 | ||||||||||||||
Conversion of Series B Preferred shares (in shares) | 33,240,258 | ||||||||||||||||
Other | (1,281) | (422) | 1,934 | (2,793) | (1,281) | (2,793) | 15 | 1,497 | |||||||||
Ending balance (in shares) at Dec. 31, 2018 | 0 | 148,234,959 | |||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||
Net income (loss) | 47,985 | 47,985 | 47,985 | 480 | 47,505 | ||||||||||||
Other comprehensive income (loss) | (9,492) | (9,492) | (9,492) | (9,492) | |||||||||||||
Distributions to parent | (106,927) | (1,069) | (105,858) | ||||||||||||||
Contributions to partners’ capital | 580,002 | $ 5,800 | $ 574,202 | ||||||||||||||
Contributions to partners' capital (in shares) | 788,644 | 78,075,706 | |||||||||||||||
Other | (1,281) | (422) | 1,934 | (2,793) | (1,281) | (2,793) | $ 15 | $ 1,497 | |||||||||
Share-based compensation expense | 8,556 | 8,556 | 10,598 | 106 | 10,492 | ||||||||||||
Ending balance at Dec. 31, 2018 | 706,755 | (12,515) | $ 7,192 | $ 712,078 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 1,482,350 | 146,752,609 | |||||||||||||||
Ending balance at Dec. 31, 2018 | 706,755 | $ 0 | $ 1,482 | 1,356,133 | (638,345) | (12,515) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income (loss) | 48,162 | 48,162 | 48,162 | $ 482 | $ 47,680 | ||||||||||||
Other comprehensive income (loss) | (1,611) | (1,611) | (1,611) | (1,611) | |||||||||||||
Distributions on common shares | (146,590) | (146,590) | |||||||||||||||
Share-based compensation expense (Stock Options and Restricted Stock Units) | 12,822 | 12,822 | 15,866 | 159 | 15,707 | ||||||||||||
Share-based compensation expense (modification of Restricted Stock Units) | 3,044 | 3,044 | |||||||||||||||
Common share issuance related to share-based payment plans, net of shares withheld for employee taxes | 3,476 | $ 15 | 3,461 | ||||||||||||||
Common stock issuance related to share-based payment plans, net of shares withheld for employee taxes (in shares) | 1,502,450 | ||||||||||||||||
Issuance of common shares | 1,207,048 | $ 421 | 1,206,627 | ||||||||||||||
Issuance of common shares (in shares) | 42,062,500 | ||||||||||||||||
Other | (88) | 0 | (88) | 0 | (88) | 0 | (1) | (87) | |||||||||
Ending balance (in shares) at Dec. 31, 2019 | 0 | 191,799,909 | |||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||
Net income (loss) | 48,162 | 48,162 | 48,162 | 482 | 47,680 | ||||||||||||
Other comprehensive income (loss) | (1,611) | (1,611) | (1,611) | (1,611) | |||||||||||||
Distributions to parent | (146,590) | (1,466) | (145,124) | ||||||||||||||
Contributions to partners’ capital | 1,210,524 | $ 12,105 | $ 1,198,419 | ||||||||||||||
Contributions to partners' capital (in shares) | 435,649 | 43,129,301 | |||||||||||||||
Other | (88) | 0 | (88) | 0 | (88) | 0 | $ (1) | $ (87) | |||||||||
Share-based compensation expense | 12,822 | 12,822 | 15,866 | 159 | 15,707 | ||||||||||||
Ending balance at Dec. 31, 2019 | $ 1,833,018 | $ (14,126) | $ 18,471 | $ 1,828,673 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 1,917,999 | 189,881,910 | |||||||||||||||
Ending balance at Dec. 31, 2019 | $ 1,833,018 | $ 0 | $ 1,918 | $ 2,582,087 | $ (736,861) | $ (14,126) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Operating activities: | ||||
Net income (loss) attributable to Americold Realty Trust | $ 48,162 | $ 47,985 | $ (608) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization | 163,348 | 117,653 | 116,741 | |
Amortization of deferred financing costs and pension withdrawal liability | 6,028 | 6,177 | 8,604 | |
Amortization of above/below market leases | 151 | 151 | 151 | |
Loss on debt extinguishment and modification, non-cash | 0 | 28,446 | 400 | |
Foreign exchange (gain) loss | (10) | (2,882) | 3,591 | |
Loss from and impairment of investments in partially owned entities | 111 | 1,069 | 7,859 | |
Gain from sale of partially owned entities | (4,297) | 0 | 0 | |
Share-based compensation expense (Stock Options and Restricted Stock Units) | 12,822 | 8,639 | 2,358 | |
Share-based compensation expense (Modification of Restricted Stock Units) | 3,044 | 2,042 | 0 | |
Deferred tax benefit | (10,701) | (3,152) | (3,658) | |
Loss (gain) from sale of real estate | 34 | (7,471) | (43) | |
Loss (gain) on other asset disposals | 870 | (152) | (107) | |
Impairment of long-lived assets and inventory | 13,485 | 747 | 11,581 | |
Multi-employer pension plan withdrawal expense | 0 | 0 | 9,134 | |
Provision for doubtful accounts receivable | 1,218 | 2,324 | 1,229 | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (3,681) | (1,940) | 1,597 | |
Accounts payable and accrued expenses | 841 | (5,219) | 18,202 | |
Other | 4,764 | (6,246) | (13,704) | |
Net cash provided by operating activities | 236,189 | 188,171 | 163,327 | |
Investing activities: | ||||
Return of investment in joint venture | 2,000 | 0 | 0 | |
Proceeds from sale of investments in partially owned entities | 14,250 | 0 | 0 | |
Proceeds from sale of property, buildings and equipment | 1,151 | 19,513 | 10,163 | |
Business combinations, net of cash acquired | (1,319,905) | 0 | 0 | |
Additions to property, buildings and equipment | (217,214) | (145,216) | (148,994) | |
Net cash used in investing activities | (1,604,934) | (125,703) | (138,831) | |
Financing activities: | ||||
Distributions paid on common shares | (135,443) | (76,523) | (20,214) | |
Proceeds from revolving line of credit | 100,000 | 0 | 34,000 | |
Repayment of revolving line of credit | (100,000) | 0 | (62,000) | |
Proceeds from stock options exercised | 10,204 | 14,842 | 0 | |
Tax withholdings related to net share settlements of certain stock awards | (7,063) | (12,680) | 0 | |
Payment of underwriters’ costs | 0 | (8,205) | 0 | |
Reimbursement of underwriters’ costs | 0 | 8,952 | 0 | |
Repayment of sale-leaseback financing obligations | (3,161) | (2,595) | (2,100) | |
Repayment of financing lease obligations | (13,339) | (10,360) | (8,429) | |
Payment of debt issuance costs | (2,062) | (16,563) | (4,212) | |
Repayment of term loans, mortgage notes, notes payable and construction loans | (10,392) | (1,522,347) | (56,868) | |
Proceeds from senior unsecured notes | 350,000 | 600,000 | 0 | |
Proceeds from term loans | 0 | 525,000 | 110,000 | |
Proceeds from construction loans | 0 | 1,097 | 19,671 | |
Net proceeds from initial and follow-on public offerings | 1,206,627 | 586,275 | 0 | |
Net cash provided by (used in) financing activities | 1,395,371 | 84,942 | (18,604) | |
Net increase in cash, cash equivalents and restricted cash | 26,626 | 147,410 | 5,892 | |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (110) | (3,276) | 1,141 | |
Cash, cash equivalents and restricted cash: | ||||
Beginning of period | 214,097 | 69,963 | 62,930 | |
End of period | 240,613 | 214,097 | 69,963 | |
Supplemental disclosures of cash flows information: | ||||
Acquisition of fixed assets under financing lease obligations | 30,416 | 13,290 | 18,614 | |
Acquisition of fixed assets under operating lease obligations | 12,492 | 0 | 0 | |
Interest paid – net of amounts capitalized | 68,016 | 85,595 | 106,557 | |
Income taxes paid – net of refunds | 2,207 | 5,509 | 11,854 | |
Acquisition of property, buildings and equipment on accrual | 51,335 | 18,799 | 20,942 | |
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the ending cash, cash equivalents and restricted cash balances above: | ||||
Cash and cash equivalents | $ 234,303 | |||
Restricted cash | 6,310 | |||
Total cash, cash equivalents and restricted cash | 240,613 | 69,963 | 62,930 | 240,613 |
Allocation of purchase price of property, buildings and equipment to: | ||||
Property, plant and equipment | 13,800 | |||
Additions | 269,164 | 0 | ||
Allocation of purchase price to business combinations: | ||||
Goodwill | 318,483 | |||
Series A | ||||
Financing activities: | ||||
Distributions paid on beneficial interest shares – preferred – Series A | 0 | (134) | (16) | |
Series B | ||||
Financing activities: | ||||
Distributions paid on beneficial interest shares – preferred – Series B | 0 | (1,817) | (28,436) | |
Americold Realty Operating Partnership, L.P.. | ||||
Operating activities: | ||||
Net income (loss) attributable to Americold Realty Trust | 48,162 | 47,985 | (608) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization | 163,348 | 117,653 | 116,741 | |
Amortization of deferred financing costs and pension withdrawal liability | 6,028 | 6,177 | 8,604 | |
Amortization of above/below market leases | 151 | 151 | 151 | |
Loss on debt extinguishment and modification, non-cash | 0 | 28,446 | 400 | |
Foreign exchange (gain) loss | (10) | (2,882) | 3,591 | |
Loss from and impairment of investments in partially owned entities | 111 | 1,069 | 7,859 | |
Gain from sale of partially owned entities | (4,297) | 0 | 0 | |
Share-based compensation expense (Stock Options and Restricted Stock Units) | 12,822 | 8,639 | 0 | |
Share-based compensation expense (Modification of Restricted Stock Units) | 3,044 | 2,042 | 2,358 | |
Deferred tax benefit | (10,701) | (3,152) | (3,658) | |
Loss (gain) from sale of real estate | 34 | (7,471) | (43) | |
Loss (gain) on other asset disposals | 870 | (152) | (107) | |
Impairment of long-lived assets and inventory | 13,485 | 747 | 11,581 | |
Multi-employer pension plan withdrawal expense | 0 | 0 | 9,134 | |
Provision for doubtful accounts receivable | 1,218 | 2,324 | 1,229 | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (3,681) | (1,940) | 1,597 | |
Accounts payable and accrued expenses | 841 | (5,219) | 18,202 | |
Other | 4,764 | (6,246) | (13,704) | |
Net cash provided by operating activities | 236,189 | 188,171 | 163,327 | |
Investing activities: | ||||
Return of investment in joint venture | 2,000 | 0 | 0 | |
Proceeds from sale of investments in partially owned entities | 14,250 | 0 | 0 | |
Proceeds from sale of property, buildings and equipment | 1,151 | 19,513 | 10,163 | |
Business combinations, net of cash acquired | (1,319,905) | 0 | 0 | |
Additions to property, buildings and equipment | (217,214) | (145,216) | (148,994) | |
Net cash used in investing activities | (1,604,934) | (125,703) | (138,831) | |
Financing activities: | ||||
Distributions to parent | (135,443) | (86,679) | (48,666) | |
Proceeds from revolving line of credit | 100,000 | 0 | 34,000 | |
Repayment of revolving line of credit | (100,000) | 0 | (62,000) | |
Repayment of sale-leaseback financing obligations | (3,161) | (2,595) | (2,100) | |
Repayment of financing lease obligations | (13,339) | (10,360) | (8,429) | |
Payment of debt issuance costs | (2,062) | (16,563) | (4,212) | |
Repayment of term loans, mortgage notes, notes payable and construction loans | (10,392) | (1,522,347) | (56,868) | |
Proceeds from senior unsecured notes | 350,000 | 600,000 | 0 | |
Proceeds from term loans | 0 | 525,000 | 110,000 | |
Proceeds from construction loans | 0 | 1,097 | 19,671 | |
General partner contributions | 1,209,768 | 597,389 | 0 | |
Net cash provided by (used in) financing activities | 1,395,371 | 84,942 | (18,604) | |
Net increase in cash, cash equivalents and restricted cash | 26,626 | 147,410 | 5,892 | |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (110) | (3,276) | 1,141 | |
Cash, cash equivalents and restricted cash: | ||||
Beginning of period | 214,097 | 69,963 | 62,930 | |
End of period | 240,613 | 214,097 | 69,963 | |
Supplemental disclosures of cash flows information: | ||||
Acquisition of fixed assets under financing lease obligations | 30,416 | 13,290 | 18,614 | |
Acquisition of fixed assets under operating lease obligations | 12,492 | 0 | 0 | |
Interest paid – net of amounts capitalized | 68,016 | 85,595 | 106,557 | |
Income taxes paid – net of refunds | 2,207 | 5,509 | 11,854 | |
Acquisition of property, buildings and equipment on accrual | 51,335 | 18,799 | 20,942 | |
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the ending cash, cash equivalents and restricted cash balances above: | ||||
Cash and cash equivalents | 234,303 | |||
Restricted cash | 6,310 | |||
Total cash, cash equivalents and restricted cash | 240,613 | 69,963 | $ 69,963 | 240,613 |
Allocation of purchase price to business combinations: | ||||
Goodwill | 318,483 | |||
PortFresh Holdings LLC and MHW Group Inc. | ||||
Investing activities: | ||||
Acquisitions of property, buildings and equipment, net of cash acquired | (86,810) | |||
Allocation of purchase price of property, buildings and equipment to: | ||||
Operating and finance lease right-of-use assets | 4,620 | |||
Additions | 854 | |||
Cash and cash equivalents | 1,594 | |||
Other assets and liabilities, net | (17) | |||
Operating and finance lease obligations | (4,620) | |||
PortFresh Holdings LLC and MHW Group Inc. | Americold Realty Operating Partnership, L.P.. | ||||
Investing activities: | ||||
Acquisitions of property, buildings and equipment, net of cash acquired | (86,810) | |||
Allocation of purchase price of property, buildings and equipment to: | ||||
Operating and finance lease right-of-use assets | 4,620 | |||
Additions | 854 | |||
Cash and cash equivalents | 1,594 | |||
Other assets and liabilities, net | (17) | |||
Operating and finance lease obligations | (4,620) | |||
Cloverleaf and Lanier Cold Storage | ||||
Allocation of purchase price to business combinations: | ||||
Land | 65,074 | |||
Building and improvements | 706,795 | |||
Machinery and equipment | 162,389 | |||
Assets under construction | 16,974 | |||
Operating and finance lease right-of-use assets | 1,336 | |||
Cash and cash equivalents | 4,977 | |||
Restricted cash | 526 | |||
Accounts receivable | 22,959 | |||
Goodwill | 132,371 | |||
Other assets | 7,127 | |||
Accounts payable and accrued expenses | (45,000) | |||
Notes payable | (3,878) | |||
Operating and finance lease obligations | (1,336) | |||
Unearned revenue | (3,536) | |||
Deferred tax liability | (9,626) | |||
Total consideration | 1,325,408 | |||
Cloverleaf and Lanier Cold Storage | Americold Realty Operating Partnership, L.P.. | ||||
Allocation of purchase price to business combinations: | ||||
Land | 65,074 | |||
Building and improvements | 706,795 | |||
Machinery and equipment | 162,389 | |||
Assets under construction | 16,974 | |||
Operating and finance lease right-of-use assets | 1,336 | |||
Cash and cash equivalents | 4,977 | |||
Restricted cash | 526 | |||
Accounts receivable | 22,959 | |||
Goodwill | 132,371 | |||
Other assets | 7,127 | |||
Accounts payable and accrued expenses | (45,000) | |||
Notes payable | (3,878) | |||
Operating and finance lease obligations | (1,336) | |||
Unearned revenue | (3,536) | |||
Deferred tax liability | (9,626) | |||
Total consideration | 1,325,408 | |||
Customer Relationships | ||||
Allocation of purchase price of property, buildings and equipment to: | ||||
Additions | 266,633 | 0 | ||
Customer Relationships | Cloverleaf and Lanier Cold Storage | ||||
Allocation of purchase price to business combinations: | ||||
Acquired identifiable intangibles | 266,633 | |||
Customer Relationships | Cloverleaf and Lanier Cold Storage | Americold Realty Operating Partnership, L.P.. | ||||
Allocation of purchase price to business combinations: | ||||
Acquired identifiable intangibles | 266,633 | |||
Trademarks and Trade Names | ||||
Allocation of purchase price of property, buildings and equipment to: | ||||
Additions | 1,623 | $ 0 | ||
Trademarks and Trade Names | Cloverleaf and Lanier Cold Storage | ||||
Allocation of purchase price to business combinations: | ||||
Acquired identifiable intangibles | 1,623 | |||
Trademarks and Trade Names | Cloverleaf and Lanier Cold Storage | Americold Realty Operating Partnership, L.P.. | ||||
Allocation of purchase price to business combinations: | ||||
Acquired identifiable intangibles | $ 1,623 | |||
Land | PortFresh Holdings LLC and MHW Group Inc. | ||||
Allocation of purchase price of property, buildings and equipment to: | ||||
Property, plant and equipment | 23,439 | |||
Land | PortFresh Holdings LLC and MHW Group Inc. | Americold Realty Operating Partnership, L.P.. | ||||
Allocation of purchase price of property, buildings and equipment to: | ||||
Property, plant and equipment | 23,439 | |||
Buildings and improvements | PortFresh Holdings LLC and MHW Group Inc. | ||||
Allocation of purchase price of property, buildings and equipment to: | ||||
Property, plant and equipment | 41,913 | |||
Buildings and improvements | PortFresh Holdings LLC and MHW Group Inc. | Americold Realty Operating Partnership, L.P.. | ||||
Allocation of purchase price of property, buildings and equipment to: | ||||
Property, plant and equipment | 41,913 | |||
Machinery and equipment | PortFresh Holdings LLC and MHW Group Inc. | ||||
Allocation of purchase price of property, buildings and equipment to: | ||||
Property, plant and equipment | 19,027 | |||
Machinery and equipment | PortFresh Holdings LLC and MHW Group Inc. | Americold Realty Operating Partnership, L.P.. | ||||
Allocation of purchase price of property, buildings and equipment to: | ||||
Property, plant and equipment | $ 19,027 |
Business Combination BusinessCo
Business Combination BusinessCombinationsAbstract | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations Acquisition of Cloverleaf The Company completed the acquisition of privately-held Cloverleaf on May 1, 2019. A summary of the preliminary fair values of the assets acquired and liabilities assumed for total cash consideration of $1.24 billion , as well as adjustments made during 2019 (referred to as “measurement period adjustments”), is as follows (in thousands): Amounts Recognized as of the Acquisition Date Measurement Period Adjustments (1) Amounts Recognized as of the Acquisition Date (as Adjusted) (2) Assets Land $ 59,363 $ 1,131 $ 60,494 Buildings and improvements 687,821 (19,670 ) 668,151 Machinery and equipment 144,825 822 145,647 Assets under construction 20,968 (3,994 ) 16,974 Operating lease right-of-use assets 1,254 — 1,254 Cash and cash equivalents 4,332 — 4,332 Restricted cash — 526 526 Accounts receivable 21,358 220 21,578 Goodwill 107,643 18,297 125,940 Acquired identifiable intangibles: Customer relationships 241,738 8,608 250,346 Trade names and trademarks 1,623 — 1,623 Other assets 18,720 (11,668 ) 7,052 Total assets 1,309,645 (5,728 ) 1,303,917 Liabilities Accounts payable and accrued expenses 30,905 12,598 43,503 Notes payable 17,179 (13,301 ) 3,878 Operating lease obligations 1,254 — 1,254 Unearned revenue 3,536 — 3,536 Pension and postretirement benefits 2,020 (2,020 ) — Deferred tax liability 9,063 (195 ) 8,868 Total liabilities 63,957 (2,918 ) 61,039 Total consideration for Cloverleaf acquisition $ 1,245,688 $ (2,810 ) $ 1,242,878 (1) The measurement period adjustments recorded in 2019 did not have a significant impact on our Consolidated Statements of Operations for the year ended December 31, 2019. (2) The measurement period adjustments were primarily due to refinements to third party appraisals and carrying amounts of certain assets and liabilities, as well as adjustments to certain tax accounts based on, among other things, adjustments to deferred tax liabilities. The net impact of the measurement period adjustments results in a net increase to goodwill. As the valuation of certain assets and liabilities for purposes of purchase price allocations are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances regarding these assets and liabilities that existed at the acquisition date. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. Adjustments recorded subsequent to the acquisition date are detailed in the table above, and were not material to the Consolidated Balance Sheets, the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. The preliminary purchase price allocation will be finalized within one year from the date of acquisition. As shown above, the Company recorded approximately $125.9 million of goodwill related to the Cloverleaf Acquisition. The strategic benefits of the acquisition include the Company’s ability to add complementary customers into its network, provide an opportunity for growth in the Central and Southeast markets, deepen existing customer relationships, provide three expansion opportunities that are already under construction and leverage integration experience to drive synergies and further enhance the warehouse network for new and existing customers. These factors contributed to the goodwill that was recorded upon consummation of the transaction. The Cloverleaf acquisition was completed through the acquisition of both stock and partnership units; the acquisition of partnership units allowed a portion of the goodwill recorded as a result of the Cloverleaf Acquisition to be deductible for federal income tax purposes. The goodwill related to the Cloverleaf Acquisition has been substantially assigned to the Warehouse segment, with a de minimis amount assigned to the Transportation segment. Deferred taxes may not be recorded for deductible goodwill unless the tax basis in goodwill exceeds the book basis, and the Company has not recorded any deferred taxes as a result. Deductible goodwill will be available to reduce taxable income for both the REIT and its domestic TRS. Also shown above, in connection with the Cloverleaf Acquisition the Company recorded an intangible asset of approximately $250.3 million for customer relationships which has been assigned a useful life of 25 years, and approximately $1.6 million for trade names and trademarks which has been assigned a useful life of 1.5 years. These intangible assets will be amortized on a straight-line basis over their respective useful lives. Based on the discussion under goodwill above, the Cloverleaf Acquisition resulted in federal income tax deductibility for a portion of the intangible assets. The deductible intangible assets will be available to reduce taxable income for both the REIT and its domestic TRS. The Company has recorded a deferred tax liability of $1.9 million for intangible assets. The unaudited pro forma financial information set forth below is based on the historical Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 , adjusted to give effect to the Cloverleaf Acquisition as if it had occurred on January 1, 2018. The pro forma adjustments primarily relate to acquisition expenses, depreciation expense on acquired assets, amortization of acquired intangibles, and estimated interest expense related to financing transactions, the proceeds of which were used to fund the acquisition of Cloverleaf. On March 1, 2019, Cloverleaf acquired Zero Mountain, Inc. and Subsidiaries (Zero Mountain). As a result, we have included the results of operations of Zero Mountain in the below pro forma financial information. The pro forma adjustments made include the acquisition expenses incurred in connection with Cloverleaf’s acquisition of Zero Mountain. The accompanying unaudited pro forma consolidated financial statements exclude the results of the Lanier acquisition, which was deemed immaterial. These statements are provided for illustrative purposes only and do not purport to represent what the actual Consolidated Statements of Operations of the Company or the Operating Partnership would have been had the Cloverleaf Acquisition occurred on the dates assumed, nor are they necessarily indicative of what the results of operations would be for any future periods. Americold Realty Trust and Subsidiaries Pro forma (unaudited) (in thousands, except per share data) Years Ended December 31, 2019 2018 Total revenue $ 1,859,265 $ 1,829,048 Net income available to common shareholders (1) $ 52,026 $ (3,232 ) Net income per share, diluted (2) $ 0.27 $ (0.02 ) Americold Realty Operating Partnership, L.P. and Subsidiaries Pro forma (unaudited) (in thousands, except per share data) Years Ended December 31, 2019 2018 Total revenue $ 1,859,265 $ 1,829,048 Net income available to common unitholders (1) $ 52,026 $ (3,232 ) Net income per unit, diluted (2) $ 0.27 $ (0.02 ) (1) Pro forma net income available to common shareholders was adjusted to exclude $26.6 million of acquisition related costs incurred by the Company during the year ended December 31, 2019 , and to include these charges in pro forma net income for the year ended December 31, 2018 . (2) Adjusted to give effect to the issuance of approximately 42.1 million common shares in connection with the Cloverleaf Acquisition. Since the date of acquisition, total revenues of approximately $152.8 million and net income of approximately $9.0 million associated with properties and operations acquired in the Cloverleaf Acquisition are included in the Consolidated Statements of Operations for the year ended December 31, 2019 . Acquisition of Lanier The Company completed the acquisition of privately-held Lanier on May 1, 2019 for total cash consideration of $81.9 million , net of cash received. The allocation of consideration primarily included $60.0 million of property, buildings and equipment, $6.4 million of goodwill, and $16.3 million of customer relationship intangible assets. The customer relationship asset has been assigned a useful life of twenty-five years and will be amortized on a straight-line basis. The goodwill recorded is primarily attributable to the strategic benefits of the acquisition including the increased presence in the north Georgia poultry market and leveraging integration experience to drive synergies and further enhance the warehouse network for new and existing customers. The Lanier acquisition was completed through the acquisition of both stock and partnership units; the acquisition of partnership units allowed a portion of the goodwill recorded to be deductible for federal income tax purposes. Deferred taxes may not be recorded for deductible goodwill unless the tax basis exceeds the book basis, and the Company has not recorded any deferred taxes as a result. Deductible goodwill will be available to reduce taxable income at both the REIT and its domestic TRS. Adjustments recorded subsequent to the acquisition date were not material to the Consolidated Balance Sheets, the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. The preliminary purchase price allocation will be finalized within one year from the date of acquisition. We have included the financial results of the acquired operations in our Warehouse segment since the date of the acquistion. |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of the Business The Company Americold Realty Trust, together with its subsidiaries (ART, the Company, or we) is a real estate investment trust (REIT) organized under Maryland law. During 2010, the Company formed a Delaware limited partnership, Americold Realty Operating Partnership, L.P. (the Operating Partnership), and transferred substantially all of its interests in entities and associated assets and liabilities to the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT or an UPREIT structure. The REIT is the sole general partner of the Operating Partnership, owning 99% of the common general partnership interests as of December 31, 2019 . Americold Realty Operations, Inc., a Delaware corporation and wholly-owned subsidiary of the REIT, is the sole limited partner of the Operating Partnership, owning 1% of the common general partnership interests as of December 31, 2019 . As the sole general partner of the Operating Partnership, the REIT has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. No limited partner shall be liable for any debts, liabilities, contracts or obligations of the Operating Partnership. A limited partner shall be liable to the Operating Partnership only to make payments of capital contribution, if any, as and when due. After a capital contribution is fully paid, no limited partner shall, except as otherwise may be legally required under Delaware law, be required to make any further contribution or other payments or lend any funds to the Operating Partnership. The limited partners of the Operating Partnership do not have rights to replace Americold Realty Trust as the general partner nor do they have participating rights, although they do have certain protective rights. During the third quarter of 2019, the Company granted Operating Partnership Profit Units (OP Units) to certain members of the Board of Trustees of the Company, which are described further in Note 17 . Upon vesting, these units will represent noncontrolling interests in the Operating Partnership that are not owned by Americold Realty Trust. The Company expects that the expense associated with the OP Units in the Operating Partnership will be immaterial to the consolidated financial statements of the Company and the Operating Partnership. The Operating Partnership includes numerous qualified REIT subsidiaries (QRSs). Additionally, the Operating Partnership conducts various business activities in the United States (U.S.), Australia, New Zealand, Argentina, and Canada through several wholly owned taxable REIT subsidiaries (TRSs). Business and Industry Information The Company is the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses. The Company is organized as a self-administered and self-managed REIT with proven operating, acquisition and development experience. As of December 31, 2019 , the Company operated a global network of 178 temperature-controlled warehouses, with 160 warehouses in the United States, six warehouses in Australia, seven warehouses in New Zealand, two warehouses in Argentina and three warehouses in Canada. The Company also owns and operates a limestone quarry. The Company provides its customers with technological tools to review real-time detailed inventory information via the Internet. In addition, the Company manages customer-owned warehouses for which it earns fixed and incentive fees. Ownership Pre-Initial Public Offering (IPO) Prior to the IPO on January 23, 2018, YF ART Holdings, a partnership among investment funds affiliated with The Yucaipa Companies (Yucaipa) and Fortress Investment Group, LLC (Fortress), owned approximately 100% of the Company’s common shares of beneficial interest. In addition, affiliates of The Goldman Sachs Group, Inc. (Goldman) owned 325,000 Series B Preferred Shares, which were converted to 28,808,224 common shares in connection with the IPO. In connection with the IPO, China Merchants Holds International Company (CMHI), as defined in Note 4 , converted their Series B Preferred Shares into 4,432,034 common shares of the Company. After giving effect to the full exercise of the underwriters’ option to purchase additional common shares during the IPO, CMHI owned approximately 3.1% of the Company’s common shares. Initial Public Offering On January 23, 2018, we completed an initial public offering of our common shares, or IPO, in which we issued and sold 33,350,000 of our common shares, including 4,350,000 common shares pursuant to the exercise in full of the underwriters’ option to purchase additional common shares. The common shares sold in the offering were registered under the Securities Act pursuant to our Registration Statement on Form S-11 (File No. 333-221560), as amended, which was declared effective by the SEC on January 18, 2018. The common shares were sold at an initial offering price of $16.00 per share, which generated net proceeds of approximately $493.6 million to us, after deducting underwriting fees and other offering costs of approximately $40.0 million . We primarily used the net proceeds from the IPO to repay (i) $285.1 million of indebtedness outstanding under our Senior Secured Term Loan B Facility, including $3.0 million of accrued and unpaid interest and closing expense of $0.2 million (ii) $20.9 million of indebtedness outstanding under our Clearfield, Utah and Middleboro, Massachusetts construction loans, including a nominal amount of accrued and unpaid interest; and (iii) to pay a stub period dividend totaling $3.1 million to the holders of record of our common shares, Series A Preferred Shares and Series B Preferred Shares as of January 22, 2018. Holders of the Series A Preferred Shares also received a redemption payment from the offering proceeds of $0.1 million . The remaining $184.4 million net proceeds from the IPO were used for general corporate purposes. The following is a list of other significant events that occurred in connection with the IPO: • All outstanding Series A Preferred Shares were redeemed resulting in a cash payment of approximately $0.1 million , including accrued and unpaid dividends; • All outstanding Series B Preferred Shares were converted into an aggregate of 33,240,258 common shares resulting in a cash payment of approximately $1.2 million of accrued and unpaid dividends. • The cashless exercise by YF ART Holdings GP, LLC, an affiliate of Yucaipa (YF ART Holdings), of all outstanding warrants to purchase 18,574,619 common shares, exercisable at a price of $9.81 per share, into an aggregate of 6,426,818 common shares based on a deemed valuation of $15.00 per share pursuant to the terms of the warrants; • The issuance of new senior secured credit facilities (2018 Senior Secured Credit Facilities), consisting of a five -year, $525.0 million senior secured term loan A facility (Senior Secured Term Loan A Facility), with net proceeds of $517.0 million , and a three -year, $400.0 million senior secured revolving credit facility (2018 Senior Secured Revolving Credit Facility). The 2018 Senior Secured Credit Facility also had an additional $400.0 million accordion option. Upon the completion of the IPO, $525.0 million was outstanding under the Company’s Senior Secured Term Loan A Facility and no borrowings were outstanding under the Company’s 2018 Senior Secured Revolving Credit Facility. During the month following the IPO, the Company paid $50 million of principal on the Senior Secured Term Loan A Facility, resulting in an outstanding balance of $475.0 million. September 2018 Follow-On Public Offering On September 18, 2018, the Company completed a follow-on public offering of 4,000,000 of its common shares at a public offering price of $24.50 per share, which generated net proceeds of approximately $92.5 million to the Company after deducting the underwriting discount and estimated offering expenses payable by the Company, and an additional 6,000,000 common shares that are subject to a forward sale agreement to be settled by September 2020. The term was extended from its original settlement of September 2019. The Company did not initially receive any proceeds from the sale of the common shares subject to the forward sale agreement that were sold by the forward purchaser or its affiliate. The Company accounts for the 2018 forward contract as equity and therefore is exempt from derivative and fair value accounting. Before the issuance of the Company’s common shares, if any, upon physical or net share settlement of the 2018 forward sale agreement, the Company expects that the common shares issuable upon settlement of the 2018 forward sale agreement will be reflected in its diluted earnings per share calculations using the treasury stock method. Under this method, the number of the Company’s common shares used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of common shares that would be issued upon full physical settlement of the 2018 forward sale agreement less the number of common shares that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). If and when the Company physically or net share settles the 2018 forward sale agreement, the delivery of the Company’s common shares would result in an increase in the number of common shares outstanding and dilution to our earnings per share. As of December 31, 2019 , the Company has not settled any portion of the 2018 forward sale agreement. Additionally, in connection with the the follow-on public offering, YF ART Holdings GP, LLC (YF ART Holdings), a partnership among investment funds affiliated with Yucaipa, sold 16.5 million common shares, affiliates of Goldman sold approximately 9.1 million common shares, and affiliates of Fortress sold approximately 7.2 million common shares. Other Capital Markets Activity in 2018 On February 6, 2018 , we amended the Credit Agreement with the lenders of our 2018 Senior Revolving Credit Facility to increase the aggregate revolving credit commitments on this facility by $50.0 million to $450.0 million . Concurrently, we utilized cash on hand to repay $50.0 million on our Senior Secured Term Loan A facility. As a result of these modifications, our total aggregate commitments under our 2018 Senior Credit Facilities remained unchanged at $925.0 million . On March 8, 2018, YF ART Holdings used the proceeds from a margin loan to pay in full the outstanding preferred investment, including the preferred return thereon, of Fortress, which ceased to be a limited partner in YF ART Holdings and no longer has any economic interest therein. As of December 31, 2018, YF ART Holdings owned approximately 25.9% of the Company’s common shares. On December 4, 2018, the Company recast its 2018 Senior Credit Facilities (2018 Senior Unsecured Credit Facility) to, among other things, (i) increase the revolver borrowing capacity from $450 million to $800 million , (ii) convert the credit facility (term loan and revolver) from a secured credit facility to an unsecured credit facility, and (iii) decrease the applicable interest rate margins from 2.35% to 1.45% and decrease the fee on unused borrowing capacity by 5 basis points. Refer to Note 10 for further details. March 2019 Secondary Public Offering In March 2019, the Company completed a secondary public offering in which certain funds affiliated with YF ART Holdings and Goldman sold their remaining interest in the Company of 38,422,583 and 8,061,228 common shares, respectively, at $27.75 per share, which included 6,063,105 shares purchased by the underwriters upon the exercise in full of their option to purchase additional shares. The selling shareholders received proceeds from the offering, which, net of underwriting fees, totaled $1.1 billion . The Company received no proceeds and incurred fees of $1.5 million related to this offering. April 2019 Follow-On Public Offering On April 22, 2019, the Company completed a follow-on public offering of 42,062,000 of its common shares, including 6,562,000 common shares pursuant to the exercise in full of the underwriters’ option to purchase additional common shares, at a public offering price of $29.75 per share, which generated net proceeds of approximately $1.21 billion to the Company after deducting the underwriting discount and estimated offering expenses payable by the Company, and an additional 8,250,000 common shares pursuant to the 2019 forward sale agreement, which is expected to be settled within one year. The Company did not initially receive any proceeds from the sale of the common shares subject to the 2019 forward sale agreement that were sold by the forward purchaser or its affiliate. The Company accounts for the 2019 forward contract as equity and therefore is exempt from derivative and fair value accounting. Refer to the above discussion under “ September 2018 Follow-On Public Offering ” for the earnings per share treatment and the impact as a result of this 2019 forward contract. The proceeds of the follow-on public offering were used to fund a portion of the purchase of Cloverleaf. We used the cash proceeds that we received upon settlement of the 2019 forward sale agreement on January 2, 2020 to fund the Nova Cold Logistics (Nova Cold) acquisition. At the Market (ATM) Equity Program On August 26, 2019, the Company entered into an equity distribution agreement pursuant to which we may sell, from time to time, up to an aggregate sales price of $500.0 million of our common shares through the ATM Equity Program. Sales of our common shares made pursuant to the ATM Equity Program may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act, including sales made directly on the NYSE, or sales made to or through a market maker other than on an exchange, or as otherwise agreed between the applicable Agent and us. Sales may also be made on a forward basis pursuant to separate forward sale agreements. We intend to use the net proceeds from sales of our common shares pursuant to the ATM Equity Program for general corporate purposes, which may include funding acquisitions and development projects. There were no common shares sold under the ATM Equity Program during 2019. Acquisitions On February 1, 2019, the Company acquired PortFresh Holdings, LLC (PortFresh). The Company paid aggregate cash consideration of $35.2 million , net of cash acquired. On May 1, 2019, the Company entered into an equity purchase agreement to acquire Cloverleaf. The Company refers to the completion of the acquisition of Cloverleaf pursuant to the executed purchase agreement as “the Cloverleaf Acquisition”. The Company paid aggregate cash consideration of approximately $1.24 billion , net of cash acquired. The consideration paid by the Company was funded using net proceeds from the Company’s equity offering that closed on April 22, 2019, along with funds drawn under the Company’s senior unsecured revolving credit facility. On May 1, 2019, the Company acquired Lanier Cold Storage (Lanier). The Company paid aggregate cash consideration of approximately $81.9 million , net of cash acquired. On November 19, 2019 , the Company acquired MHW Group Inc. (MHW). The Company paid aggregate cash consideration of approximately $50.1 million , net of cash acquired. Additionally, on this date the Company announced the acquisition of Nova Cold which closed in January 2020 for CAD $336.8 million . The Company funded the Nova Cold acquisition using a combination of equity from its April 2019 forward sale agreement, the Company’s revolving credit facility and cash on hand. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) and include all of the accounts of Americold Realty Trust and Subsidiaries and the Operating Partnership and the subsidiaries of the Operating Partnership. Intercompany balances and transactions have been eliminated. The notes to the consolidated financial statements of Americold Realty Trust and the Operating Partnership have been combined to provide the following benefits: • enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; • eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and • creating time and cost efficiencies through the preparation of one set of notes instead of two separate sets of notes. There are a few differences between the Company and the Operating Partnership, which are reflected in these consolidated financial statements and the accompanying notes. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. Americold Realty Trust’s only material asset is its ownership of partnership interests of the Operating Partnership. As a result, Americold Realty Trust generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public securities from time to time and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries and affiliates. Americold Realty Trust itself has not issued any indebtedness but guarantees the unsecured debt of the Operating Partnership and certain of its subsidiaries and affiliates, as disclosed in these notes. The Operating Partnership holds substantially all the assets of the Company. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by Americold Realty Trust, which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generally generates the capital required by the Company’s business primarily through the Operating Partnership’s operations, by the Operating Partnership’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units. The presentation of shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of Americold Realty Trust and those of the Operating Partnership. As of December 31, 2019 and for each of the years ended December 31, 2019, 2018 and 2017, the general partner, Americold Realty Trust held a 99% interest in partnership units, and the limited partner, Americold Realty Operations, Inc. held a 1% interest in partnership units. The general partnership interests held by Americold Realty Trust in the Operating Partnership are presented as general partner’s capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as common stock, additional paid-in capital and accumulated dividends in excess of earnings within shareholders’ equity in Americold Realty Trust’s consolidated financial statements. The limited partnership interests held by Americold Realty Operations, Inc., a wholly owned subsidiary of ART, in the Operating Partnership are presented as limited partners’ capital within partners’ capital in the Operating Partnership’s consolidated financial statements and within equity in Americold Realty Trust’s consolidated financial statements. The differences in the presentations between shareholders’ equity and partners’ capital result from the differences in the equity presented at the Americold Realty Trust and the Operating Partnership levels. To help investors understand the significant differences between the Company and the Operating Partnership, these consolidated financial statements present the following notes to the consolidated financial statements for each of the Company and the Operating Partnership: • Debt of the Company and Debt of the Operating Partnership • Partners’ Capital • Selected Quarterly Financial Information In the sections that combine disclosure of Americold Realty Trust and the Operating Partnership, these notes refer to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company generally operates the business through the Operating Partnership. Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Property, Buildings and Equipment Property, buildings and equipment is stated at cost, less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the respective assets or, if less, the term of the underlying lease. Depreciation begins in the month an asset is placed into service. Useful lives range from 5 to 43 years for buildings and building improvements and 3 to 12 years for machinery and equipment. For the years ended December 31, 2019, 2018 and 2017, the Company recorded depreciation expense of $153.9 million , $116.0 million and $115.1 million , respectively. Depletion on the limestone quarry is computed by the units-of-production method based on estimated recoverable units. The Company periodically reviews the appropriateness of the estimated useful lives of its long-lived assets. Costs of normal maintenance and repairs and minor replacements are charged to expense as incurred. When non-real estate assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed, and any resulting gain or loss is included in “Other expense, net” on the accompanying Consolidated Statements of Operations. Gains or losses from the sale of real estate assets are reported in the accompanying Consolidated Statement of Operations as an operating expense. Costs incurred to develop software for internal use and purchased software are capitalized and included in “Machinery and equipment” on the accompanying Consolidated Balance Sheets. Capitalized software is amortized over the estimated life of the software which ranges from 3 to 10 years. Amortization of previously capitalized amounts was $6.4 million , $5.2 million and $5.0 million for 2019 , 2018 and 2017 , respectively, and is included in “Depreciation, depletion and amortization expense” on the accompanying Consolidated Statements of Operations. Activity in real estate facilities during the years ended December 31, 2019 and 2018 is as follows: 2019 2018 (In thousands) Operating facilities, at cost: Beginning balance $ 2,575,367 $ 2,506,656 Capital expenditures 177,268 50,680 Acquisitions 975,045 — Newly developed warehouse facilities 21,316 62,353 Disposition (7,409 ) (30,199 ) Impairment (12,555 ) (747 ) Conversion of leased assets to owned — 8,405 Impact of foreign exchange rate changes 557 (21,781 ) Ending balance 3,729,589 2,575,367 Accumulated depreciation: Beginning balance (827,892 ) (770,006 ) Depreciation expense (114,512 ) (87,355 ) Dispositions 6,679 24,672 Impact of foreign exchange rate changes (697 ) 4,797 Ending balance (936,422 ) (827,892 ) Total real estate facilities $ 2,793,167 $ 1,747,475 Non-real estate assets 197,835 92,226 Total property, buildings and equipment and finance leases, net $ 2,991,002 $ 1,839,701 The total real estate facilities amounts in the table above include $76.8 million and $80.3 million of assets under sale-leaseback agreements accounted for as a financing lease as of December 31, 2019 and 2018 , respectively. The Company does not hold title in these assets under sale-leaseback agreements. During the second quarter of 2019, the Company sold an idle facility, which was written down earlier in 2019 resulting in an impairment charge of $2.9 million and the write-off of primarily “Buildings and improvements” on the accompanying Consolidated Balance Sheets. During the second quarter of 2018, the Company sold a facility resulting in an $8.4 million gain on sale of real estate and the write-off of primarily “Land” and “Buildings and improvements” on the accompanying Consolidated Balance Sheets. In preparation of the exit of this facility, the Company transferred most of its customers inventory to other owned warehouses within the same region. During the fourth quarter of 2018, the Company disposed of an idle facility resulting in a $0.9 million loss on sale of real estate and the write-off of primarily “Land” and “Buildings and improvement” on the accompanying Consolidated Balance Sheets. In February 2019, the Company acquired one facility and adjacent land in connection with the PortFresh Acquisition, with total property, buildings and equipment of $35.0 million . In May 2019, the Company acquired 21 facilities in connection with the Cloverleaf Acquisition, with total property, buildings and equipment of $891.3 million . Additionally, in May 2019, the Company acquired two facilities in connection with the Lanier Acquisition, with total property, buildings and equipment of $60.0 million . In November 2019, the Company acquired two facilities in connection with the MHW Acquisition, with total property, buildings and equipment of $49.4 million . During 2018, the Company purchased a portion of a facility that was previously operated under a lease agreement for $13.8 million . In addition to selling and purchasing facilities, the Company also invested in development projects throughout 2019 and 2018. During the third quarter of 2018, the Company commenced operations in a production-advantaged facility in Middleboro, MA which cost approximately $23.5 million to construct. As of December 31, 2018, the Company was also constructing an automated expansion project at the Rochelle, IL facility. The expansion was completed during the second quarter of 2019, with a total cost of $89.7 million incurred as of December 31, 2019. During 2019, the Company began the “Atlanta Major Market Strategy” which includes the partial redevelopment of an existing warehouse facility. The costs incurred for this ongoing project totaled $30.6 million as of December 31, 2019. During the fourth quarter of 2019, the Company completed expansion projects at two legacy Cloverleaf facilities, Chesapeake, Virginia which totaled $24.3 million and North Little Rock, Arkansas which totaled $18.9 million . The costs incurred for the ongoing expansion project at the legacy Cloverleaf facility in Columbus, Ohio totaled $6.3 million as of December 31, 2019. The costs incurred for the ongoing development project at the legacy PortFresh site in Savannah, Georgia totaled $41.5 million as of December 31, 2019. Finally, the Company acquired land in Sydney, Australia during the second quarter of 2019 for $45.5 million for potential future development of a customer build-to-suit facility, for which it has recourse should the customer choose to not move forward with this development project. Refer to Note 30 regarding updates on this project that occurred subsequent to December 31, 2019. Lease Accounting Arrangements wherein we are the lessee: At the inception of a contract, we determine if the contract is or contains a lease. Leases are classified as either financing or operating based upon criteria within ASC 842, Leases , and a right-of-use (ROU) asset and liability are established for leases with an initial term greater than 12 months. Leases with an initial term of 12 months or less, and not expected to renew beyond 12 months, are not recorded on the balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of the lease payments over the lease term, as adjusted for prepayments, incentives and initial direct costs. ROU assets are subsequently measured at the value of the remeasured lease liability, adjusted for the remaining balance of the following, as applicable: lease incentives, cumulative prepaid or accrued rent and unamortized initial direct costs. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. We generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The depreciable lives of assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Depreciation expense on assets acquired under financing leases is included in “Depreciation, depletion and amortization” on the accompanying Consolidated Statements of Operations. Depreciation expense on assets acquired under operating leases is included within cost of operations for the respective segment the asset pertains to, or within “Selling, general and administrative” for corporate assets on the accompanying Consolidated Statements of Operations. As with other long-lived assets, ROU assets are reviewed for impairment when events or change in circumstances indicate the carrying value may not be recoverable. Operating leases are included in “Operating lease right-of-use assets”, “Accounts payable and accrued expenses” and “Operating lease obligations” on our Consolidated Balance Sheet. Financing lease assets are included in “Financing leases-net”, “Accounts payable and accrued expenses” and “Financing lease obligations” on our Consolidated Balance Sheet. Arrangements wherein we are the lessor: Each new lease contract is evaluated for classification as a sales-type lease, direct financing or operating lease. A lease is a sales-type lease if any one of five criteria are met, as outlined in ASC 842 each of which indicate the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating we have transferred substantially all the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type or direct financing leases are operating leases. We do not currently have any sales-type or direct financing leases. For operating leases wherein we are the lessor, we assess the probability of payments at commencement of the lease contract and subsequently recognize lease income, including variable payments based on an index or rate, over the lease term on a straight-line basis. We continue to measure and disclose the underlying assets subject to operating leases based on our policies for application of ASC 360, Property, Plant and Equipment . For all asset classes we have elected to not separate the lease and non-lease components which generally relate to taxes and common area maintenance. Additionally, we elected a practical expedient to present all funds collected from lessees for sales and other similar taxes net of the related sales tax expense. Our lease contracts are structured in a manner to reduce risks associated with the residual value of leased assets. Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment when events or changes in circumstances (such as decreases in operating income and declines in occupancy) indicate that the carrying amounts may not be recoverable. A comparison is made of the expected future operating cash flows of the long-lived assets on an undiscounted basis to their carrying amounts. If the carrying amounts of the long-lived assets exceed the sum of the expected future undiscounted cash flows, an impairment charge is recognized in an amount equal to the excess of the carrying amount over the estimated fair value of the long-lived assets, which the Company calculates based on projections of future cash flows and appraisals with significant unobservable inputs classified as Level 3 of the fair value hierarchy. The Company determined that individual warehouse properties constitute the lowest level of independent cash flows for purposes of considering possible impairment. For the years ended December 31, 2019, 2018 and 2017, the Company recorded charges of $13.5 million , $0.7 million and $9.5 million , respectively, as “Impairment of long-lived assets” on the accompanying Consolidated Statements of Operations. During the first quarter of 2019, management and the Company’s Board of Trustees formally approved the “Atlanta Major Market Strategy” plan which included the partial redevelopment of an existing warehouse facility. The partial redevelopment required the demolition of approximately 75% of the current warehouse, which was unused. The Company expects the remainder of the site to continue operating as normal during the construction period. As a result of this initiative, the Company impaired the carrying value of the portion of the warehouse no longer in use, resulting in a charge of $9.6 million of Warehouse segment assets. Additionally, during the first quarter of 2019 the Company recorded an impairment charge of $2.9 million of Warehouse segment assets related to a domestic idle warehouse facility in anticipation of a potential future sale of the asset. The estimated fair value of this asset was determined based on ongoing negotiations with prospective buyers. The sale of this property was completed during the second quarter of 2019. During the second quarter of 2019, the Company recorded impairment charges of $0.9 million of Transportation segment assets related to the discontinued use of internally developed software and other personal property assets due to the loss of a significant customer relationship within our foreign operations. During the year ended December 31, 2018, the Company recorded an impairment charge of $0.7 million of Warehouse segment assets related to an idle domestic warehouse facility in anticipation of a future sale of the asset, which was subsequently completed during the fourth quarter of 2018. During the year ended December 31, 2017, the Company recorded $9.5 million of impairment associated with the planned disposal of certain facilities, with a net book value in excess of their estimated fair value based on third-party appraisals or purchase offers. All 2017 long-lived asset impairments related to the Warehouse segment. Impairment of Other Assets In 2017, the Company evaluated the limestone inventory held at its Quarry operations, and determined that approximately $2.1 million of that inventory was not of saleable quality. As a result, the Company recognized an impairment charge for that amount, which is included as a component of “Cost of operations related to other revenues” on the accompanying Consolidated Statements of Operations for the year ended December 31, 2017. Also during 2017, the Company recognized an impairment charge totaling $6.5 million related to its investments in two joint ventures in China accounted for under the equity method. It was determined that the recorded investments were no longer recoverable from the projected future cash flows expected to be received from the ventures. The estimated fair value of each investment was determined based on an assessment of the proceeds expected to be received from the potential sale of the Company’s investment interests to the joint venture partner. The impairment charge is included in “Impairment of partially owned entities” on the accompanying Consolidated Statements of Operations for the year ended December 31, 2017. There were no other asset impairment charges recorded during the years ended December 31, 2019 and 2018. Capitalization of Costs Project costs that are clearly associated with the development of properties are capitalized as incurred. Project costs include all costs directly associated with the development of a property, including construction costs, interest, and costs of personnel working on the project. Costs that do not clearly relate to the projects under development are not capitalized and are charged to expense as incurred. Capitalization of costs begins when the activities necessary to get the development project ready for its intended use commence, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. If and when development of a property is suspended pursuant to a formal change in the planned use of the property, we will evaluate whether the accumulated costs exceed the estimated value of the project and write off the amount of any such excess accumulated costs. For a development project that is suspended for reasons other than a formal change in the planned use of such property, the accumulated project costs are written off. Capitalized costs are allocated to the specific components of a project that are benefited. During each of the years ended 2019, 2018 and 2017, we capitalized interest of approximately $3.3 million , $3.2 million , and $1.1 million , respectively. During the years ended 2019, 2018 and 2017, we capitalized amounts relating to compensation and travel expense of employees direct and incremental to development of properties of approximately $0.5 million , $0.6 million , and $0.2 million , respectively. Business Combinations For business combinations, the excess of purchase price over the net fair value of assets acquired and liabilities assumed is recorded as goodwill. In an asset acquisition where we have determined that the cost incurred differs from the fair value of the net assets acquired, we assess whether we have appropriately determined the fair value of the assets and liabilities acquired and we also confirm that all identifiable assets have been appropriately identified and recognized. After completing this assessment, we allocate the difference on a relative fair value basis to all assets acquired except for financial assets (as defined in ASC 860, Transfers and Servicing ), deferred taxes, and assets defined as “current” (as defined in ASC 210, Balance Sheet ). Whether the acquired business is being accounted for as a business combination or an asset acquisition, the determination of fair values of identifiable assets and liabilities requires estimates and the use of valuation techniques. The Company estimates the fair values using observable inputs classified as Level 2 and unobservable inputs classified as Level 3 of the fair value hierarchy. Significant judgment is involved specifically in determining the estimated fair value of the acquired land and buildings and improvements and intangible assets. For intangible assets, we typically use the excess earnings method. Significant estimates used in valuing intangible assets acquired in a business combination include, but are not limited to, revenue growth rates, customer attrition rates, operating costs and margins, capital expenditures, tax rates, long-term growth rates and discount rates. For land and buildings and improvements, we used a combination of methods including the cost approach to value buildings and improvements and the sales comparison approach to value the underlying land. Significant estimates used in valuing land and buildings and improvements acquired in a business combination include, but are not limited to estimates of indirect costs and entrepreneurial profit, which were added to the replacement cost of the acquired assets in order to estimate their fair value in the market. On May 1, 2019, the Company completed the acquisitions of Cloverleaf and Lanier, both of which are accounted for as business combinations. Refer to Note 3 for the disclosures related to these acquisitions. Asset Acquisitions We acquired PortFresh in an asset acquisition on February 1, 2019 for $35.2 million , net of cash. The cost incurred in connection with this asset acquisition was allocated primarily to $35.0 million of property, buildings and equipment, $0.4 million of an assembled workforce intangible asset and $0.6 million of other assets and liabilities, net. Additionally, we acquired MHW in an asset acquisition on November 19, 2019 for $50.1 million . The cost incurred in connection with this asset acquisition was allocated primarily to $49.4 million of property, buildings and equipment, $0.5 million of an assembled workforce intangible asset and $0.1 million of other assets and liabilities, net. Additionally, the purchase agreement included a call option to purchase land from the holder of the ground lease at for $4.1 million , which was exercised in January 2020. A right-of-use asset and related obligation were recorded for leases for approximately $4.5 million and $4.5 million , respectively. Bridge Loan Commitment Fees During the second quarter of 2019, we incurred costs of approximately $2.7 million related to unused bridge loan commitment fees in connection with the potential funding need to complete the Cloverleaf Acquisition which ultimately was not utilized. These costs are classified as a component of interest expense within the caption titled “Bridge loan commitment fees” and are presented within “Other expense” on the accompanying Consolidated Statement of Operations. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits, and short-term liquid investments purchased with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. As of December 31, 2019 and 2018 , the Company held $34.1 million and $37.3 million , respectively, of cash and cash equivalents in bank accounts of its foreign subsidiaries. Restricted Cash Restricted cash relates to cash on deposit and cash restricted for the payment of certain property repairs or obligations related to warehouse properties collateralized by mortgage notes, cash on deposit for certain workers’ compensation programs and cash collateralization of certain outstanding letters of credit, and payment of costs to administer and service the New Market Tax Credit (“NMTC”) entity. Refer to Note 19 for further details of the New Market Tax Credit. Restricted cash balances as of December 31, 2019 and 2018 are as follows: 2019 2018 (In thousands) 2013 mortgage notes’ escrow accounts $ 877 $ 974 2013 mortgage notes’ cash managed accounts 2,343 2,410 Cash on deposit for workers’ compensation program in Australia 2,525 2,635 New market tax credit reserve accounts 565 — Total restricted cash $ 6,310 $ 6,019 Accounts Receivable Accounts receivable are recorded at the invoiced amount. The Company periodically evaluates the collectability of amounts due from customers and maintains an allowance for doubtful accounts for estimated amounts uncollectable from customers. Management exercises judgment in establishing these allowances and considers the balance outstanding, payment history, and current credit status in developing these estimates. Specific accounts are written off against the allowance when management determines the account is uncollectable. The following table provides a summary of activity of the allowance for doubtful accounts: Balance at beginning of year Charged to expense/against revenue Amounts written off, net of recoveries Balance at end of year Allowance for doubtful accounts: (In thousands) Year ended December 31, 2017 $ 4,072 2,510 (1,273 ) $ 5,309 Year ended December 31, 2018 $ 5,309 1,969 (1,572 ) $ 5,706 Year ended December 31, 2019 $ 5,706 3,608 (2,387 ) $ 6,927 The Company records interest on delinquent billings within “Interest income” in the Consolidated Statements of Operations, offset by a bad debt provision equal to the amount of interest charged until collected. Identifiable Intangibles Assets Identifiable intangibles consist of a trade name and customer relationships. Indefinite-Lived Asset The trade name asset, with a carrying amount of $15.1 million as of December 31, 2019 and 2018 , relates to “Americold” and has an indefinite life; thus, it is not amortized. The Company evaluates the carrying value of its trade name each year as of October 1, and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the trade name below its carrying amount. There were no impairments to the Company’s trade name for the years ended December 31, 2019 , 2018 and 2017 . Finite-Lived Assets Customer relationship assets are the Company’s largest finite-lived assets amortized over 6 to 25 years using a straight-line or accelerated amortization method dependent on the estimated benefits, which reflects the pattern in which economic benefits of intangible assets are expected to be realized by the Company. Customer relationship amortization expense for the years ended December 31, 2019 , 2018 and 2017 was $7.9 million , $0.8 million and $0.9 million , respectively. The weighted-average remaining life of the customer relationship assets is 24.2 years as of December 31, 2019 . The Company reviews these intangible assets for impairment when circumstances indicate the carrying amount may not be recoverable. There were no impairments to customer relationship assets for the years ended December 31, 2019 , 2018 and 2017 . Leasehold Interests - Below Market Leases, Above Market Leases and In-place Lease In reference to certain temperature-controlled warehouses where the Company is the lessee in an acquired business, below-market and above-market leases are amortized on a straight-line basis over the remaining lease terms in a manner that adjusts lease expense to the market rate in effect as of the acquisition date. In reference to certain temperature-controlled warehouses where the Company has a tenant lease assigned through an acquisition, the resulting intangible asset is amortized over the remaining term of the tenant lease and recorded to amortization expense. There were no impairments to leasehold interests for the years ended December 31, 2019 , 2018 or 2017 . Deferred Financing Costs Direct financing costs are deferred and amortized over the terms of the related agreements as a component of “Interest expense” in the accompanying Consolidated Statements of Operations. The Company amortizes such costs based on the effective interest rate or on a straight-line basis. The Company uses the latter approach when the periodic amortization approximates the amounts calculated under the effective-interest rate method. Deferred financing costs related to revolving line of credits are classified as other assets, whereas deferred financing costs related to long-term debt are offset against “Mortgages notes, senior unsecured notes and term loan”, as applicable in the accompanying Consolidated Balance Sheets. Goodwill The Company evaluates the carrying value of goodwill each year as of October 1 and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. When evaluating whether goodwill i |
Equity-Method Investments
Equity-Method Investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity-Method Investments | Equity-Method Investments During 2010, the Company, through its wholly owned subsidiaries, made total cash investments of $46.2 million in two newly-formed Hong Kong entities, China Merchants Americold Holdings Logistics Company Limited (CMAL) and China Merchants Americold Holdings Company Limited (CMAH, together with CMAL, the Joint Venture, or China JV). Through these subsidiaries, the Company acquired a 49% interest in the Joint Venture, while China Merchants Holdings International Company (CMHI) acquired the remaining 51% interest in the Joint Venture. CMHI is a Hong Kong based entity that is part of the China Merchants Group. Other affiliates of CMHI subsequently purchased 50,000 shares of the Company’s Series B Preferred Shares, subsequently converted to common shares in connection with our IPO. The Joint Venture was formed with the purpose of acquiring, owning, and operating temperature-controlled warehouses, primarily in the People’s Republic of China. During 2015, the Company made an additional capital contribution of $1.3 million to the Joint Venture for general corporate purposes. In 2017, the Company recognized an impairment charge totaling $6.5 million related to our investment in the Joint Venture as we determined that the recorded investment was no longer recoverable from the projected future cash flows expected to be received from the Joint Venture. The estimated fair value of this investment was determined based on active negotiations of the proceeds expected to be received from the potential sale of our investment interests to the joint venture partner. During the third quarter of 2019, the Company completed the sale of its equity interest in its China JV to an affiliate of its joint venture partner for total cash consideration of $15.0 million . The resulting gain on the sale of the China JV totaled $4.3 million and is included in “Gain from sale of partially owned entities” on the accompanying Consolidated Statements of Operations. The gain recorded includes $2.6 million related to cumulative foreign currency translation historically recorded through Other Comprehensive Income which stemmed from the remeasurement of the foreign denominated equity-method investment in the China JV. The following tables summarize the financial information of the Company’s China JV for the periods presented, prior to disposition. The condensed summary financial information for the Company’s China JV is as follows for the portion of the year which the Company held ownership interest in the China JV during 2019 and the full year ended December 31, 2018: 2019 Condensed results of operations CMAL CMAH Total (In thousands) Revenues $ 28,334 $ 10,907 $ 39,241 Operating (loss) income $ (348 ) $ 1,920 $ 1,572 Net (loss) income $ (507 ) $ 1,018 $ 511 Company’s (loss) income from partially owned entities $ (429 ) $ 318 $ (111 ) 2018 Condensed results of operations CMAL CMAH Total (In thousands) Revenues $ 37,458 $ 13,621 $ 51,079 Operating (loss) income $ (1,748 ) $ 2,432 $ 684 Net (loss) income $ (1,960 ) $ 1,651 $ (309 ) Company’s (loss) income from partially owned entities $ (1,419 ) $ 350 $ (1,069 ) 2017 Condensed results of operations CMAL CMAH Total (In thousands) Revenues $ 38,662 $ 12,294 $ 50,956 Operating (loss) income $ (2,052 ) $ 314 $ (1,738 ) Net loss $ (2,479 ) $ (296 ) $ (2,775 ) Company’s loss from partially owned entities $ (1,143 ) $ (220 ) $ (1,363 ) In addition to the China JV, the Company had an investment in a joint venture accounted for under the equity-method, for which a complete return of capital totaling $2.0 million was received during the first quarter of 2019, eliminating the Company’s involvement in the joint venture. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of the Company’s goodwill by reportable segment for the years ended December 31, 2019 , 2018 and 2017 are as follows: Warehouse Third-party managed Transportation Total (In thousands) December 31, 2016 $ 171,582 $ 3,056 $ 12,167 $ 186,805 Impact of foreign currency translation 972 8 384 1,364 December 31, 2017 172,554 3,064 12,551 188,169 Impact of foreign currency translation (1,658 ) (174 ) (242 ) (2,074 ) December 31, 2018 170,896 2,890 12,309 186,095 Goodwill acquired 130,919 — 1,452 132,371 Impact of foreign currency translation 9 (8 ) 16 17 December 31, 2019 $ 301,824 $ 2,882 $ 13,777 $ 318,483 The goodwill acquired in 2019 primarily related to the Cloverleaf and Lanier acquisitions in the Warehouse segment. Refer to Note 3 for additional information. Intangible assets subject to amortization as of December 31, 2019 and 2018 are as follows: Customer relationships Above-market leases In-place lease Below-market leases Assembled Workforce Trade names and trademarks Total (In thousands, except years) Gross $ 33,788 $ 143 $ 3,778 $ 9,126 $ — $ — $ 46,835 Additions 266,633 — — — 908 1,623 269,164 Accumulated amortization (38,036 ) (60 ) (1,578 ) (5,794 ) (128 ) (721 ) (46,317 ) Net definite lived intangible assets $ 262,385 $ 83 $ 2,200 $ 3,332 $ 780 $ 902 269,682 Indefinite lived intangible asset (Trade name) 15,076 Identifiable intangible assets – net, December 31, 2019 $ 284,758 Weighted-average remaining useful life at December 31, 2019 24.2 3.8 3.8 32.6 2.7 0.8 23.9 Gross $ 33,788 $ 143 $ 3,778 $ 9,126 $ — $ — $ 46,835 Additions — — — — — — — Accumulated amortization (30,169 ) (38 ) (1,004 ) (5,644 ) — — (36,855 ) Net definite lived intangible assets $ 3,619 $ 105 $ 2,774 $ 3,482 $ — $ — 9,980 Indefinite lived intangible asset (Trade name) 15,076 Identifiable intangible assets – net, December 31, 2018 $ 25,056 Weighted-average remaining useful life at December 31, 2018 9.1 4.8 4.8 33.2 N/A N/A 16.3 Additions in 2019 relate to the Cloverleaf, Lanier, MHW and PortFresh acquisitions. Refer to Notes 2 and 3 for further details of each acquisition. The following table describes the estimated amortization of intangible assets for the next five years and thereafter. In addition, the table describes the net impact on rent expense due to the amortization of below-market leases for the next five years and thereafter: Estimated Amortization of Customer Relationships, In-Place Lease, Assembled Workforce, Trade names and Trademarks Intangible Assets Estimated Net Decrease to Lease Revenue Related to Amortization of Above-Market Leases Estimated Net Increase to Lease Expense Related to Amortization of Below-Market Leases (In thousands) Years Ending December 31: 2020 $ 13,110 $ 22 $ 151 2021 12,119 22 151 2022 11,902 22 151 2023 11,543 17 106 2024 10,976 — 102 Thereafter 206,617 — 2,671 Total $ 266,267 $ 83 $ 3,332 |
Other Assets Other Assets
Other Assets Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets as of December 31, 2019 and 2018 are as follows: 2019 2018 (In thousands) Various insurance and workers’ compensation receivables $ 12,143 $ 9,595 Prepaid accounts 11,345 12,532 Inventory and supplies 9,371 7,875 Other receivables 7,528 8,770 Fair value of derivatives 6,886 2,283 Marketable securities - (Deferred compensation plan) 4,895 3,072 Utility, workers’ compensation escrow and lease deposits 4,222 1,726 Deferred financing costs 2,767 5,437 Deferred registration statement costs 912 — Income taxes receivable 885 6,978 Deferred tax assets 418 391 $ 61,372 $ 58,659 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses as of December 31, 2019 and 2018 are as follows: 2019 2018 (In thousands) Trade payables $ 109,222 $ 85,038 Accrued workers’ compensation liabilities 30,642 30,585 Accrued payroll 17,104 12,238 Accrued bonus 20,729 17,335 Accrued vacation and long service leave 16,403 14,988 Accrued health benefits 13,020 10,987 Accrued property taxes 20,370 14,376 Accrued utilities 7,854 6,274 New market tax credit deferred contribution liability 4,882 — Income taxes payable 997 290 Dividends payable 39,753 28,540 Accrued interest 24,872 4,843 Other accrued expenses 45,115 27,586 $ 350,963 $ 253,080 |
Acquisitions, Litigation, and O
Acquisitions, Litigation, and Other Charges Acquisitions, Litigation, and Other Charges | 12 Months Ended |
Dec. 31, 2019 | |
Acquisition, Litigation and Other Special Charges [Abstract] | |
Business Combination, Acquisition Related Cost, Litigation Expense And Other Special Charges Disclosure [Text Block] | Acquisition, Litigation and Other Charges The components of the charges included in “Acquisition, litigation and other” in our Consolidated Statements of Operations are as follows (in thousands): Years Ended December 31, Acquisition, litigation and other 2019 2018 2017 Acquisition related costs $ 24,284 $ 671 $ — Litigation 4,553 — — Strategic alternative costs — — 8,136 Other: Severance, equity award modifications and acceleration 9,789 2,053 516 Non-offering related equity issuance expenses 1,356 1,813 — Terminated site operations costs 632 (1,804 ) 2,677 Non-recurring public company implementation costs — 1,202 — Total other 11,777 3,264 3,193 Total acquisition, litigation and other $ 40,614 $ 3,935 $ 11,329 Acquisition related costs include costs associated with business transactions, whether consummated or not, such as advisory, legal, accounting, valuation and other professional or consulting fees. We also include integration costs pre- and post-acquisition that reflect work being performed to facilitate merger and acquisition integration, such as work associated with information systems and other projects including spending to support future acquisitions, and primarily consist of professional services. We consider acquisition related costs to be corporate costs regardless of the segment or segments involved in the transaction. Acquisition costs for the year ended December 31, 2019 , primarily consisted of a $10.0 million investment advisory fee, employee retention expense, non-capitalizable legal and professional fees related to completed and potential acquisitions, and acquisition integration costs. Refer to Note 3 for further information regarding acquisitions completed in the current year. Litigation costs consist of expenses incurred in order to defend the Company from litigation charges outside of the normal course of business as well as related settlements not in the normal course of business. Litigation costs incurred in connection with matters arising from the ordinary course of business are expensed as a component of “Selling, general and administrative expense” on the Consolidated Statements of Operations. Strategic alternative costs consist of operating costs associated with our review of various contemplated strategic transactions prior to our initial public offering. Severance costs represent certain contractual and negotiated severance and separation costs from exited former executives, reduction in headcount due to synergies achieved through acquisitions or operational efficiencies and reduction in workforce costs associated with exiting or selling non-strategic warehouses or businesses. Equity acceleration and modification costs represent the unrecognized expense for stock awards that vest and convert to common shares in advance of the original negotiated vesting date and any other equity award changes resulting in accounting for the award as a modification. For the year ended December 31, 2019 , we recognized $2.4 million of severance related to reduction in headcount as a result of the synergies created from the Cloverleaf Acquisition, $1.2 million of severance related to the departure of two former executives, $3.0 million related to a reduction in headcount within our international operations from organizational realignments, as well as $3.1 million of accelerated equity award vesting. Refer to Note 17 for further details of all equity modifications and equity acceleration. Non-offering related equity issuance expense consists of non-registration statement related legal fees associated with the selling shareholders’ secondary public offering completed during the first quarter of 2019, which consisted solely of shares sold by YF ART Holdings and Goldman Sachs and affiliates (see Note 1 for more information). The Company received no proceeds from the secondary offering. Non-offering related equity issuance expense for the year ended December 31, 2018 consisted of non-capitalizable legal and professional fees associated with the September 2018 follow-on equity issuance and non-registration statement related costs and an Australian stamp duty tax related to the Company’s IPO. Terminated site operations costs relates to repair expenses incurred to return leased sites to their original physical state at lease inception in connection with the termination of the applicable underlying lease. These terminations were part of our strategic efforts to exit or sell non-strategic warehouses as opposed to ordinary course lease expirations. In 2018, the Company was released from liability under a previously exited leased facility, for which we originally recorded in 2017 a charge of $2.1 million repair expense to return the site to its original condition. As a result, we reversed this charge in 2018. In total, $0.3 million was paid in conjunction with the exit of this facility. Repair and maintenance expenses associated with our ordinary course operations are reflected as operating expenses on our Consolidated Statement of Operations. Non-recurring public company implementation costs for the year ended December 31, 2018 , represent costs associated with the implementation of financial reporting systems and processes needed to convert the organization to a public company. |
Debt of the Company
Debt of the Company | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt of the Company | Debt of the Company In this Note 9 , the “Company” refers only to Americold Realty Trust and not to any of its subsidiaries. The Company itself does not have any indebtedness. All debt is held directly or indirectly by the Operating Partnership. The Company guarantees the Operating Partnership’s obligations with respect to its outstanding debt as of December 31, 2019 and 2018 , as detailed in Note 10 , with the exception of the 2013 Mortgage Loans which have limited guarantees for fraud and environmental carve-outs by Americold Realty Operating Partnership, L.P. A summary of outstanding indebtedness of the Operating Partnership as of December 31, 2019 and 2018 is as follows (in thousands): Contractual Interest Rate Effective Interest Rate as of December 31, 2019 2019 2018 Indebtedness Stated Maturity Date Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 2013 Mortgage Loans Senior note 5/2023 3.81% 4.14% $ 181,443 $ 184,618 $ 187,957 $ 184,667 Mezzanine A 5/2023 7.38% 7.55% 70,000 70,525 70,000 67,900 Mezzanine B 5/2023 11.50% 11.75% 32,000 32,320 32,000 31,120 Total 2013 Mortgage Loans 283,443 287,463 289,957 283,687 Senior Unsecured Notes Series A notes 1/2026 4.68% 4.77% 200,000 217,750 200,000 202,500 Series B notes 1/2029 4.86% 4.92% 400,000 439,000 400,000 407,000 Series C notes 1/2030 4.10% 4.15% 350,000 366,625 — — Total Senior Unsecured Notes 950,000 1,023,375 600,000 609,500 2018 Senior Unsecured Term Loan A Facility (1) 1/2023 L+1.00% 3.14% 475,000 472,625 475,000 472,625 Total principal amount of indebtedness 1,708,443 1,783,463 1,364,957 1,365,812 Less deferred financing costs (12,996 ) n/a (13,943 ) n/a Total indebtedness, net of unamortized deferred financing costs $ 1,695,447 $ 1,783,463 $ 1,351,014 $ 1,365,812 2018 Senior Unsecured Revolving Credit Facility (1) 1/2021 L+0.90% 0.36% $ — $ — $ — $ — (1) L = one-month LIBOR 2018 Senior Unsecured Credit Facility On December 4, 2018, the Company entered into the 2018 Senior Unsecured Credit Facility to, among other things, (i) increase the revolver borrowing capacity from $450 million to $800 million , (ii) convert the credit facility (term loan and revolver) from a secured credit facility to an unsecured credit facility, and (iii) decrease the applicable interest rate margins from 2.35% to 1.45% and decrease the fee on unused borrowing capacity by five basis points. The terms of the revolver allow for the ability to draw proceeds in multiple currencies, up to $400 million . In connection with entering into the original agreement and subsequent amendments for the Term Loan A Credit Facility, we capitalized approximately $8.9 million of debt issuance costs, which we amortize as interest expense under the effective interest method. The unamortized balance of Term Loan A debt issuance costs are included in “Mortgage notes, senior unsecured notes and term loan” on the accompanying Consolidated Balance Sheets. As of December 31, 2019 , $2.8 million of unamortized debt issuance costs related to the revolving credit facility are included in “Other assets” in the accompanying Consolidated Balance Sheet. On September 24, 2019, the Company reduced our interest rate margins from 1.45% to 1.00% on the Term Loan A, and 1.45% to 0.90% on the Revolving Credit Facility. In addition, the Company decreased the fee on unused borrowing capacity to a flat 20 basis points regardless of the percentage of total commitment used. The Company received a favorable credit rating during the third quarter of 2019. This rating, when combined with existing ratings, allowed the Company to transition to a favorable ratings-based pricing grid. Our 2018 Senior Unsecured Revolving Credit Facility is structured to include a borrowing base, which allows us to borrow against the lesser of our Senior Unsecured Term Loan A Facility balance outstanding, our Senior Unsecured Notes balance outstanding, $800 million in revolving credit commitments, and the value of certain owned real estate assets and ground leased assets. Our 2018 Senior Unsecured Credit Facility contains representations, covenants and other terms customary for a publicly traded REIT. In addition, it contains certain financial covenants, as defined in the credit agreement, including: • a maximum leverage ratio of less than or equal to 60% of our total asset value; • a minimum borrowing base coverage ratio of greater than or equal to 1.00 to 1.00; • a minimum fixed charge coverage ratio of greater than or equal to 1.50 to 1.00; • a minimum borrowing base debt service coverage ratio of greater than or equal to 2.00 to 1.00; • a minimum tangible net worth requirement of greater than or equal to $1.1 billion plus 70% of any future net equity proceeds following the completion of the IPO transactions; • a maximum recourse secured debt ratio of less than or equal to 15% of our total asset value; and • a maximum secured debt ratio of less than or equal to 40% of total asset value. Our 2018 Senior Unsecured Credit Facility is fully recourse to our Operating Partnership. As of December 31, 2019 , the Company was in compliance with all debt covenants. Series A, B and C Senior Unsecured Notes On November 6, 2018, the Company priced a debt private placement transaction consisting of (i) $200 million senior unsecured notes with a coupon of 4.68% due January 8, 2026 (“Series A”) and (ii) $400 million senior unsecured notes with a coupon of 4.86% due January 8, 2029 (“Series B”), (collectively referred to as the “Senior Unsecured Notes”). The transaction closed on December 4, 2018. Interest will be paid on January 8 and July 8 of each year until maturity, with the first payment occurring July 8, 2019. The notes are general unsecured senior obligations of the Company and are guaranteed by the Company and the subsidiaries of the Company. The Company applied a portion of the proceeds of the private placement transaction to repay the outstanding balances of the $600 million Americold 2010 LLC Trust, Commercial Mortgage Pass-Through Certificates, Series 2010, ART (2010 Mortgage Loans). The Company also used the remaining proceeds to extinguish the Australian term loan and the New Zealand term loan (ANZ Loans). See below for further detail regarding the early extinguishment of debt under Loss on debt extinguishment, modifications and termination of derivative instruments . On April 26, 2019, we priced a debt private placement transaction consisting of $350 million senior unsecured notes with a coupon of 4.10% due January 8, 2030 (“Series C”). The transaction closed on May 7, 2019. Interest is payable on January 8 and July 8 of each year until maturity, with the first payment occurring January 8, 2020. The initial January 8, 2020 payment will include interest accrued since May 7, 2019. The notes are general unsecured obligations of the Company and are guaranteed by the Company and the subsidiaries of the Company. The Company applied the proceeds of the private placement transaction to repay the indebtedness outstanding under our senior unsecured revolving credit facility incurred in connection with the funding of the Cloverleaf and Lanier acquisitions, and general corporate purposes. The Senior Unsecured Notes and guarantee agreement includes a prepayment option executable at any time during the term of the loans. The prepayment can be either a partial payment, or payment in full, as long as the partial payment is at least 5% of the outstanding principal. Any prepayment in full must include a make-whole amount, which is the discounted remaining scheduled payments due to the lender. The discount rate to be used is equal to 0.50% plus the yield to maturity reported for the most recently actively traded U.S. Treasury Securities with a maturity equal to the remaining average life of the prepaid principal. The Company must give each lender at least 10 day’s written notice whenever it intends to prepay any portion of the debt. If a change in control occurs for the Company, the Company must issue an offer to prepay the remaining portion of the debt to the lenders. The prepayment amount will be 100% of the principal amount, as well as accrued and unpaid interest. The Senior Unsecured Notes require compliance with leverage ratios, secured and unsecured indebtedness ratios, and unsecured indebtedness to qualified assets ratios. In addition, the Company is required to maintain at all times a debt rating for each series of notes from a nationally recognized statistical rating organization. The Senior Unsecured Notes agreement includes the following financial covenants: • a maximum leverage ratio of less than or equal to 60% of our total asset value; • a maximum unsecured indebtedness to qualified assets ratio of less than 0.60 to 1.00; • a minimum fixed charge coverage ratio of greater than or equal to 1.50 to 1.00; • a minimum unsecured debt service ratio of greater than or equal to 2.00 to 1.00; and • a maximum total secured indebtedness ratio of less than 0.40 to 1.00. As of December 31, 2019 , the Company was in compliance with all debt covenants. 2013 Mortgage Loans On May 1, 2013, we entered into a mortgage financing in an aggregate principal amount of $322.0 million , which we refer to as the 2013 Mortgage Loans. The debt consists of a senior debt note and two mezzanine notes. The components are cross-collateralized and cross-defaulted. The senior debt note requires monthly principal payments. The mezzanine notes require no principal payments until the stated maturity date in May 2023. The interest rates on the notes are fixed and range from 3.81% to 11.50% per annum. The senior debt note and the two mezzanine notes remain subject to yield maintenance provisions. We used the net proceeds of these loans to refinance certain mortgage loans, acquire two warehouses, and fund general corporate purposes. The 2013 Mortgage Loans are collateraliz ed by 15 wareh ouses. The terms governing the 2013 Mortgage Loans require us to maintain certain cash amounts in accounts that are restricted as to their use for the respective warehouses. As of December 31, 2019 , the amount of restricted cash associated with the 2013 Mortgage Loans was $3.2 million . Additionally, if we do not maintain certain financial thresholds, including a debt service coverage ratio of 1.10 x, the cash generated will further be temporarily restricted and limited to the use for scheduled debt service and operating costs. The debt service coverage ratio as of December 31, 2019 was 1.76 x. The 2013 Mortgage Loans are non-recourse to the Company, subject to customary non-recourse provisions as stipulated in the agreements. The mortgage loan also requires compliance with other financial covenants, including a debt coverage ratio and cash flow calculation, as defined. As of December 31, 2019 , the Company was in compliance with all debt covenants. Debt Covenants The Company’s Senior Unsecured Credit Facilities, the Senior Unsecured Notes, and 2013 Mortgage Loans require financial statement reporting, periodic requirements to report compliance with established thresholds and performance measurements, and affirmative and negative covenants that govern allowable business practices of the Company. The affirmative and negative covenants include continuation of insurance, maintenance of collateral, the maintenance of REIT status, and the Company’s ability to enter into certain types of transactions or exposures in the normal course of business. As of December 31, 2019 , the Company was in compliance with all debt covenants. Loss on debt extinguishment, modifications and termination of derivative instruments During 2018, the Company completed multiple refinancing and extinguishment of debt transactions resulting in an aggregate amount of $47.6 million each of which was recorded to “ Loss on debt extinguishment, modifications and termination of derivative instruments ”. During the first quarter of 2018, simultaneous with the IPO, the Company closed on a Senior Secured Term Loan A and repaid the Term Loan B. Shortly thereafter, the Company amended the facility by repaying a portion of the Term Loan A and increasing the capacity on the revolving credit facility. The total amount recorded as a result of these transactions totaled $21.4 million , representing the write-off of unamortized deferred financing costs and debt discount from Term Loan B. During the fourth quarter of 2018, the 2010 Mortgage Loans were extinguished. This resulted in an $18.5 million defeasance fee, as well as a $3.4 million write-off of unamortized deferred financing costs. Additionally, during the fourth quarter of 2018, the ANZ Loans were fully prepaid, which resulted in a write-off of $2.2 million in unamortized deferred financing costs and $1.8 million charge for termination of the related interest rate swaps. The aggregate maturities of indebtedness as of December 31, 2019 , including amortization of principal amounts due under the mortgage notes for each of the next five years and thereafter, are as follows: Years Ending December 31: (In thousands) 2020 $ 6,750 2021 7,035 2022 7,312 2023 737,346 2024 — Thereafter 950,000 Aggregate principal amount of debt 1,708,443 Less unamortized deferred financing costs (12,996 ) Total debt net of deferred financing costs $ 1,695,447 Special Purpose Entity (SPE) Separateness Each of the Company’s legal entities listed in the table below is a special purpose, bankruptcy remote entity, meaning that such entity’s assets and credit are not available to satisfy the debt and other obligations of either the Company or any of its other affiliates. Legal Entity/SPE Related Obligation ART Mortgage Borrower Propco 2013 LLC 2013 Mortgage Notes ART Mortgage Borrower Opco 2013 LLC For financial reporting purposes, the assets, liabilities, results of operations, and cash flows of each legal entity in the table above are included in the Company’s consolidated financial statements. Because each legal entity is separate and distinct from the Company and its affiliates, the creditors of each legal entity have a claim on the assets of such legal entity prior to those assets becoming available to the legal entity’s equity holders and, therefore, to the creditors of the Company or its other affiliates. |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt of the Operating Partnership | Debt of the Company In this Note 9 , the “Company” refers only to Americold Realty Trust and not to any of its subsidiaries. The Company itself does not have any indebtedness. All debt is held directly or indirectly by the Operating Partnership. The Company guarantees the Operating Partnership’s obligations with respect to its outstanding debt as of December 31, 2019 and 2018 , as detailed in Note 10 , with the exception of the 2013 Mortgage Loans which have limited guarantees for fraud and environmental carve-outs by Americold Realty Operating Partnership, L.P. A summary of outstanding indebtedness of the Operating Partnership as of December 31, 2019 and 2018 is as follows (in thousands): Contractual Interest Rate Effective Interest Rate as of December 31, 2019 2019 2018 Indebtedness Stated Maturity Date Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 2013 Mortgage Loans Senior note 5/2023 3.81% 4.14% $ 181,443 $ 184,618 $ 187,957 $ 184,667 Mezzanine A 5/2023 7.38% 7.55% 70,000 70,525 70,000 67,900 Mezzanine B 5/2023 11.50% 11.75% 32,000 32,320 32,000 31,120 Total 2013 Mortgage Loans 283,443 287,463 289,957 283,687 Senior Unsecured Notes Series A notes 1/2026 4.68% 4.77% 200,000 217,750 200,000 202,500 Series B notes 1/2029 4.86% 4.92% 400,000 439,000 400,000 407,000 Series C notes 1/2030 4.10% 4.15% 350,000 366,625 — — Total Senior Unsecured Notes 950,000 1,023,375 600,000 609,500 2018 Senior Unsecured Term Loan A Facility (1) 1/2023 L+1.00% 3.14% 475,000 472,625 475,000 472,625 Total principal amount of indebtedness 1,708,443 1,783,463 1,364,957 1,365,812 Less deferred financing costs (12,996 ) n/a (13,943 ) n/a Total indebtedness, net of unamortized deferred financing costs $ 1,695,447 $ 1,783,463 $ 1,351,014 $ 1,365,812 2018 Senior Unsecured Revolving Credit Facility (1) 1/2021 L+0.90% 0.36% $ — $ — $ — $ — (1) L = one-month LIBOR 2018 Senior Unsecured Credit Facility On December 4, 2018, the Company entered into the 2018 Senior Unsecured Credit Facility to, among other things, (i) increase the revolver borrowing capacity from $450 million to $800 million , (ii) convert the credit facility (term loan and revolver) from a secured credit facility to an unsecured credit facility, and (iii) decrease the applicable interest rate margins from 2.35% to 1.45% and decrease the fee on unused borrowing capacity by five basis points. The terms of the revolver allow for the ability to draw proceeds in multiple currencies, up to $400 million . In connection with entering into the original agreement and subsequent amendments for the Term Loan A Credit Facility, we capitalized approximately $8.9 million of debt issuance costs, which we amortize as interest expense under the effective interest method. The unamortized balance of Term Loan A debt issuance costs are included in “Mortgage notes, senior unsecured notes and term loan” on the accompanying Consolidated Balance Sheets. As of December 31, 2019 , $2.8 million of unamortized debt issuance costs related to the revolving credit facility are included in “Other assets” in the accompanying Consolidated Balance Sheet. On September 24, 2019, the Company reduced our interest rate margins from 1.45% to 1.00% on the Term Loan A, and 1.45% to 0.90% on the Revolving Credit Facility. In addition, the Company decreased the fee on unused borrowing capacity to a flat 20 basis points regardless of the percentage of total commitment used. The Company received a favorable credit rating during the third quarter of 2019. This rating, when combined with existing ratings, allowed the Company to transition to a favorable ratings-based pricing grid. Our 2018 Senior Unsecured Revolving Credit Facility is structured to include a borrowing base, which allows us to borrow against the lesser of our Senior Unsecured Term Loan A Facility balance outstanding, our Senior Unsecured Notes balance outstanding, $800 million in revolving credit commitments, and the value of certain owned real estate assets and ground leased assets. Our 2018 Senior Unsecured Credit Facility contains representations, covenants and other terms customary for a publicly traded REIT. In addition, it contains certain financial covenants, as defined in the credit agreement, including: • a maximum leverage ratio of less than or equal to 60% of our total asset value; • a minimum borrowing base coverage ratio of greater than or equal to 1.00 to 1.00; • a minimum fixed charge coverage ratio of greater than or equal to 1.50 to 1.00; • a minimum borrowing base debt service coverage ratio of greater than or equal to 2.00 to 1.00; • a minimum tangible net worth requirement of greater than or equal to $1.1 billion plus 70% of any future net equity proceeds following the completion of the IPO transactions; • a maximum recourse secured debt ratio of less than or equal to 15% of our total asset value; and • a maximum secured debt ratio of less than or equal to 40% of total asset value. Our 2018 Senior Unsecured Credit Facility is fully recourse to our Operating Partnership. As of December 31, 2019 , the Company was in compliance with all debt covenants. Series A, B and C Senior Unsecured Notes On November 6, 2018, the Company priced a debt private placement transaction consisting of (i) $200 million senior unsecured notes with a coupon of 4.68% due January 8, 2026 (“Series A”) and (ii) $400 million senior unsecured notes with a coupon of 4.86% due January 8, 2029 (“Series B”), (collectively referred to as the “Senior Unsecured Notes”). The transaction closed on December 4, 2018. Interest will be paid on January 8 and July 8 of each year until maturity, with the first payment occurring July 8, 2019. The notes are general unsecured senior obligations of the Company and are guaranteed by the Company and the subsidiaries of the Company. The Company applied a portion of the proceeds of the private placement transaction to repay the outstanding balances of the $600 million Americold 2010 LLC Trust, Commercial Mortgage Pass-Through Certificates, Series 2010, ART (2010 Mortgage Loans). The Company also used the remaining proceeds to extinguish the Australian term loan and the New Zealand term loan (ANZ Loans). See below for further detail regarding the early extinguishment of debt under Loss on debt extinguishment, modifications and termination of derivative instruments . On April 26, 2019, we priced a debt private placement transaction consisting of $350 million senior unsecured notes with a coupon of 4.10% due January 8, 2030 (“Series C”). The transaction closed on May 7, 2019. Interest is payable on January 8 and July 8 of each year until maturity, with the first payment occurring January 8, 2020. The initial January 8, 2020 payment will include interest accrued since May 7, 2019. The notes are general unsecured obligations of the Company and are guaranteed by the Company and the subsidiaries of the Company. The Company applied the proceeds of the private placement transaction to repay the indebtedness outstanding under our senior unsecured revolving credit facility incurred in connection with the funding of the Cloverleaf and Lanier acquisitions, and general corporate purposes. The Senior Unsecured Notes and guarantee agreement includes a prepayment option executable at any time during the term of the loans. The prepayment can be either a partial payment, or payment in full, as long as the partial payment is at least 5% of the outstanding principal. Any prepayment in full must include a make-whole amount, which is the discounted remaining scheduled payments due to the lender. The discount rate to be used is equal to 0.50% plus the yield to maturity reported for the most recently actively traded U.S. Treasury Securities with a maturity equal to the remaining average life of the prepaid principal. The Company must give each lender at least 10 day’s written notice whenever it intends to prepay any portion of the debt. If a change in control occurs for the Company, the Company must issue an offer to prepay the remaining portion of the debt to the lenders. The prepayment amount will be 100% of the principal amount, as well as accrued and unpaid interest. The Senior Unsecured Notes require compliance with leverage ratios, secured and unsecured indebtedness ratios, and unsecured indebtedness to qualified assets ratios. In addition, the Company is required to maintain at all times a debt rating for each series of notes from a nationally recognized statistical rating organization. The Senior Unsecured Notes agreement includes the following financial covenants: • a maximum leverage ratio of less than or equal to 60% of our total asset value; • a maximum unsecured indebtedness to qualified assets ratio of less than 0.60 to 1.00; • a minimum fixed charge coverage ratio of greater than or equal to 1.50 to 1.00; • a minimum unsecured debt service ratio of greater than or equal to 2.00 to 1.00; and • a maximum total secured indebtedness ratio of less than 0.40 to 1.00. As of December 31, 2019 , the Company was in compliance with all debt covenants. 2013 Mortgage Loans On May 1, 2013, we entered into a mortgage financing in an aggregate principal amount of $322.0 million , which we refer to as the 2013 Mortgage Loans. The debt consists of a senior debt note and two mezzanine notes. The components are cross-collateralized and cross-defaulted. The senior debt note requires monthly principal payments. The mezzanine notes require no principal payments until the stated maturity date in May 2023. The interest rates on the notes are fixed and range from 3.81% to 11.50% per annum. The senior debt note and the two mezzanine notes remain subject to yield maintenance provisions. We used the net proceeds of these loans to refinance certain mortgage loans, acquire two warehouses, and fund general corporate purposes. The 2013 Mortgage Loans are collateraliz ed by 15 wareh ouses. The terms governing the 2013 Mortgage Loans require us to maintain certain cash amounts in accounts that are restricted as to their use for the respective warehouses. As of December 31, 2019 , the amount of restricted cash associated with the 2013 Mortgage Loans was $3.2 million . Additionally, if we do not maintain certain financial thresholds, including a debt service coverage ratio of 1.10 x, the cash generated will further be temporarily restricted and limited to the use for scheduled debt service and operating costs. The debt service coverage ratio as of December 31, 2019 was 1.76 x. The 2013 Mortgage Loans are non-recourse to the Company, subject to customary non-recourse provisions as stipulated in the agreements. The mortgage loan also requires compliance with other financial covenants, including a debt coverage ratio and cash flow calculation, as defined. As of December 31, 2019 , the Company was in compliance with all debt covenants. Debt Covenants The Company’s Senior Unsecured Credit Facilities, the Senior Unsecured Notes, and 2013 Mortgage Loans require financial statement reporting, periodic requirements to report compliance with established thresholds and performance measurements, and affirmative and negative covenants that govern allowable business practices of the Company. The affirmative and negative covenants include continuation of insurance, maintenance of collateral, the maintenance of REIT status, and the Company’s ability to enter into certain types of transactions or exposures in the normal course of business. As of December 31, 2019 , the Company was in compliance with all debt covenants. Loss on debt extinguishment, modifications and termination of derivative instruments During 2018, the Company completed multiple refinancing and extinguishment of debt transactions resulting in an aggregate amount of $47.6 million each of which was recorded to “ Loss on debt extinguishment, modifications and termination of derivative instruments ”. During the first quarter of 2018, simultaneous with the IPO, the Company closed on a Senior Secured Term Loan A and repaid the Term Loan B. Shortly thereafter, the Company amended the facility by repaying a portion of the Term Loan A and increasing the capacity on the revolving credit facility. The total amount recorded as a result of these transactions totaled $21.4 million , representing the write-off of unamortized deferred financing costs and debt discount from Term Loan B. During the fourth quarter of 2018, the 2010 Mortgage Loans were extinguished. This resulted in an $18.5 million defeasance fee, as well as a $3.4 million write-off of unamortized deferred financing costs. Additionally, during the fourth quarter of 2018, the ANZ Loans were fully prepaid, which resulted in a write-off of $2.2 million in unamortized deferred financing costs and $1.8 million charge for termination of the related interest rate swaps. The aggregate maturities of indebtedness as of December 31, 2019 , including amortization of principal amounts due under the mortgage notes for each of the next five years and thereafter, are as follows: Years Ending December 31: (In thousands) 2020 $ 6,750 2021 7,035 2022 7,312 2023 737,346 2024 — Thereafter 950,000 Aggregate principal amount of debt 1,708,443 Less unamortized deferred financing costs (12,996 ) Total debt net of deferred financing costs $ 1,695,447 Special Purpose Entity (SPE) Separateness Each of the Company’s legal entities listed in the table below is a special purpose, bankruptcy remote entity, meaning that such entity’s assets and credit are not available to satisfy the debt and other obligations of either the Company or any of its other affiliates. Legal Entity/SPE Related Obligation ART Mortgage Borrower Propco 2013 LLC 2013 Mortgage Notes ART Mortgage Borrower Opco 2013 LLC For financial reporting purposes, the assets, liabilities, results of operations, and cash flows of each legal entity in the table above are included in the Company’s consolidated financial statements. Because each legal entity is separate and distinct from the Company and its affiliates, the creditors of each legal entity have a claim on the assets of such legal entity prior to those assets becoming available to the legal entity’s equity holders and, therefore, to the creditors of the Company or its other affiliates. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company is subject to volatility in interest rates due to variable-rate debt. To manage this risk, the Company has entered into multiple interest rate swap agreements. The January 2019 agreement hedges $100 million of variable interest-rate debt, or 21% , of the Company’s outstanding variable-rate debt as of December 31, 2019 . The August 2019 agreement hedges $225 million of variable interest-rate debt, or 47% , of the Company’s outstanding variable-rate debt as of December 31, 2019 . Each agreement converts the Company’s variable-rate debt to a fixed-rate basis for the next five years , thus reducing the impact of interest rate changes on future interest expense. These agreements involve the receipt of variable-rate amounts in exchange for fixed-rate interest payments over the life of the respective agreement without an exchange of the underlying notional amount. The Company’s objective for utilizing these derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in interest rates. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $0.2 million will be reclassified as an increase to interest expense. The Company classifies cash inflows and outflows from derivatives within operating activities on the Consolidated Statements of Cash Flows. The Company is subject to volatility in foreign exchange rates due to foreign-currency denominated intercompany loans. The Company implemented cross-currency swaps to manage the foreign currency exchange rate risk on these intercompany loans. These agreements effectively mitigate the Company’s exposure to fluctuations in cash flows due to foreign exchange rate risk. These agreements involve the receipt of fixed USD amounts in exchange for payment of fixed AUD and NZD amounts over the life of the respective intercompany loan. The entirety of the Company’s outstanding intercompany loans receivable balances, $153.5 million AUD and $37.5 million NZD, were hedged under the cross-currency swap agreements at December 31, 2019 . For derivatives designated and that qualify as cash flow hedges of foreign exchange risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified in the period(s) during which the hedged transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. During the next twelve months, the Company estimates that an additional $0.1 million will be reclassified as a decrease to interest expense. The Company classifies cash inflows and outflows from derivatives within operating activities on the Consolidated Statements of Cash Flows. The Company is subject to volatility in foreign currencies against its functional currency, the US dollar. Periodically, the Company uses foreign currency derivatives including currency forward contracts to manage its exposure to fluctuations in the CAD-USD exchange rate. While these derivatives are hedging the fluctuations in foreign currencies, they do not meet the strict hedge accounting requirements to be classified as hedging instruments. As a result, the changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of December 31, 2019, the Company had two outstanding foreign exchange forward contracts, which were entered into in conjunction with the funding of the Nova Cold Acquisition that were not designated as hedges in a qualifying hedging relationship. The first contract was entered into in December 2019 with a notional to purchase 217.0 million CAD and sell USD maturing on January 2, 2020. The second contract was entered into simultaneously with a notional to sell 217 million CAD and purchase USD maturing on January 31, 2020. The net unrealized gain (loss) on the change in fair value of the outstanding foreign exchange forward contracts included within “ Foreign currency exchange gain (loss), net ” on the accompanying Consolidated Statement of Operations for the year ended December 31, 2019 was less than ($0.1) million . The Company determines the fair value of these derivative instruments using a present value calculation with significant observable inputs classified as Level 2 of the fair value hierarchy. Derivative asset balances are recorded on the accompanying Consolidated Balance Sheets within “Other assets” and derivative liability balances are recorded on the accompanying Consolidated Balance Sheets within “Accounts payable and accrued expenses”. The following table presents the fair value of the derivative financial instruments within “Other assets” and “Accounts payable and accrued expenses” as of December 31, 2019 and 2018 (in thousands): Derivative Assets Derivative Liabilities As of December 31, As of December 31, 2019 2018 2019 2018 Designated derivatives Foreign exchange contracts $ 1,376 $ 2,283 $ — $ — Interest rate contracts 2,933 — 3,505 — Undesignated derivatives Foreign exchange forwards 2,546 — 2,589 — Total fair value of derivatives $ 6,855 $ 2,283 $ 6,094 $ — The following tables present the effect of the Company’s designated derivative financial instruments on the accompanying Consolidated Statements of Operations for the years ended December 31, 2019 , 2018 and 2017 , including the impacts to Accumulated Other Comprehensive Income (AOCI) (in thousands): Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Location of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income As of December 31, As of December 31, 2019 2018 2017 2019 2018 2017 Interest rate contracts $ (571 ) $ (1,422 ) $ 1,422 Interest expense $ 248 $ (1,191 ) $ (1,547 ) Foreign exchange contracts (879 ) 2,283 — Foreign currency exchange gain, net (264 ) 3,449 — Foreign exchange contracts — — — Interest expense 58 — — Total designated cash flow hedges $ (1,450 ) $ 861 $ 1,422 $ 42 $ 2,258 $ (1,547 ) Total interest expense recorded in the Consolidated Statements of Operations was $94.4 million , $93.3 million and $114.9 million during the years ended December 31, 2019 , 2018 and 2017 , respectively. Total “ Foreign currency exchange gain (loss), net ”, recorded in the accompanying Consolidated Statements of Operations was nominal, $2.9 million and ($3.6) million during the years ended December 31, 2019 , 2018 , and 2017 , respectively. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2019 and 2018 , respectively. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying Consolidated Balance Sheets (in thousands): December 31, 2019 Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount Derivatives $ 6,855 $ — $ 6,855 $ (3,966 ) $ — $ 2,889 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount Derivatives $ (6,094 ) $ — $ (6,094 ) $ 3,966 $ — $ (2,128 ) December 31, 2018 Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount Derivatives $ 2,283 $ — $ 2,283 $ — $ — $ 2,283 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount Derivatives $ — $ — $ — $ — $ — $ — As of December 31, 2019 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $3.6 million . As of December 31, 2019 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2019 , it could have been required to settle its obligations under the agreements at their termination value of $3.6 million . The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. Refer to Note 22 for additional details regarding the impact of the Company’s derivatives on AOCI for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Lease Accounting (Notes)
Lease Accounting (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Accounting | Lease Accounting Arrangements wherein we are the lessee: We have operating and finance leases for land, warehouses, offices, vehicles, and equipment with remaining lease terms ranging from 1 to 33 years. Many of our leases include one or more options to extend the lease term from 1 to 10 years that may be exercised at our sole discretion. Additionally, many of our leases for vehicles and equipment include options to purchase the underlying asset at or before expiration of the lease agreement. Rental payments are generally fixed over the term of the lease agreement with the exception of certain equipment leases for which the rental payment may vary based on usage of the asset. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2019 , the rights and obligations with respect to leases which have been signed but have not yet commenced are not material to our financial position or results of operations. The components of lease expense were as follows (in thousands): Year Ended December 31, 2019 Components of lease expense: Operating lease cost (a) $ 29,205 Financing lease cost: Depreciation 11,252 Interest on lease liabilities 2,941 Sublease income (b) (499 ) Net lease expense $ 42,899 (a) Includes short-term lease and variable lease costs, which are immaterial. (b) Sublease income relates to two warehouses in the U.S. and New Zealand. For the years ended December 31, 2018 and 2017, rent expense of $36.7 million and $42.3 million , respectively, was recorded pursuant to ASC 840, Leases. Other information related to leases is as follows: Year Ended December 31, 2019 Supplemental Cash Flow Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (24,992 ) Operating cash flows from finance leases $ (2,941 ) Financing cash flows from finance leases $ (13,339 ) Right-of-use assets obtained in exchange for lease obligations Operating leases $ 12,492 Finance leases $ 30,416 Weighted-average remaining lease term (years) Operating leases 6.1 Finance leases 4.4 Weighted-average discount rate Operating leases 4.1 % Finance leases 5.5 % Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows (in thousands): Years ending December 31, Operating Lease Payments Finance Lease Payments Total Lease Payments 2020 $ 23,399 $ 18,534 $ 41,933 2021 12,306 17,217 29,523 2022 9,622 11,987 21,609 2023 8,039 8,538 16,577 2024 4,596 4,827 9,423 Thereafter 14,296 5,386 19,682 Total future minimum lease payments 72,258 66,489 138,747 Less: Interest (9,737 ) (8,249 ) (17,986 ) Total future minimum lease payments less interest $ 62,521 $ 58,240 $ 120,761 Reported as of December 31, 2019 Accounts payable and accrued expenses $ 179 $ 70 $ 249 Operating lease obligations 62,342 — 62,342 Finance lease obligations — 58,170 58,170 Total lease obligations $ 62,521 $ 58,240 $ 120,761 |
Lease Accounting | Lease Accounting Arrangements wherein we are the lessee: We have operating and finance leases for land, warehouses, offices, vehicles, and equipment with remaining lease terms ranging from 1 to 33 years. Many of our leases include one or more options to extend the lease term from 1 to 10 years that may be exercised at our sole discretion. Additionally, many of our leases for vehicles and equipment include options to purchase the underlying asset at or before expiration of the lease agreement. Rental payments are generally fixed over the term of the lease agreement with the exception of certain equipment leases for which the rental payment may vary based on usage of the asset. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2019 , the rights and obligations with respect to leases which have been signed but have not yet commenced are not material to our financial position or results of operations. The components of lease expense were as follows (in thousands): Year Ended December 31, 2019 Components of lease expense: Operating lease cost (a) $ 29,205 Financing lease cost: Depreciation 11,252 Interest on lease liabilities 2,941 Sublease income (b) (499 ) Net lease expense $ 42,899 (a) Includes short-term lease and variable lease costs, which are immaterial. (b) Sublease income relates to two warehouses in the U.S. and New Zealand. For the years ended December 31, 2018 and 2017, rent expense of $36.7 million and $42.3 million , respectively, was recorded pursuant to ASC 840, Leases. Other information related to leases is as follows: Year Ended December 31, 2019 Supplemental Cash Flow Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (24,992 ) Operating cash flows from finance leases $ (2,941 ) Financing cash flows from finance leases $ (13,339 ) Right-of-use assets obtained in exchange for lease obligations Operating leases $ 12,492 Finance leases $ 30,416 Weighted-average remaining lease term (years) Operating leases 6.1 Finance leases 4.4 Weighted-average discount rate Operating leases 4.1 % Finance leases 5.5 % Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows (in thousands): Years ending December 31, Operating Lease Payments Finance Lease Payments Total Lease Payments 2020 $ 23,399 $ 18,534 $ 41,933 2021 12,306 17,217 29,523 2022 9,622 11,987 21,609 2023 8,039 8,538 16,577 2024 4,596 4,827 9,423 Thereafter 14,296 5,386 19,682 Total future minimum lease payments 72,258 66,489 138,747 Less: Interest (9,737 ) (8,249 ) (17,986 ) Total future minimum lease payments less interest $ 62,521 $ 58,240 $ 120,761 Reported as of December 31, 2019 Accounts payable and accrued expenses $ 179 $ 70 $ 249 Operating lease obligations 62,342 — 62,342 Finance lease obligations — 58,170 58,170 Total lease obligations $ 62,521 $ 58,240 $ 120,761 |
Lease Accounting | Lease Accounting Arrangements wherein we are the lessee: We have operating and finance leases for land, warehouses, offices, vehicles, and equipment with remaining lease terms ranging from 1 to 33 years. Many of our leases include one or more options to extend the lease term from 1 to 10 years that may be exercised at our sole discretion. Additionally, many of our leases for vehicles and equipment include options to purchase the underlying asset at or before expiration of the lease agreement. Rental payments are generally fixed over the term of the lease agreement with the exception of certain equipment leases for which the rental payment may vary based on usage of the asset. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2019 , the rights and obligations with respect to leases which have been signed but have not yet commenced are not material to our financial position or results of operations. The components of lease expense were as follows (in thousands): Year Ended December 31, 2019 Components of lease expense: Operating lease cost (a) $ 29,205 Financing lease cost: Depreciation 11,252 Interest on lease liabilities 2,941 Sublease income (b) (499 ) Net lease expense $ 42,899 (a) Includes short-term lease and variable lease costs, which are immaterial. (b) Sublease income relates to two warehouses in the U.S. and New Zealand. For the years ended December 31, 2018 and 2017, rent expense of $36.7 million and $42.3 million , respectively, was recorded pursuant to ASC 840, Leases. Other information related to leases is as follows: Year Ended December 31, 2019 Supplemental Cash Flow Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (24,992 ) Operating cash flows from finance leases $ (2,941 ) Financing cash flows from finance leases $ (13,339 ) Right-of-use assets obtained in exchange for lease obligations Operating leases $ 12,492 Finance leases $ 30,416 Weighted-average remaining lease term (years) Operating leases 6.1 Finance leases 4.4 Weighted-average discount rate Operating leases 4.1 % Finance leases 5.5 % Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows (in thousands): Years ending December 31, Operating Lease Payments Finance Lease Payments Total Lease Payments 2020 $ 23,399 $ 18,534 $ 41,933 2021 12,306 17,217 29,523 2022 9,622 11,987 21,609 2023 8,039 8,538 16,577 2024 4,596 4,827 9,423 Thereafter 14,296 5,386 19,682 Total future minimum lease payments 72,258 66,489 138,747 Less: Interest (9,737 ) (8,249 ) (17,986 ) Total future minimum lease payments less interest $ 62,521 $ 58,240 $ 120,761 Reported as of December 31, 2019 Accounts payable and accrued expenses $ 179 $ 70 $ 249 Operating lease obligations 62,342 — 62,342 Finance lease obligations — 58,170 58,170 Total lease obligations $ 62,521 $ 58,240 $ 120,761 Arrangements wherein we are the lessor: We receive lease income as the lessor for certain buildings and warehouses or space within a warehouse. The remaining term on existing leases ranges from 1 to 9 years. Lease income is generally fixed over the duration of the contract and each lease contract contains clauses permitting extension or termination. Lease incentives and options for purchase of the leased asset by the lessee are generally not included. The Company is party to operating leases only and currently does not have sales-type or direct financing leases. Lease income is included within “Rent, storage and warehouse services” in the accompanying Consolidated Statements of Operations as denoted in Note 27 “Revenues from Contracts with Customers”. Property, buildings and equipment underlying operating leases is included in “Land” and “Buildings and improvements” on the accompanying Consolidated Balance Sheets. The gross value and net value of these assets was $786.4 million and $600.1 million , for Land and Buildings and improvements, respectively, as of December 31, 2019 . Depreciation expense for such assets was $23.1 million for the year ended December 31, 2019 . Future minimum lease payments due from our customers on leases as of December 31, 2019 were as follows (in thousands): Operating Leases Year ending December 31, 2020 $ 16,736 2021 13,223 2022 11,244 2023 9,782 2024 7,274 Thereafter 18,920 Total $ 77,179 |
Sale-Leasebacks of Real Estate
Sale-Leasebacks of Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Sale-Leasebacks of Real Estate | Sale-Leasebacks of Real Estate The Company’s outstanding sale-leaseback financing obligations of real estate-related long-lived assets as of December 31, 2019 and 2018 are as follows: Maturity Interest Rate as of December 31, 2019 2019 2018 (In thousands) 1 warehouse – 2010 7/2030 10.34% $ 18,994 $ 19,265 11 warehouses – 2007 9/2027 7.00%-19.59% 96,765 99,655 Total sale-leaseback financing obligations $ 115,759 $ 118,920 In September 2010, the Company entered into a transaction by which it assigned to an unrelated third party its fixed price “in the money” purchase option of $18.3 million on a warehouse it was leasing in Ontario, California. The purchase option was exercised in September 2010, and the Company simultaneously entered into a new 20 -year lease agreement with the new owner and received $1.0 million of consideration to use towards warehouse improvements. Under the terms of the new lease agreement, the Company will exercise control over the asset for more than 90% of the asset’s remaining useful life, and it has a purchase option within the last six months of the initial lease term at 95% of the fair market value as of the date such option is exercised. The transaction was accounted for as a financing whereby the Company recognized a long-lived asset equal to the purchase price of $18.2 million , a receivable of $1.0 million for the additional consideration, and a financing obligation of $19.2 million . During 2019 and 2018 , the principal balance was amortized by nominal amounts. The long-lived asset is being depreciated on a straight-line basis over its remaining economic useful life and a proportionate amount of each periodic rental payment is being charged to interest expense on the effective-interest-rate method. In September 2007, the Company completed a sale-leaseback of 11 warehouses for gross proceeds of $170.7 million . Concurrent with the sale, the Company agreed to lease the properties for various initial terms of 10 to 20 years. The rent increases annually by 1.75% . The lease terms can be extended up to four times at the discretion of the Company, each for a five -year period. The leases are guaranteed by an unsecured indemnity from a related party and the Company had the ability to extend the lease through a period which exceeds 90.0% of the assets’ remaining useful lives. The transaction was accounted for as a financing with an amount of each periodic rental payment being charged to interest expense. The assets continue to be reflected as long-lived assets and depreciated over their remaining useful lives. In July 2013, the lease agreements for six of the 11 warehouses were amended. The amendments extended the expiration date on four of the warehouse leases to September 27, 2027, reduced the annual rent increases from 1.75% to 0.50% on five of the warehouse leases and released the guarantee by the unsecured indemnity from the related party. All of the 11 warehouses subject to the sale-leaseback transaction continue to be accounted for as a financing. As of December 31, 2019 , future minimum lease payments, inclusive of certain obligations to be settled with the residual value of related long-lived assets upon expiration of the lease agreement, of the sale-leaseback financing obligations are as follows: Years Ending December 31: (In thousands) 2020 $ 17,087 2021 17,351 2022 17,619 2023 17,892 2024 18,170 Thereafter 115,090 Total minimum payments 203,209 Interest portion (87,450 ) Present value of net minimum payments $ 115,759 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company categorizes assets and liabilities that are recorded at fair values into one of three tiers based upon fair value hierarchy. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and revolving line of credit approximate their fair values due to the short-term maturities of the instruments. The Company’s mortgage notes, senior unsecured notes, and term loan are reported at their aggregate principal amount less unamortized deferred financing costs on the accompanying Consolidated Balance Sheets. The fair value of these financial instruments is estimated based on the present value of the expected coupon and principal payments using a discount rate that reflects the projected performance as of each valuation date. The inputs used to estimate the fair value of the Company’s mortgage notes, senior unsecured notes, and term loan are comprised of Level 2 inputs, including senior industrial commercial real estate loan spreads, trading data on comparable unsecured industrial REIT debt, corporate industrial loan indexes, risk-free interest rates, and Level 3 inputs, such as future coupon and principal payments, and projected future cash flows. The Company’s financial assets and liabilities recorded at fair value on a recurring basis include derivative instruments. The fair value of interest rate swap and cross currency swap agreements, which are designated as cash flow hedges, is based on inputs other than quoted market prices that are observable (Level 2). The fair value of foreign currency forward contracts is based on adjusting the spot rate utilized at the balance sheet date for translation purposes by an estimate of the forward points observed in active markets (Level 2). Additionally, the fair value of derivatives includes a credit valuation adjustment to appropriately incorporate nonperformance risk for the Company and the respective counterparty. Although the credit valuation adjustments associated with derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, the significance of the impact on the overall valuation of our derivative positions is insignificant. The Company’s cash equivalent money market funds and restricted cash assets are valued at quoted market prices in active markets for identical assets (Level 1), which the Company receives from the financial institutions that hold such investments on its behalf. The fair value hierarchy discussed above is also applicable to the Company’s pension and other post-retirement plans. The Company uses the fair value hierarchy to measure the fair value of assets held by various plans. Refer to Note 20 for the fair value of the pension plan assets. The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period. There were no transfers between levels within the hierarchy for the years ended December 31, 2019 and 2018 . The Company’s assets and liabilities recorded at fair value on a non-recurring basis include long-lived assets when events or changes in circumstances indicate that the carrying amounts may not be recoverable. Additionally, the assets and liabilities recorded through acquisitions are measured at fair value on a non-recurring basis. Refer to Note 2 for asset acquisitions and Note 3 for business combinations, and the respective purchase price allocation of the Company’s acquisitions. The Company estimates the fair values using unobservable inputs classified as Level 3 of the fair value hierarchy. The Company’s assets and liabilities measured or disclosed at fair value are as follows: Fair Value Fair Value Hierarchy December 31, 2019 2018 (In thousands) Measured at fair value on a recurring basis: Interest rate swap asset Level 2 $ 2,936 $ — Interest rate swap liability Level 2 3,507 — Cross-currency swap asset Level 2 1,404 2,283 Foreign exchange forward contract asset Level 2 2,546 — Foreign exchange forward contract liability Level 2 2,589 — Assets held by various pension plans: Level 1 35,317 30,281 Level 2 33,991 29,456 Disclosed at fair value: Mortgage notes, senior unsecured notes and term loan (1) Level 3 $ 1,783,463 $ 1,365,812 (1) The carrying value of mortgage notes, senior unsecured notes and term loan is disclosed in Note 10 . |
Dividends and Distributions
Dividends and Distributions | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Dividends and Distributions In order to comply with the REIT requirements of the Internal Revenue Code, the Company is generally required to make common share distributions (other than capital gain distributions) to its shareholders at least equal to 90% of its REIT taxable income, as defined in the Code, computed without regard to the dividends paid deduction and net capital gains. The Company’s common share dividend policy is to distribute a percentage of cash flow to ensure distribution requirements of the IRS are met while allowing the Company to retain cash to meet other needs, such as principal amortization, capital improvements and other investment activities. Common share dividends are characterized for U.S. federal income tax purposes as ordinary income, qualified dividend, capital gains, non-taxable income return of capital, or a combination of the four. Common share dividends that exceed current and accumulated earnings and profits (calculated for tax purposes) constitute a return of capital rather than a dividend and generally reduce the shareholder’s basis in the common share. At the beginning of each year, we notify our shareholders of the taxability of the common share dividends paid during the preceding year. The payment of common share dividends is dependent upon our financial condition, operating results, and REIT distribution requirements and may be adjusted at the discretion of the Company’s Board of Trustees. The following tables summarize dividends declared and distributions paid to the holders of common shares and Series B Preferred Shares in 2019 , 2018 and 2017 : 2019 (Common Shares) Month Declared/Paid Dividend Per Share Distributions Declared Distributions Paid (In thousands, except per share amounts) December (2018)/January $ 0.1875 $ — $ 28,218 December (a) — (127 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. December (2018)/January — 7 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). March/April $ 0.2000 30,235 30,235 March (b) — (142 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. March/April — 15 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). June/July $ 0.2000 38,764 38,764 June (c) — (172 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. June/July — 13 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). September/October $ 0.2000 38,795 38,795 October (d) — (170 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. September/October — 7 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). December/January (2020) $ 0.2000 38,796 — $ 146,590 $ 135,443 (a) Declared in December 2018 and included in the $28.2 million declared, see description to the right regarding timing of payment. (b) Declared in March and included in the $30.2 million declared, see description to the right regarding timing of payment. (c) Declared in June and included in the $38.8 million declared, see description to the right regarding timing of payment. (d) Declared in September and included in the $38.8 million declared, see description to the right regarding timing of payment. 2018 Month Declared/Paid Dividend Per Share Distributions Declared Distributions Paid Common Shares Series B Preferred Shares Common Shares Series B Preferred Shares (In thousands, except per share amounts) January (a) $ 0.0186 $ 1,291 $ 619 $ 1,291 $ 619 March/April $ 0.1396 20,145 — 20,145 March (c) — — (79 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. March/April — — 20 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). June/July $ 0.1875 27,250 — 27,250 — June (d) — — (118 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. June/July — — 28 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). September/October $ 0.1875 28,072 — 28,072 October (e) — — (114 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. September/October — — 28 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). December/January (2019) $ 0.1875 28,218 — — — $ 104,976 $ 76,523 Series B Preferred Shares - Fixed Dividend January (a) 1,198 1,198 Total distributions paid to holders of Series B Preferred Shares (b) $ 1,817 $ 1,817 (a) Stub period dividend paid to shareholders of record prior to the IPO. (b) Last participating and fixed dividend paid to holders of Series B Preferred Shares in connection with the conversion to common shares on the IPO date. (c) Declared in March and included in the $20.1 million declared, see description to the right regarding timing of payment. (d) Declared in June and included in the $27.3 million declared, see description to the right regarding timing of payment. (e) Declared in September and included in the $28.1 million declared, see description to the right regarding timing of payment. 2017 Month Declared Dividend Per Share Distributions Paid Month Paid Common Shares Series B Preferred Shares (In thousands, except per share amounts) March $ 0.0730 $ 5,053 $ 2,421 April June $ 0.0730 5,054 2,422 July September $ 0.0730 5,053 2,421 October December $ 0.0730 5,054 2,422 December $ 20,214 9,686 (a) Series B Preferred Shares - Fixed Dividend 18,750 (b) Total distributions paid to holders of Series B Preferred Shares $ 28,436 (a) Participating dividend. (b) Paid in equal quarterly amounts along with the participating dividend. The dividends declared and paid to holders of Series A Preferred Shares were $0.001 million and $0.016 million for the years ended December 31, 2018 and 2017, respectively. In 2018, in connection with the IPO, all outstanding Series A Preferred Shares were redeemed and there were no dividends for the year ended December 31, 2019. For income tax purposes, distributions to preferred and common shareholders are characterized as ordinary income, capital gains, or as a return of shareholder invested capital. The composition of the Company’s distributions per common share and per preferred share is as follows: Common Shares 2019 2018 2017 Ordinary income 83 % 66 % 85 % Capital gains 0 % 0 % 0 % Return of capital 17 % 34 % 15 % 100 % 100 % 100 % Preferred Shares 2019 2018 2017 Ordinary income N/A 100 % 100 % Capital gains N/A 0 % 0 % Return of capital N/A 0 % 0 % N/A 100 % 100 % Allocations of Net Income and Net Losses to Partners The Operating Partnership’s net income will generally be allocated to Americold Realty Trust (the general partner) and the Operating Partnership’s limited partner, Americold Realty Operations Inc., and certain trustees of Americold Realty Trust, in accordance with the respective percentage interests in the units issued by the Operating Partnership. Net loss will generally be allocated to the general partner and the Operating Partnership’s limited partners in accordance with the respective common percentage interests in the Operating Partnership until the limited partner’s capital is reduced to zero and any remaining net loss would be allocated to the general partner. However, in some cases, losses may be disproportionately allocated to partners who have guaranteed our debt. The allocations described above are subject to special allocations relating to depreciation deductions and to compliance with the provisions of Sections 704(b) and 704(c) of the Code, and the associated Treasury Regulations. Distributions All distributions on our units are at the discretion of Americold Realty Trusts’ Board of Trustees. We have declared and paid the following distributions to Americold Realty Trust for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 Month Declared/Paid Distributions Declared Distributions Paid December (2018)/January $ — $ 28,098 March/April 30,235 30,108 June/July 38,764 38,605 September/October 38,795 38,632 December/January (2020) 38,796 — $ 146,590 $ 135,443 2018 Month Declared/Paid Distributions Declared Distributions Paid January (a) $ 3,242 $ 3,242 March/April 20,145 20,086 June/July 27,250 27,160 September/October 28,072 27,986 December/January (2019) 28,218 — $ 106,927 $ 78,474 (a) Stub period distribution paid to Parent immediately prior to the IPO. 2017 Month Declared/Paid Distributions Paid March/April $ 12,161 June/July 12,171 September/October 12,162 December 12,172 $ 48,666 |
Partner's Capital Partner's Cap
Partner's Capital Partner's Capital | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Dividends and Distributions In order to comply with the REIT requirements of the Internal Revenue Code, the Company is generally required to make common share distributions (other than capital gain distributions) to its shareholders at least equal to 90% of its REIT taxable income, as defined in the Code, computed without regard to the dividends paid deduction and net capital gains. The Company’s common share dividend policy is to distribute a percentage of cash flow to ensure distribution requirements of the IRS are met while allowing the Company to retain cash to meet other needs, such as principal amortization, capital improvements and other investment activities. Common share dividends are characterized for U.S. federal income tax purposes as ordinary income, qualified dividend, capital gains, non-taxable income return of capital, or a combination of the four. Common share dividends that exceed current and accumulated earnings and profits (calculated for tax purposes) constitute a return of capital rather than a dividend and generally reduce the shareholder’s basis in the common share. At the beginning of each year, we notify our shareholders of the taxability of the common share dividends paid during the preceding year. The payment of common share dividends is dependent upon our financial condition, operating results, and REIT distribution requirements and may be adjusted at the discretion of the Company’s Board of Trustees. The following tables summarize dividends declared and distributions paid to the holders of common shares and Series B Preferred Shares in 2019 , 2018 and 2017 : 2019 (Common Shares) Month Declared/Paid Dividend Per Share Distributions Declared Distributions Paid (In thousands, except per share amounts) December (2018)/January $ 0.1875 $ — $ 28,218 December (a) — (127 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. December (2018)/January — 7 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). March/April $ 0.2000 30,235 30,235 March (b) — (142 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. March/April — 15 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). June/July $ 0.2000 38,764 38,764 June (c) — (172 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. June/July — 13 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). September/October $ 0.2000 38,795 38,795 October (d) — (170 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. September/October — 7 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). December/January (2020) $ 0.2000 38,796 — $ 146,590 $ 135,443 (a) Declared in December 2018 and included in the $28.2 million declared, see description to the right regarding timing of payment. (b) Declared in March and included in the $30.2 million declared, see description to the right regarding timing of payment. (c) Declared in June and included in the $38.8 million declared, see description to the right regarding timing of payment. (d) Declared in September and included in the $38.8 million declared, see description to the right regarding timing of payment. 2018 Month Declared/Paid Dividend Per Share Distributions Declared Distributions Paid Common Shares Series B Preferred Shares Common Shares Series B Preferred Shares (In thousands, except per share amounts) January (a) $ 0.0186 $ 1,291 $ 619 $ 1,291 $ 619 March/April $ 0.1396 20,145 — 20,145 March (c) — — (79 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. March/April — — 20 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). June/July $ 0.1875 27,250 — 27,250 — June (d) — — (118 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. June/July — — 28 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). September/October $ 0.1875 28,072 — 28,072 October (e) — — (114 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. September/October — — 28 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). December/January (2019) $ 0.1875 28,218 — — — $ 104,976 $ 76,523 Series B Preferred Shares - Fixed Dividend January (a) 1,198 1,198 Total distributions paid to holders of Series B Preferred Shares (b) $ 1,817 $ 1,817 (a) Stub period dividend paid to shareholders of record prior to the IPO. (b) Last participating and fixed dividend paid to holders of Series B Preferred Shares in connection with the conversion to common shares on the IPO date. (c) Declared in March and included in the $20.1 million declared, see description to the right regarding timing of payment. (d) Declared in June and included in the $27.3 million declared, see description to the right regarding timing of payment. (e) Declared in September and included in the $28.1 million declared, see description to the right regarding timing of payment. 2017 Month Declared Dividend Per Share Distributions Paid Month Paid Common Shares Series B Preferred Shares (In thousands, except per share amounts) March $ 0.0730 $ 5,053 $ 2,421 April June $ 0.0730 5,054 2,422 July September $ 0.0730 5,053 2,421 October December $ 0.0730 5,054 2,422 December $ 20,214 9,686 (a) Series B Preferred Shares - Fixed Dividend 18,750 (b) Total distributions paid to holders of Series B Preferred Shares $ 28,436 (a) Participating dividend. (b) Paid in equal quarterly amounts along with the participating dividend. The dividends declared and paid to holders of Series A Preferred Shares were $0.001 million and $0.016 million for the years ended December 31, 2018 and 2017, respectively. In 2018, in connection with the IPO, all outstanding Series A Preferred Shares were redeemed and there were no dividends for the year ended December 31, 2019. For income tax purposes, distributions to preferred and common shareholders are characterized as ordinary income, capital gains, or as a return of shareholder invested capital. The composition of the Company’s distributions per common share and per preferred share is as follows: Common Shares 2019 2018 2017 Ordinary income 83 % 66 % 85 % Capital gains 0 % 0 % 0 % Return of capital 17 % 34 % 15 % 100 % 100 % 100 % Preferred Shares 2019 2018 2017 Ordinary income N/A 100 % 100 % Capital gains N/A 0 % 0 % Return of capital N/A 0 % 0 % N/A 100 % 100 % Allocations of Net Income and Net Losses to Partners The Operating Partnership’s net income will generally be allocated to Americold Realty Trust (the general partner) and the Operating Partnership’s limited partner, Americold Realty Operations Inc., and certain trustees of Americold Realty Trust, in accordance with the respective percentage interests in the units issued by the Operating Partnership. Net loss will generally be allocated to the general partner and the Operating Partnership’s limited partners in accordance with the respective common percentage interests in the Operating Partnership until the limited partner’s capital is reduced to zero and any remaining net loss would be allocated to the general partner. However, in some cases, losses may be disproportionately allocated to partners who have guaranteed our debt. The allocations described above are subject to special allocations relating to depreciation deductions and to compliance with the provisions of Sections 704(b) and 704(c) of the Code, and the associated Treasury Regulations. Distributions All distributions on our units are at the discretion of Americold Realty Trusts’ Board of Trustees. We have declared and paid the following distributions to Americold Realty Trust for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 Month Declared/Paid Distributions Declared Distributions Paid December (2018)/January $ — $ 28,098 March/April 30,235 30,108 June/July 38,764 38,605 September/October 38,795 38,632 December/January (2020) 38,796 — $ 146,590 $ 135,443 2018 Month Declared/Paid Distributions Declared Distributions Paid January (a) $ 3,242 $ 3,242 March/April 20,145 20,086 June/July 27,250 27,160 September/October 28,072 27,986 December/January (2019) 28,218 — $ 106,927 $ 78,474 (a) Stub period distribution paid to Parent immediately prior to the IPO. 2017 Month Declared/Paid Distributions Paid March/April $ 12,161 June/July 12,171 September/October 12,162 December 12,172 $ 48,666 |
Warrants (Notes)
Warrants (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Dividends and Distributions In order to comply with the REIT requirements of the Internal Revenue Code, the Company is generally required to make common share distributions (other than capital gain distributions) to its shareholders at least equal to 90% of its REIT taxable income, as defined in the Code, computed without regard to the dividends paid deduction and net capital gains. The Company’s common share dividend policy is to distribute a percentage of cash flow to ensure distribution requirements of the IRS are met while allowing the Company to retain cash to meet other needs, such as principal amortization, capital improvements and other investment activities. Common share dividends are characterized for U.S. federal income tax purposes as ordinary income, qualified dividend, capital gains, non-taxable income return of capital, or a combination of the four. Common share dividends that exceed current and accumulated earnings and profits (calculated for tax purposes) constitute a return of capital rather than a dividend and generally reduce the shareholder’s basis in the common share. At the beginning of each year, we notify our shareholders of the taxability of the common share dividends paid during the preceding year. The payment of common share dividends is dependent upon our financial condition, operating results, and REIT distribution requirements and may be adjusted at the discretion of the Company’s Board of Trustees. The following tables summarize dividends declared and distributions paid to the holders of common shares and Series B Preferred Shares in 2019 , 2018 and 2017 : 2019 (Common Shares) Month Declared/Paid Dividend Per Share Distributions Declared Distributions Paid (In thousands, except per share amounts) December (2018)/January $ 0.1875 $ — $ 28,218 December (a) — (127 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. December (2018)/January — 7 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). March/April $ 0.2000 30,235 30,235 March (b) — (142 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. March/April — 15 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). June/July $ 0.2000 38,764 38,764 June (c) — (172 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. June/July — 13 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). September/October $ 0.2000 38,795 38,795 October (d) — (170 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. September/October — 7 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). December/January (2020) $ 0.2000 38,796 — $ 146,590 $ 135,443 (a) Declared in December 2018 and included in the $28.2 million declared, see description to the right regarding timing of payment. (b) Declared in March and included in the $30.2 million declared, see description to the right regarding timing of payment. (c) Declared in June and included in the $38.8 million declared, see description to the right regarding timing of payment. (d) Declared in September and included in the $38.8 million declared, see description to the right regarding timing of payment. 2018 Month Declared/Paid Dividend Per Share Distributions Declared Distributions Paid Common Shares Series B Preferred Shares Common Shares Series B Preferred Shares (In thousands, except per share amounts) January (a) $ 0.0186 $ 1,291 $ 619 $ 1,291 $ 619 March/April $ 0.1396 20,145 — 20,145 March (c) — — (79 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. March/April — — 20 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). June/July $ 0.1875 27,250 — 27,250 — June (d) — — (118 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. June/July — — 28 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). September/October $ 0.1875 28,072 — 28,072 October (e) — — (114 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. September/October — — 28 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). December/January (2019) $ 0.1875 28,218 — — — $ 104,976 $ 76,523 Series B Preferred Shares - Fixed Dividend January (a) 1,198 1,198 Total distributions paid to holders of Series B Preferred Shares (b) $ 1,817 $ 1,817 (a) Stub period dividend paid to shareholders of record prior to the IPO. (b) Last participating and fixed dividend paid to holders of Series B Preferred Shares in connection with the conversion to common shares on the IPO date. (c) Declared in March and included in the $20.1 million declared, see description to the right regarding timing of payment. (d) Declared in June and included in the $27.3 million declared, see description to the right regarding timing of payment. (e) Declared in September and included in the $28.1 million declared, see description to the right regarding timing of payment. 2017 Month Declared Dividend Per Share Distributions Paid Month Paid Common Shares Series B Preferred Shares (In thousands, except per share amounts) March $ 0.0730 $ 5,053 $ 2,421 April June $ 0.0730 5,054 2,422 July September $ 0.0730 5,053 2,421 October December $ 0.0730 5,054 2,422 December $ 20,214 9,686 (a) Series B Preferred Shares - Fixed Dividend 18,750 (b) Total distributions paid to holders of Series B Preferred Shares $ 28,436 (a) Participating dividend. (b) Paid in equal quarterly amounts along with the participating dividend. The dividends declared and paid to holders of Series A Preferred Shares were $0.001 million and $0.016 million for the years ended December 31, 2018 and 2017, respectively. In 2018, in connection with the IPO, all outstanding Series A Preferred Shares were redeemed and there were no dividends for the year ended December 31, 2019. For income tax purposes, distributions to preferred and common shareholders are characterized as ordinary income, capital gains, or as a return of shareholder invested capital. The composition of the Company’s distributions per common share and per preferred share is as follows: Common Shares 2019 2018 2017 Ordinary income 83 % 66 % 85 % Capital gains 0 % 0 % 0 % Return of capital 17 % 34 % 15 % 100 % 100 % 100 % Preferred Shares 2019 2018 2017 Ordinary income N/A 100 % 100 % Capital gains N/A 0 % 0 % Return of capital N/A 0 % 0 % N/A 100 % 100 % Allocations of Net Income and Net Losses to Partners The Operating Partnership’s net income will generally be allocated to Americold Realty Trust (the general partner) and the Operating Partnership’s limited partner, Americold Realty Operations Inc., and certain trustees of Americold Realty Trust, in accordance with the respective percentage interests in the units issued by the Operating Partnership. Net loss will generally be allocated to the general partner and the Operating Partnership’s limited partners in accordance with the respective common percentage interests in the Operating Partnership until the limited partner’s capital is reduced to zero and any remaining net loss would be allocated to the general partner. However, in some cases, losses may be disproportionately allocated to partners who have guaranteed our debt. The allocations described above are subject to special allocations relating to depreciation deductions and to compliance with the provisions of Sections 704(b) and 704(c) of the Code, and the associated Treasury Regulations. Distributions All distributions on our units are at the discretion of Americold Realty Trusts’ Board of Trustees. We have declared and paid the following distributions to Americold Realty Trust for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 Month Declared/Paid Distributions Declared Distributions Paid December (2018)/January $ — $ 28,098 March/April 30,235 30,108 June/July 38,764 38,605 September/October 38,795 38,632 December/January (2020) 38,796 — $ 146,590 $ 135,443 2018 Month Declared/Paid Distributions Declared Distributions Paid January (a) $ 3,242 $ 3,242 March/April 20,145 20,086 June/July 27,250 27,160 September/October 28,072 27,986 December/January (2019) 28,218 — $ 106,927 $ 78,474 (a) Stub period distribution paid to Parent immediately prior to the IPO. 2017 Month Declared/Paid Distributions Paid March/April $ 12,161 June/July 12,171 September/October 12,162 December 12,172 $ 48,666 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation All share-based compensation cost is measured at the grant date, based on the estimated fair value of the award. The Company issues time-based, performance-based and market performance-based equity awards. Time-based and cliff vesting market performance-based awards are recognized on a straight-line basis over the employees’ requisite service period, as adjusted for estimate of forfeitures. Performance-based awards are recognized ratably over the vesting period using a graded vesting attribution model upon the achievement of the performance target, as adjusted for estimate of forfeitures. The only performance-based awards issued by the Company were granted in 2016 and 2017. Aggregate share-based compensation charges were $15.9 million , $10.7 million and $2.4 million during the years ended December 31, 2019 , 2018 and 2017 , respectively. Approximately $12.8 million , $8.7 million and $2.4 million of these charges were considered routine share-based compensation expense, and were included as a component of “Selling, general and administrative” expense on the accompanying Consolidated Statements of Operations during the years ended December 31, 2019 , 2018 and 2017 , respectively. Approximately $3.1 million of share-based compensation expense was recorded during the year ended December 31, 2019 due to accelerated vesting of awards outstanding to former executives and an equity award modification upon trustee resignation, and were included as a component of “Acquisition, litigation and other” expense on the accompanying Consolidated Statements of Operations. Approximately $2.0 million of share-based compensation expense was recorded during the year ended December 31, 2018 as a result of modification to certain restricted stock units, and is included as a component of “Acquisition, litigation and other” expense on the accompanying Consolidated Statements of Operations. The award modifications and awards with accelerated vesting are discussed further under the section “ Modification of Restricted Stock Units and Accelerated Vesting of Awards ” . As of December 31, 2019 , there was $24.7 million of unrecognized share‑based compensation expense related to stock options and restricted stock units, which will be recognized over a weighted-average period of 1.9 years . Americold Realty Trust 2008 and 2010 Equity Incentive Plans During December 2008, the Company and the common shareholders approved the Americold Realty Trust 2008 Equity Incentive Plan (2008 Plan), whereby the Company may issue either stock options or stock appreciation rights based upon a reserved pool of 4,900,025 common shares. No additional awards may be granted under the 2008 Plan. During December 2010, the Company and the common shareholders approved the Americold Realty Trust 2010 Equity Incentive Plan (2010 Plan), whereby the Company could issue stock options, stock appreciation rights, restricted stock, restricted stock units, stock bonus awards, and/or dividend equivalents with respect to the Company’s common shares, cash bonus awards, and/or performance compensation awards to certain eligible participants, as defined, based upon a reserved pool of 3,849,976 of the Company’s common shares. No additional awards may be granted under the 2010 Plan. Americold Realty Trust 2017 Equity Incentive Plan On January 4, 2018, the Company’s Board of Trustees adopted the Americold Realty Trust 2017 Equity Incentive Plan (2017 Plan), which permits the grant of various forms of equity- and cash-based awards from a reserved pool of 9,000,000 common shares of the Company. On January 17, 2018, the Company’s shareholders approved the 2017 Plan. Equity-based awards issued under the 2017 Plan have the rights to receive dividend equivalents on an accrual basis. Dividend equivalents for market performance-based awards are forfeitable in the event of termination for cause or when voluntary departure occurs during the vesting period. Otherwise, dividend equivalents are accrued at the time of declaration and paid upon the vesting of the awards. Time-based awards have the right to receive nonforfeitable dividend equivalent distributions on unvested units throughout the vesting period. As of December 31, 2019 and 2018, the Company accrued $1.1 million and $0.4 million , respectively, of dividend equivalents on unvested units payable to employees and non-employee trustees. Modification of Restricted Stock Units and Accelerated Vesting of Awards On January 4, 2018, the Company’s Board of Trustees approved the modification of awards to allow the grant of dividend equivalents to all participants in the 2010 Plan with respect to any and all vested restricted stock units of the Company that have not been settled or converted to shares pursuant to the 2010 Plan. On the same day, the Company’s Board of Trustees resolved that no further awards may be granted under the 2010 Plan after the approval of the 2017 Plan. As a result, the Company recognized share-based compensation expense of $2.0 million to reflect the change in fair value associated with the modification of the dividend equivalents rights of the outstanding equity awards under the 2010 Plan. During the first quarter of 2019, the Company’s Compensation Committee approved the modification of an award issued in 2018 to a member of the Board of Trustees upon his resignation. This modification immediately accelerated the next vesting tranche of 100,000 restricted stock units which otherwise would not have vested until 2020 assuming the trustee continued service, under the original award agreement. As a result of this modification, the Company recognized approximately $2.9 million of share-based compensation expense during the first quarter of 2019. Additionally, during the first quarter of 2019, the Company recognized accelerated share-based compensation expense of $0.2 million upon the termination of former executives, in accordance with the terms of their original award agreements. Restricted Stock Units Restricted stock units are nontransferable until vested. Prior to the issuance of a common share, the grantees of restricted stock units are not entitled to vote the shares. Time-based restricted stock unit awards vest in equal annual increments over the vesting period. The grant date fair values for time-based restricted unit stock awards is equal to the closing market price of Americold Realty Trust common stock on the grant date. Performance-based and market performance-based restricted stock unit awards vest upon the achievement of the performance target, as well as completion of performance period. The following table summarizes restricted stock unit grants by grantee type during the years ended December 31, 2019 , 2018 and 2017 : Year Ended Grantee Type Number of Vesting Grant Date 2019 Trustees 18,267 1 year $ 575 2019 Employees 504,984 1-3 years $ 16,843 2018 Trustees 373,438 1-3 years $ 5,975 2018 Employees 1,263,751 1-4 years $ 22,196 2017 Trustees 18,348 2-3 years $ 199 2017 Employees 141,288 5 years $ 1,897 Of the restricted stock units granted for the year ended December 31, 2019 , (i) 12,285 were time-based restricted stock units with a one -year vesting period issued to non-employee trustees in recognition of their efforts and oversight in the first year as a public company, (ii) 5,982 were time-based restricted stock units with a one -year vesting period issued to non-employee trustees as part of their annual compensation (iii) 261,816 were time-based graded vesting restricted stock units with various vesting periods ranging from one to three years issued to certain employees and (iv) 243,168 were market performance-based cliff vesting restricted stock units with a three -year vesting period issued to certain employees. Of the restricted stock units granted for the year ended December 31, 2018 , (i) 331,250 were time-based graded vesting restricted stock units with a three -year vesting period issued to non-employee trustees in connection with the IPO, (ii) 42,188 were time-based graded vesting restricted stock units with a one -year vesting period issued to non-employee trustees as part of their annual compensation, (iii) 659,751 were time-based graded vesting restricted stock units with various vesting periods ranging from one to four years years issued to certain employees and (iv) 604,000 were market performance-based cliff vesting restricted stock units with a three -year vesting period issued to certain employees. Of the restricted stock units granted for the year ended December 31, 2017 , (i) 18,348 were time-based graded vesting restricted stock units with a two -year and a three -year vesting period issued to non-employee trustees as part of their annual compensation, (ii) 69,860 were time-based graded vesting restricted stock units with a five -year vesting period issued to certain employees a (iii) 71,428 were performance-based cliff vesting restricted stock units with a five -year vesting period based upon achievement of annual Company EBITDA performance against target. The following table provides a summary of restricted stock awards activity under the 2010 and 2017 Plans as of December 31, 2019 : Year Ended December 31, 2019 Restricted Stock Number of Time-Based Restricted Stock Units Aggregate Intrinsic Value (in millions) Number of Performance-Based Restricted Stock Units Aggregate Intrinsic Value (in millions) Number of Market Performance-Based Restricted Stock Units Aggregate Intrinsic Value (in millions) Non-vested as of December 31, 2018 1,028,256 $ 26.3 71,428 $ 1.8 587,500 $ 15.0 Granted 280,083 — 243,168 Vested (1) (443,481 ) (14,286 ) — Forfeited (150,795 ) — (51,480 ) Non-vested as of December 31, 2019 714,063 $ 25.0 57,142 $ 2.0 779,188 $ 27.3 Shares vested, but not released (1) 615,643 21.6 14,286 0.5 — — Total outstanding restricted stock units 1,329,706 $ 46.6 71,428 $ 2.5 779,188 $ 27.3 (1) For certain vested restricted stock units, common share issuance is contingent upon the first to occur of: (1) termination of service; (2) change in control; (3) death; or (4) disability, as defined in the 2010 Plan. Of these vested restricted stock units, 568,753 belong to a member of the Board of Trustees who has resigned and common shares shall not be issued until the first to occur: (1) change in control; or (2) April 13, 2022. Holders of these certain vested restricted stock units are entitled to receive dividend equivalents, but are not entitled to vote the shares until common shares are issued. The weighted average grant date fair value of these units is $9.29 per unit. During 2019, an additional 16,324 of these restricted stock units vested. Of the total restricted stock units vested, but not yet released, 613,605 time-based restricted stock units vested prior to January 1, 2019. The weighted average grant date fair value of restricted stock units granted during years 2019 , 2018 , and 2017 was $33.29 , $17.21 and $13.13 per unit, respectively. During the year ended December 31, 2019 the weighted average grant date fair value of vested and converted restricted stock units was $17.34 and forfeited restricted stock units was $16.75 . The weighted average grant date fair value of non-vested restricted stock units was $22.50 and $17.06 per unit as of December 31, 2019 and 2018 , respectively. Market Performance-Based Restricted Stock Units During the year ended December 31, 2019 , the Compensation Committee of the Board of Trustees approved the annual grant of market performance-based restricted stock units under the 2017 Plan to employees of the Company. The awards utilize relative total shareholder return (TSR) over a three -year measurement period as the market performance metric. Awards will vest based on the Company’s TSR relative to the RMZ over a three -year market performance period, or the Market Performance Period, commencing in January 1, 2019 and ending on December 31, 2021, as applicable (or, if earlier, ending on the date on which a change in control of the Company occurs), subject to continued services. Vesting with respect to the market condition is measured based on the difference between the Company’s TSR percentage and the TSR percentage of the RMZ, or the RMZ Relative Market Performance. In the event that the RMZ Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of RSUs, as applicable, set forth below: Performance Level Thresholds RMS Relative Market Performance High Level above 75 th percentile 200% Target Level 55 th percentile 100% Threshold Level 30 th percentile 50% Below Threshold Level below 30 th percentile 0% If the RMZ Relative Market Performance falls between the levels specified above, the percentage of the award that will vest with respect to the market condition will be determined using straight-line linear interpolation between such levels. Market performance-based restricted units granted during 2018 utilize absolute total shareholder return (TSR) over a three -year measurement period as the market performance metric. Awards will vest based on the Company’s TSR relative to the percentage appreciation (rounded to the nearest tenth of a percent), in the value per share of stock during the performance period, over a three -year market performance period, commencing on January 18, 2018 and ending on December 31, 2020 (or, if earlier, ending on the date on which a change in control of the Company occurs), subject to continued services. In the event that the TSR upon completion of the market performance period is achieved at the “minimum,” “target” or “maximum” level as set forth below, the awards will become vested as to the market condition with respect to the percentage RSUs, as applicable, set forth below: Performance Level Thresholds TSR Market Performance Percentage Maximum 12% 150% of Target Award Target 10% 100% of Target Award Minimum 8% 50% of Target Award In the event TSR falls between 8% and 10% , TSR shall be determined using a straight line linear interpolation between 50% and 100% and in the event it falls between 10% and 12% , TSR shall be determined using a straight line linear interpolation between 100% and 150% . In the event that the Company’s TSR does not meet 50% of the Target Award (i.e., the minimum threshold listed above), the Restricted Stock Units shall be automatically forfeited and neither the Company nor any Subsidiary shall have any further obligations to the participant under the agreement. In no event will the number of RSUs that vest pursuant to the agreement exceed 150% of the Target Award. The fair values of the awards were measured using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied. The Company’s achievement of the market vesting condition is contingent on its TSR over a three-year market performance period, relative to the total stock price. Monte Carlo simulation is well-accepted for pricing market based awards, where the number of shares that will vest depends on the future stock price movements. For each simulated path, the TSR is calculated at the end of the performance period and determines the vesting percentage based on achievement of the performance target. The fair value of the RSUs is the average discounted payout across all simulation paths. Assumptions used in the valuations are summarized as follows: Award Date Expected Stock Price Volatility Risk-Free Interest Rate Dividend Yield (1) 2018 25% - 30% 2.34% - 2.85% N/A 2019 22% 2.40% - 2.43% N/A (1) Dividends are assumed to be reinvested and therefore not applicable. Performance-Based Restricted Stock Units The grant of the performance-based restricted stock unit award in April 2017 resulted in a grant date fair value of $13.43 and was measured utilizing the Black-Scholes methodology. The Company’s achievement of the performance vesting condition was contingent on the achievement of Core EBITDA. The key assumptions used in the valuation of the April 2017 award were as follows: Award Date Expected Stock Price Volatility Risk-Free Interest Rate Dividend Yield 4/10/2017 30% 1.63% 2% OP Units During the year ended December 31, 2019 , upon recommendation by the Compensation Committee, the Board of Trustees approved the grant of OP units in connection with future grants made to the Board of Trustees and management of the Company at the Senior Vice President level or above. The recipient will have the option to elect their grant in the form of either restricted stock units or OP units. As a result of this election, a total of 20,190 time-based OP Units were granted to certain trustees as part of their annual compensation. The OP units will vest in one year , had an aggregate grant date fair value of $0.7 million , and had an aggregate intrinsic value of $0.7 million as of December 31, 2019 . During the year ended December 31, 2019, there were no OP units granted to management of the Company. Stock Options Activity The following table provides a summary of option activity for the year ended December 31, 2019 : Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Terms (Years) Outstanding as of December 31, 2018 2,355,787 $ 9.81 5.4 Granted — — Exercised (1,342,289 ) 9.81 Forfeited or expired (219,000 ) 9.81 Outstanding as of December 31, 2019 794,498 $ 9.81 5.8 Exercisable as of December 31, 2019 301,500 $ 9.81 5.1 The total fair value at grant date of stock option awards that vested during the years ended December 31, 2019 , 2018 and 2017 was approximately $0.9 million , $1.5 million and $1.6 million , respectively. The total intrinsic value of options exercised for the year ended December 31, 2019 and 2018 was $27.8 million and $38.8 million |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As discussed in Note 2 , the Company operates in compliance with REIT requirements for federal income tax purposes. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs). In addition, the Company must meet a number of other organizational and operational requirements. It is management’s intention to adhere to these requirements and maintain the Company’s REIT status. Most states where we operate conform to the federal rules recognizing REITs. On August 1, 2019, the Company issued OP Units of the Operating Partnership to unrelated third parties. As a result, the Operating Partnership is now a regarded partnership under federal tax law, and the Operating Partnership’s accompanying consolidated financial statements include the related provision balances for federal income taxes. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company’s REIT election; the TRS elections permit us to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities. A provision for taxes of the TRSs and of foreign branches of the REIT is included in our consolidated financial statements. On December 22, 2017, the U.S. government enacted comprehensive tax legislation in the form of the Tax Cuts and Jobs Act (TCJA) that significantly revised the U.S. tax code effective January 1, 2018 by, among other things, lowering the corporate income tax rate from a top marginal rate of 35% to a flat 21%, imposing a mandatory one-time deemed repatriation of unremitted foreign earnings (commonly referred to as the “transition tax”), limiting deductibility of interest expense and certain executive compensation, and implementing a territorial tax system. The full impact of this change in tax law is final and the Company completed its accounting for the tax effects of the TCJA as of December 31, 2018. As a result of adopting the TCJA, a $3.8 million non-recurring tax benefit was recognized in 2018 for the refund of alternative minimum tax credits. The Company determined that no inclusion was required for the transition tax in 2018. The Company recorded an opening deferred tax liability of $9.6 million as part of its preliminary purchase price allocation on the acquisitions. This deferred tax liability primarily arose from book to tax basis differences in land, buildings and equipment and intangible assets acquired offset by certain liabilities assumed in the acquisition. Purchase accounting related to the deferred income tax assets and liabilities acquired in the acquisitions is preliminary and subject to change as additional information is obtained. The Company continues to assert that the undistributed earnings of its Argentine subsidiary are permanently reinvested. The Company changed its assertion for the earnings of its Canadian subsidiaries in 2018 due to the Company’s plans to remit cash in the future. During 2019 the Company recognized an amount of deferred tax liability related to the outside basis difference of $0.4 million in its Canadian subsidiaries. The Company plans on liquidating its Hong Kong subsidiary in 2020 and is, therefore, no longer asserting permanent reinvestment. However, the outside basis difference cannot be monetized in the US and, as a result, the associated deferred tax asset is not realizable in the near future. No additional income taxes have been provided for any additional outside basis difference inherent in the other foreign entities, as these amounts continue to be indefinitely reinvested in foreign operations. Undistributed earnings of the Argentine subsidiary amounted to approximately $13.8 million at December 31, 2019. The global intangible low-taxed income (GILTI) provisions of the TCJA impose a tax on the income of certain foreign subsidiaries in excess of a specified return on tangible assets used by the foreign companies. The Company continues to account for the GILTI inclusion as a period cost and thus has not recorded any deferred tax liability associated with GILTI. There was no taxable deemed dividend recorded for the Company for the 2019 tax year. The amount of taxable deemed dividend recorded for the Company for the 2018 tax year is $0.2 million . Also, as a result of IRS guidance issued during the third quarter of 2018, the Company now includes any GILTI as REIT qualified income. Following is a summary of the income/(loss) before income taxes in the U.S. and foreign operations: 2019 2018 2017 (In thousands) U.S. $ 33,417 $ 37,060 $ (11,212 ) Foreign 9,588 7,306 19,997 Pre-tax income $ 43,005 $ 44,366 $ 8,785 The benefit (expense) for income taxes for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 (In thousands) Current U.S. federal $ (20 ) $ 4,424 $ (4,848 ) State (670 ) (353 ) (644 ) Foreign (4,854 ) (3,604 ) (7,559 ) Total current portion (5,544 ) 467 (13,051 ) Deferred U.S. federal 7,701 2,094 2,277 State 2,217 494 (72 ) Foreign 783 564 1,453 Total deferred portion 10,701 3,152 3,658 Total income tax benefit (expense) $ 5,157 $ 3,619 $ (9,393 ) Income tax benefit (expense) attributable to income (loss) before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate of 21% to income (loss) before income taxes. The reconciliation between the statutory rate and reported amount is as follows: 2019 2018 2017 (In thousands) Income taxes at statutory rates $ (9,031 ) $ (9,317 ) $ (2,987 ) Earnings (loss) from REIT - not subject to tax 9,526 9,015 (425 ) State income taxes, net of federal income tax benefit (542 ) (187 ) (445 ) Provision to return 2 360 (205 ) Rate and permanent differences on non-U.S. earnings (971 ) (1,228 ) 668 Change in valuation allowance 2,761 (2,227 ) 2,950 Non-deductible expenses 3,462 4,021 (2,345 ) Change in uncertain tax positions (367 ) 347 94 Effect of Tax Cuts and Jobs Act — 3,797 (3,113 ) REIT excise tax — — (4,772 ) Other 317 (962 ) 1,187 Total $ 5,157 $ 3,619 $ (9,393 ) The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of December 31, 2019 and 2018 are as follows: 2019 2018 (In thousands) Deferred tax assets: Net operating loss and credits carryforwards $ 11,806 $ 14,062 Accrued expenses 26,911 25,889 Share-based compensation 4,618 4,709 Lease obligations 9,674 — Other assets 4,420 241 Total gross deferred tax assets 57,429 44,901 Less: valuation allowance (16,043 ) (19,627 ) Total net deferred tax assets 41,386 25,274 Deferred tax liabilities: Intangible assets and goodwill (8,739 ) (5,628 ) Property, buildings and equipment (38,358 ) (35,672 ) Lease right-of-use assets (9,674 ) — Other liabilities (1,316 ) (1,144 ) Total gross deferred tax liabilities (58,087 ) (42,444 ) Net deferred tax liability $ (16,701 ) $ (17,170 ) As of December 31, 2019 , the Company has gross U.S. federal net operating loss carryforwards of approximately $41.8 million , of which $20.4 million was generated prior to 2018 and will expire between 2032 and 2036 . These losses are subject to an annual limitation under IRC section 382 as a result of our IPO and another ownership change experienced in March of 2019; however the limitation should not impair the Company’s ability to utilize the losses. The remaining $21.4 million was generated after 2017 and is subject to new laws as set forth by the TCJA and has no expiration date, but can only be utilized to offset up to 80% of future taxable income annually. The Company has gross state net operating loss carryforwards of approximately $36.1 million from its TRSs, which will expire at various times between 2020 and 2039 . The Company has an Alternative Minimum Tax credit carryforward remaining in the amount of $2.2 million that can be used to offset regular tax until 2021 or any unused credit will continue to be partially refunded in 2019 and 2020 and fully refundable by 2021 . Additionally, the Company has a federal Research and Experimentation Credit of approximately $0.9 million that will expire between 2036 and 2039 . Annually we consider whether it is more-likely-than-not that the deferred tax assets will be realized. In making this assessment, we consider recent operating results, the expected scheduled reversal of deferred tax liabilities, projected future taxable benefits and tax planning strategies. In performing our quarterly valuation allowance assessment during 2019, we concluded that certain deferred tax liabilities totaling $9.6 million from acquisitions during the year would be available to offset deferred tax assets for one of our U.S. TRSs that were historically subject to a valuation allowance. These deferred tax liabilities are are expected to turn and subsequently generate taxable income in the future. The $9.6 million benefit was offset by a $6.0 million increase to the valuation allowance for additional deferred tax assets created by that TRS. Consequently, we reduced the valuation allowance by $3.6 million from $19.6 million in 2018 to $16.0 million in 2019 associated with these deferred tax assets. The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended December 31, 2019 , 2018 and 2017 : Tax Interest Penalties Total (In thousands) Balance at December 31, 2016* $ 857 $ 19 $ 8 $ 884 Increases related to current-year tax positions — 3 — 3 Decreases related to prior-year tax positions — (4 ) (8 ) (12 ) Decreases due to lapse in statute of limitations (73 ) (12 ) — (85 ) Balance at December 31, 2017* 784 6 — 790 Decreases due to lapse in statute of limitations (353 ) (6 ) — (359 ) Balance at December 31, 2018* 431 — — 431 Increase related to current-year tax positions 367 — — 367 Decreases due to lapse in statute of limitations (431 ) — — (431 ) Balance at December 31, 2019* $ 367 $ — $ — $ 367 *Balance would favorably affect the Company’s effective tax rate if recognized. The Company’s unrecognized tax benefits include exposures related to positions taken on U.S. federal, state, and foreign income tax returns as of December 31, 2019. Due to the lapse in statutes of limitations during 2019, the Company reduced its unrecognized tax benefits related to U.S. federal and state exposures to zero offset by $0.4 million for a new position taken in a foreign jurisdiction at the end of 2019. In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities and the Company has accrued a liability when it believes it is more likely than not that the tax position claimed on tax returns will not be sustained by the taxing authorities on the technical merits of the position. Changes in the recognition of the liability are reflected in the period in which the change in judgment occurs. The Company accrues interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2019, the Company is generally no longer subject to U.S. federal, state, local, or foreign examinations by tax authorities for years before 2016. However, for U.S. income tax purposes, the 2012 and 2013 tax years were open, to the extent that net operating losses were generated in those years and continue to be subject to adjustments from taxing authorities in the tax year they are utilized. In the fourth quarter of 2016, the Company filed a ruling request with the IRS for confirmation of a tax position for which it believes qualifies (more likely than not) for the treatment historically applied by the Company. The Company settled the positions with the IRS in December 2017 and was required to make an excise tax payment in the amount of $4.3 million including interest to resolve the matter for years prior to 2017 and paid $0.6 million |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities New Market Tax Credit On May 1, 2019, the Company assumed a financing arrangement born out of the New Markets Tax Credit (“NMTC” or “NMTC Transactions”) program. These financing arrangements were originated by Cloverleaf in 2015 to monetize state and federal tax credits related to the construction of a cold storage warehouse in Monmouth, Illinois. The NMTC program was provided for in the Community Renewal Tax Relief Act of 2000 (“the Act”) and is intended to induce capital investment in qualified lower income communities. The structure of the financing arrangement is such that Cloverleaf lent money to investment funds into which tax credit investors also made capital contributions. The tax credit investors receive the benefit of the resulting tax credits in exchange for their capital contributions to the investment funds. Tax credits were generated through contribution of the investment fund’s proceeds into special purpose entities having authority from the U.S. Department of Treasury to receive tax credits in exchange for qualifying investments. These entities, known as a Community Development Entities (“CDE”), made qualifying investments in the Monmouth, Illinois cold storage facility in the form of loans payable by Cloverleaf. The loan agreements for monies lent to the investments funds and amounts payable to the CDEs extend through 2045 but contain provisions permitting dissolution in 2022. This coincides with the conclusion of the seven-year compliance period during which the tax credits may be recognized and the NMTCs are subject to 100% recapture. Based on the nature of the arrangements, we expect them to dissolve in 2022. The Company has determined that the financing arrangement with the investment funds and CDEs contains a variable interest entity (“VIE”). The ongoing activities of the investment funds - collecting and remitting interest and fees and NMTC compliance - were all considered in the initial design and are not expected to significantly affect economic performance throughout the life of the investment funds. Management considered the contractual arrangements that obligate the Company to deliver tax benefits and provide various other guarantees to the structure; the tax credit investor’s lack of a material interest in the underling economics of the project; and the fact that the Company is obligated to absorb losses of the investment funds. The Company concluded that it is the primary beneficiary of the VIE and consolidated the investments funds and CDEs, as VIEs, in accordance with the accounting standards for consolidation. Through NMTC Transactions, the Company effectively received net loan proceeds equal to the tax credit investor’s contributions to the investment funds. At inception of the arrangement in 2015, the benefit of contributions by tax credit investor’s totaled approximately $5.6 million . The Company is recognizing the benefit of the contributions ratably over the life of the project which these proceeds were used to fund. As of December 31, 2019 , the balance of the deferred contribution liability was $4.9 million , which is included in “Accounts payable and accrued expenses” on the Consolidated Balance Sheets. The Company is required to be in compliance with various regulations and contractual provisions that apply to the NMTC arrangement. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, could require the Company to indemnify the tax credit investors for any loss or recapture of NMTCs related to the financing until such time as the obligation to deliver tax benefits is relieved. The Company is in compliance with all applicable requirements and does not anticipate any credit recaptures will result in connection with this arrangement. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Pension and Post-Retirement Plans The Company has defined benefit pension plans that cover certain union and nonunion employees in the U.S. Benefits under these plans are based either on years of credited service and compensation during the years preceding retirement or on years of credited service and established monthly benefit levels. The Company also has a post-retirement plan that provides life insurance coverage to eligible retired employees (collectively, with the defined benefit plans, the U.S. Plans). The Company froze benefit accruals for the U.S. Plans for nonunion employees effective April 1, 2005, and these employees no longer earn additional pension benefits. The Company also has a defined benefit plan that covers certain employees in Australia and is referenced as superannuation (the Offshore Plan). The Company uses a December 31 measurement date for the U.S. Plans and the Offshore Plan. Actuarial information regarding these plans is as follows: 2019 Retirement National Other Superannuation Total Change in benefit obligation: (In thousands) Benefit obligation – January 1, 2019 $ (43,364 ) $ (30,627 ) $ (678 ) $ (1,385 ) $ (76,054 ) Service cost — — — (78 ) (78 ) Interest cost (1,590 ) (1,245 ) (23 ) (49 ) (2,907 ) Actuarial loss (3,251 ) (4,167 ) (62 ) (77 ) (7,557 ) Benefits paid 2,990 1,003 — 447 4,440 Plan participants’ contributions — — — (12 ) (12 ) Foreign currency translation loss — — — 2 2 Effect of settlement — — 152 — 152 Benefit obligation – end of year (45,215 ) (35,036 ) (611 ) (1,152 ) (82,014 ) Change in plan assets: Fair value of plan assets – January 1, 2019 34,958 23,277 — 1,502 59,737 Actual return on plan assets 6,804 4,556 — 237 11,597 Employer contributions 1,339 1,011 152 58 2,560 Benefits paid (2,990 ) (1,003 ) — (447 ) (4,440 ) Effect of settlement — — (152 ) — (152 ) Plan participants’ contributions — — — 12 12 Foreign currency translation loss — — — (6 ) (6 ) Fair value of plan assets – end of year 40,111 27,841 — 1,356 69,308 Funded status $ (5,104 ) $ (7,195 ) $ (611 ) $ 204 $ (12,706 ) Amounts recognized on the consolidated balance sheet as of December 31, 2019: Pension and post-retirement liability $ (5,104 ) $ (7,195 ) $ (611 ) $ 204 $ (12,706 ) Accumulated other comprehensive loss (income) 6,417 4,501 (21 ) 62 10,959 Amounts in accumulated other comprehensive loss consist of: Net loss (gain) 6,417 4,501 (21 ) (15 ) 10,882 Prior service cost — — — 77 77 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss (1,793 ) 788 (94 ) (78 ) (1,177 ) Amortization of net (loss) gain (1,509 ) (564 ) 4 — (2,069 ) Amortization of prior service cost — — — (28 ) (28 ) Amount recognized due to special event — — 5 5 10 Foreign currency translation loss — — — (5 ) (5 ) Total recognized in other comprehensive loss (income) $ (3,302 ) $ 224 $ (85 ) $ (106 ) $ (3,269 ) Information for plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 45,215 $ 35,036 $ 611 $ 1,152 $ 82,014 Accumulated benefit obligation $ 45,215 $ 35,036 $ 611 $ 1,038 $ 81,900 Fair value of plan assets $ 40,111 $ 27,841 $ — $ 1,356 $ 69,308 2018 Retirement National Other Superannuation Total Change in benefit obligation: (In thousands) Benefit obligation – January 1, 2018 $ (45,386 ) $ (33,405 ) $ (691 ) $ (3,002 ) $ (82,484 ) Service cost (31 ) (78 ) — (137 ) (246 ) Interest cost (1,418 ) (1,199 ) (20 ) (104 ) (2,741 ) Actuarial loss 753 3,125 33 179 4,090 Benefits paid 2,718 930 — 1,391 5,039 Plan participants’ contributions — — — (21 ) (21 ) Foreign currency translation gain — — — 309 309 Benefit obligation – end of year (43,364 ) (30,627 ) (678 ) (1,385 ) (76,054 ) Change in plan assets: Fair value of plan assets – January 1, 2018 38,218 24,518 — 2,992 65,728 Actual return on plan assets (2,042 ) (1,446 ) — 50 (3,438 ) Employer contributions 1,499 1,135 — 125 2,759 Benefits paid (2,717 ) (930 ) — (1,391 ) (5,038 ) Plan participants’ contributions — — — 21 21 Foreign currency translation gain — — — (295 ) (295 ) Fair value of plan assets – end of year 34,958 23,277 — 1,502 59,737 Funded status $ (8,406 ) $ (7,350 ) $ (678 ) $ 117 $ (16,317 ) Amounts recognized on the consolidated balance sheet as of December 31, 2018: Pension and post-retirement liability $ (8,406 ) $ (7,350 ) $ (678 ) $ 117 $ (16,317 ) Accumulated other comprehensive loss (income) 9,718 4,278 (92 ) 170 14,074 Amounts in accumulated other comprehensive loss consist of: Net loss (gain) 9,718 4,278 (92 ) 65 13,969 Prior service cost — — — 105 105 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) 3,337 (311 ) (34 ) (66 ) 2,926 Amortization of net gain (1,244 ) (715 ) — — (1,959 ) Amortization of prior service cost — — — (28 ) (28 ) Amount recognized due to special event — — — (64 ) (64 ) Foreign currency translation loss — — — 26 26 Total recognized in other comprehensive loss (income) $ 2,093 $ (1,026 ) $ (34 ) $ (132 ) $ 901 Information for plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 43,364 $ 30,627 $ 678 $ 1,385 $ 76,054 Accumulated benefit obligation $ 43,364 $ 30,627 $ 678 $ 1,186 $ 75,855 Fair value of plan assets $ 34,958 $ 23,277 $ — $ 1,502 $ 59,737 The components of net period benefit cost for the years ended December 31, 2019 , 2018 and 2017 are as follows: December 31, 2019 Retirement Income Plan National Service-Related Pension Plan Other Superannuation Total Components of net periodic benefit cost: (In thousands) Service cost $ — $ — $ — $ 78 $ 78 Interest cost 1,590 1,245 23 49 2,907 Expected return on plan assets (1,760 ) (1,176 ) — (74 ) (3,010 ) Amortization of net loss (gain) 1,509 564 (4 ) — 2,069 Amortization of prior service cost — — — 28 28 Effect of settlement — — (5 ) (5 ) (10 ) Net pension benefit cost $ 1,339 $ 633 $ 14 $ 76 $ 2,062 December 31, 2018 Retirement Income Plan National Service-Related Pension Plan Other Superannuation Total Components of net periodic benefit cost: (In thousands) Service cost $ 31 $ 78 $ — $ 137 $ 246 Interest cost 1,418 1,199 20 104 2,741 Expected return on plan assets (2,047 ) (1,369 ) — (172 ) (3,588 ) Amortization of net loss 1,244 715 — — 1,959 Amortization of prior service cost — — — 30 30 Effect of settlement — — — 68 68 Net pension benefit cost $ 646 $ 623 $ 20 $ 167 $ 1,456 December 31, 2017 Retirement Income Plan National Service-Related Pension Plan Other Superannuation Total Components of net periodic benefit cost: (In thousands) Service cost $ 65 $ 504 $ — $ 153 $ 722 Interest cost 1,583 1,256 22 120 2,981 Expected return on plan assets (1,757 ) (1,175 ) — (174 ) (3,106 ) Amortization of net loss (gain) 1,889 815 (1 ) — 2,703 Amortization of prior service cost — 212 — 9 221 Effect of settlement — — (4 ) 67 63 Net pension benefit cost $ 1,780 $ 1,612 $ 17 $ 175 $ 3,584 The service cost component of defined benefit pension cost and postretirement benefit cost are presented in “Selling, general and administrative” and all other components of net period benefit cost are presented in “Other (expense) income, net” on the Consolidated Statements of Operations. The Company recognizes all changes in the fair value of plan assets and net actuarial gains or losses at December 31 each year. Prior service costs and gains/losses are amortized based on a straight-line method over the average future service of members that are expected to receive benefits. All actuarial gains/losses are exposed to amortization over an average future service period of 6.3 years for the Retirement Income Plan, 7.4 years for the National Service-Related Pension Plan, 5.0 years for Other Post-Retirement Benefits, and 5.8 years for Superannuation as of December 31, 2019 . The weighted average assumptions used to determine benefit obligations and net period benefit costs for the years ended December 31, 2019 , 2018 and 2017 are as follows: December 31, 2019 Retirement Income National Service-Related Pension Other Superan- nuation Weighted-average assumptions used to determine obligations (balance sheet): Discount rate 3.00 % 3.25 % 2.55 % 2.30 % Rate of compensation increase N/A N/A N/A 3.25 % Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): Discount rate 3.95 % 4.15 % 3.70 % 3.70 % Expected return on plan assets 6.50 % 6.50 % N/A 5.00 % Rate of compensation increase 3.50 % N/A N/A 3.25 % December 31, 2018 Retirement Income National Service-Related Pension Other Superan- nuation Weighted-average assumptions used to determine obligations (balance sheet): Discount rate 3.95 % 4.15 % 3.70 % 3.70 % Rate of compensation increase 3.50 % N/A N/A 3.25 % Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): Discount rate 3.35 % 3.65 % 3.10 % 3.70 % Expected return on plan assets 7.00 % 7.00 % N/A 6.00 % Rate of compensation increase 3.50 % N/A N/A 4.00 % December 31, 2017 Retirement Income National Service-Related Pension Other Superan- Weighted-average assumptions used to determine obligations (balance sheet): Discount rate 3.35 % 3.65 % 3.10 % 3.70 % Rate of compensation increase 3.50 % N/A N/A 4.00 % Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): Discount rate 3.75 % 4.15 % 3.40 % 4.20 % Expected return on plan assets 7.00 % 7.00 % N/A 6.00 % Rate of compensation increase 3.50 % N/A N/A 4.00 % The estimated net loss for the defined benefit plans in the U.S. that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2020 is $1.6 million . There is no estimated prior service cost associated with this plan to be amortized from accumulated other comprehensive income during 2020 . There is no estimated net gain for the Offshore Plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2020 . The estimated prior service cost associated with this plan to be amortized from accumulated other comprehensive income during 2020 is nominal. The Company determines the expected return on plan assets based on their market value as of December 31 of each year, as adjusted for a) expected employer contributions, b) expected benefit distributions, and c) estimated administrative expenses. Plan Assets The Company’s overall investment strategy is to achieve a mix of investments for long-term growth and near-term benefit payments. The Company invests in both U.S. and non-U.S. equity securities, fixed-income securities, and real estate. The allocations of the U.S. Plans’ and the Offshore Plan’s investments by fair value as of December 31, 2019 and 2018 are as follows: U.S. Plans Offshore Plan Actual Target Allocation Actual Target Allocation 2019 2018 2019 2018 U.S. equities 35% 35% 25–55% 20% 16% 19% Non-U.S. equities 25% 25% 15–45% 42% 46% 41% Fixed-income securities 35% 35% 15–40% 8% 9% 13% Real estate 5% 5% 0–5% 8% 8% 8% Cash and other —% —% —% 22% 21% 19% To develop the assumption for the long-term rate of return on assets, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the U.S. Plans’ and Offshore Plan’s assets and the effect of periodic rebalancing, consistent with the Company’s investment strategies. For 2020 , the Company expects to receive a long-term rate of return of 6.5% for the U.S. Plans and 5.0% for the Offshore Plan. All plans are invested to maximize the return on assets while minimizing risk by diversifying across a broad range of asset classes. The fair values of the Company’s pension plan assets as of December 31, 2019 , by category, are as follow: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs (Level 3) Balance as of December 31, 2019 Assets (In thousands) U.S. equities: Large cap (1) $ — $ 17,698 $ — $ 17,698 Medium cap (1) — 3,404 — 3,404 Small cap (1) 1,360 1,360 — 2,720 Non-U.S. equities: Large cap (2) 12,919 — — 12,919 Emerging markets (3) 4,060 — — 4,060 Fixed-income securities: Money markets (4) — 3,381 — 3,381 U.S. bonds (5) 10,172 3,397 — 13,569 Non-U.S. bonds (5) 6,806 — — 6,806 Real estate (6) — 3,395 — 3,395 Common/collective trusts — 1,356 — 1,356 Total assets $ 35,317 $ 33,991 $ — $ 69,308 The fair values of the Company’s pension plan assets as of December 31, 2018 , by category, are as follows: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs (Level 3) Balance as of December 31, 2018 Assets (In thousands) U.S. equities: Large cap (1) $ — $ 15,141 $ — $ 15,141 Medium cap (1) — 2,912 — 2,912 Small cap (1) 1,165 1,165 — 2,330 Non-U.S. equities: Large cap (2) 11,065 — — 11,065 Emerging markets (3) 3,494 — — 3,494 Fixed-income securities: Money markets (4) — 2,912 — 2,912 U.S. bonds (5) 8,735 2,912 — 11,647 Non-U.S. bonds (5) 5,822 — — 5,822 Real estate (6) — 2,912 — 2,912 Common/collective trusts — 1,502 — 1,502 Total assets $ 30,281 $ 29,456 $ — $ 59,737 (1) Includes funds that primarily invest in U.S. common stock. (2) Includes funds that invest primarily in foreign equity and equity-related securities. (3) Includes funds that invest primarily in equity securities of companies in emerging market countries. (4) Includes funds that invest primarily in short-term securities, such as commercial paper. (5) Includes funds either publicly traded (Level 1) or within a separate account (Level 2) held by a regulated investment company. These funds hold primarily debt and fixed-income securities. (6) Includes funds in a separate account held by a regulated investment company that invest primarily in commercial real estate and includes mortgage loans which are backed by the associated properties. The Company can call the investment in these assets with no restrictions. The U.S. Plans’ assets are in commingled funds that are valued using net asset values. The net asset values are based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. The pension assets are classified as Level 1 when the net asset values are based on a quoted price in an active market. The U.S. Plans’ assets are classified as Level 2 when the net asset value is based on a quoted price on a private market that is not active and the underlying investments are traded on an active market. The Offshore Plans are common/collective trusts and commingled trusts investments, which invest in other collective trust funds otherwise known as the underlying funds. The Company’s interests in the commingled trust funds are based on the fair values of the investments of the underlying funds and therefore are classified as Level 2. As of December 31, 2019 and 2018 , the Company does not have any investments classified as Level 3. Cash Flow The Company expects to contribute to all plans an aggregate of $2.5 million in 2020 . Estimated Future Benefit Payments The following benefit payments, which reflect expected future services, as appropriate, are expected to be paid for all plans as of December 31, 2019 : Years Ending December 31: (In thousands) 2020 $ 7,796 2021 5,090 2022 5,034 2023 4,862 2024 4,867 Thereafter 22,846 $ 50,495 Multi-Employer Plans The Company contributes to a number of multi-employer benefit plans under the terms of collective bargaining agreements that cover union-represented employees. These plans generally provide for retirement, death, and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods, and benefit formulas. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: • Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other current or former participating employers. • If a participating employer stops contributing to the multi-employer plan without paying its unfunded liability, the unfunded obligations of the plan may be borne by the remaining participating employers. • If the Company chooses to cease participation in a multi-employer plan, such full withdrawal is subject to the payment of any unfunded liability applicable to the Company, referred to as a withdrawal liability. Additionally, such withdrawal is subject to collective bargaining. The table below outlines the Company’s participation in multi-employer pension plans for the periods ended December 31, 2019 , 2018 and 2017 , and sets forth the contributions into each plan. The “EIN/Pension Plan Number” column provides the Employer Identification Number (EIN) and the three-digit plan number. The most recent Pension Protection Act zone status available in 2018 and 2019 relates to the plans’ two most recent fiscal year-ends. The zone status is based on information that we received from the plans’ administrators and is certified by each plan’s actuary. Among other factors, plans certified in the red zone are generally less than 65% funded, plans certified in the orange zone are (i) less than 80% funded and (ii) have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans certified in the yellow zone are less than 80% funded, and plans certified in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a financial improvement plan (FIP) for yellow/orange zone plans, or a rehabilitation plan (RP) for red zone plans, is either pending or has been implemented. As of December 31, 2019 , all plans that have either a FIP or RP requirement have had the respective FIP or RP implemented (see table below). The Company’s collective-bargained contributions satisfy the requirements of all implemented FIPs and RPs and do not currently require the payment of any surcharges. In addition, minimum contributions outside the agreed-upon contractual rate are not required. For the plans detailed in the following table, the expiration dates of the associated collective bargaining agreements range from February 13, 2019 to June 30, 2026. For all the plans detailed in the following table, the Company has not contributed more than 5% of the total plan contribution for 2019 , 2018 and 2017 . The Company contributes to multi-employer plans that cover approximately 60% of union employees. The amounts charged to expense within the Consolidated Statements of Operations for the years ended December 31, 2019 , 2018 and 2017 were $18.0 million , $17.4 million and $17.0 million , respectively. Projected minimum contributions required for the upcoming fiscal year are approximately $17.3 million . During the third quarter of 2017, the Company recorded a charge of $9.2 million representing the present value of a liability associated with its withdrawal obligation under the New England Teamsters & Trucking Industry Multi-Employer Pension Fund (the Fund) for hourly, unionized associates at four of its domestic warehouse facilities. The Fund is significantly underfunded in accordance with Employee Retirement Income Security Act of 1974 (ERISA) funding standards and, therefore, ERISA required the Fund to develop a Rehabilitation Plan. The Fund Trustees chose to create a new fund that minimizes the pension withdrawal liability. As a result, current employers participating in the Fund were given the opportunity to exit the Fund and convert to a new fund. The Company’s portion of the unfunded liability (undiscounted), estimated at $13.7 million , will be repaid in equal monthly installments of approximately $0.04 million over 30 years, interest free. The Company recognized an expense and related liability equal to the present value of the withdrawal liability upon exiting the Fund, and amortizes the difference between such present value and the estimated unfunded liability through interest expense over the repayment period. Pension Fund EIN/Pension Pension Protection FIP/RP Status Pending/ Americold Contributions Surcharge Imposed 2019 2018 2019 2018 2017 (In thousands) Central Pension Fund of the International Union of Operating Engineers and Participating Employers (2) 36-6052390 Green Green No $ 6 $ 6 $ 3 No Central States SE & SW Areas Health and Welfare Pension Plans (1) 36-6044243 Red Red Yes/ Implemented 9,238 8,424 8,427 No New England Teamsters & Trucking Industry Pension Plan (3) 04-6372430 Red Red Yes/ Implemented 456 456 566 No Alternative New England Teamsters & Trucking Industry Pension Plan 04-6372430 Green Green No 449 493 98 No I.U.O.E Stationary Engineers Local 39 Pension Fund (1) 94-6118939 Green Green No 194 160 197 No United Food & Commercial Workers International Union-Industry Pension Fund (4) 51-6055922 Green Green No 105 90 87 No Western Conference of Teamsters Pension Fund (1) 91-6145047 Green Green No 7,398 7,632 7,265 No Minneapolis Food Distributing Industry Pension Plan (1) 41-6047047 Green Green Yes/ Implemented 116 180 326 No Total Contributions $ 17,962 $ 17,441 $ 16,969 (1) The status information is for the plans’ year end at December 31, 2019 and 2018 . (2) The status information is for the plans’ year end at January 31, 2019 and 2018 . (3) The status information is for the plans’ year end at September 30, 2019 and 2018 . The Company withdrew from the multi-employer plan on October, 31, 2017. (4) The status information is for the plans’ year end at June 30, 2019 and 2018 . Government-Sponsored Plans The Company contributes to certain government-sponsored plans in Australia and Argentina. The amounts charged to expense within the Consolidated Statements of Operations and for the years ended December 31, 2019 , 2018 and 2017 were $5.8 million , $5.7 million and $ 5.4 million , respectively. Defined Contribution Plan The Company has defined contribution employee benefit plans, which cover all eligible employees. The plans also allow contributions by plan participants in accordance with Section 401(k) of the IRC. The Company matches a percentage of each employee’s contributions consistent with the provisions of the plans. The aggregate cost of our contributions to the 401(k) Plan charged to expense within the Consolidated Statements of Operations for each of the years ended December 31, 2019 , 2018 and 2017 was $4.2 million , $3.9 million and $3.6 million , respectively. Deferred Compensation The Company has deferred compensation and supplemental retirement plan agreements with certain of its executives. The agreements provide for certain benefits at retirement or disability and also provide for survivor benefits in the event of death of the employee. The Company contribution amounts charged to expense relative to this plan were nominal for the years ended December 31, 2019 , 2018 and 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Letters of Credit As of December 31, 2019 and 2018 , there were $23.0 million and $29.6 million , respectively, of outstanding letters of credit issued on the Company’s Senior Unsecured Revolving Credit Facility. Bonds The Company had outstanding surety bonds of $4.3 million and $2.7 million as of December 31, 2019 and 2018 , respectively. These bonds were issued primarily in connection with insurance requirements, special real estate assessments and construction obligations. The increase relates to utility bonds from the Cloverleaf Acquisition. Construction Commitments As of December 31, 2019 , the Company had the following construction commitments related to its expansion of existing warehouse facilities: Facility Committed construction cost (in thousands) Expected construction completion period Columbus, OH $ 241 Q1 2020 Savannah, GA 13,692 Q2 2020 Atlanta, GA 44,041 Q2 2021 Total construction commitments $ 57,974 Collective Bargaining Agreements As of December 31, 2019 , worldwide we employed approximately 12,600 people. Currently, 49% of the Company’s labor force is covered by collective bargaining agreements, and 84 of our 178 warehouses have unionized associates that are governed by 74 different collective bargaining agreements. We are currently in negotiations for one new agreement which will bring our total to 75 agreements. During 2020 , the Company will be renegotiating 19 collective bargaining agreements, covering all or parts of 26 operating warehouses worldwide. The Company does not anticipate any workplace disruptions during this renegotiation process. Legal Proceedings In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company and its legal counsel evaluate the merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency suggests that a loss is probable, and the amount can be reasonably estimated, then a loss is recorded. In addition to the matters discussed below, the Company may be subject to litigation and claims arising from the ordinary course of business. In the opinion of management, after consultation with legal counsel, the outcome of such matters is not expected to have a material impact on the Company’s financial condition, results of operations, or cash flows. Kansas Breach of Settlement Agreement Litigation This case was served against the Company in Wyandotte County, Kansas, on January 17, 2013, alleging breach of a 1994 Settlement Agreement reached with customers of our predecessor company, Americold Corporation. The plaintiffs originally brought claims in 1992 arising from a fire the previous year in an underground warehouse facility. In 1994, a settlement was reached whereby Americold Corporation agreed to the entry of a $58.7 million judgment against it and assigned its rights to proceed against its insurer to satisfy the judgment. The settlement agreement contained a standard “cooperation provision” in which Americold Corporation agreed to execute any additional documents necessary to fulfill the intent of the settlement agreement. The plaintiffs then sued Americold Corporation’s insurer to recover on the consent judgment. The case was ultimately dismissed in 2012, and the Kansas Supreme Court ruled that the 1994 consent judgment had expired and was not revivable as a matter of law. On September 24, 2012, the plaintiffs filed a separate claim in the district court of Wyandotte County, Kansas, alleging that the Company and one of its subsidiaries, Americold Logistics, LLC, as successors to Americold Corporation, are liable for the full amount of the judgment, based upon the allegation that the Company failed to execute a document or take action to keep the judgment alive and viable. On February 7, 2013, the Company removed the case to the U.S. federal court and ultimately filed a motion for summary judgment, which the plaintiffs vigorously opposed. On October 4, 2013, the court granted the Company’s motion and dismissed the case in full. Only one plaintiff appealed the dismissal to the U.S. Court of Appeals. The Court of Appeals ordered that the case be remanded to the Kansas State Court and the judgment in favor of Americold be vacated, finding U.S. federal diversity jurisdiction did not exist over the Company. The Company petitioned the U.S. Supreme Court for certiorari and oral argument occurred on January 19, 2016. On March 7, 2016, the United States Supreme Court ruled that there was no federal diversity jurisdiction. Following the decision, the United States District Court for the District of Kansas entered an Order vacating the summary judgment and remanding the case to Kansas state court. Regardless of the venue, the Company remains confident that its defenses on the merits of plaintiffs’ claims are strong under Kansas law. Following remand to Kansas state court, Plaintiffs initially petitioned the court to amend their complaint to drop their claim for damages and only seek an Order of Specific Performance requiring Americold to sign a new document reinstating the consent judgment assigned in the 1994 Settlement Agreement. Plaintiffs filed a later motion to add back the damages claim, which was granted in February 2018. Since December 31, 2018, the court granted the Company’s motions to dismiss Kraft and Safeway from the case given they did not appeal the District Court’s Order dismissing their claims and are bound by the judgment entered against them. The Kraft and Safeway plaintiffs have appealed their dismissals. The trial court has stayed the proceedings pending the appeal. In addition, the Company has sued the Chubb Group seeking the court’s declaration that Chubb owes coverage of the amounts sought by Plaintiffs and for bad faith damages for denying coverage. Given the status of the proceedings to date, a liability amount cannot be reasonably estimated. The Company believes the ultimate outcome of this matter will not have a material adverse impact on its consolidated financial statements. Preferred Freezer Services, LLC Litigation On February 11, 2019, Preferred Freezer Services, LLC (“PFS”) moved by Order to Show Cause in the Supreme Court of the State of New York, New York County, asserting breach of contract and other claims against the Company and seeking to preliminarily enjoin the Company from acting to acquire certain properties leased by PFS. In its complaint and request for preliminary injunctive relief, PFS alleged that the Company breached a confidentiality agreement entered into in connection with the Company’s participation in a bidding process for the sale of PFS by contacting PFS’s landlords and by using confidential PFS information in bidding for the properties leased by PFS. PFS’s request for a preliminary injunction was denied after oral argument on February 26, 2019. On March 1, 2019, PFS filed an application for interim injunctive relief from the Appellate Division of the Supreme Court, First Judicial Department. On April 2, 2019, while its application to the First Department was pending, PFS voluntarily dismissed its state court action, and First Department application, and re-filed substantially the same claims against the Company in the U.S. District Court for the Southern District of New York. In addition to an order enjoining Americold from making offers to purchase the properties leased by PFS, PFS seeks compensatory, consequential and/or punitive damages. The Company has filed a motion to require PFS to reimburse the Company for its legal fees it incurred for the state court action before PFS is allowed to proceed in the federal court action. On February 18, 2020, the Court issued an order granting, in part, Americold’s request for an award of legal fees from Preferred Freezer and lifting the stay of the proceeding. The Company denies the allegations and believes PFS’s claims are without merit and intends to vigorously defend this claim. Given the status of the proceedings to date, a liability cannot be reasonably estimated. The Company believes the ultimate outcome of this matter will not have a material adverse impact on its consolidated financial statements. Jose Contreras Employment Putative Class Action On February 22, 2019, Plaintiff Jose Contreras (a former employee) filed a putative class action against the Company in the San Bernardino County Superior Court asserting that the Company: (1) failed to pay minimum wages; (2) failed to pay overtime wages; (3) failed to pay all vacation wages; (4) failed to provide meal periods; (5) failed to provide accurate wage statements; (6) failed to pay wages timely to terminated employees; and (7) violated California unfair business practices. On April 10, 2019, the Company filed an Answer and Affirmative Defenses in response to the complaint and successfully removed the case to federal court in the U.S. District Court for the Central District of California. On May 2, 2019, plaintiff filed a separate lawsuit for civil penalties under California’s Private Attorneys General Act (“PAGA”) in the San Bernardino Superior Court against the Company, Case No. CIV-DS-1913525 based on similar factual allegations that are asserted in the complaint. The Company successfully obtained a dismissal of the San Bernardino Superior Court Action. On June 18, 2019, the plaintiff amended his complaint in the pending federal court action to add a rest period violation claim and PAGA penalty claims based on similar allegations that are asserted in the complaint. Plaintiff’s counsel later dismissed plaintiff’s vacation wages claim from his first amended complaint. The Company denies the plaintiff’s claims and denies that plaintiff and the putative class members have been damaged in any respect or in any amount as a result of any act or omission by the Company. The Company also denies that this case is appropriate for class treatment and further asserts, among other grounds, that this case is unmanageable as a PAGA representative action. The Company has entered into a preliminary settlement of the case for $2.5 million . The settlement of the case is subject to court approval. Environmental Matters The Company is subject to a wide range of environmental laws and regulations in each of the locations in which the Company operates. Compliance with these requirements can involve significant capital and operating costs. Failure to comply with these requirements can result in civil or criminal fines or sanctions, claims for environmental damages, remediation obligations, the revocation of environmental permits, or restrictions on the Company’s operations. The Company records accruals for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. The Company adjusts these accruals periodically as assessment and remediation efforts progress or as additional technical or legal information become available. The Company recorded nominal environmental liabilities in accounts payable and accrued expenses as of December 31, 2019 , 2018 , and 2017 . The Company believes it is in compliance with applicable environmental regulations in all material respects. Under various U.S. federal, state, and local environmental laws, a current or previous owner or operator of real estate may be liable for the entire cost of investigating, removing, and/or remediating hazardous or toxic substances on such property. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the contamination. Even if more than one person may have been responsible for the contamination, each person covered by the environmental laws may be held responsible for the entire clean-up cost. There are no material unrecorded liabilities as of December 31, 2019 . Most of the Company’s warehouses utilize ammonia as a refrigerant. Ammonia is classified as a hazardous chemical regulated by the Environmental Protection Agency, and an accident or significant release of ammonia from a warehouse could result in injuries, loss of life, and property damage. Occupational Safety and Health Act (OSHA) The Company’s warehouses located in the U.S. are subject to regulation under OSHA, which requires employers to provide employees with an environment free from hazards, such as exposure to toxic chemicals, excessive noise levels, mechanical dangers, heat or cold stress, and unsanitary conditions. The cost of complying with OSHA and similar laws enacted by states and other jurisdictions in which we operate can be substantial, and any failure to comply with these regulations could expose us to substantial penalties and potentially to liabilities to employees who may be injured at our warehouses. The Company records accruals for OSHA matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. The Company believes that it is in substantial compliance with all OSHA regulations and that no material unrecorded liabilities exist as of December 31, 2019 and 2018 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The Company reports activity in AOCI for foreign currency translation adjustments, including the translation adjustment for the investment in the China JV prior to the sale of our interest, unrealized gains and losses on cash flow hedge derivatives, and minimum pension liability adjustments (net of tax). The activity in AOCI for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 Pension and other postretirement benefits: (In thousands) Balance at beginning of period, net of tax $ (8,027 ) $ (7,126 ) $ (12,880 ) Gain (loss) arising during the period 1,180 (2,926 ) 2,663 Less: Tax expense (benefit) 3 27 (49 ) Net (loss) gain arising during the period 1,177 (2,953 ) 2,712 Amortization of net loss and prior service cost (1) 2,092 2,052 3,042 Net amount reclassified from AOCI to net income (loss) 2,092 2,052 3,042 Other comprehensive (loss) income, net of tax 3,269 (901 ) 5,754 Balance at end of period, net of tax (4,758 ) (8,027 ) (7,126 ) Foreign currency translation adjustments: Balance at beginning of period, net of tax (3,322 ) 8,318 3,874 (Loss) gain on foreign currency translation (783 ) (11,640 ) 4,444 Derecognition of cumulative foreign currency translation gain upon sale of partially owned entities (2) (2,605 ) — — Net (loss) gain on foreign currency translation (3,388 ) (11,640 ) 4,444 Balance at end of period, net of tax (6,710 ) (3,322 ) 8,318 Cash flow hedge derivatives: Balance at beginning of period, net of tax (1,166 ) (1,422 ) (1,538 ) Unrealized (loss) gain on cash flow hedge derivatives (1,450 ) 862 (1,387 ) Less: Tax expense — 173 44 Net (loss) gain cash flow hedge derivatives (1,450 ) 689 (1,431 ) Net amount reclassified from AOCI to net income (loss) (interest expense) (306 ) 1,191 1,547 Net amount reclassified from AOCI to net income (loss) (loss on debt extinguishment, modifications and termination of derivative instruments) — 1,825 — Net amount reclassified from AOCI to net income (loss) (foreign exchange loss (gain), net) 264 (3,449 ) — Balance at end of period, net of tax (2,658 ) (1,166 ) (1,422 ) Accumulated other comprehensive loss $ (14,126 ) $ (12,515 ) $ (230 ) (1) Amounts reclassified from AOCI for pension liabilities are recorded in selling, general, and administrative expenses in the Consolidated Statements of Operations. (2) Amount reclassified from AOCI for the derecognition of cumulative foreign currency translation gain related to the sale of partially owned entities is recognized in Gain from sale of partially owned entities in the Consolidated Statements of Operations. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Transactions with Goldman Prior to the March 2019 secondary offering, Goldman was a significant shareholder of the Company. Goldman is considered a related party as a result of their ownership for a portion of the current year, and therefore, the Company has disclosed the fees paid to Goldman for various services provided. The Company continues to use services provided by Goldman in the ordinary course of business subsequent to Goldman’s complete disposition of ownership in March 2019. Affiliates of Goldman are part of the lending group under the 2018 Senior Unsecured Credit Facility, and have a $90.0 million , or 7.1% , total commitment. Another affiliate of Goldman was one of the lending group under the ANZ Loans (with a 2.5% participation in the Australia Term Loan and 31.8% in the New Zealand Term Loan), which the Company repaid during December 2018. Goldman was also the counterparty to the interest rate swap agreements, which were terminated in December 2018 in connection with the extinguishment of the ANZ Loans. As a member of the previously described lending groups, the Company is required to pay certain fees to Goldman, which may include interest on borrowings, unused facility fees, letter of credit participation fees, and letter of credit facility fees. The Company paid interest expense and fees to Goldman totaling approximately $1.4 million , $2.3 million , and $0.9 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Interest payable to Goldman was nominal as of December 31, 2019 , 2018 , and 2017 . The net settlements of the terminated ANZ interest rate swap agreements are not included in the figures above and totaled approximately $1.2 million and $1.5 million for the years ended December 31, 2018 and 2017 , respectively. In addition, a swap termination fee was paid to Goldman in 2018 of $1.8 million in conjunction with the extinguishment of the ANZ Loans. In connection with the April 2019 follow-on offering, the May 2019 debt private placement and the Cloverleaf Acquisition, Goldman received total fees of approximately $15.2 million . In connection with the secondary offering completed in March 2019, Goldman sold their remaining common shares of the Company, totaling 8,061,228 common shares, in an underwritten public offering. The Company did not receive any proceeds from the shares sold by Goldman and its affiliates in this offering. In connection with this transaction, Goldman received an underwriting fee of approximately $2.6 million . Although Goldman was no longer a significant shareholder of the Company, Bradley Gross, a partner at Goldman Sachs, remained on the Board of Trustees through May 22, 2019. Mr. Gross did not stand for re-election to the Board of Trustees in connection with the Company’s annual meeting of shareholders. In January 2019, the Company entered into an interest rate swap with Goldman to hedge the changes in the cash flows of variable interest rate payments on our outstanding 2018 Senior Unsecured Term Loan A Facility. Net settlements under the interest rate swap commenced during the three months ended March 31, 2019. The net settlement of the swap for the year ended December 31, 2019 was $0.2 million . In December 2018, the Company entered into cross-currency swaps with Goldman to fix the cash flows of interest and principal payments on our foreign-currency denominated intercompany loans. Refer to Notes 2 and 11 for more information regarding the cross-currency swaps. These cash flows under the cross currency swaps are made semi-annually and began during the third quarter of 2019. These payments are excluded from amounts disclosed above since they represent ongoing settlements of foreign exchange forwards. Additionally, the Company periodically enters into foreign exchange spot trades with Goldman to facilitate the movement of funds between our international subsidiaries and the U.S., including the funding of the previously mentioned intercompany loans. In connection with the follow-on offering completed in September 2018, Goldman sold 9,083,280 common shares, and after giving effect to the sale owned approximately 9.9% of the Company’s common shares. In connection with the follow-on offering, Goldman received an underwriting fee of approximately $5.0 million , and received a refund of approximately $0.7 million representing the underwriting discount on the gross proceeds received by the selling shareholders. In December 2017, the Company prepaid in escrow a $0.2 million fee to Goldman for its share of the 2018 Senior Secured Credit Facilities commitment, which was related to the refinancing that occurred in tandem with the IPO. In connection with the IPO, Goldman converted its Series B Preferred Shares into 28,808,224 common shares. After giving effect to the full exercise of the underwriters’ option to purchase additional common shares during the IPO, and after giving effect to the sale by Goldman of 5,163,716 common shares in the IPO, Goldman owned approximately 16.7% of the Company’s common shares. In connection with the IPO, Goldman received a refund from the underwriters of approximately $1.6 million , which represents the underwriting discount on the gross proceeds received by the selling shareholders. |
Geographic Concentrations
Geographic Concentrations | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Geographic Concentrations | Geographic Concentrations The following table provides geographic information for the Company’s total revenues for the years ended December 31, 2019 , 2018 and 2017 , and total assets as of December 31, 2019 and 2018 : Total Revenues Total Assets 2019 2018 2017 2019 2018 (In thousands) U.S. $ 1,509,401 $ 1,313,811 $ 1,253,879 $ 3,812,761 $ 2,242,078 Australia 216,741 227,374 219,738 274,288 226,666 New Zealand 30,047 32,363 33,289 67,046 51,419 Argentina 9,647 11,752 18,319 7,794 7,154 Canada 17,869 18,335 18,362 8,794 5,111 $ 1,783,705 $ 1,603,635 $ 1,543,587 $ 4,170,683 $ 2,532,428 Our principal operations are organized into four reportable segments: Warehouse, Third-party managed, Transportation and Other. • Warehouse. Our primary source of revenues consists of rent and storage and warehouse services fees. Our rent and storage and warehouse services revenues are the key drivers of our financial performance. Rent and storage revenues consist of recurring, periodic charges related to the storage of frozen and perishable food and other products in our warehouses. We also provide these customers with a wide array of handling and other warehouse services, such as (1) receipt, handling and placement of products into our warehouses for storage and preservation, (2) retrieval of products from storage upon customer request, (3) blast freezing, which involves the rapid freezing of non-frozen products, including individual quick freezing for agricultural produce and seafood, (4) case-picking, which involves selecting product cases to build customized pallets, (5) kitting and repackaging, which involves assembling custom product packages for delivery to retailers and consumers, and labeling services, (6) order assembly and load consolidation, (7) exporting and importing support services, (8) container handling, (9) cross-docking, which involves transferring inbound products to outbound trucks utilizing our warehouse docks without storing them in our warehouses, and (10) government-approved temperature-controlled storage and inspection services. We may charge our customers in advance for storage and outbound handling fees. Cost of operations for our warehouse segment consists of power, other facilities costs, labor and other services costs. • Third-party managed. We receive management and incentive fees, as well as reimbursement of substantially all expenses, for warehouses and logistics services that we manage on behalf of third-party owners/customers. Cost of operations for our third-party managed segment are reimbursed on a pass-through basis (typically within two weeks), with all reimbursements, plus an applicable mark-up, recognized as revenues under the relevant accounting guidance. • Transportation. We charge transportation fees, including fuel surcharges, to our customers for whom we arrange the transportation of their products. Cost of operations for our transportation segment consist primarily of third-party carrier charges, which are impacted by factors affecting those carriers. • Other . In addition to our primary business segments, we own a limestone quarry in Carthage, Missouri. Revenues are generated from the sale of limestone mined at our quarry. Cost of operations for our quarry consist primarily of labor, equipment, fuel and explosives. Our reportable segments are strategic business units separated by service offerings. Each reportable segment is managed separately and requires different operational and marketing strategies. The accounting polices used in the preparation of our reportable segments financial information are the same as those used in the preparation of its consolidated financial statements. Our chief operating decision maker uses revenues and segment contribution to evaluate segment performance. We calculate segment contribution as earnings before interest expense, taxes, depreciation and amortization, and excluding corporate selling, general and administrative expense, acquisition, litigation and other expense, impairment of long-lived assets, gain or loss on sale of real estate and all components of non-operating other income and expense. Selling, general and administrative functions support all the business segments. Therefore, the related expense is not allocated to segments as the chief operating decision maker does not use it to evaluate segment performance. Segment contribution is not a measurement of financial performance under GAAP, and may not be comparable to similarly titled measures of other companies. You should not consider our segment contribution as an alternative to operating income determined in accordance with GAAP. The following table presents segment revenues and contributions with a reconciliation to Income before income tax benefit (expense) for the years ended December 31, 2019 , 2018 and 2017 : Years Ended December 31, 2019 2018 2017 (In thousands) Segment revenues: Warehouse $ 1,377,217 $ 1,176,912 $ 1,145,662 Third-party managed 252,939 259,034 242,189 Transportation 144,844 158,790 146,070 Other 8,705 8,899 9,666 Total revenues 1,783,705 1,603,635 1,543,587 Segment contribution: Warehouse 447,591 374,534 348,328 Third-party managed 11,761 14,760 12,825 Transportation 18,067 15,735 12,950 Other 838 620 2 Total segment contribution 478,257 405,649 374,105 Reconciling items: Depreciation, depletion and amortization (163,348 ) (117,653 ) (116,741 ) Selling, general and administrative expense (129,310 ) (110,825 ) (99,616 ) Acquisition, litigation and other (40,614 ) (3,935 ) (11,329 ) Impairment of long-lived assets (13,485 ) (747 ) (9,473 ) (Loss) gain from sale of real estate, net (34 ) 7,471 43 Interest expense (94,408 ) (93,312 ) (114,898 ) Interest income 6,286 3,996 1,074 Bridge loan commitment fees (2,665 ) — — Loss on debt extinguishment, modifications and termination of derivative instruments — (47,559 ) (986 ) Foreign currency exchange gain (loss), net 10 2,882 (3,591 ) Other expense, net (1,870 ) (532 ) (1,944 ) Loss from partially owned entities (111 ) (1,069 ) (1,363 ) Gain from sale of partially owned entities 4,297 — — Impairment of partially owned entities — — (6,496 ) Income before income tax benefit (expense) $ 43,005 $ 44,366 $ 8,785 The following table details our long-lived assets by reportable segments, with a reconciliation to total assets reported for each of the periods presented in the accompanying Consolidated Balance Sheets. Years Ended December 31, 2019 2018 (In thousands) Assets: Warehouse $ 3,684,391 $ 2,054,968 Third-party managed 47,867 43,725 Transportation 50,666 35,479 Other 13,467 13,554 Total segments assets 3,796,391 2,147,726 Reconciling items: Corporate assets 374,292 370,161 Investments in partially owned entities — 14,541 Total reconciling items 374,292 384,702 Total assets $ 4,170,683 $ 2,532,428 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Geographic Concentrations The following table provides geographic information for the Company’s total revenues for the years ended December 31, 2019 , 2018 and 2017 , and total assets as of December 31, 2019 and 2018 : Total Revenues Total Assets 2019 2018 2017 2019 2018 (In thousands) U.S. $ 1,509,401 $ 1,313,811 $ 1,253,879 $ 3,812,761 $ 2,242,078 Australia 216,741 227,374 219,738 274,288 226,666 New Zealand 30,047 32,363 33,289 67,046 51,419 Argentina 9,647 11,752 18,319 7,794 7,154 Canada 17,869 18,335 18,362 8,794 5,111 $ 1,783,705 $ 1,603,635 $ 1,543,587 $ 4,170,683 $ 2,532,428 Our principal operations are organized into four reportable segments: Warehouse, Third-party managed, Transportation and Other. • Warehouse. Our primary source of revenues consists of rent and storage and warehouse services fees. Our rent and storage and warehouse services revenues are the key drivers of our financial performance. Rent and storage revenues consist of recurring, periodic charges related to the storage of frozen and perishable food and other products in our warehouses. We also provide these customers with a wide array of handling and other warehouse services, such as (1) receipt, handling and placement of products into our warehouses for storage and preservation, (2) retrieval of products from storage upon customer request, (3) blast freezing, which involves the rapid freezing of non-frozen products, including individual quick freezing for agricultural produce and seafood, (4) case-picking, which involves selecting product cases to build customized pallets, (5) kitting and repackaging, which involves assembling custom product packages for delivery to retailers and consumers, and labeling services, (6) order assembly and load consolidation, (7) exporting and importing support services, (8) container handling, (9) cross-docking, which involves transferring inbound products to outbound trucks utilizing our warehouse docks without storing them in our warehouses, and (10) government-approved temperature-controlled storage and inspection services. We may charge our customers in advance for storage and outbound handling fees. Cost of operations for our warehouse segment consists of power, other facilities costs, labor and other services costs. • Third-party managed. We receive management and incentive fees, as well as reimbursement of substantially all expenses, for warehouses and logistics services that we manage on behalf of third-party owners/customers. Cost of operations for our third-party managed segment are reimbursed on a pass-through basis (typically within two weeks), with all reimbursements, plus an applicable mark-up, recognized as revenues under the relevant accounting guidance. • Transportation. We charge transportation fees, including fuel surcharges, to our customers for whom we arrange the transportation of their products. Cost of operations for our transportation segment consist primarily of third-party carrier charges, which are impacted by factors affecting those carriers. • Other . In addition to our primary business segments, we own a limestone quarry in Carthage, Missouri. Revenues are generated from the sale of limestone mined at our quarry. Cost of operations for our quarry consist primarily of labor, equipment, fuel and explosives. Our reportable segments are strategic business units separated by service offerings. Each reportable segment is managed separately and requires different operational and marketing strategies. The accounting polices used in the preparation of our reportable segments financial information are the same as those used in the preparation of its consolidated financial statements. Our chief operating decision maker uses revenues and segment contribution to evaluate segment performance. We calculate segment contribution as earnings before interest expense, taxes, depreciation and amortization, and excluding corporate selling, general and administrative expense, acquisition, litigation and other expense, impairment of long-lived assets, gain or loss on sale of real estate and all components of non-operating other income and expense. Selling, general and administrative functions support all the business segments. Therefore, the related expense is not allocated to segments as the chief operating decision maker does not use it to evaluate segment performance. Segment contribution is not a measurement of financial performance under GAAP, and may not be comparable to similarly titled measures of other companies. You should not consider our segment contribution as an alternative to operating income determined in accordance with GAAP. The following table presents segment revenues and contributions with a reconciliation to Income before income tax benefit (expense) for the years ended December 31, 2019 , 2018 and 2017 : Years Ended December 31, 2019 2018 2017 (In thousands) Segment revenues: Warehouse $ 1,377,217 $ 1,176,912 $ 1,145,662 Third-party managed 252,939 259,034 242,189 Transportation 144,844 158,790 146,070 Other 8,705 8,899 9,666 Total revenues 1,783,705 1,603,635 1,543,587 Segment contribution: Warehouse 447,591 374,534 348,328 Third-party managed 11,761 14,760 12,825 Transportation 18,067 15,735 12,950 Other 838 620 2 Total segment contribution 478,257 405,649 374,105 Reconciling items: Depreciation, depletion and amortization (163,348 ) (117,653 ) (116,741 ) Selling, general and administrative expense (129,310 ) (110,825 ) (99,616 ) Acquisition, litigation and other (40,614 ) (3,935 ) (11,329 ) Impairment of long-lived assets (13,485 ) (747 ) (9,473 ) (Loss) gain from sale of real estate, net (34 ) 7,471 43 Interest expense (94,408 ) (93,312 ) (114,898 ) Interest income 6,286 3,996 1,074 Bridge loan commitment fees (2,665 ) — — Loss on debt extinguishment, modifications and termination of derivative instruments — (47,559 ) (986 ) Foreign currency exchange gain (loss), net 10 2,882 (3,591 ) Other expense, net (1,870 ) (532 ) (1,944 ) Loss from partially owned entities (111 ) (1,069 ) (1,363 ) Gain from sale of partially owned entities 4,297 — — Impairment of partially owned entities — — (6,496 ) Income before income tax benefit (expense) $ 43,005 $ 44,366 $ 8,785 The following table details our long-lived assets by reportable segments, with a reconciliation to total assets reported for each of the periods presented in the accompanying Consolidated Balance Sheets. Years Ended December 31, 2019 2018 (In thousands) Assets: Warehouse $ 3,684,391 $ 2,054,968 Third-party managed 47,867 43,725 Transportation 50,666 35,479 Other 13,467 13,554 Total segments assets 3,796,391 2,147,726 Reconciling items: Corporate assets 374,292 370,161 Investments in partially owned entities — 14,541 Total reconciling items 374,292 384,702 Total assets $ 4,170,683 $ 2,532,428 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share Basic and diluted earnings per common share are calculated by dividing the net income or loss attributable to common shareholders by the basic and diluted weighted-average number of common shares outstanding in the period, respectively, using the allocation method prescribed by the two-class method. The Company applies this method to compute earnings per share because it distributes non-forfeitable dividend equivalents on restricted stock units granted to certain employees and non-employee trustees who have the right to participate in the distribution of common dividends while the restricted stock units are unvested. For the year ended December 31, 2019 , the weighted-average number of unvested restricted stock units that participated in the distribution of common dividends was 1,405,421 , of which 629,929 restricted stock units currently have vested but will not be settled until additional criteria are met. The shares issuable upon settlement of the 2018 forward sale agreement and 2019 forward sale agreement are reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of the Company’s common shares used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of common shares that would be issued upon full physical settlement of the applicable forward sale agreement over the number of common shares that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). If and when the Company physically or net share settles either forward sale agreement, the delivery of common shares would result in an increase in the number of shares outstanding and dilution to earnings per share. As of December 31, 2019 , the Company has not settled any portion of the forward sale agreement. Prior to the IPO, holders of Series B Preferred Shares were entitled to cumulative dividends, which were added to the reported net loss whether or not declared or paid to determine the net loss attributable to common shareholders under the two-class method. A reconciliation of the basic and diluted weighted-average number of common shares outstanding for the years ended December 31, 2019 , 2018 and 2017 is as follows: Year ended December 31, 2019 2018 2017 (In thousands) Weighted average common shares outstanding – basic 179,598 141,415 70,022 Dilutive effect of share-based awards 1,660 2,662 — Equity forward contracts 2,692 261 — Weighted average common shares outstanding – diluted 183,950 144,338 70,022 For the year ended December 31, 2017, potential common shares under the treasury stock method and the if-converted method were antidilutive because the Company reported a net loss. Consequently, the Company did not have any adjustments in these periods between basic and diluted loss per share related to stock options, restricted stock units, warrants and convertible preferred shares in this period. The table below presents the weighted-average number of antidilutive potential common shares that are not considered in the calculation of diluted income (loss) per share: Year ended December 31, 2019 2018 2017 (In thousands) Series B Convertible Preferred Stock — — 33,240 Common share warrants — — 18,575 Employee stock options — — 5,983 Restricted stock units 250 — 685 Equity forward contracts — — — 250 — 58,483 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregated Revenue The following tables represent a disaggregation of revenue from contracts with customers for the years ended December 31, 2019 , 2018 and 2017 by segment and geographic region: December 31, 2019 United States Australia New Zealand Argentina Canada Total (In thousands) Warehouse rent and storage $ 502,674 $ 37,172 $ 15,942 $ 4,749 $ — $ 560,537 Warehouse services 653,890 124,045 13,701 3,072 — 794,708 Third-party managed 220,165 14,886 — — 17,869 252,920 Transportation 101,976 40,638 404 1,826 — 144,844 Other 8,683 — — — — 8,683 Total revenues (1) 1,487,388 216,741 30,047 9,647 17,869 1,761,692 Lease revenue (2) 22,013 — — — — 22,013 Total revenues from contracts with all customers $ 1,509,401 $ 216,741 $ 30,047 $ 9,647 $ 17,869 $ 1,783,705 December 31, 2018 United States Australia New Zealand Argentina Canada Total (In thousands) Warehouse rent and storage $ 433,131 $ 39,573 $ 15,018 $ 5,694 $ — $ 493,416 Warehouse services 522,748 119,665 16,634 3,109 — 662,156 Third-party managed 227,757 12,742 — — 18,335 258,834 Transportation 99,736 55,394 711 2,949 — 158,790 Other 8,877 — — — — 8,877 Total revenues (1) 1,292,249 227,374 32,363 11,752 18,335 1,582,073 Lease revenue (2) 21,562 — — — — 21,562 Total revenues from contracts with all customers $ 1,313,811 $ 227,374 $ 32,363 $ 11,752 $ 18,335 $ 1,603,635 December 31, 2017 United States Australia New Zealand Argentina Canada Total (In thousands) Warehouse rent and storage $ 413,647 $ 40,086 $ 17,695 $ 9,139 $ — $ 480,567 Warehouse services 508,982 116,287 14,776 4,013 — 644,058 Third-party managed 214,400 9,227 — — 18,362 241,989 Transportation 85,947 54,138 818 5,167 — 146,070 Other 9,644 — — — — 9,644 Total revenues (1) 1,232,620 219,738 33,289 18,319 18,362 1,522,328 Lease revenue (2) 21,259 — — — — 21,259 Total revenues from contracts with all customers $ 1,253,879 $ 219,738 $ 33,289 $ 18,319 $ 18,362 $ 1,543,587 (1) Revenues are within the scope of ASC 606: Revenue From Contracts With Customers. Elements of contracts or arrangements that are in the scope of other standards (e.g., leases) are separated and accounted for under those standards. (2) Revenues are within the scope of Topic 842 and 840, Leases , for the applicable period. Performance Obligations Substantially all our revenue for warehouse storage and handling services, and management and incentive fees earned under third-party managed and other contracts is recognized over time as the customer benefits equally throughout the period until the contractual term expires. Typically, revenue is recognized over time using an output measure (e.g. passage of time). Revenue is recognized at a point in time upon delivery when the customer typically obtains control, for most accessorial services, transportation services, reimbursed costs and quarry product shipments. For arrangements containing non-cancellable contract terms, any variable consideration related to storage renewals or incremental handling charges above stated minimums are 100% constrained and not included in aggregate amount of the transaction price allocated to the unsatisfied performance obligations disclosed below, given the degree in difficulty in estimation. Payment terms are generally 0 - 30 days upon billing, which is typically monthly, either in advance or subsequent to the performance of services. The same payment terms typically apply for arrangements containing variable consideration. The Company has no material warranties or obligations for allowances, refunds or other similar obligations. At December 31, 2019 , the Company had $658.2 million of remaining unsatisfied performance obligations from contracts with customers subject to a non-cancellable term and within contracts that have an original expected duration exceeding one year. These obligations also do not include variable consideration beyond the non-cancellable term, which due to the inability to quantify by estimate, is fully constrained. The Company expects to recognize approximately 26% of these remaining performance obligations as revenue in 2020, and the remaining 74% to be recognized over a weighted average period of 14.3 years through 2038 . Contract Balances The timing of revenue recognition, billings and cash collections results in accounts receivable (contract assets), and unearned revenue (contract liabilities) on the accompanying Consolidated Balance Sheets. Generally, billing occurs monthly, subsequent to revenue recognition, resulting in contract assets. However, the Company may bill and receive advances or deposits from customers, particularly on storage and handling services, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the accompanying Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Changes in the contract asset and liability balances during the year ended December 31, 2019 , were not materially impacted by any other factors. Opening and closing receivables balances related to contracts with customers accounted for under ASC 606 were $213.2 million and $192.1 million at December 31, 2019 and 2018 , respectively. All other trade receivable balances relate to contracts accounted for under ASC 842 or 840, for the applicable period. Opening and closing balances in unearned revenue related to contracts with customers were $16.4 million and $18.6 million at December 31, 2019 and 2018 , respectively. Substantially all revenue that was included in the contract liability balances at the beginning of 2018 and 2017 has been recognized as of December 31, 2019 and 2018 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Americold Realty Trust) - Unaudited | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Americold Realty Trust) - Unaudited | Selected Quarterly Financial Data (Americold Realty Trust) - Unaudited The following table sets forth selected unaudited quarterly statements of operations data for the years ended December 31, 2019 and 2018 : 2019 December 31 September 30 June 30 March 31 (In thousands, except per share amounts) Total revenues $ 485,984 $ 466,182 $ 438,460 $ 393,079 Total operating expenses 439,405 426,797 409,375 376,662 Operating income 46,579 39,385 29,085 16,417 Net income (loss) applicable to common shareholders 20,809 27,091 4,891 (4,629 ) Net income (loss) per common share (a) Basic 0.11 0.14 0.03 (0.03 ) Diluted 0.10 0.14 0.03 (0.03 ) (a) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding included in the calculation of basic and diluted shares. 2018 December 31 September 30 June 30 March. 31 (In thousands, except per share amounts) Total revenues $ 415,817 $ 402,010 $ 394,667 $ 391,141 Total operating expenses 364,646 358,457 345,363 355,209 Operating income 51,171 43,553 49,304 35,932 Net income (loss) applicable to common shareholders 2,678 24,540 29,406 (10,457 ) Net income (loss) per common share (a) Basic 0.02 0.17 0.20 (0.08 ) Diluted 0.02 0.17 0.20 (0.08 ) (a) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding included in the calculation of basic and diluted shares. The following table sets forth selected unaudited quarterly statements of operations data for the years ended December 31, 2019 and 2018 : 2019 December 31 September 30 June 30 March 31 (In thousands, except per share amounts) Total revenues $ 485,984 $ 466,182 $ 438,460 $ 393,079 Total operating expenses 439,405 426,797 409,375 376,662 Operating income 46,579 39,385 29,085 16,417 Net income (loss) applicable to unitholders 20,809 27,091 4,891 (4,629 ) Net income (loss) per unit (a) 0.11 0.14 0.03 (0.03 ) (a) Quarterly earnings per unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted units outstanding included in the calculation of units. 2018 December 31 September 30 June 30 March. 31 (In thousands, except per share amounts) Total revenues $ 415,817 $ 402,010 $ 394,667 $ 391,141 Total operating expenses 364,646 358,457 345,363 355,209 Operating income 51,171 43,553 49,304 35,932 Net income (loss) applicable to unitholders 2,678 24,540 29,406 (10,457 ) Net income (loss) per unit (a) 0.02 0.17 0.21 (0.08 ) (a) Quarterly earnings per unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted units outstanding included in the calculation of units. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Americold Realty Operating Partnership, L.P.) - Unaudited | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Americold Realty Operating Partnership, L.P.) - Unaudited | Selected Quarterly Financial Data (Americold Realty Trust) - Unaudited The following table sets forth selected unaudited quarterly statements of operations data for the years ended December 31, 2019 and 2018 : 2019 December 31 September 30 June 30 March 31 (In thousands, except per share amounts) Total revenues $ 485,984 $ 466,182 $ 438,460 $ 393,079 Total operating expenses 439,405 426,797 409,375 376,662 Operating income 46,579 39,385 29,085 16,417 Net income (loss) applicable to common shareholders 20,809 27,091 4,891 (4,629 ) Net income (loss) per common share (a) Basic 0.11 0.14 0.03 (0.03 ) Diluted 0.10 0.14 0.03 (0.03 ) (a) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding included in the calculation of basic and diluted shares. 2018 December 31 September 30 June 30 March. 31 (In thousands, except per share amounts) Total revenues $ 415,817 $ 402,010 $ 394,667 $ 391,141 Total operating expenses 364,646 358,457 345,363 355,209 Operating income 51,171 43,553 49,304 35,932 Net income (loss) applicable to common shareholders 2,678 24,540 29,406 (10,457 ) Net income (loss) per common share (a) Basic 0.02 0.17 0.20 (0.08 ) Diluted 0.02 0.17 0.20 (0.08 ) (a) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding included in the calculation of basic and diluted shares. The following table sets forth selected unaudited quarterly statements of operations data for the years ended December 31, 2019 and 2018 : 2019 December 31 September 30 June 30 March 31 (In thousands, except per share amounts) Total revenues $ 485,984 $ 466,182 $ 438,460 $ 393,079 Total operating expenses 439,405 426,797 409,375 376,662 Operating income 46,579 39,385 29,085 16,417 Net income (loss) applicable to unitholders 20,809 27,091 4,891 (4,629 ) Net income (loss) per unit (a) 0.11 0.14 0.03 (0.03 ) (a) Quarterly earnings per unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted units outstanding included in the calculation of units. 2018 December 31 September 30 June 30 March. 31 (In thousands, except per share amounts) Total revenues $ 415,817 $ 402,010 $ 394,667 $ 391,141 Total operating expenses 364,646 358,457 345,363 355,209 Operating income 51,171 43,553 49,304 35,932 Net income (loss) applicable to unitholders 2,678 24,540 29,406 (10,457 ) Net income (loss) per unit (a) 0.02 0.17 0.21 (0.08 ) (a) Quarterly earnings per unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted units outstanding included in the calculation of units. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events (Unaudited) On January 2, 2020, the Company completed the purchase of all outstanding shares of Nova Cold for cash consideration of CAD $336.8 million (USD $257.1 million ). Nova Cold consists of four temperature-controlled facilities in Toronto, Calgary and Halifax. The acquisition was funded utilizing proceeds from the settlement of our April 2019 forward sale agreement combined with cash drawn on our 2018 Senior Unsecured Revolving Credit Facility. We have not yet completed our accounting assessment of the acquistion or completed our cost allocation or preliminary purchase price allocation, as applicable. On January 2, 2020, the Company completed the purchase of all outstanding membership interests of Newport Cold for cash consideration of $56.0 million . Newport Cold consists of a single temperature-controlled warehouse located in St. Paul, Minnesota. We have not yet completed our accounting assessment of the acquisition or completed our cost allocation or preliminary purchase price allocation, as applicable. On January 31, 2020, the Company received official notice from its customer to exercise its contractual call option to purchase land from the Company in Sydney, Australia, which was previously purchased by the Company for future development. Under the agreement with the customer, the Company will be reimbursed for its land purchase in Sydney and related costs. On February 20, 2020, the Company entered into a Share Purchase and Sale agreement to acquire a 14.99% ownership interest in Superfrio Armazéns Gerais S.A. (SuperFrio) for Brazil Real Dollars 117.8 million , or approximately USD $26.4 million . Superfrio is a Brazilian based company that provides temperature-controlled storage and logistics services including: storage, warehouse services and transportation. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Initial Costs Gross amount at which carried as of Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) Date of Construction Date of Acquisition Life on Which Depreciation is Computed US Albertville, AL 1 $ — $ 1,251 $ 12,385 $ 1,080 $ 1,298 $ 13,418 $ 14,716 $ (5,794 ) 1993 2008 5 - 40 years Allentown, PA 2 — 5,780 47,807 7,583 6,513 54,657 61,170 (24,289 ) 1976 2008 5 - 40 years Amarillo, TX 1 — 871 4,473 872 932 5,284 6,216 (2,576 ) 1973 2008 5 - 40 years Anaheim, CA 1 — 9,509 16,810 918 9,509 17,728 27,237 (8,375 ) 1965 2009 5 - 40 years Appleton, WI 1 — 200 5,022 10,809 916 15,115 16,031 (4,445 ) 1989 2009 5 - 40 years Atlanta - Lakewood, GA 1 — 4,297 3,369 (1,539 ) 639 5,488 6,127 (2,165 ) 1963 2008 5 - 40 years Atlanta - Skygate, GA 1 — 1,851 12,731 746 2,019 13,309 15,328 (4,387 ) 2001 2008 5 - 40 years Atlanta - Southgate, GA 1 — 1,623 17,652 2,052 2,286 19,041 21,327 (6,769 ) 1996 2008 5 - 40 years Atlanta - Tradewater, GA 1 — — 36,966 (4,140 ) 6,106 26,720 32,826 (6,054 ) 2004 2008 5 - 40 years Atlanta - Westgate, GA 1 — 2,270 24,659 (1,535 ) 2,025 23,369 25,394 (10,278 ) 1990 2008 5 - 40 years Atlanta, GA - Corporate — — — 365 14,333 — 14,698 14,698 (4,617 ) 1999/2014 2008 5 - 40 years Augusta, GA 1 — 2,678 1,943 1,062 2,838 2,845 5,683 (1,616 ) 1971 2008 5 - 40 years Babcock, WI 1 — 852 8,916 141 895 9,014 9,909 (2,941 ) 1999 2008 5 - 40 years Bartow, FL 1 — — 2,451 641 10 3,082 3,092 (2,417 ) 1962 2008 5 - 40 years Belvidere-Imron, IL 1 — 2,000 11,989 3,676 2,410 15,255 17,665 (6,245 ) 1991 2009 5 - 40 years Belvidere-Landmark, IL (Cross Dock) 1 — 1 2,117 1,941 — 4,059 4,059 (4,001 ) 1991 2009 5 - 40 years Benson, NC (1) 1 — 3,660 35,825 — 3,660 35,825 39,485 (857 ) 1997 2019 5 - 40 years Birmingham, AL 1 964 1,002 957 2,033 1,269 2,723 3,992 (892 ) 1963 2008 5 - 40 years Boston, MA 1 — 1,855 5,796 1,536 1,917 7,270 9,187 (2,595 ) 1969 2008 5 - 40 years Brea, CA 1 — 4,645 5,891 769 4,664 6,641 11,305 (2,778 ) 1975 2009 5 - 40 years Brooklyn Park, MN 1 — 1,600 8,951 1,666 1,600 10,617 12,217 (4,406 ) 1986 2009 5 - 40 years Burley, ID 2 — — 16,136 3,729 52 19,813 19,865 (13,720 ) 1959 2008 5 - 40 years Burlington, WA 3 14,059 694 6,108 2,442 708 8,536 9,244 (4,063 ) 1965 2008 5 - 40 years Carson, CA 1 — 9,100 13,731 1,100 9,116 14,815 23,931 (4,853 ) 2002 2009 5 - 40 years Cartersville, GA 1 — 1,500 8,505 532 1,571 8,966 10,537 (3,594 ) 1996 2009 5 - 40 years Carthage Quarry, MO — — 12,621 356 187 12,697 467 13,164 (3,088 ) N/A 2008 5 - 40 years Carthage Warehouse Dist, MO 1 — 61,445 33,880 6,109 62,356 39,078 101,434 (21,143 ) 1972 2008 5 - 40 years Chambersburg, PA (4) 1 — 1,368 15,868 — 1,368 15,868 17,236 (60 ) 1994 2019 5 - 40 years Initial Costs Gross amount at which carried as of Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) Date of Construction Date of Acquisition Life on Which Depreciation is Computed Cherokee, IA (1) 1 — 580 8,343 3 580 8,346 8,926 (223 ) 1965 2019 5 - 40 years Chesapeake, VA (1) 1 — 2,740 13,452 17,932 2,757 31,367 34,124 (388 ) 1991 2019 5 - 40 years Chillicothe, MO (1) 1 — 670 44,905 26 670 44,931 45,601 (976 ) 1999 2019 5 - 40 years City of Industry, CA 2 — — 1,455 1,746 137 3,064 3,201 (2,357 ) 1962 2009 5 - 40 years Clearfield, UT 1 — 2,881 14,945 4,801 2,176 20,451 22,627 (8,590 ) 1973 2008 5 - 40 years Clearfield 2, UT 1 — 806 21,569 1,352 1,124 22,603 23,727 (1,863 ) 2017 2017 5 - 40 years Columbia, SC 1 — 768 1,429 1,069 860 2,406 3,266 (1,131 ) 1971 2008 5 - 40 years Columbus, OH (1) 1 — 2,440 38,939 5,497 2,775 44,101 46,876 (739 ) 1996 2019 5 - 40 years Connell, WA 1 — 497 8,728 1,156 508 9,873 10,381 (4,178 ) 1969 2008 5 - 40 years Dallas, TX 1 — 1,468 14,385 13,246 2,929 26,170 29,099 (7,364 ) 1994 2009 5 - 40 years Delhi, LA 1 15,873 539 12,228 502 580 12,689 13,269 (6,585 ) 2010 2010 5 - 40 years Denver-50th Street, CO 1 — — 1,724 543 — 2,267 2,267 (2,061 ) 1974 2008 5 - 40 years Dominguez Hills, CA 1 — 11,149 10,894 1,173 11,162 12,054 23,216 (4,900 ) 1989 2009 5 - 40 years Douglas, GA 1 — 400 2,080 1,780 401 3,859 4,260 (1,330 ) 1969 2009 5 - 40 years Eagan, MN (1) 1 — 6,050 49,441 44 6,050 49,485 55,535 (1,083 ) 1964 2019 5 - 40 years East Dubuque, IL 1 — 722 13,764 620 753 14,353 15,106 (4,765 ) 1993 2008 5 - 40 years East Point, GA 1 — 1,884 3,621 3,537 2,020 7,022 9,042 (2,204 ) 1959 2016 5 - 40 years Fairfield, OH (1) 1 — 1,880 20,849 — 1,880 20,849 22,729 (513 ) 1993 2019 5 - 40 years Fairmont, MN (1) 1 — 1,650 13,738 34 1,650 13,772 15,422 (314 ) 1968 2019 5 - 40 years Fort Dodge, IA 1 — 1,022 7,162 1,193 1,226 8,151 9,377 (3,442 ) 1979 2008 5 - 40 years Fort Smith, AR 2 — 308 2,231 2,030 342 4,227 4,569 (1,385 ) 1958 2008 5 - 40 years Fort Smith - Highway 45, AR (1) 1 — 2,245 51,998 — 2,245 51,998 54,243 (1,176 ) 1987 2019 5 - 40 years Fort Worth-Blue Mound, TX 1 — 1,700 5,055 1,548 1,700 6,603 8,303 (1,884 ) 1995 2009 5 - 40 years Fort Worth-Samuels, TX 2 — 1,985 13,447 2,886 2,109 16,209 18,318 (6,694 ) 1977 2009 5 - 40 years Fremont, NE 1 26,984 629 3,109 5,896 691 8,943 9,634 (4,412 ) 1968 2008 5 - 40 years Ft. Worth, TX (Meacham) 1 — 5,610 24,686 3,111 5,873 27,534 33,407 (10,642 ) 2005 2008 5 - 40 years Ft. Worth, TX (Railhead) 1 — 1,857 8,536 595 1,955 9,033 10,988 (3,828 ) 1998 2008 5 - 40 years Gadsden, AL 1 23,384 100 9,820 (857 ) 351 8,712 9,063 (2,834 ) 1991 2013 5 - 40 years Gaffney, SC 1 — 1,000 3,263 152 1,000 3,415 4,415 (1,323 ) 1995 2008 5 - 40 years Initial Costs Gross amount at which carried as of Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) Date of Construction Date of Acquisition Life on Which Depreciation is Computed Gainesville, GA 1 — 400 5,704 1,035 411 6,728 7,139 (2,494 ) 1989 2009 5 - 40 years Gainesville - Candler, GA (2) 1 — 716 3,258 — 716 3,258 3,974 (126 ) 1995 2019 5 - 40 years Garden City, KS 1 — 446 4,721 1,549 446 6,270 6,716 (2,322 ) 1980 2008 5 - 40 years Gateway, GA 2 — 3,271 19,693 (7,211 ) 3,197 12,556 15,753 (8,367 ) 1972 2008 5 - 40 years Geneva Lakes, WI 1 — 1,579 36,020 3,042 2,265 38,376 40,641 (12,359 ) 1991 2009 5 - 40 years Gloucester - Rogers, MA 1 — 1,683 3,675 3,073 1,818 6,613 8,431 (2,080 ) 1967 2008 5 - 40 years Gloucester - Rowe, MA 1 — 1,146 2,833 6,763 1,272 9,470 10,742 (3,317 ) 1955 2008 5 - 40 years Gouldsboro, PA 1 — 4,224 29,473 2,643 4,930 31,410 36,340 (9,441 ) 2006 2009 5 - 40 years Grand Island, NE 1 — 430 6,542 (2,286 ) 479 4,207 4,686 (2,005 ) 1995 2008 5 - 40 years Green Bay, WI 2 — — 2,028 2,841 69 4,800 4,869 (2,618 ) 1935 2009 5 - 40 years Greenville, SC 1 — 200 1,108 396 203 1,501 1,704 (1,225 ) 1962 2009 5 - 40 years Hatfield, PA 2 — 5,002 28,286 9,461 5,795 36,954 42,749 (13,412 ) 1983 2009 5 - 40 years Henderson, NV 2 — 9,043 14,415 1,082 9,048 15,492 24,540 (5,221 ) 1988 2009 5 - 40 years Hermiston, OR 1 32,851 1,322 7,107 425 1,378 7,476 8,854 (3,045 ) 1975 2008 5 - 40 years Houston, TX 1 — 1,454 10,084 1,264 1,525 11,277 12,802 (3,703 ) 1990 2009 5 - 40 years Indianapolis, IN 4 — 1,897 18,991 19,772 3,860 36,800 40,660 (13,090 ) 1975 2008 5 - 40 years Jefferson, WI 2 — 1,553 19,805 1,676 1,880 21,154 23,034 (8,585 ) 1975 2009 5 - 40 years Johnson, AR (1) 1 — 6,159 24,802 — 6,159 24,802 30,961 (807 ) 1955 2019 5 - 40 years Lakeville, MN (1) 1 — 4,000 47,790 33 4,000 47,823 51,823 (1,084 ) 1970 2019 5 - 40 years Lancaster, PA 1 — 2,203 15,670 758 2,371 16,260 18,631 (5,306 ) 1993 2009 5 - 40 years LaPorte, TX 1 — 2,945 19,263 2,863 3,332 21,739 25,071 (7,560 ) 1990 2009 5 - 40 years Le Mars, IA (1) 1 — 1,000 12,596 176 1,107 12,665 13,772 (345 ) 1991 2019 5 - 40 years Leesport, PA 1 — 1,206 14,112 11,913 1,677 25,554 27,231 (7,428 ) 1993 2008 5 - 40 years Lowell, AR (1) 1 — 2,610 31,984 — 2,610 31,984 34,594 (833 ) 1992 2019 5 - 40 years Lula, GA (2) 1 — 3,864 35,382 — 3,864 35,382 39,246 (954 ) 1996 2019 5 - 40 years Lynden, WA 5 — 1,420 8,590 964 1,430 9,544 10,974 (3,838 ) 1946 2009 5 - 40 years Marshall, MO 1 10,544 741 10,304 379 826 10,598 11,424 (4,225 ) 1985 2008 5 - 40 years Massillon 17th, OH 1 — 175 15,322 498 414 15,581 15,995 (5,753 ) 2000 2008 5 - 40 years Massillon Erie, OH 1 — — 1,988 516 — 2,504 2,504 (2,465 ) 1984 2008 5 - 40 years Initial Costs Gross amount at which carried as of Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) Date of Construction Date of Acquisition Life on Which Depreciation is Computed Memphis Chelsea , TN — — 80 2 (81 ) — 1 1 (1 ) 1972 2008 5 - 40 years Middleboro, MA 1 — 404 15,031 155 435 15,155 15,590 (514 ) 2018 2018 5 - 40 years Milwaukie, OR 2 — 2,473 8,112 1,639 2,483 9,741 12,224 (5,726 ) 1958 2008 5 - 40 years Mobile, AL 1 — 10 3,203 765 17 3,961 3,978 (1,474 ) 1976 2009 5 - 40 years Modesto, CA 6 — 2,428 19,594 4,491 2,915 23,598 26,513 (10,426 ) 1945 2009 5 - 40 years Monmouth, IL (1) 1 — 2,660 48,348 — 2,660 48,348 51,008 (910 ) 2014 2019 5 - 40 years Montgomery, AL 1 6,689 850 7,746 (505 ) 1,157 6,934 8,091 (2,449 ) 1989 2013 5 - 40 years Moses Lake, WA 1 30,357 575 11,046 2,480 1,140 12,961 14,101 (5,300 ) 1967 2008 5 - 40 years Murfreesboro, TN 1 — 1,094 10,936 3,573 1,332 14,271 15,603 (6,616 ) 1982 2008 5 - 40 years Nampa, ID 4 — 1,588 11,864 2,099 1,719 13,832 15,551 (7,523 ) 1946 2008 5 - 40 years Napoleon, OH (1) 1 — 2,340 57,677 34 2,340 57,711 60,051 (1,284 ) 1974 2019 5 - 40 years New Ulm, MN 7 — 725 10,405 1,109 822 11,417 12,239 (4,032 ) 1984 2009 5 - 40 years North Little Rock, AR (1) 1 — 1,680 12,841 14,661 2,226 26,956 29,182 (382 ) 1996 2019 5 - 40 years Oklahoma City, OK 1 — 742 2,411 1,151 742 3,562 4,304 (1,708 ) 1968 2008 5 - 40 years Ontario, CA 3 — 14,673 3,632 24,506 14,745 28,066 42,811 (12,139 ) 1987(1)/1984(2)/1983(3) 2008 5 - 40 years Ontario, OR 4 — — 13,791 9,127 1,264 21,654 22,918 (13,095 ) 1962 2008 5 - 40 years Pasco, WA 1 — 557 15,809 413 588 16,191 16,779 (5,347 ) 1984 2008 5 - 40 years Pendergrass, GA 1 — 500 12,810 2,649 580 15,379 15,959 (6,149 ) 1993 2009 5 - 40 years Perryville, MD (4) 1 — 1,626 19,083 8 1,626 19,091 20,717 (58 ) 2007 2019 5 - 40 years Phoenix2, AZ 1 — 3,182 11,312 28 3,182 11,340 14,522 (2,245 ) 2014 2014 5 - 40 years Piedmont, SC 1 — 500 9,883 1,441 506 11,318 11,824 (4,655 ) 1981 2009 5 - 40 years Plover, WI 1 34,297 1,390 18,298 5,024 1,994 22,718 24,712 (9,901 ) 1981 2008 5 - 40 years Portland, ME 1 — 305 2,402 917 316 3,308 3,624 (1,042 ) 1952 2008 5 - 40 years Rochelle, IL (Americold Drive) 1 — 1,860 18,178 48,054 4,326 63,766 68,092 (9,330 ) 1995 2008 5 - 40 years Rochelle, IL (Caron) 1 — 2,071 36,658 734 2,213 37,250 39,463 (14,631 ) 2004 2008 5 - 40 years Russellville, AR - Elmira 1 — 1,261 9,910 3,185 1,352 13,004 14,356 (6,199 ) 1986 2008 5 - 40 years Russellville, AR - Route 324 (1) 1 — 2,467 29,179 (71 ) 2,494 29,081 31,575 (730 ) 1993 2019 5 - 40 years Russellville, AR - Valley 1 — 708 15,832 2,466 708 18,298 19,006 (5,829 ) 1995 2008 5 - 40 years Salem, OR 4 39,370 3,055 21,096 3,534 3,211 24,474 27,685 (11,419 ) 1963 2008 5 - 40 years Initial Costs Gross amount at which carried as of Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) Date of Construction Date of Acquisition Life on Which Depreciation is Computed Salinas, CA 5 — 7,244 7,181 9,670 8,098 15,997 24,095 (6,268 ) 1958 2009 5 - 40 years Salt Lake City, UT 1 — — 22,481 3,767 — 26,248 26,248 (14,083 ) 1998 2010 5 - 40 years San Antonio - HEB, TX 1 — 2,014 22,902 — 2,014 22,902 24,916 (3,424 ) 1982 2017 5 - 40 years San Antonio, TX 3 — 1,894 11,101 2,566 2,021 13,540 15,561 (7,666 ) 1913 2009 5 - 40 years Sanford, NC (1) 1 — 3,110 34,104 23 3,110 34,127 37,237 (794 ) 1996 2019 5 - 40 years Savannah, GA (3) 1 — 20,715 10,456 52 20,715 10,508 31,223 (433 ) 2015 2019 5 - 40 years Sebree, KY 1 — 638 7,895 635 638 8,530 9,168 (2,731 ) 1998 2008 5 - 40 years Sikeston, MO 1 — 258 11,936 2,685 2,339 12,540 14,879 (4,428 ) 1998 2009 5 - 40 years Sioux City - 2640, IA (1) 1 — 5,951 28,391 101 5,951 28,492 34,443 (902 ) 1990 2019 5 - 40 years Sioux City - 2900, IA (1) 1 — 3,070 56,336 30 3,070 56,366 59,436 (1,385 ) 1995 2019 5 - 40 years Sioux Falls, SD 1 — 856 4,780 3,901 1,039 8,498 9,537 (4,183 ) 1972 2008 5 - 40 years Springdale, AR 1 7,851 844 10,754 1,299 872 12,025 12,897 (4,951 ) 1982 2008 5 - 40 years St. Louis, MO 2 — 2,082 7,566 1,950 2,198 9,400 11,598 (3,079 ) 1956 2009 5 - 40 years St. Paul, MN 2 — 1,800 12,129 658 1,800 12,787 14,587 (5,148 ) 1970 2009 5 - 40 years Strasburg, VA 1 — 1,551 15,038 1,526 1,592 16,523 18,115 (5,554 ) 1999 2008 5 - 40 years Sumter, SC (1) 1 — 530 8,738 — 530 8,738 9,268 (306 ) 1979 2019 5 - 40 years Syracuse, NY 2 — 2,177 20,056 5,659 2,420 25,472 27,892 (9,581 ) 1960 2008 5 - 40 years Tacoma, WA 1 — — 21,216 2,443 27 23,632 23,659 (7,605 ) 2010 2010 5 - 40 years Tampa Plant City, FL 2 — 1,333 11,836 696 1,380 12,485 13,865 (4,350 ) 1987 2009 5 - 40 years Tarboro, NC 1 17,545 1,078 9,586 1,030 1,225 10,469 11,694 (3,756 ) 1988 2008 5 - 40 years Taunton, MA 1 — 1,477 14,159 1,032 1,695 14,973 16,668 (4,914 ) 1999 2009 5 - 40 years Texarkana, AR 1 3,628 842 11,169 1,442 921 12,532 13,453 (4,079 ) 1992 2008 5 - 40 years Tomah, WI 1 19,047 886 10,715 422 923 11,100 12,023 (4,546 ) 1989 2008 5 - 40 years Turlock, CA (#1) 2 — 944 4,056 290 967 4,323 5,290 (1,970 ) 1995 2008 5 - 40 years Turlock, CA (#2) 1 — 3,091 7,004 1,449 3,116 8,428 11,544 (3,457 ) 1985 2008 5 - 40 years Vernon 2, CA 1 — 8,100 13,490 3,181 8,112 16,659 24,771 (7,383 ) 1965 2009 5 - 40 years Victorville, CA 1 — 2,810 22,811 1,075 2,810 23,886 26,696 (8,359 ) 2004 2008 5 - 40 years Waco, TX (1) — — 3,003 — 504 3,507 — 3,507 — N/A 2019 N/A Walla Walla, WA 2 — 215 4,693 610 159 5,359 5,518 (3,107 ) 1960 2008 5 - 40 years Initial Costs Gross amount at which carried as of Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) Date of Construction Date of Acquisition Life on Which Depreciation is Computed Wallula, WA 1 — 690 2,645 727 711 3,351 4,062 (1,217 ) 1982 2008 5 - 40 years Watsonville, CA 1 — — 8,138 424 21 8,541 8,562 (7,477 ) 1984 2008 5 - 40 years West Memphis, AR 1 — 1,460 12,300 2,766 2,284 14,242 16,526 (5,857 ) 1985 2008 5 - 40 years Wichita, KS 1 — 1,297 4,717 1,355 1,432 5,937 7,369 (2,752 ) 1972 2008 5 - 40 years Woodburn, OR 1 — 1,552 9,860 2,561 1,627 12,346 13,973 (4,535 ) 1952 2008 5 - 40 years York, PA 1 — 3,838 36,621 2,169 4,063 38,565 42,628 (14,487 ) 1994 2008 5 - 40 years York-Willow Springs, PA 1 — 1,300 7,351 380 1,315 7,716 9,031 (3,205 ) 1987 2009 5 - 40 years Zumbrota, MN 3 — 800 10,360 1,572 800 11,932 12,732 (3,926 ) 1996 2009 5 - 40 years Canada Cold Logic/Taber — — — 12 3,554 92 3,474 3,566 (1,798 ) 1999 2009 5 - 40 years Australia Arndell Park 2 — 13,489 29,428 397 11,783 31,531 43,314 (9,757 ) 1989/1994 2009 5 - 40 years BRIS CORPORATE-Acacia Ridge 1 — — — 279 — 279 279 (279 ) 2009 5 - 40 years Laverton 2 — 13,689 28,252 5,765 11,958 35,748 47,706 (11,116 ) 1997/1998 2009 5 - 40 years Murarrie 3 — 10,891 18,975 (2,995 ) 9,514 17,357 26,871 (5,943 ) 1972/2003 2009 5 - 40 years Prospect/ASC Corporate 2 — — 1,187 19,126 7,475 12,838 20,313 (3,911 ) 1985 2009 5 - 40 years Spearwood 1 — 7,194 10,990 (1,462 ) 6,284 10,438 16,722 (4,134 ) 1978 2009 5 - 40 years Wetherill Park — — 45,301 — — 45,301 — 45,301 — N/A 2019 N/A New Zealand Dalgety 1 — 6,047 5,531 777 6,303 6,052 12,355 (1,882 ) 1988 2009 5 - 40 years Diversey 1 — 2,357 5,966 797 2,457 6,663 9,120 (2,132 ) 1988 2009 5 - 40 years Halwyn Dr 1 — 5,227 3,399 812 5,448 3,990 9,438 (1,579 ) 1992 2009 5 - 40 years Mako Mako 1 — 1,332 3,810 249 1,389 4,002 5,391 (1,225 ) 2000 2009 5 - 40 years Manutapu/Barber Akld 1 — — 343 525 — 868 868 (783 ) 2004 2009 5 - 40 years Paisley 2 — — 185 1,036 — 1,221 1,221 (915 ) 1984 2009 5 - 40 years Smarts Rd 1 — — 247 962 — 1,209 1,209 (735 ) 1984 2009 5 - 40 years Argentina Mercado Central - Buenos Aires, ARG 1 — — 4,984 (2,625 ) — 2,359 2,359 (1,202 ) 1996/1999 2009 5 - 40 years Pilar - Buenos Aires, ARG 1 — 706 2,586 (2,216 ) 667 409 1,076 (98 ) 2000 2009 5 - 40 years Total 283,443 494,429 2,326,556 413,200 526,226 2,707,959 3,234,185 (752,711 ) Initial Costs Gross amount at which carried as of Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) Date of Construction Date of Acquisition Life on Which Depreciation is Computed Land, buildings, and improvements in the assets under construction balance as of December 31, 2019. US Allentown, PA — — — — — 89 89 Amarillo, TX — — — — — 8 8 Anaheim, CA — — — — — 180 180 Appleton, WI — — — — — 66 66 Atlanta - Lakewood, GA — — — — — 6 6 Atlanta - Skygate, GA — — — — — 7 7 Atlanta - Southgate, GA — — — — — 161 161 Atlanta - Tradewater, GA — — — — — 16,724 16,724 Atlanta - Westgate, GA — — — — — 757 757 Atlanta, GA - Corporate — — — — — 620 620 Benson, NC — — — — — 43 43 Boston, MA — — — — — 392 392 Burley, ID — — — — — 3 3 Burlington, WA — — — — — 113 113 Carthage Warehouse Dist, MO — — — — — 430 430 Chesapeake, VA — — — — — 308 308 Chillicothe, MO — — — — — 89 89 Columbia, SC — — — — — 8 8 Columbus, OH — — — — — 502 502 Dallas, TX — — — — — 186 186 Dominguez Hills, CA — — — — — 7 7 Eagan, MN — — — — — 70 70 Fairfield, OH — — — — — 48 48 Fort Smith, AR — — — — — 31 31 Fort Worth-Samuels, TX — — — — — 754 754 Fremont, NE — — — — — 16 16 Fort Worth, TX (Meacham) — — — — — 846 846 Fort Worth, TX (Railhead) — — — — — 23 23 Initial Costs Gross amount at which carried as of Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) Date of Construction Date of Acquisition Life on Which Depreciation is Computed Gadsden, AL — — — — — 7 7 Gainesville Candler, GA — — — — — 320 320 Gateway, GA — — — — — 13,145 13,145 Geneva Lakes, WI — — — — — 22 22 Gloucester - Rogers, MA — — — — — 1,682 1,682 Gloucester - Rowe, MA — — — — — 1,400 1,400 Grand Island, NE — — — — — 3 3 Green Bay, WI — — — — — 40 40 Hatfield, PA — — — — — 215 215 Henderson, NV — — — — — 119 119 Indianapolis, IN — — — — — 510 510 Johnson, AR — — — — — 254 254 Lakeville, MN — — — — — 51 51 Lancaster, PA — — — — — 125 125 LaPorte, TX — — — — — 594 594 Le Mars, IA — — — — — 25 25 Leesport, PA — — — — — 11 11 Lowell, AR — — — — — 89 89 Lynden, WA — — — — — 74 74 Marshall, MO — — — — — 66 66 Massillon 17th, OH — — — — — 19 19 Modesto, CA — — — — — 598 598 Monmounth, IL — — — — — 34 34 Murfreesboro, TN — — — — — 121 121 Napoleon, OH — — — — — 133 133 New Ulm, MN — — — — — 56 56 North Little Rock, AR — — — — — 236 236 Oklamoma City, OK — — — — — 73 73 Ontario, CA — — — — — 2,718 2,718 Ontario, OR — — — — — 70 70 Piedmont, SC — — — — — 5 5 Plover, WI — — — — — 600 600 Initial Costs Gross amount at which carried as of Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) Date of Construction Date of Acquisition Life on Which Depreciation is Computed Portland, ME — — — — — 80 80 Rochelle, IL (Americold Drive) — — — — — 29 29 Rochele, IL (Caron) — — — — — 10 10 Salem, OR — — — — — 40 40 Salinas, CA — — — — — 402 402 Salt Lake City, UT — — — — — 93 93 San Antonio, TX — — — — — 250 250 Sanford, NC — — — — — 50 50 Savannah, GA — — — — — 41,720 41,720 Sebree, KY — — — — — 564 564 Sioux City, IA - 2640 Murray St — — — — — 160 160 Sioux City, IA - 2900 Murray St — — — — — 531 531 Sioux Falls, SD — — — — — 174 174 Springdale, AR — — — — — 19 19 Strasburg, VA — — — — — 16 16 Sumter, SC — — — — — 17 17 Syracuse, NY — — — — — 29 29 Tampa Plant City, FL — — — — — 309 309 Tarboro, NC — — — — — 474 474 Taunton, MA — — — — — 94 94 Texarkana, AR — — — — — 41 41 Turlock, CA (#1) — — — — — 146 146 Vernon 2, CA — — — — — 71 71 Wichita, KS — — — — — 523 523 Woodburn, OR — — — — — 4 4 Australia Arndell Park — — — — — 1,218 1,218 Laverton — — — — — 379 379 Murarrie — — — — — 906 906 Prospect — — — — — 446 446 Spearwood — — — — — 476 476 Wetherill Park - MIT — — — — — 24 24 Initial Costs Gross amount at which carried as of Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) Date of Construction Date of Acquisition Life on Which Depreciation is Computed Heathwood - MIT — — — — — 954 954 New Zealand Dalgety — — — — — 1,163 1,163 Diversey — — — — — 614 614 Halwyn Dr — — — — — 277 277 Mako Mako — — — — — 143 143 Manutapu — — — — — 66 66 Paisley — — — — — 241 241 Smarts Rd — — — — — 48 48 Total in assets under construction — — — — — 98,703 98,703 — Total assets $ 283,443 $ 494,429 $ 2,326,556 $ 413,200 $ 526,226 $ 2,806,662 $ 3,332,888 $ (752,711 ) Schedule III – Footnotes (1) Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: Total per Schedule III $ (752,711 ) Accumulated depreciation on investments in non-real estate assets (493,539 ) Total accumulated depreciation and depletion per consolidated balance sheet (property, buildings and equipment and capital leases) $ (1,246,250 ) (2) Reconciliation of total Buildings and improvements to consolidated balance sheet as of December 31, 2019: Building and improvements per consolidated balance sheet $ 2,696,732 Building and improvements capital leases per consolidated balance sheet 11,227 Assets under construction per consolidated balance sheet 108,639 Less: personal property assets under construction (9,936 ) Total per Schedule III $ 2,806,662 (3) Reconciliation of total mortgage notes, senior unsecured notes and term loan to consolidated balance sheet caption as of December 31, 2019: Total per Schedule III $ 283,443 Unsecured 1,425,000 Deferred financing costs, net of amortization (12,996 ) Total mortgage notes, senior unsecured notes and term loan per consolidated balance sheet* $ 1,695,447 *Total mortgage notes, senior unsecured notes, and term loan does not include $4.9M of secured notes related to the Monmouth, IL facility. Refer to footnote 19 for additional details. (4) The aggregate cost for Federal tax purposes at December 31, 2019 of our real estate assets was approximately $2.8 billion. (5) Includes real estate impairments recorded in 2019 for the Gateway, GA (Atlanta) site. (6) The following table summarizes the Company’s real estate activity and accumulated depreciation for the years ended December 31: 2019 2018 2017 Real Estate Facilities, at Cost: Beginning Balance $ 2,575,367 $ 2,506,656 $ 2,382,343 Capital expenditures 177,268 50,680 52,555 Acquisitions 975,045 — 27,958 Newly developed warehouse facilities 21,316 62,353 60,598 Disposition (7,409 ) (30,199 ) (20,780 ) Impairment (12,555 ) (747 ) (9,473 ) Conversion of leased assets to owned — 8,405 — Impact of foreign exchange rate changes 557 (21,781 ) 13,455 Ending Balance 3,729,589 2,575,367 2,506,656 Accumulated Depreciation: Beginning Balance (827,892 ) (770,006 ) (692,390 ) Depreciation expense (114,512 ) (87,355 ) (86,169 ) Dispositions 6,679 24,672 11,143 Impact of foreign exchange rate changes (697 ) 4,797 (2,590 ) Ending Balance (936,422 ) (827,892 ) (770,006 ) Total Real Estate Facilities, Net at December 31 $ 2,793,167 $ 1,747,475 $ 1,736,650 The total real estate facilities amounts in the table above include $76.8 million , $80.3 million , and $90.5 million of assets under sale-leaseback agreements accounted for as a financing as of December 31, 2019 , 2018 and 2017 , respectively. The Company does not hold title in these assets under sale-leaseback agreements. As of December 31, 2019 and 2018, the Company has no facilities classified as held for sale. During the second quarter of 2019, the Company sold an idle facility, which was written down earlier in 2019 resulting in an impairment charge of $2.9 million . During the second quarter of 2018, the Company sold a facility resulting in an $8.4 million gain on sale of real estate. In preparation of the warehouse disposal, the Company transferred most of its customers inventory to other owned warehouses within the same region. In February 2019, the Company acquired one facility and adjacent land in connection with the PortFresh Acquisition, with total property, buildings and equipment of $35.0 million . In May 2019, the Company acquired 21 facilities in connection with the Cloverleaf Acquisition, with total property, buildings and equipment of $891.3 million . Additionally, in May 2019, the Company acquired two facilities in connection with the Lanier Acquisition, with total property, buildings and equipment of 60.0 million . In November 2019, the Company acquired two facilities in connection with the MHW Acquisition, with total property, buildings and equipment of $49.4 million . During the fourth quarter of 2018, the Company disposed of an idle facility, previously classified as held for sale, for a $0.9 million loss on sale of real estate, and purchased a portion of a facility that was previously operated under a lease agreement with a purchase price of $13.8 million . During the year ending December 31, 2017, the Company acquired a new facility for a total cost of $31.9 million , which included $3.9 million of intangible assets associated with an in-place lease and an above-market lease. In addition, the Company disposed of two idle and one operational facilities with a net book value of $9.2 million for an aggregate amount of $9.2 million . As of December 31, 2017, the Company held for sale an idle facility of the Warehouse segment with a carrying amount of $2.6 million , which is included in “Property, plant, and equipment – net” in the accompanying consolidated balance sheet. (7) Reconciliation of the Company’s real estate activity and accumulated depreciation and depletion for the years ended December 31, 2019 to Schedule III: Total real estate facilities gross amount per Schedule III $ 3,332,888 Plus: Refrigeration equipment 409,865 Less: Quarry assets (13,164 ) Real estate facilities, at cost - ending balance $ 3,729,589 Accumulated depreciation and depletion per Schedule III $ (752,711 ) Plus: Refrigeration equipment (186,799 ) Less: Quarry assets 3,088 Accumulated depreciation and depletion - ending balance $ (936,422 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) and include all of the accounts of Americold Realty Trust and Subsidiaries and the Operating Partnership and the subsidiaries of the Operating Partnership. Intercompany balances and transactions have been eliminated. The notes to the consolidated financial statements of Americold Realty Trust and the Operating Partnership have been combined to provide the following benefits: • enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; • eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and • creating time and cost efficiencies through the preparation of one set of notes instead of two separate sets of notes. There are a few differences between the Company and the Operating Partnership, which are reflected in these consolidated financial statements and the accompanying notes. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. Americold Realty Trust’s only material asset is its ownership of partnership interests of the Operating Partnership. As a result, Americold Realty Trust generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public securities from time to time and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries and affiliates. Americold Realty Trust itself has not issued any indebtedness but guarantees the unsecured debt of the Operating Partnership and certain of its subsidiaries and affiliates, as disclosed in these notes. The Operating Partnership holds substantially all the assets of the Company. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by Americold Realty Trust, which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generally generates the capital required by the Company’s business primarily through the Operating Partnership’s operations, by the Operating Partnership’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units. The presentation of shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of Americold Realty Trust and those of the Operating Partnership. As of December 31, 2019 and for each of the years ended December 31, 2019, 2018 and 2017, the general partner, Americold Realty Trust held a 99% interest in partnership units, and the limited partner, Americold Realty Operations, Inc. held a 1% interest in partnership units. The general partnership interests held by Americold Realty Trust in the Operating Partnership are presented as general partner’s capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as common stock, additional paid-in capital and accumulated dividends in excess of earnings within shareholders’ equity in Americold Realty Trust’s consolidated financial statements. The limited partnership interests held by Americold Realty Operations, Inc., a wholly owned subsidiary of ART, in the Operating Partnership are presented as limited partners’ capital within partners’ capital in the Operating Partnership’s consolidated financial statements and within equity in Americold Realty Trust’s consolidated financial statements. The differences in the presentations between shareholders’ equity and partners’ capital result from the differences in the equity presented at the Americold Realty Trust and the Operating Partnership levels. To help investors understand the significant differences between the Company and the Operating Partnership, these consolidated financial statements present the following notes to the consolidated financial statements for each of the Company and the Operating Partnership: • Debt of the Company and Debt of the Operating Partnership • Partners’ Capital • Selected Quarterly Financial Information In the sections that combine disclosure of Americold Realty Trust and the Operating Partnership, these notes refer to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company generally operates the business through the Operating Partnership. |
Estimates | Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. |
Property, Plant and Equipment | Property, Buildings and Equipment Property, buildings and equipment is stated at cost, less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the respective assets or, if less, the term of the underlying lease. Depreciation begins in the month an asset is placed into service. Useful lives range from 5 to 43 years for buildings and building improvements and 3 to 12 years for machinery and equipment. For the years ended December 31, 2019, 2018 and 2017, the Company recorded depreciation expense of $153.9 million , $116.0 million and $115.1 million , respectively. Depletion on the limestone quarry is computed by the units-of-production method based on estimated recoverable units. The Company periodically reviews the appropriateness of the estimated useful lives of its long-lived assets. Costs of normal maintenance and repairs and minor replacements are charged to expense as incurred. When non-real estate assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed, and any resulting gain or loss is included in “Other expense, net” on the accompanying Consolidated Statements of Operations. Gains or losses from the sale of real estate assets are reported in the accompanying Consolidated Statement of Operations as an operating expense. Costs incurred to develop software for internal use and purchased software are capitalized and included in “Machinery and equipment” on the accompanying Consolidated Balance Sheets. Capitalized software is amortized over the estimated life of the software which ranges from 3 to 10 years. Amortization of previously capitalized amounts was $6.4 million , $5.2 million and $5.0 million for 2019 , 2018 and 2017 , respectively, and is included in “Depreciation, depletion and amortization expense” on the accompanying Consolidated Statements of Operations. |
Arrangements wherein we are the lessee | Arrangements wherein we are the lessee: At the inception of a contract, we determine if the contract is or contains a lease. Leases are classified as either financing or operating based upon criteria within ASC 842, Leases , and a right-of-use (ROU) asset and liability are established for leases with an initial term greater than 12 months. Leases with an initial term of 12 months or less, and not expected to renew beyond 12 months, are not recorded on the balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of the lease payments over the lease term, as adjusted for prepayments, incentives and initial direct costs. ROU assets are subsequently measured at the value of the remeasured lease liability, adjusted for the remaining balance of the following, as applicable: lease incentives, cumulative prepaid or accrued rent and unamortized initial direct costs. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. We generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The depreciable lives of assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Depreciation expense on assets acquired under financing leases is included in “Depreciation, depletion and amortization” on the accompanying Consolidated Statements of Operations. Depreciation expense on assets acquired under operating leases is included within cost of operations for the respective segment the asset pertains to, or within “Selling, general and administrative” for corporate assets on the accompanying Consolidated Statements of Operations. As with other long-lived assets, ROU assets are reviewed for impairment when events or change in circumstances indicate the carrying value may not be recoverable. Operating leases are included in “Operating lease right-of-use assets”, “Accounts payable and accrued expenses” and “Operating lease obligations” on our Consolidated Balance Sheet. Financing lease assets are included in “Financing leases-net”, “Accounts payable and accrued expenses” and “Financing lease obligations” on our Consolidated Balance Sheet. |
Arrangements wherein we are the lessor | Arrangements wherein we are the lessor: Each new lease contract is evaluated for classification as a sales-type lease, direct financing or operating lease. A lease is a sales-type lease if any one of five criteria are met, as outlined in ASC 842 each of which indicate the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating we have transferred substantially all the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type or direct financing leases are operating leases. We do not currently have any sales-type or direct financing leases. For operating leases wherein we are the lessor, we assess the probability of payments at commencement of the lease contract and subsequently recognize lease income, including variable payments based on an index or rate, over the lease term on a straight-line basis. We continue to measure and disclose the underlying assets subject to operating leases based on our policies for application of ASC 360, Property, Plant and Equipment . For all asset classes we have elected to not separate the lease and non-lease components which generally relate to taxes and common area maintenance. Additionally, we elected a practical expedient to present all funds collected from lessees for sales and other similar taxes net of the related sales tax expense. Our lease contracts are structured in a manner to reduce risks associated with the residual value of leased assets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment when events or changes in circumstances (such as decreases in operating income and declines in occupancy) indicate that the carrying amounts may not be recoverable. A comparison is made of the expected future operating cash flows of the long-lived assets on an undiscounted basis to their carrying amounts. If the carrying amounts of the long-lived assets exceed the sum of the expected future undiscounted cash flows, an impairment charge is recognized in an amount equal to the excess of the carrying amount over the estimated fair value of the long-lived assets, which the Company calculates based on projections of future cash flows and appraisals with significant unobservable inputs classified as Level 3 of the fair value hierarchy. The Company determined that individual warehouse properties constitute the lowest level of independent cash flows for purposes of considering possible impairment. For the years ended December 31, 2019, 2018 and 2017, the Company recorded charges of $13.5 million , $0.7 million and $9.5 million , respectively, as “Impairment of long-lived assets” on the accompanying Consolidated Statements of Operations. During the first quarter of 2019, management and the Company’s Board of Trustees formally approved the “Atlanta Major Market Strategy” plan which included the partial redevelopment of an existing warehouse facility. The partial redevelopment required the demolition of approximately 75% of the current warehouse, which was unused. The Company expects the remainder of the site to continue operating as normal during the construction period. As a result of this initiative, the Company impaired the carrying value of the portion of the warehouse no longer in use, resulting in a charge of $9.6 million of Warehouse segment assets. Additionally, during the first quarter of 2019 the Company recorded an impairment charge of $2.9 million of Warehouse segment assets related to a domestic idle warehouse facility in anticipation of a potential future sale of the asset. The estimated fair value of this asset was determined based on ongoing negotiations with prospective buyers. The sale of this property was completed during the second quarter of 2019. During the second quarter of 2019, the Company recorded impairment charges of $0.9 million of Transportation segment assets related to the discontinued use of internally developed software and other personal property assets due to the loss of a significant customer relationship within our foreign operations. During the year ended December 31, 2018, the Company recorded an impairment charge of $0.7 million of Warehouse segment assets related to an idle domestic warehouse facility in anticipation of a future sale of the asset, which was subsequently completed during the fourth quarter of 2018. During the year ended December 31, 2017, the Company recorded $9.5 million of impairment associated with the planned disposal of certain facilities, with a net book value in excess of their estimated fair value based on third-party appraisals or purchase offers. All 2017 long-lived asset impairments related to the Warehouse segment. |
Impairment of Inventory | In 2017, the Company evaluated the limestone inventory held at its Quarry operations, and determined that approximately $2.1 million of that inventory was not of saleable quality. As a result, the Company recognized an impairment charge for that amount, which is included as a component of “Cost of operations related to other revenues” on the accompanying Consolidated Statements of Operations for the year ended December 31, 2017. Also during 2017, the Company recognized an impairment charge totaling $6.5 million related to its investments in two joint ventures in China accounted for under the equity method. It was determined that the recorded investments were no longer recoverable from the projected future cash flows expected to be received from the ventures. The estimated fair value of each investment was determined based on an assessment of the proceeds expected to be received from the potential sale of the Company’s investment interests to the joint venture partner. The impairment charge is included in “Impairment of partially owned entities” on the accompanying Consolidated Statements of Operations for the year ended December 31, 2017. |
Impairment of Equity Method Investments | Also during 2017, the Company recognized an impairment charge totaling $6.5 million related to its investments in two joint ventures in China accounted for under the equity method. It was determined that the recorded investments were no longer recoverable from the projected future cash flows expected to be received from the ventures. The estimated fair value of each investment was determined based on an assessment of the proceeds expected to be received from the potential sale of the Company’s investment interests to the joint venture partner. The impairment charge is included in “Impairment of partially owned entities” on the accompanying Consolidated Statements of Operations for the year ended December 31, 2017. |
Purchase Accounting | Asset Acquisitions We acquired PortFresh in an asset acquisition on February 1, 2019 for $35.2 million , net of cash. The cost incurred in connection with this asset acquisition was allocated primarily to $35.0 million of property, buildings and equipment, $0.4 million of an assembled workforce intangible asset and $0.6 million of other assets and liabilities, net. Additionally, we acquired MHW in an asset acquisition on November 19, 2019 for $50.1 million . The cost incurred in connection with this asset acquisition was allocated primarily to $49.4 million of property, buildings and equipment, $0.5 million of an assembled workforce intangible asset and $0.1 million of other assets and liabilities, net. Additionally, the purchase agreement included a call option to purchase land from the holder of the ground lease at for $4.1 million , which was exercised in January 2020. A right-of-use asset and related obligation were recorded for leases for approximately $4.5 million and $4.5 million , respectively. Bridge Loan Commitment Fees During the second quarter of 2019, we incurred costs of approximately $2.7 million related to unused bridge loan commitment fees in connection with the potential funding need to complete the Cloverleaf Acquisition which ultimately was not utilized. These costs are classified as a component of interest expense within the caption titled “Bridge loan commitment fees” and are presented within “Other expense” on the accompanying Consolidated Statement of Operations. For business combinations, the excess of purchase price over the net fair value of assets acquired and liabilities assumed is recorded as goodwill. In an asset acquisition where we have determined that the cost incurred differs from the fair value of the net assets acquired, we assess whether we have appropriately determined the fair value of the assets and liabilities acquired and we also confirm that all identifiable assets have been appropriately identified and recognized. After completing this assessment, we allocate the difference on a relative fair value basis to all assets acquired except for financial assets (as defined in ASC 860, Transfers and Servicing ), deferred taxes, and assets defined as “current” (as defined in ASC 210, Balance Sheet ). Whether the acquired business is being accounted for as a business combination or an asset acquisition, the determination of fair values of identifiable assets and liabilities requires estimates and the use of valuation techniques. The Company estimates the fair values using observable inputs classified as Level 2 and unobservable inputs classified as Level 3 of the fair value hierarchy. Significant judgment is involved specifically in determining the estimated fair value of the acquired land and buildings and improvements and intangible assets. For intangible assets, we typically use the excess earnings method. Significant estimates used in valuing intangible assets acquired in a business combination include, but are not limited to, revenue growth rates, customer attrition rates, operating costs and margins, capital expenditures, tax rates, long-term growth rates and discount rates. For land and buildings and improvements, we used a combination of methods including the cost approach to value buildings and improvements and the sales comparison approach to value the underlying land. Significant estimates used in valuing land and buildings and improvements acquired in a business combination include, but are not limited to estimates of indirect costs and entrepreneurial profit, which were added to the replacement cost of the acquired assets in order to estimate their fair value in the market. On May 1, 2019, the Company completed the acquisitions of Cloverleaf and Lanier, both of which are accounted for as business combinations. Refer to Note 3 for the disclosures related to these acquisitions. |
Bridge Loan Commitment Fees and Deferred Financing Costs | Deferred Financing Costs |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits, and short-term liquid investments purchased with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. As of December 31, 2019 and 2018 , the Company held $34.1 million and $37.3 million , respectively, of cash and cash equivalents in bank accounts of its foreign subsidiaries. |
Restricted Cash | Restricted Cash Restricted cash relates to cash on deposit and cash restricted for the payment of certain property repairs or obligations related to warehouse properties collateralized by mortgage notes, cash on deposit for certain workers’ compensation programs and cash collateralization of certain outstanding letters of credit, and payment of costs to administer and service the New Market Tax Credit (“NMTC”) entity. Refer to Note 19 for further details of the New Market Tax Credit. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at the invoiced amount. The Company periodically evaluates the collectability of amounts due from customers and maintains an allowance for doubtful accounts for estimated amounts uncollectable from customers. Management exercises judgment in establishing these allowances and considers the balance outstanding, payment history, and current credit status in developing these estimates. Specific accounts are written off against the allowance when management determines the account is uncollectable. The following table provides a summary of activity of the allowance for doubtful accounts: Balance at beginning of year Charged to expense/against revenue Amounts written off, net of recoveries Balance at end of year Allowance for doubtful accounts: (In thousands) Year ended December 31, 2017 $ 4,072 2,510 (1,273 ) $ 5,309 Year ended December 31, 2018 $ 5,309 1,969 (1,572 ) $ 5,706 Year ended December 31, 2019 $ 5,706 3,608 (2,387 ) $ 6,927 The Company records interest on delinquent billings within “Interest income” in the Consolidated Statements of Operations, offset by a bad debt provision equal to the amount of interest charged until collected. |
Indefinite-Lived Asset | Indefinite-Lived Asset The trade name asset, with a carrying amount of $15.1 million as of December 31, 2019 and 2018 , relates to “Americold” and has an indefinite life; thus, it is not amortized. The Company evaluates the carrying value of its trade name each year as of October 1, and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the trade name below its carrying amount. There were no impairments to the Company’s trade name for the years ended December 31, 2019 , 2018 and 2017 . |
Finite-Lived Assets | Finite-Lived Assets Customer relationship assets are the Company’s largest finite-lived assets amortized over 6 to 25 years using a straight-line or accelerated amortization method dependent on the estimated benefits, which reflects the pattern in which economic benefits of intangible assets are expected to be realized by the Company. Customer relationship amortization expense for the years ended December 31, 2019 , 2018 and 2017 was $7.9 million , $0.8 million and $0.9 million , respectively. The weighted-average remaining life of the customer relationship assets is 24.2 years as of December 31, 2019 . The Company reviews these intangible assets for impairment when circumstances indicate the carrying amount may not be recoverable. There were no impairments to customer relationship assets for the years ended December 31, 2019 , 2018 and 2017 . Leasehold Interests - Below Market Leases, Above Market Leases and In-place Lease In reference to certain temperature-controlled warehouses where the Company is the lessee in an acquired business, below-market and above-market leases are amortized on a straight-line basis over the remaining lease terms in a manner that adjusts lease expense to the market rate in effect as of the acquisition date. In reference to certain temperature-controlled warehouses where the Company has a tenant lease assigned through an acquisition, the resulting intangible asset is amortized over the remaining term of the tenant lease and recorded to amortization expense. There were no impairments to leasehold interests for the years ended December 31, 2019 , 2018 or 2017 . |
Goodwill | Goodwill The Company evaluates the carrying value of goodwill each year as of October 1 and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. When evaluating whether goodwill is impaired, the Company compares the fair value of its reporting units to its carrying amounts, including goodwill. The Company estimates the fair value of its reporting units based upon a combination of the net present value of future cash flows and a market-based approach. Future cash flows are estimated based upon certain economic assumptions. The estimates of future cash flows are subject, but not limited to the following significant assumptions: revenue growth rates, operating costs and margins, capital expenditures, tax rates, long-term growth rates and discount rates, which are affected by expectations about future market and economic conditions. The assumptions are based on risk-adjusted growth rates and discount factors accommodating multiple viewpoints that consider the full range of variability contemplated in the current and potential future economic situations. The market-based multiples approach assesses the financial performance and market values of other market-participant companies. If the estimated fair value of each of the reporting units exceeds the corresponding carrying value, no impairment of goodwill exists. If a reporting unit’s carrying amount exceeds its fair value, an impairment loss would be calculated by comparing the implied fair value of goodwill to the reporting unit’s carrying amount. The excess of the fair value of the reporting unit over the amount assigned for fair value to its other assets and liabilities is the implied fair value of goodwill. There were no goodwill impairment charges for the years ended December 31, 2019 , 2018 and 2017 . |
Revenue Recognition | Project costs that are clearly associated with the development of properties are capitalized as incurred. Project costs include all costs directly associated with the development of a property, including construction costs, interest, and costs of personnel working on the project. Costs that do not clearly relate to the projects under development are not capitalized and are charged to expense as incurred. Capitalization of costs begins when the activities necessary to get the development project ready for its intended use commence, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. If and when development of a property is suspended pursuant to a formal change in the planned use of the property, we will evaluate whether the accumulated costs exceed the estimated value of the project and write off the amount of any such excess accumulated costs. For a development project that is suspended for reasons other than a formal change in the planned use of such property, the accumulated project costs are written off. Capitalized costs are allocated to the specific components of a project that are benefited. During each of the years ended 2019, 2018 and 2017, we capitalized interest of approximately $3.3 million , $3.2 million , and $1.1 million , respectively. During the years ended 2019, 2018 and 2017, we capitalized amounts relating to compensation and travel expense of employees direct and incremental to development of properties of approximately $0.5 million , $0.6 million , and $0.2 million , respectively. Revenue Recognition Revenues for the Company include rent, storage and warehouse services (collectively, Warehouse Revenue), third-party managed services for locations or logistics services managed on behalf of customers (Third-Party Managed Revenue), transportation services (Transportation Revenue), and revenue from the sale of quarry products (Other Revenue). Warehouse Revenue The Company’s customer arrangements generally include rent, storage and service elements that are priced separately. Revenues from storage and handling are recognized over the period consistent with the transfer of the service to the customer. Multiple contracts with a single counterparty are accounted for as separate arrangements. Third-Party Managed Revenue The Company provides management services for which the contract compensation arrangement includes: reimbursement of operating costs, fixed management fee, and contingent performance-based fees (Managed Services). Managed Services fixed fees are recognized as revenue as the management services are performed ratably over the service period. Managed Services performance-based fees are recognized ratably over the service period based on the likelihood of achieving performance targets. Cost reimbursements related to Managed Services arrangements are recognized as revenue as the services are performed and costs are incurred. Managed Services fees and related cost reimbursements are presented on a gross basis as the Company is the principal in the arrangement. Multiple contracts with a single counterparty are accounted for as separate arrangements. Transportation Revenue The Company records transportation revenue and expenses upon delivery of the product. Since the Company is the principal in the arrangement of transportation services for its customers, revenues and expenses are presented on a gross basis. Other Revenue Other revenue primarily includes the sale of limestone produced by the Company’s quarry business. Revenues from the sale of limestone are recognized upon delivery to customers. Contracts with Multiple Service Lines When considering contracts containing more than one service to a customer, a contract’s transaction price is pre-defined or allocated to each distinct performance obligation and recognized as revenue when, or as the performance obligation is satisfied, either over time as work progresses, or at a point in time. For contracts with multiple service lines or distinct performance obligations, the Company evaluates and allocates the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which the Company forecasts expected costs of satisfying a performance obligation and then adds an appropriate margin for that distinct good or service. |
Income Taxes | Income Taxes The Company operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856-860 of the Code. Under those sections, a REIT that distributes at least 100% of its REIT taxable income, as defined in the Code, as a dividend to its shareholders each year and that meets certain other conditions will not be taxed on that portion of its taxable income that is distributed to its shareholders for U.S. federal income tax purposes. Through cash dividends, the Company, for tax purposes, has distributed an amount equal to or greater than its REIT taxable income for the years ended December 31, 2019 , 2018 and 2017 . For all periods presented, the Company has met all the requirements to qualify as a REIT. Thus, no provision for federal income taxes was made for the years ended December 31, 2019 , 2018 and 2017 , except as needed for the Company’s U.S. Taxable REIT Subsidiaries (TRSs), for the Company’s foreign entities, and a REIT excise tax payment in 2018 disclosed in Note 18 of these financial statements. To qualify as a REIT, an entity cannot have at the end of any taxable year any undistributed earnings and profits that are attributable to a non-REIT taxable year (undistributed E&P). The Company believes that it has no undistributed E&P as of December 31, 2019. However, to the extent there is a determination (within the meaning of Section 852(e)(1)) of the Code that the Company has undistributed earnings and profits (as determined for U.S. federal income tax purposes) accumulated (or acquired from another entity) from any taxable year in which the Company (or any other entity that converts to a Qualified REIT Subsidiary (QRS) that was acquired during the year) was not a REIT or a QRS, the Company will take all necessary steps to permit the Company to avoid the loss of its REIT status, including, but not limited to: 1) within the 90-day period beginning on the date of the determination, making one or more qualified designated distributions (within the meaning of the Section 852(e)(2)) of the Code in an amount not less than such undistributed earnings and profits over the interest payable under section 852(e)(3) of the Code; and 2) timely paying to the IRS the interest payable under Section 852(e)(3) of the Code resulting from such a determination. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, it may be subject to certain state and local income and franchise taxes, and to U.S. federal income and excise taxes on undistributed taxable income and on certain built-in gains. The Company has elected TRS status for certain wholly-owned subsidiaries. This allows the Company to provide services at those consolidated subsidiaries that would otherwise be considered impermissible for REITs. Many of the foreign countries in which we have operations do not recognize REITs or do not accord REIT status under their respective tax laws to our entities that operate in their jurisdiction. Accordingly, the Company recognizes income tax expense for the U.S. federal and state income taxes incurred by the TRSs, taxes incurred in certain U.S. states and foreign jurisdictions, and interest and penalties associated with unrecognized tax benefit liabilities, as applicable. Taxable REIT Subsidiary The Company has elected to treat certain of its wholly owned subsidiaries as TRSs. A TRS is subject to U.S. federal and state income taxes at regular corporate tax rates. Thus, income taxes for the Company’s TRSs are accounted for using the asset and liability method, under which deferred income taxes are recognized for (i) temporary differences between the financial reporting and tax bases of assets and liabilities and (ii) operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. The Company records a valuation allowance for deferred tax assets when it estimates that it is more likely than not that future taxable income will be insufficient to fully use a deduction or credit in a specific jurisdiction. In assessing the need for the recognition of a valuation allowance for deferred tax assets, we consider whether it is more likely than not that some portion, or all, of the deferred tax assets will not be realized and adjust the valuation allowance accordingly. We evaluate all significant available positive and negative evidence as part of our analysis. Negative evidence includes the existence of losses in recent years. Positive evidence includes the forecast of future taxable income by jurisdiction, tax-planning strategies that would result in the realization of deferred tax assets, reversal of existing deferred tax liabilities, and the presence of taxable income in prior carryback years. The underlying assumptions we use in forecasting future taxable income require significant judgment and take into account our recent performance. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which temporary differences are deductible or creditable. The Company accrues liabilities when it believes that it is more likely than not that it will not realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10, Uncertain Tax Positions. The Company recognizes interest and penalties related to unrecognized tax benefits within “Income tax (expense) benefit” in the accompanying Consolidated Statements of Operations. The earnings of certain foreign subsidiaries, including any other components of the outside basis difference in these subsidiaries, are considered to be indefinitely reinvested, except for Canada and Hong Kong. The Company changed its assertion for its Canadian subsidiaries in 2018 to begin repatriating its unremitted earnings to the U.S. starting in 2018. The Company is also no longer permanently reinvested with regard to its investment in Hong Kong in 2019. If our plans change in the future for any other foreign subsidiary or if we elect to repatriate the unremitted earnings of our other foreign subsidiaries in the form of distributions or otherwise, we would be subject to additional income taxes which could result in a higher effective tax rate. As disclosed in Note 18 of these financial statements, the U.S. government enacted comprehensive tax legislation on December 22, 2017 which imposed a one-time inclusion for our REIT or tax for our TRS on the deemed repatriation of unremitted foreign earnings and profits. However, the Company has provided for local country withholding taxes related to the unremitted earnings to be repatriated in certain foreign jurisdictions to the U.S. TRS. With respect to the foreign subsidiaries owned directly by the REIT, any unremitted earnings would not be subject to additional U.S. level taxes because the REIT would distribute 100% of such earnings or would be subject to a participation exemption beginning in 2018. |
Pension and Post-Retirement Benefits | Pension and Post-Retirement Benefits |
Foreign Currency Gain and Losses | Foreign Currency Gains and Losses The local currency is the functional currency for the Company’s operations in Australia, New Zealand and Canada. For these operations, assets and liabilities are translated at the rates of exchange on the consolidated balance sheet date, while income and expense items are translated at average rates of exchange during the period. The resulting gains or losses arising from the translation of accounts from the functional currency into U.S. dollars are included as a separate component of shareholders’ equity in accumulated other comprehensive income (loss) until a partial or complete liquidation of the Company’s net investment in the foreign operation. From time to time, the Company’s foreign operations may enter into transactions that are denominated in a currency other than their functional currency. These transactions are initially recorded in the functional currency of the subsidiary based on the applicable exchange rate in effect on the date of the transaction. On a monthly basis, these transactions are remeasured to an equivalent amount of the functional currency based on the applicable exchange rate in effect on the remeasurement date. Any adjustment required to remeasure a transaction to the equivalent amount of functional currency is recorded in “Foreign currency exchange gain (loss), net” in the accompanying Consolidated Statements of Operations. During the fourth quarter of 2018, the Company entered into two intercompany loan agreements, whereby the Australia and New Zealand entities borrowed from the U.S. entity. These intercompany loan agreements were denominated in the functional currency of the respective entities. The intercompany loan receivable balances as of December 31, 2019 are AUD $153.5 million and NZD $37.5 million , and are remeasured at the end of each month to the United States Dollar (USD) with any required adjustment recorded in “ Foreign currency exchange gain (loss), net ” in the accompanying Consolidated Statements of Operations. Foreign currency transaction gains and losses on the remeasurement of short-term intercompany loans denominated in currencies other than a subsidiary’s functional currency are recognized as a component of foreign currency gain or loss, except to the extent that the transaction is effectively hedged. For loans that are effectively hedged, the transaction gains and losses on remeasurement are recorded to “Accumulated other comprehensive income (loss)”. Foreign currency transaction gains and losses resulting from the remeasurement of long-term intercompany loans denominated in currencies other than a subsidiary’s functional currency are recognized as a component of “Accumulated other comprehensive income (loss)” if a repayment of these loans is not anticipated. |
Recently Adopted Accounting Standards and Future Adoption of Accounting Standards | Recently Adopted Accounting Standards Lease Accounting In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , as amended, which the Company adopted using a modified retrospective transition approach effective January 1, 2019. All leases that commenced prior to our adoption of this new standard were accounted for and disclosed in accordance with our existing policies for application of ASC 840, Leases . Accordingly, prior year amounts were not recast under the new standard. Upon adoption, we elected a package of practical expedients for expired and existing contracts whereby we (1) did not reassess our prior conclusions about lease identification, lease classification and initial direct costs, (2) continued to apply existing accounting policies for all land easements that existed or expire before the date of adoption, (3) did not recognize ROU assets or liabilities for leases that qualify as short-term leases for all classes of underlying assets, and (4) did not separate lease and non-lease components for all classes of underlying assets. The Company did not elect to apply the hindsight practical expedient when determining the term for our leases. The new standard requires disclosure of additional quantitative and qualitative information for lessee and lessor arrangements which has been included above in the Summary of Significant Accounting Policies and in Note 13 . Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update eliminates step two of the goodwill impairment test, and specifies that goodwill impairment should be measured by comparing the fair value of a reporting unit with its carrying amount. Additionally, the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets should be disclosed. For public business entities that are SEC filers, this ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. Early adoption is allowed for all entities as of January 1, 2017, for annual and any interim impairment tests occurring after January 1, 2017. The Company adopted ASU 2017-04 on January 1, 2019 on a prospective basis and it did not have a material effect on its consolidated financial statements. Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This ASU refines and expands hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. ASU 2017-12 is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption, including adoption in an interim period, is permitted. The Company adopted ASU 2017-12 on January 1, 2019 on a prospective basis and it did not have a material impact on its consolidated financial statements. Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU permits the use of the OIS rate based upon SOFR as a U.S. benchmark interest rate for purposes of applying hedge accounting under Topic 815. The Alternative Reference Rates Committee announced that it identified the Secured Overnight Funding Rate (SOFR) as its preferred alternative to LIBOR. The Company intends to continue to use LIBOR until its extermination date in 2021, and intends to replace LIBOR with SOFR at that time. The Company adopted ASU 2018-16 on January 1, 2019 and does not believe that the transition from LIBOR to SOFR will have a material impact on its consolidated financial statements. Improvements to Nonemployee Share-Based Payment Accounting In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which more closely aligns the accounting for employee and nonemployee share-based payments. The standard will be effective for interim and annual reporting periods beginning after December 15, 2018. The Company adopted this standard on January 1, 2019 on a prospective basis, and it did not have a material impact on its consolidated financial statements. Future Adoption of Accounting Standards Fair Value Measurement - Disclosure Framework In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820 ): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements on fair value measurements. The ASU removes the requirement to disclose: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. The ASU requires disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For public business entities, this guidance is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The Company is currently evaluating the effect that this guidance will have on its consolidated financial statements. Collaborative Arrangements In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the interaction between Topic 808 and Topic 606 . ASU 2018-18 clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer and precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. For public business entities, these amendments are effective for fiscal years beginning after December 15, 2019, and interim periods therein. The Company believes the adoption of ASU 2018-18 will not have a material effect on its consolidated financial statements. Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) . This ASU introduces new guidance for the accounting for credit losses. For trade receivables, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The standard will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company continues to assess the impact of adopting this standard and does not believe the adoption of ASU 2016-13 will have a material effect on its consolidated financial statements. Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans . This update amends ASC 715 to remove disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant to defined benefit pension and other postretirement plans. The ASU’s changes related to disclosures are part of the FASB’s disclosure framework project. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted for all entities and the amendments in this update are required to be applied on a retrospective basis to all periods presented. The Company does not expect the provisions of ASU 2018-14 will have a material impact on its consolidated financial statements. Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . This ASU is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, however, early adoption is permitted for all entities. The Company continues to assess the impact of adopting this standard and does not believe the adoption of ASU 2019-12 will have a material effect on its consolidated financial statements. |
Reclassifications | Reclassifications Certain immaterial, prior period amounts have been reclassified to conform to the current period presentation on the Consolidated Statements of Operations, the Consolidated Statements of Shareholders’ Equity and the Consolidated Statements of Cash Flows. The Consolidated Statement of Operations reflects the reclassification required in the prior period upon addition of a new caption described as “Acquisition, litigation and other”, which was previously classified within “Selling, general and administrative”. Refer to Note 8 for further detail of this caption. The Consolidated Statements of Shareholders’ Equity reflects the reclassification required in the prior period upon addition of a new caption described as “Common share issuance related to share-based payment plans, net of shares withheld for employee taxes”, which was previously classified within “Share-based compensation expense (Stock Options and Restricted Stock Units)”. The Consolidated Statements of Cash Flows reflects the reclassification of certain immaterial amounts related to amortization from the caption previously described as “Multi-employer pension plan withdrawal expense and amortization” which is now classified within “Amortization of deferred financing costs and pension withdrawal liability”. |
Business Combination Business C
Business Combination Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The Company completed the acquisition of privately-held Cloverleaf on May 1, 2019. A summary of the preliminary fair values of the assets acquired and liabilities assumed for total cash consideration of $1.24 billion , as well as adjustments made during 2019 (referred to as “measurement period adjustments”), is as follows (in thousands): Amounts Recognized as of the Acquisition Date Measurement Period Adjustments (1) Amounts Recognized as of the Acquisition Date (as Adjusted) (2) Assets Land $ 59,363 $ 1,131 $ 60,494 Buildings and improvements 687,821 (19,670 ) 668,151 Machinery and equipment 144,825 822 145,647 Assets under construction 20,968 (3,994 ) 16,974 Operating lease right-of-use assets 1,254 — 1,254 Cash and cash equivalents 4,332 — 4,332 Restricted cash — 526 526 Accounts receivable 21,358 220 21,578 Goodwill 107,643 18,297 125,940 Acquired identifiable intangibles: Customer relationships 241,738 8,608 250,346 Trade names and trademarks 1,623 — 1,623 Other assets 18,720 (11,668 ) 7,052 Total assets 1,309,645 (5,728 ) 1,303,917 Liabilities Accounts payable and accrued expenses 30,905 12,598 43,503 Notes payable 17,179 (13,301 ) 3,878 Operating lease obligations 1,254 — 1,254 Unearned revenue 3,536 — 3,536 Pension and postretirement benefits 2,020 (2,020 ) — Deferred tax liability 9,063 (195 ) 8,868 Total liabilities 63,957 (2,918 ) 61,039 Total consideration for Cloverleaf acquisition $ 1,245,688 $ (2,810 ) $ 1,242,878 (1) The measurement period adjustments recorded in 2019 did not have a significant impact on our Consolidated Statements of Operations for the year ended December 31, 2019. (2) The measurement period adjustments were primarily due to refinements to third party appraisals and carrying amounts of certain assets and liabilities, as well as adjustments to certain tax accounts based on, among other things, adjustments to deferred tax liabilities. The net impact of the measurement period adjustments results in a net increase to goodwill. |
Business Acquisition, Pro Forma Information | The accompanying unaudited pro forma consolidated financial statements exclude the results of the Lanier acquisition, which was deemed immaterial. These statements are provided for illustrative purposes only and do not purport to represent what the actual Consolidated Statements of Operations of the Company or the Operating Partnership would have been had the Cloverleaf Acquisition occurred on the dates assumed, nor are they necessarily indicative of what the results of operations would be for any future periods. Americold Realty Trust and Subsidiaries Pro forma (unaudited) (in thousands, except per share data) Years Ended December 31, 2019 2018 Total revenue $ 1,859,265 $ 1,829,048 Net income available to common shareholders (1) $ 52,026 $ (3,232 ) Net income per share, diluted (2) $ 0.27 $ (0.02 ) Americold Realty Operating Partnership, L.P. and Subsidiaries Pro forma (unaudited) (in thousands, except per share data) Years Ended December 31, 2019 2018 Total revenue $ 1,859,265 $ 1,829,048 Net income available to common unitholders (1) $ 52,026 $ (3,232 ) Net income per unit, diluted (2) $ 0.27 $ (0.02 ) (1) Pro forma net income available to common shareholders was adjusted to exclude $26.6 million of acquisition related costs incurred by the Company during the year ended December 31, 2019 , and to include these charges in pro forma net income for the year ended December 31, 2018 . (2) Adjusted to give effect to the issuance of approximately 42.1 million common shares in connection with the Cloverleaf Acquisition. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Activity in Real Estate Facilities | Activity in real estate facilities during the years ended December 31, 2019 and 2018 is as follows: 2019 2018 (In thousands) Operating facilities, at cost: Beginning balance $ 2,575,367 $ 2,506,656 Capital expenditures 177,268 50,680 Acquisitions 975,045 — Newly developed warehouse facilities 21,316 62,353 Disposition (7,409 ) (30,199 ) Impairment (12,555 ) (747 ) Conversion of leased assets to owned — 8,405 Impact of foreign exchange rate changes 557 (21,781 ) Ending balance 3,729,589 2,575,367 Accumulated depreciation: Beginning balance (827,892 ) (770,006 ) Depreciation expense (114,512 ) (87,355 ) Dispositions 6,679 24,672 Impact of foreign exchange rate changes (697 ) 4,797 Ending balance (936,422 ) (827,892 ) Total real estate facilities $ 2,793,167 $ 1,747,475 Non-real estate assets 197,835 92,226 Total property, buildings and equipment and finance leases, net $ 2,991,002 $ 1,839,701 |
Restricted Cash Balances | Restricted cash balances as of December 31, 2019 and 2018 are as follows: 2019 2018 (In thousands) 2013 mortgage notes’ escrow accounts $ 877 $ 974 2013 mortgage notes’ cash managed accounts 2,343 2,410 Cash on deposit for workers’ compensation program in Australia 2,525 2,635 New market tax credit reserve accounts 565 — Total restricted cash $ 6,310 $ 6,019 |
Summary of Activity of Allowance for Doubtful Accounts | The following table provides a summary of activity of the allowance for doubtful accounts: Balance at beginning of year Charged to expense/against revenue Amounts written off, net of recoveries Balance at end of year Allowance for doubtful accounts: (In thousands) Year ended December 31, 2017 $ 4,072 2,510 (1,273 ) $ 5,309 Year ended December 31, 2018 $ 5,309 1,969 (1,572 ) $ 5,706 Year ended December 31, 2019 $ 5,706 3,608 (2,387 ) $ 6,927 |
Equity-Method Investments (Tabl
Equity-Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint ventures between CMAL and CMAH | The condensed summary financial information for the Company’s China JV is as follows for the portion of the year which the Company held ownership interest in the China JV during 2019 and the full year ended December 31, 2018: 2019 Condensed results of operations CMAL CMAH Total (In thousands) Revenues $ 28,334 $ 10,907 $ 39,241 Operating (loss) income $ (348 ) $ 1,920 $ 1,572 Net (loss) income $ (507 ) $ 1,018 $ 511 Company’s (loss) income from partially owned entities $ (429 ) $ 318 $ (111 ) 2018 Condensed results of operations CMAL CMAH Total (In thousands) Revenues $ 37,458 $ 13,621 $ 51,079 Operating (loss) income $ (1,748 ) $ 2,432 $ 684 Net (loss) income $ (1,960 ) $ 1,651 $ (309 ) Company’s (loss) income from partially owned entities $ (1,419 ) $ 350 $ (1,069 ) 2017 Condensed results of operations CMAL CMAH Total (In thousands) Revenues $ 38,662 $ 12,294 $ 50,956 Operating (loss) income $ (2,052 ) $ 314 $ (1,738 ) Net loss $ (2,479 ) $ (296 ) $ (2,775 ) Company’s loss from partially owned entities $ (1,143 ) $ (220 ) $ (1,363 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | The changes in the carrying amount of the Company’s goodwill by reportable segment for the years ended December 31, 2019 , 2018 and 2017 are as follows: Warehouse Third-party managed Transportation Total (In thousands) December 31, 2016 $ 171,582 $ 3,056 $ 12,167 $ 186,805 Impact of foreign currency translation 972 8 384 1,364 December 31, 2017 172,554 3,064 12,551 188,169 Impact of foreign currency translation (1,658 ) (174 ) (242 ) (2,074 ) December 31, 2018 170,896 2,890 12,309 186,095 Goodwill acquired 130,919 — 1,452 132,371 Impact of foreign currency translation 9 (8 ) 16 17 December 31, 2019 $ 301,824 $ 2,882 $ 13,777 $ 318,483 |
Schedule of Intangible Assets Not Subject to Amortization | Intangible assets subject to amortization as of December 31, 2019 and 2018 are as follows: Customer relationships Above-market leases In-place lease Below-market leases Assembled Workforce Trade names and trademarks Total (In thousands, except years) Gross $ 33,788 $ 143 $ 3,778 $ 9,126 $ — $ — $ 46,835 Additions 266,633 — — — 908 1,623 269,164 Accumulated amortization (38,036 ) (60 ) (1,578 ) (5,794 ) (128 ) (721 ) (46,317 ) Net definite lived intangible assets $ 262,385 $ 83 $ 2,200 $ 3,332 $ 780 $ 902 269,682 Indefinite lived intangible asset (Trade name) 15,076 Identifiable intangible assets – net, December 31, 2019 $ 284,758 Weighted-average remaining useful life at December 31, 2019 24.2 3.8 3.8 32.6 2.7 0.8 23.9 Gross $ 33,788 $ 143 $ 3,778 $ 9,126 $ — $ — $ 46,835 Additions — — — — — — — Accumulated amortization (30,169 ) (38 ) (1,004 ) (5,644 ) — — (36,855 ) Net definite lived intangible assets $ 3,619 $ 105 $ 2,774 $ 3,482 $ — $ — 9,980 Indefinite lived intangible asset (Trade name) 15,076 Identifiable intangible assets – net, December 31, 2018 $ 25,056 Weighted-average remaining useful life at December 31, 2018 9.1 4.8 4.8 33.2 N/A N/A 16.3 |
Schedule of Intangible Assets Subject to Amortization | Intangible assets subject to amortization as of December 31, 2019 and 2018 are as follows: Customer relationships Above-market leases In-place lease Below-market leases Assembled Workforce Trade names and trademarks Total (In thousands, except years) Gross $ 33,788 $ 143 $ 3,778 $ 9,126 $ — $ — $ 46,835 Additions 266,633 — — — 908 1,623 269,164 Accumulated amortization (38,036 ) (60 ) (1,578 ) (5,794 ) (128 ) (721 ) (46,317 ) Net definite lived intangible assets $ 262,385 $ 83 $ 2,200 $ 3,332 $ 780 $ 902 269,682 Indefinite lived intangible asset (Trade name) 15,076 Identifiable intangible assets – net, December 31, 2019 $ 284,758 Weighted-average remaining useful life at December 31, 2019 24.2 3.8 3.8 32.6 2.7 0.8 23.9 Gross $ 33,788 $ 143 $ 3,778 $ 9,126 $ — $ — $ 46,835 Additions — — — — — — — Accumulated amortization (30,169 ) (38 ) (1,004 ) (5,644 ) — — (36,855 ) Net definite lived intangible assets $ 3,619 $ 105 $ 2,774 $ 3,482 $ — $ — 9,980 Indefinite lived intangible asset (Trade name) 15,076 Identifiable intangible assets – net, December 31, 2018 $ 25,056 Weighted-average remaining useful life at December 31, 2018 9.1 4.8 4.8 33.2 N/A N/A 16.3 |
Schedule of Estimated Amortization of Intangible Assets | The following table describes the estimated amortization of intangible assets for the next five years and thereafter. In addition, the table describes the net impact on rent expense due to the amortization of below-market leases for the next five years and thereafter: Estimated Amortization of Customer Relationships, In-Place Lease, Assembled Workforce, Trade names and Trademarks Intangible Assets Estimated Net Decrease to Lease Revenue Related to Amortization of Above-Market Leases Estimated Net Increase to Lease Expense Related to Amortization of Below-Market Leases (In thousands) Years Ending December 31: 2020 $ 13,110 $ 22 $ 151 2021 12,119 22 151 2022 11,902 22 151 2023 11,543 17 106 2024 10,976 — 102 Thereafter 206,617 — 2,671 Total $ 266,267 $ 83 $ 3,332 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets as of December 31, 2019 and 2018 are as follows: 2019 2018 (In thousands) Various insurance and workers’ compensation receivables $ 12,143 $ 9,595 Prepaid accounts 11,345 12,532 Inventory and supplies 9,371 7,875 Other receivables 7,528 8,770 Fair value of derivatives 6,886 2,283 Marketable securities - (Deferred compensation plan) 4,895 3,072 Utility, workers’ compensation escrow and lease deposits 4,222 1,726 Deferred financing costs 2,767 5,437 Deferred registration statement costs 912 — Income taxes receivable 885 6,978 Deferred tax assets 418 391 $ 61,372 $ 58,659 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued expenses as of December 31, 2019 and 2018 are as follows: 2019 2018 (In thousands) Trade payables $ 109,222 $ 85,038 Accrued workers’ compensation liabilities 30,642 30,585 Accrued payroll 17,104 12,238 Accrued bonus 20,729 17,335 Accrued vacation and long service leave 16,403 14,988 Accrued health benefits 13,020 10,987 Accrued property taxes 20,370 14,376 Accrued utilities 7,854 6,274 New market tax credit deferred contribution liability 4,882 — Income taxes payable 997 290 Dividends payable 39,753 28,540 Accrued interest 24,872 4,843 Other accrued expenses 45,115 27,586 $ 350,963 $ 253,080 |
Acquisitions, Litigation, and_2
Acquisitions, Litigation, and Other Charges Acquisitions, Litigation, and Other Charges Acquisitions, Litigation, and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Acquisition, Litigation and Other Special Charges [Abstract] | |
Schedule of Business Combination, Acquisition Related Cost, Litigation Expense And Other Special Charges [Table Text Block] | The components of the charges included in “Acquisition, litigation and other” in our Consolidated Statements of Operations are as follows (in thousands): Years Ended December 31, Acquisition, litigation and other 2019 2018 2017 Acquisition related costs $ 24,284 $ 671 $ — Litigation 4,553 — — Strategic alternative costs — — 8,136 Other: Severance, equity award modifications and acceleration 9,789 2,053 516 Non-offering related equity issuance expenses 1,356 1,813 — Terminated site operations costs 632 (1,804 ) 2,677 Non-recurring public company implementation costs — 1,202 — Total other 11,777 3,264 3,193 Total acquisition, litigation and other $ 40,614 $ 3,935 $ 11,329 |
Debt of the Operating Partner_2
Debt of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding borrowings | A summary of outstanding indebtedness of the Operating Partnership as of December 31, 2019 and 2018 is as follows (in thousands): Contractual Interest Rate Effective Interest Rate as of December 31, 2019 2019 2018 Indebtedness Stated Maturity Date Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 2013 Mortgage Loans Senior note 5/2023 3.81% 4.14% $ 181,443 $ 184,618 $ 187,957 $ 184,667 Mezzanine A 5/2023 7.38% 7.55% 70,000 70,525 70,000 67,900 Mezzanine B 5/2023 11.50% 11.75% 32,000 32,320 32,000 31,120 Total 2013 Mortgage Loans 283,443 287,463 289,957 283,687 Senior Unsecured Notes Series A notes 1/2026 4.68% 4.77% 200,000 217,750 200,000 202,500 Series B notes 1/2029 4.86% 4.92% 400,000 439,000 400,000 407,000 Series C notes 1/2030 4.10% 4.15% 350,000 366,625 — — Total Senior Unsecured Notes 950,000 1,023,375 600,000 609,500 2018 Senior Unsecured Term Loan A Facility (1) 1/2023 L+1.00% 3.14% 475,000 472,625 475,000 472,625 Total principal amount of indebtedness 1,708,443 1,783,463 1,364,957 1,365,812 Less deferred financing costs (12,996 ) n/a (13,943 ) n/a Total indebtedness, net of unamortized deferred financing costs $ 1,695,447 $ 1,783,463 $ 1,351,014 $ 1,365,812 2018 Senior Unsecured Revolving Credit Facility (1) 1/2021 L+0.90% 0.36% $ — $ — $ — $ — (1) L = one-month LIBOR |
Schedule of aggregate maturities of total indebtedness | The aggregate maturities of indebtedness as of December 31, 2019 , including amortization of principal amounts due under the mortgage notes for each of the next five years and thereafter, are as follows: Years Ending December 31: (In thousands) 2020 $ 6,750 2021 7,035 2022 7,312 2023 737,346 2024 — Thereafter 950,000 Aggregate principal amount of debt 1,708,443 Less unamortized deferred financing costs (12,996 ) Total debt net of deferred financing costs $ 1,695,447 |
Schedule of special purpose separateness | Each of the Company’s legal entities listed in the table below is a special purpose, bankruptcy remote entity, meaning that such entity’s assets and credit are not available to satisfy the debt and other obligations of either the Company or any of its other affiliates. Legal Entity/SPE Related Obligation ART Mortgage Borrower Propco 2013 LLC 2013 Mortgage Notes ART Mortgage Borrower Opco 2013 LLC |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Results | The following table presents the fair value of the derivative financial instruments within “Other assets” and “Accounts payable and accrued expenses” as of December 31, 2019 and 2018 (in thousands): Derivative Assets Derivative Liabilities As of December 31, As of December 31, 2019 2018 2019 2018 Designated derivatives Foreign exchange contracts $ 1,376 $ 2,283 $ — $ — Interest rate contracts 2,933 — 3,505 — Undesignated derivatives Foreign exchange forwards 2,546 — 2,589 — Total fair value of derivatives $ 6,855 $ 2,283 $ 6,094 $ — The following tables present the effect of the Company’s designated derivative financial instruments on the accompanying Consolidated Statements of Operations for the years ended December 31, 2019 , 2018 and 2017 , including the impacts to Accumulated Other Comprehensive Income (AOCI) (in thousands): Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Location of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income As of December 31, As of December 31, 2019 2018 2017 2019 2018 2017 Interest rate contracts $ (571 ) $ (1,422 ) $ 1,422 Interest expense $ 248 $ (1,191 ) $ (1,547 ) Foreign exchange contracts (879 ) 2,283 — Foreign currency exchange gain, net (264 ) 3,449 — Foreign exchange contracts — — — Interest expense 58 — — Total designated cash flow hedges $ (1,450 ) $ 861 $ 1,422 $ 42 $ 2,258 $ (1,547 ) |
Schedule of Gross Presentation, Effects of Offsetting and a Net Presentation of Derivatives | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2019 and 2018 , respectively. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying Consolidated Balance Sheets (in thousands): December 31, 2019 Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount Derivatives $ 6,855 $ — $ 6,855 $ (3,966 ) $ — $ 2,889 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount Derivatives $ (6,094 ) $ — $ (6,094 ) $ 3,966 $ — $ (2,128 ) December 31, 2018 Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount Derivatives $ 2,283 $ — $ 2,283 $ — $ — $ 2,283 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount Derivatives $ — $ — $ — $ — $ — $ — |
Lease Accounting (Tables)
Lease Accounting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense were as follows (in thousands): Year Ended December 31, 2019 Components of lease expense: Operating lease cost (a) $ 29,205 Financing lease cost: Depreciation 11,252 Interest on lease liabilities 2,941 Sublease income (b) (499 ) Net lease expense $ 42,899 (a) Includes short-term lease and variable lease costs, which are immaterial. (b) Sublease income relates to two warehouses in the U.S. and New Zealand. For the years ended December 31, 2018 and 2017, rent expense of $36.7 million and $42.3 million , respectively, was recorded pursuant to ASC 840, Leases. Other information related to leases is as follows: Year Ended December 31, 2019 Supplemental Cash Flow Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (24,992 ) Operating cash flows from finance leases $ (2,941 ) Financing cash flows from finance leases $ (13,339 ) Right-of-use assets obtained in exchange for lease obligations Operating leases $ 12,492 Finance leases $ 30,416 Weighted-average remaining lease term (years) Operating leases 6.1 Finance leases 4.4 Weighted-average discount rate Operating leases 4.1 % Finance leases 5.5 % |
Finance Lease, Liability, Maturity | Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows (in thousands): Years ending December 31, Operating Lease Payments Finance Lease Payments Total Lease Payments 2020 $ 23,399 $ 18,534 $ 41,933 2021 12,306 17,217 29,523 2022 9,622 11,987 21,609 2023 8,039 8,538 16,577 2024 4,596 4,827 9,423 Thereafter 14,296 5,386 19,682 Total future minimum lease payments 72,258 66,489 138,747 Less: Interest (9,737 ) (8,249 ) (17,986 ) Total future minimum lease payments less interest $ 62,521 $ 58,240 $ 120,761 Reported as of December 31, 2019 Accounts payable and accrued expenses $ 179 $ 70 $ 249 Operating lease obligations 62,342 — 62,342 Finance lease obligations — 58,170 58,170 Total lease obligations $ 62,521 $ 58,240 $ 120,761 |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows (in thousands): Years ending December 31, Operating Lease Payments Finance Lease Payments Total Lease Payments 2020 $ 23,399 $ 18,534 $ 41,933 2021 12,306 17,217 29,523 2022 9,622 11,987 21,609 2023 8,039 8,538 16,577 2024 4,596 4,827 9,423 Thereafter 14,296 5,386 19,682 Total future minimum lease payments 72,258 66,489 138,747 Less: Interest (9,737 ) (8,249 ) (17,986 ) Total future minimum lease payments less interest $ 62,521 $ 58,240 $ 120,761 Reported as of December 31, 2019 Accounts payable and accrued expenses $ 179 $ 70 $ 249 Operating lease obligations 62,342 — 62,342 Finance lease obligations — 58,170 58,170 Total lease obligations $ 62,521 $ 58,240 $ 120,761 |
Lessor, Operating Lease, Payments to be Received, Maturity | Future minimum lease payments due from our customers on leases as of December 31, 2019 were as follows (in thousands): Operating Leases Year ending December 31, 2020 $ 16,736 2021 13,223 2022 11,244 2023 9,782 2024 7,274 Thereafter 18,920 Total $ 77,179 |
Sale-Leasebacks of Real Estate
Sale-Leasebacks of Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of outstanding sale-leaseback financing obligations | The Company’s outstanding sale-leaseback financing obligations of real estate-related long-lived assets as of December 31, 2019 and 2018 are as follows: Maturity Interest Rate as of December 31, 2019 2019 2018 (In thousands) 1 warehouse – 2010 7/2030 10.34% $ 18,994 $ 19,265 11 warehouses – 2007 9/2027 7.00%-19.59% 96,765 99,655 Total sale-leaseback financing obligations $ 115,759 $ 118,920 As of December 31, 2019 , future minimum lease payments, inclusive of certain obligations to be settled with the residual value of related long-lived assets upon expiration of the lease agreement, of the sale-leaseback financing obligations are as follows: Years Ending December 31: (In thousands) 2020 $ 17,087 2021 17,351 2022 17,619 2023 17,892 2024 18,170 Thereafter 115,090 Total minimum payments 203,209 Interest portion (87,450 ) Present value of net minimum payments $ 115,759 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | The Company’s assets and liabilities measured or disclosed at fair value are as follows: Fair Value Fair Value Hierarchy December 31, 2019 2018 (In thousands) Measured at fair value on a recurring basis: Interest rate swap asset Level 2 $ 2,936 $ — Interest rate swap liability Level 2 3,507 — Cross-currency swap asset Level 2 1,404 2,283 Foreign exchange forward contract asset Level 2 2,546 — Foreign exchange forward contract liability Level 2 2,589 — Assets held by various pension plans: Level 1 35,317 30,281 Level 2 33,991 29,456 Disclosed at fair value: Mortgage notes, senior unsecured notes and term loan (1) Level 3 $ 1,783,463 $ 1,365,812 (1) The carrying value of mortgage notes, senior unsecured notes and term loan is disclosed in Note 10 . |
Dividends and Distributions (Ta
Dividends and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of dividends declared and distributions paid | The following tables summarize dividends declared and distributions paid to the holders of common shares and Series B Preferred Shares in 2019 , 2018 and 2017 : 2019 (Common Shares) Month Declared/Paid Dividend Per Share Distributions Declared Distributions Paid (In thousands, except per share amounts) December (2018)/January $ 0.1875 $ — $ 28,218 December (a) — (127 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. December (2018)/January — 7 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). March/April $ 0.2000 30,235 30,235 March (b) — (142 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. March/April — 15 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). June/July $ 0.2000 38,764 38,764 June (c) — (172 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. June/July — 13 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). September/October $ 0.2000 38,795 38,795 October (d) — (170 ) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. September/October — 7 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). December/January (2020) $ 0.2000 38,796 — $ 146,590 $ 135,443 (a) Declared in December 2018 and included in the $28.2 million declared, see description to the right regarding timing of payment. (b) Declared in March and included in the $30.2 million declared, see description to the right regarding timing of payment. (c) Declared in June and included in the $38.8 million declared, see description to the right regarding timing of payment. (d) Declared in September and included in the $38.8 million declared, see description to the right regarding timing of payment. 2018 Month Declared/Paid Dividend Per Share Distributions Declared Distributions Paid Common Shares Series B Preferred Shares Common Shares Series B Preferred Shares (In thousands, except per share amounts) January (a) $ 0.0186 $ 1,291 $ 619 $ 1,291 $ 619 March/April $ 0.1396 20,145 — 20,145 March (c) — — (79 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. March/April — — 20 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). June/July $ 0.1875 27,250 — 27,250 — June (d) — — (118 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. June/July — — 28 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). September/October $ 0.1875 28,072 — 28,072 October (e) — — (114 ) — Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. September/October — — 28 — Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). December/January (2019) $ 0.1875 28,218 — — — $ 104,976 $ 76,523 Series B Preferred Shares - Fixed Dividend January (a) 1,198 1,198 Total distributions paid to holders of Series B Preferred Shares (b) $ 1,817 $ 1,817 (a) Stub period dividend paid to shareholders of record prior to the IPO. (b) Last participating and fixed dividend paid to holders of Series B Preferred Shares in connection with the conversion to common shares on the IPO date. (c) Declared in March and included in the $20.1 million declared, see description to the right regarding timing of payment. (d) Declared in June and included in the $27.3 million declared, see description to the right regarding timing of payment. (e) Declared in September and included in the $28.1 million declared, see description to the right regarding timing of payment. 2017 Month Declared Dividend Per Share Distributions Paid Month Paid Common Shares Series B Preferred Shares (In thousands, except per share amounts) March $ 0.0730 $ 5,053 $ 2,421 April June $ 0.0730 5,054 2,422 July September $ 0.0730 5,053 2,421 October December $ 0.0730 5,054 2,422 December $ 20,214 9,686 (a) Series B Preferred Shares - Fixed Dividend 18,750 (b) Total distributions paid to holders of Series B Preferred Shares $ 28,436 (a) Participating dividend. (b) Paid in equal quarterly amounts along with the participating dividend. |
Schedule of distribution type | The composition of the Company’s distributions per common share and per preferred share is as follows: Common Shares 2019 2018 2017 Ordinary income 83 % 66 % 85 % Capital gains 0 % 0 % 0 % Return of capital 17 % 34 % 15 % 100 % 100 % 100 % Preferred Shares 2019 2018 2017 Ordinary income N/A 100 % 100 % Capital gains N/A 0 % 0 % Return of capital N/A 0 % 0 % N/A 100 % 100 % |
Partner's Capital (Tables)
Partner's Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Distributions | We have declared and paid the following distributions to Americold Realty Trust for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 Month Declared/Paid Distributions Declared Distributions Paid December (2018)/January $ — $ 28,098 March/April 30,235 30,108 June/July 38,764 38,605 September/October 38,795 38,632 December/January (2020) 38,796 — $ 146,590 $ 135,443 2018 Month Declared/Paid Distributions Declared Distributions Paid January (a) $ 3,242 $ 3,242 March/April 20,145 20,086 June/July 27,250 27,160 September/October 28,072 27,986 December/January (2019) 28,218 — $ 106,927 $ 78,474 (a) Stub period distribution paid to Parent immediately prior to the IPO. 2017 Month Declared/Paid Distributions Paid March/April $ 12,161 June/July 12,171 September/October 12,162 December 12,172 $ 48,666 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of restricted stock units activity | The following table provides a summary of restricted stock awards activity under the 2010 and 2017 Plans as of December 31, 2019 : Year Ended December 31, 2019 Restricted Stock Number of Time-Based Restricted Stock Units Aggregate Intrinsic Value (in millions) Number of Performance-Based Restricted Stock Units Aggregate Intrinsic Value (in millions) Number of Market Performance-Based Restricted Stock Units Aggregate Intrinsic Value (in millions) Non-vested as of December 31, 2018 1,028,256 $ 26.3 71,428 $ 1.8 587,500 $ 15.0 Granted 280,083 — 243,168 Vested (1) (443,481 ) (14,286 ) — Forfeited (150,795 ) — (51,480 ) Non-vested as of December 31, 2019 714,063 $ 25.0 57,142 $ 2.0 779,188 $ 27.3 Shares vested, but not released (1) 615,643 21.6 14,286 0.5 — — Total outstanding restricted stock units 1,329,706 $ 46.6 71,428 $ 2.5 779,188 $ 27.3 (1) For certain vested restricted stock units, common share issuance is contingent upon the first to occur of: (1) termination of service; (2) change in control; (3) death; or (4) disability, as defined in the 2010 Plan. Of these vested restricted stock units, 568,753 belong to a member of the Board of Trustees who has resigned and common shares shall not be issued until the first to occur: (1) change in control; or (2) April 13, 2022. Holders of these certain vested restricted stock units are entitled to receive dividend equivalents, but are not entitled to vote the shares until common shares are issued. The weighted average grant date fair value of these units is $9.29 per unit. During 2019, an additional 16,324 of these restricted stock units vested. Of the total restricted stock units vested, but not yet released, 613,605 time-based restricted stock units vested prior to January 1, 2019. The following table summarizes restricted stock unit grants by grantee type during the years ended December 31, 2019 , 2018 and 2017 : Year Ended Grantee Type Number of Vesting Grant Date 2019 Trustees 18,267 1 year $ 575 2019 Employees 504,984 1-3 years $ 16,843 2018 Trustees 373,438 1-3 years $ 5,975 2018 Employees 1,263,751 1-4 years $ 22,196 2017 Trustees 18,348 2-3 years $ 199 2017 Employees 141,288 5 years $ 1,897 |
Schedule of market performance-based restricted stock units thresholds | In the event that the RMZ Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of RSUs, as applicable, set forth below: Performance Level Thresholds RMS Relative Market Performance High Level above 75 th percentile 200% Target Level 55 th percentile 100% Threshold Level 30 th percentile 50% Below Threshold Level below 30 th percentile 0% Performance Level Thresholds TSR Market Performance Percentage Maximum 12% 150% of Target Award Target 10% 100% of Target Award Minimum 8% 50% of Target Award |
Schedule of performance-based restricted stock unit valuation assumptions | The key assumptions used in the valuation of the April 2017 award were as follows: Award Date Expected Stock Price Volatility Risk-Free Interest Rate Dividend Yield 4/10/2017 30% 1.63% 2% Award Date Expected Stock Price Volatility Risk-Free Interest Rate Dividend Yield (1) 2018 25% - 30% 2.34% - 2.85% N/A 2019 22% 2.40% - 2.43% N/A (1) Dividends are assumed to be reinvested and therefore not applicable. |
Schedule of stock option activity | The following table provides a summary of option activity for the year ended December 31, 2019 : Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Terms (Years) Outstanding as of December 31, 2018 2,355,787 $ 9.81 5.4 Granted — — Exercised (1,342,289 ) 9.81 Forfeited or expired (219,000 ) 9.81 Outstanding as of December 31, 2019 794,498 $ 9.81 5.8 Exercisable as of December 31, 2019 301,500 $ 9.81 5.1 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Following is a summary of the income/(loss) before income taxes in the U.S. and foreign operations: 2019 2018 2017 (In thousands) U.S. $ 33,417 $ 37,060 $ (11,212 ) Foreign 9,588 7,306 19,997 Pre-tax income $ 43,005 $ 44,366 $ 8,785 |
Schedule of Components of Income Tax Expense (Benefit) | The benefit (expense) for income taxes for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 (In thousands) Current U.S. federal $ (20 ) $ 4,424 $ (4,848 ) State (670 ) (353 ) (644 ) Foreign (4,854 ) (3,604 ) (7,559 ) Total current portion (5,544 ) 467 (13,051 ) Deferred U.S. federal 7,701 2,094 2,277 State 2,217 494 (72 ) Foreign 783 564 1,453 Total deferred portion 10,701 3,152 3,658 Total income tax benefit (expense) $ 5,157 $ 3,619 $ (9,393 ) |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between the statutory rate and reported amount is as follows: 2019 2018 2017 (In thousands) Income taxes at statutory rates $ (9,031 ) $ (9,317 ) $ (2,987 ) Earnings (loss) from REIT - not subject to tax 9,526 9,015 (425 ) State income taxes, net of federal income tax benefit (542 ) (187 ) (445 ) Provision to return 2 360 (205 ) Rate and permanent differences on non-U.S. earnings (971 ) (1,228 ) 668 Change in valuation allowance 2,761 (2,227 ) 2,950 Non-deductible expenses 3,462 4,021 (2,345 ) Change in uncertain tax positions (367 ) 347 94 Effect of Tax Cuts and Jobs Act — 3,797 (3,113 ) REIT excise tax — — (4,772 ) Other 317 (962 ) 1,187 Total $ 5,157 $ 3,619 $ (9,393 ) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of December 31, 2019 and 2018 are as follows: 2019 2018 (In thousands) Deferred tax assets: Net operating loss and credits carryforwards $ 11,806 $ 14,062 Accrued expenses 26,911 25,889 Share-based compensation 4,618 4,709 Lease obligations 9,674 — Other assets 4,420 241 Total gross deferred tax assets 57,429 44,901 Less: valuation allowance (16,043 ) (19,627 ) Total net deferred tax assets 41,386 25,274 Deferred tax liabilities: Intangible assets and goodwill (8,739 ) (5,628 ) Property, buildings and equipment (38,358 ) (35,672 ) Lease right-of-use assets (9,674 ) — Other liabilities (1,316 ) (1,144 ) Total gross deferred tax liabilities (58,087 ) (42,444 ) Net deferred tax liability $ (16,701 ) $ (17,170 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended December 31, 2019 , 2018 and 2017 : Tax Interest Penalties Total (In thousands) Balance at December 31, 2016* $ 857 $ 19 $ 8 $ 884 Increases related to current-year tax positions — 3 — 3 Decreases related to prior-year tax positions — (4 ) (8 ) (12 ) Decreases due to lapse in statute of limitations (73 ) (12 ) — (85 ) Balance at December 31, 2017* 784 6 — 790 Decreases due to lapse in statute of limitations (353 ) (6 ) — (359 ) Balance at December 31, 2018* 431 — — 431 Increase related to current-year tax positions 367 — — 367 Decreases due to lapse in statute of limitations (431 ) — — (431 ) Balance at December 31, 2019* $ 367 $ — $ — $ 367 *Balance would favorably affect the Company’s effective tax rate if recognized. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Actuarial information regarding these plans is as follows: 2019 Retirement National Other Superannuation Total Change in benefit obligation: (In thousands) Benefit obligation – January 1, 2019 $ (43,364 ) $ (30,627 ) $ (678 ) $ (1,385 ) $ (76,054 ) Service cost — — — (78 ) (78 ) Interest cost (1,590 ) (1,245 ) (23 ) (49 ) (2,907 ) Actuarial loss (3,251 ) (4,167 ) (62 ) (77 ) (7,557 ) Benefits paid 2,990 1,003 — 447 4,440 Plan participants’ contributions — — — (12 ) (12 ) Foreign currency translation loss — — — 2 2 Effect of settlement — — 152 — 152 Benefit obligation – end of year (45,215 ) (35,036 ) (611 ) (1,152 ) (82,014 ) Change in plan assets: Fair value of plan assets – January 1, 2019 34,958 23,277 — 1,502 59,737 Actual return on plan assets 6,804 4,556 — 237 11,597 Employer contributions 1,339 1,011 152 58 2,560 Benefits paid (2,990 ) (1,003 ) — (447 ) (4,440 ) Effect of settlement — — (152 ) — (152 ) Plan participants’ contributions — — — 12 12 Foreign currency translation loss — — — (6 ) (6 ) Fair value of plan assets – end of year 40,111 27,841 — 1,356 69,308 Funded status $ (5,104 ) $ (7,195 ) $ (611 ) $ 204 $ (12,706 ) Amounts recognized on the consolidated balance sheet as of December 31, 2019: Pension and post-retirement liability $ (5,104 ) $ (7,195 ) $ (611 ) $ 204 $ (12,706 ) Accumulated other comprehensive loss (income) 6,417 4,501 (21 ) 62 10,959 Amounts in accumulated other comprehensive loss consist of: Net loss (gain) 6,417 4,501 (21 ) (15 ) 10,882 Prior service cost — — — 77 77 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss (1,793 ) 788 (94 ) (78 ) (1,177 ) Amortization of net (loss) gain (1,509 ) (564 ) 4 — (2,069 ) Amortization of prior service cost — — — (28 ) (28 ) Amount recognized due to special event — — 5 5 10 Foreign currency translation loss — — — (5 ) (5 ) Total recognized in other comprehensive loss (income) $ (3,302 ) $ 224 $ (85 ) $ (106 ) $ (3,269 ) Information for plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 45,215 $ 35,036 $ 611 $ 1,152 $ 82,014 Accumulated benefit obligation $ 45,215 $ 35,036 $ 611 $ 1,038 $ 81,900 Fair value of plan assets $ 40,111 $ 27,841 $ — $ 1,356 $ 69,308 2018 Retirement National Other Superannuation Total Change in benefit obligation: (In thousands) Benefit obligation – January 1, 2018 $ (45,386 ) $ (33,405 ) $ (691 ) $ (3,002 ) $ (82,484 ) Service cost (31 ) (78 ) — (137 ) (246 ) Interest cost (1,418 ) (1,199 ) (20 ) (104 ) (2,741 ) Actuarial loss 753 3,125 33 179 4,090 Benefits paid 2,718 930 — 1,391 5,039 Plan participants’ contributions — — — (21 ) (21 ) Foreign currency translation gain — — — 309 309 Benefit obligation – end of year (43,364 ) (30,627 ) (678 ) (1,385 ) (76,054 ) Change in plan assets: Fair value of plan assets – January 1, 2018 38,218 24,518 — 2,992 65,728 Actual return on plan assets (2,042 ) (1,446 ) — 50 (3,438 ) Employer contributions 1,499 1,135 — 125 2,759 Benefits paid (2,717 ) (930 ) — (1,391 ) (5,038 ) Plan participants’ contributions — — — 21 21 Foreign currency translation gain — — — (295 ) (295 ) Fair value of plan assets – end of year 34,958 23,277 — 1,502 59,737 Funded status $ (8,406 ) $ (7,350 ) $ (678 ) $ 117 $ (16,317 ) Amounts recognized on the consolidated balance sheet as of December 31, 2018: Pension and post-retirement liability $ (8,406 ) $ (7,350 ) $ (678 ) $ 117 $ (16,317 ) Accumulated other comprehensive loss (income) 9,718 4,278 (92 ) 170 14,074 Amounts in accumulated other comprehensive loss consist of: Net loss (gain) 9,718 4,278 (92 ) 65 13,969 Prior service cost — — — 105 105 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) 3,337 (311 ) (34 ) (66 ) 2,926 Amortization of net gain (1,244 ) (715 ) — — (1,959 ) Amortization of prior service cost — — — (28 ) (28 ) Amount recognized due to special event — — — (64 ) (64 ) Foreign currency translation loss — — — 26 26 Total recognized in other comprehensive loss (income) $ 2,093 $ (1,026 ) $ (34 ) $ (132 ) $ 901 Information for plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 43,364 $ 30,627 $ 678 $ 1,385 $ 76,054 Accumulated benefit obligation $ 43,364 $ 30,627 $ 678 $ 1,186 $ 75,855 Fair value of plan assets $ 34,958 $ 23,277 $ — $ 1,502 $ 59,737 |
Schedule of Net Periodic Benefit Costs | The components of net period benefit cost for the years ended December 31, 2019 , 2018 and 2017 are as follows: December 31, 2019 Retirement Income Plan National Service-Related Pension Plan Other Superannuation Total Components of net periodic benefit cost: (In thousands) Service cost $ — $ — $ — $ 78 $ 78 Interest cost 1,590 1,245 23 49 2,907 Expected return on plan assets (1,760 ) (1,176 ) — (74 ) (3,010 ) Amortization of net loss (gain) 1,509 564 (4 ) — 2,069 Amortization of prior service cost — — — 28 28 Effect of settlement — — (5 ) (5 ) (10 ) Net pension benefit cost $ 1,339 $ 633 $ 14 $ 76 $ 2,062 December 31, 2018 Retirement Income Plan National Service-Related Pension Plan Other Superannuation Total Components of net periodic benefit cost: (In thousands) Service cost $ 31 $ 78 $ — $ 137 $ 246 Interest cost 1,418 1,199 20 104 2,741 Expected return on plan assets (2,047 ) (1,369 ) — (172 ) (3,588 ) Amortization of net loss 1,244 715 — — 1,959 Amortization of prior service cost — — — 30 30 Effect of settlement — — — 68 68 Net pension benefit cost $ 646 $ 623 $ 20 $ 167 $ 1,456 December 31, 2017 Retirement Income Plan National Service-Related Pension Plan Other Superannuation Total Components of net periodic benefit cost: (In thousands) Service cost $ 65 $ 504 $ — $ 153 $ 722 Interest cost 1,583 1,256 22 120 2,981 Expected return on plan assets (1,757 ) (1,175 ) — (174 ) (3,106 ) Amortization of net loss (gain) 1,889 815 (1 ) — 2,703 Amortization of prior service cost — 212 — 9 221 Effect of settlement — — (4 ) 67 63 Net pension benefit cost $ 1,780 $ 1,612 $ 17 $ 175 $ 3,584 |
Schedule of Assumptions Used | The weighted average assumptions used to determine benefit obligations and net period benefit costs for the years ended December 31, 2019 , 2018 and 2017 are as follows: December 31, 2019 Retirement Income National Service-Related Pension Other Superan- nuation Weighted-average assumptions used to determine obligations (balance sheet): Discount rate 3.00 % 3.25 % 2.55 % 2.30 % Rate of compensation increase N/A N/A N/A 3.25 % Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): Discount rate 3.95 % 4.15 % 3.70 % 3.70 % Expected return on plan assets 6.50 % 6.50 % N/A 5.00 % Rate of compensation increase 3.50 % N/A N/A 3.25 % December 31, 2018 Retirement Income National Service-Related Pension Other Superan- nuation Weighted-average assumptions used to determine obligations (balance sheet): Discount rate 3.95 % 4.15 % 3.70 % 3.70 % Rate of compensation increase 3.50 % N/A N/A 3.25 % Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): Discount rate 3.35 % 3.65 % 3.10 % 3.70 % Expected return on plan assets 7.00 % 7.00 % N/A 6.00 % Rate of compensation increase 3.50 % N/A N/A 4.00 % December 31, 2017 Retirement Income National Service-Related Pension Other Superan- Weighted-average assumptions used to determine obligations (balance sheet): Discount rate 3.35 % 3.65 % 3.10 % 3.70 % Rate of compensation increase 3.50 % N/A N/A 4.00 % Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): Discount rate 3.75 % 4.15 % 3.40 % 4.20 % Expected return on plan assets 7.00 % 7.00 % N/A 6.00 % Rate of compensation increase 3.50 % N/A N/A 4.00 % |
Schedule of Allocation of Plan Assets | The fair values of the Company’s pension plan assets as of December 31, 2019 , by category, are as follow: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs (Level 3) Balance as of December 31, 2019 Assets (In thousands) U.S. equities: Large cap (1) $ — $ 17,698 $ — $ 17,698 Medium cap (1) — 3,404 — 3,404 Small cap (1) 1,360 1,360 — 2,720 Non-U.S. equities: Large cap (2) 12,919 — — 12,919 Emerging markets (3) 4,060 — — 4,060 Fixed-income securities: Money markets (4) — 3,381 — 3,381 U.S. bonds (5) 10,172 3,397 — 13,569 Non-U.S. bonds (5) 6,806 — — 6,806 Real estate (6) — 3,395 — 3,395 Common/collective trusts — 1,356 — 1,356 Total assets $ 35,317 $ 33,991 $ — $ 69,308 The fair values of the Company’s pension plan assets as of December 31, 2018 , by category, are as follows: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs (Level 3) Balance as of December 31, 2018 Assets (In thousands) U.S. equities: Large cap (1) $ — $ 15,141 $ — $ 15,141 Medium cap (1) — 2,912 — 2,912 Small cap (1) 1,165 1,165 — 2,330 Non-U.S. equities: Large cap (2) 11,065 — — 11,065 Emerging markets (3) 3,494 — — 3,494 Fixed-income securities: Money markets (4) — 2,912 — 2,912 U.S. bonds (5) 8,735 2,912 — 11,647 Non-U.S. bonds (5) 5,822 — — 5,822 Real estate (6) — 2,912 — 2,912 Common/collective trusts — 1,502 — 1,502 Total assets $ 30,281 $ 29,456 $ — $ 59,737 (1) Includes funds that primarily invest in U.S. common stock. (2) Includes funds that invest primarily in foreign equity and equity-related securities. (3) Includes funds that invest primarily in equity securities of companies in emerging market countries. (4) Includes funds that invest primarily in short-term securities, such as commercial paper. (5) Includes funds either publicly traded (Level 1) or within a separate account (Level 2) held by a regulated investment company. These funds hold primarily debt and fixed-income securities. (6) Includes funds in a separate account held by a regulated investment company that invest primarily in commercial real estate and includes mortgage loans which are backed by the associated properties. The Company can call the investment in these assets with no restrictions. The allocations of the U.S. Plans’ and the Offshore Plan’s investments by fair value as of December 31, 2019 and 2018 are as follows: U.S. Plans Offshore Plan Actual Target Allocation Actual Target Allocation 2019 2018 2019 2018 U.S. equities 35% 35% 25–55% 20% 16% 19% Non-U.S. equities 25% 25% 15–45% 42% 46% 41% Fixed-income securities 35% 35% 15–40% 8% 9% 13% Real estate 5% 5% 0–5% 8% 8% 8% Cash and other —% —% —% 22% 21% 19% |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future services, as appropriate, are expected to be paid for all plans as of December 31, 2019 : Years Ending December 31: (In thousands) 2020 $ 7,796 2021 5,090 2022 5,034 2023 4,862 2024 4,867 Thereafter 22,846 $ 50,495 |
Schedule of Multiemployer Plans | Pension Fund EIN/Pension Pension Protection FIP/RP Status Pending/ Americold Contributions Surcharge Imposed 2019 2018 2019 2018 2017 (In thousands) Central Pension Fund of the International Union of Operating Engineers and Participating Employers (2) 36-6052390 Green Green No $ 6 $ 6 $ 3 No Central States SE & SW Areas Health and Welfare Pension Plans (1) 36-6044243 Red Red Yes/ Implemented 9,238 8,424 8,427 No New England Teamsters & Trucking Industry Pension Plan (3) 04-6372430 Red Red Yes/ Implemented 456 456 566 No Alternative New England Teamsters & Trucking Industry Pension Plan 04-6372430 Green Green No 449 493 98 No I.U.O.E Stationary Engineers Local 39 Pension Fund (1) 94-6118939 Green Green No 194 160 197 No United Food & Commercial Workers International Union-Industry Pension Fund (4) 51-6055922 Green Green No 105 90 87 No Western Conference of Teamsters Pension Fund (1) 91-6145047 Green Green No 7,398 7,632 7,265 No Minneapolis Food Distributing Industry Pension Plan (1) 41-6047047 Green Green Yes/ Implemented 116 180 326 No Total Contributions $ 17,962 $ 17,441 $ 16,969 (1) The status information is for the plans’ year end at December 31, 2019 and 2018 . (2) The status information is for the plans’ year end at January 31, 2019 and 2018 . (3) The status information is for the plans’ year end at September 30, 2019 and 2018 . The Company withdrew from the multi-employer plan on October, 31, 2017. (4) The status information is for the plans’ year end at June 30, 2019 and 2018 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Construction Commitments | As of December 31, 2019 , the Company had the following construction commitments related to its expansion of existing warehouse facilities: Facility Committed construction cost (in thousands) Expected construction completion period Columbus, OH $ 241 Q1 2020 Savannah, GA 13,692 Q2 2020 Atlanta, GA 44,041 Q2 2021 Total construction commitments $ 57,974 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The activity in AOCI for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 Pension and other postretirement benefits: (In thousands) Balance at beginning of period, net of tax $ (8,027 ) $ (7,126 ) $ (12,880 ) Gain (loss) arising during the period 1,180 (2,926 ) 2,663 Less: Tax expense (benefit) 3 27 (49 ) Net (loss) gain arising during the period 1,177 (2,953 ) 2,712 Amortization of net loss and prior service cost (1) 2,092 2,052 3,042 Net amount reclassified from AOCI to net income (loss) 2,092 2,052 3,042 Other comprehensive (loss) income, net of tax 3,269 (901 ) 5,754 Balance at end of period, net of tax (4,758 ) (8,027 ) (7,126 ) Foreign currency translation adjustments: Balance at beginning of period, net of tax (3,322 ) 8,318 3,874 (Loss) gain on foreign currency translation (783 ) (11,640 ) 4,444 Derecognition of cumulative foreign currency translation gain upon sale of partially owned entities (2) (2,605 ) — — Net (loss) gain on foreign currency translation (3,388 ) (11,640 ) 4,444 Balance at end of period, net of tax (6,710 ) (3,322 ) 8,318 Cash flow hedge derivatives: Balance at beginning of period, net of tax (1,166 ) (1,422 ) (1,538 ) Unrealized (loss) gain on cash flow hedge derivatives (1,450 ) 862 (1,387 ) Less: Tax expense — 173 44 Net (loss) gain cash flow hedge derivatives (1,450 ) 689 (1,431 ) Net amount reclassified from AOCI to net income (loss) (interest expense) (306 ) 1,191 1,547 Net amount reclassified from AOCI to net income (loss) (loss on debt extinguishment, modifications and termination of derivative instruments) — 1,825 — Net amount reclassified from AOCI to net income (loss) (foreign exchange loss (gain), net) 264 (3,449 ) — Balance at end of period, net of tax (2,658 ) (1,166 ) (1,422 ) Accumulated other comprehensive loss $ (14,126 ) $ (12,515 ) $ (230 ) (1) Amounts reclassified from AOCI for pension liabilities are recorded in selling, general, and administrative expenses in the Consolidated Statements of Operations. (2) Amount reclassified from AOCI for the derecognition of cumulative foreign currency translation gain related to the sale of partially owned entities is recognized in Gain from sale of partially owned entities in the Consolidated Statements of Operations. |
Geographic Concentrations (Tabl
Geographic Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenue and Assets by Geographic Concentrations | The following table provides geographic information for the Company’s total revenues for the years ended December 31, 2019 , 2018 and 2017 , and total assets as of December 31, 2019 and 2018 : Total Revenues Total Assets 2019 2018 2017 2019 2018 (In thousands) U.S. $ 1,509,401 $ 1,313,811 $ 1,253,879 $ 3,812,761 $ 2,242,078 Australia 216,741 227,374 219,738 274,288 226,666 New Zealand 30,047 32,363 33,289 67,046 51,419 Argentina 9,647 11,752 18,319 7,794 7,154 Canada 17,869 18,335 18,362 8,794 5,111 $ 1,783,705 $ 1,603,635 $ 1,543,587 $ 4,170,683 $ 2,532,428 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table presents segment revenues and contributions with a reconciliation to Income before income tax benefit (expense) for the years ended December 31, 2019 , 2018 and 2017 : Years Ended December 31, 2019 2018 2017 (In thousands) Segment revenues: Warehouse $ 1,377,217 $ 1,176,912 $ 1,145,662 Third-party managed 252,939 259,034 242,189 Transportation 144,844 158,790 146,070 Other 8,705 8,899 9,666 Total revenues 1,783,705 1,603,635 1,543,587 Segment contribution: Warehouse 447,591 374,534 348,328 Third-party managed 11,761 14,760 12,825 Transportation 18,067 15,735 12,950 Other 838 620 2 Total segment contribution 478,257 405,649 374,105 Reconciling items: Depreciation, depletion and amortization (163,348 ) (117,653 ) (116,741 ) Selling, general and administrative expense (129,310 ) (110,825 ) (99,616 ) Acquisition, litigation and other (40,614 ) (3,935 ) (11,329 ) Impairment of long-lived assets (13,485 ) (747 ) (9,473 ) (Loss) gain from sale of real estate, net (34 ) 7,471 43 Interest expense (94,408 ) (93,312 ) (114,898 ) Interest income 6,286 3,996 1,074 Bridge loan commitment fees (2,665 ) — — Loss on debt extinguishment, modifications and termination of derivative instruments — (47,559 ) (986 ) Foreign currency exchange gain (loss), net 10 2,882 (3,591 ) Other expense, net (1,870 ) (532 ) (1,944 ) Loss from partially owned entities (111 ) (1,069 ) (1,363 ) Gain from sale of partially owned entities 4,297 — — Impairment of partially owned entities — — (6,496 ) Income before income tax benefit (expense) $ 43,005 $ 44,366 $ 8,785 The following table details our long-lived assets by reportable segments, with a reconciliation to total assets reported for each of the periods presented in the accompanying Consolidated Balance Sheets. Years Ended December 31, 2019 2018 (In thousands) Assets: Warehouse $ 3,684,391 $ 2,054,968 Third-party managed 47,867 43,725 Transportation 50,666 35,479 Other 13,467 13,554 Total segments assets 3,796,391 2,147,726 Reconciling items: Corporate assets 374,292 370,161 Investments in partially owned entities — 14,541 Total reconciling items 374,292 384,702 Total assets $ 4,170,683 $ 2,532,428 |
Earning per Common Share (Table
Earning per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of weighted average number of common shares outstanding | A reconciliation of the basic and diluted weighted-average number of common shares outstanding for the years ended December 31, 2019 , 2018 and 2017 is as follows: Year ended December 31, 2019 2018 2017 (In thousands) Weighted average common shares outstanding – basic 179,598 141,415 70,022 Dilutive effect of share-based awards 1,660 2,662 — Equity forward contracts 2,692 261 — Weighted average common shares outstanding – diluted 183,950 144,338 70,022 |
Schedule of antidilutive securities excluded from computation of earnings (loss) per share | The table below presents the weighted-average number of antidilutive potential common shares that are not considered in the calculation of diluted income (loss) per share: Year ended December 31, 2019 2018 2017 (In thousands) Series B Convertible Preferred Stock — — 33,240 Common share warrants — — 18,575 Employee stock options — — 5,983 Restricted stock units 250 — 685 Equity forward contracts — — — 250 — 58,483 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables represent a disaggregation of revenue from contracts with customers for the years ended December 31, 2019 , 2018 and 2017 by segment and geographic region: December 31, 2019 United States Australia New Zealand Argentina Canada Total (In thousands) Warehouse rent and storage $ 502,674 $ 37,172 $ 15,942 $ 4,749 $ — $ 560,537 Warehouse services 653,890 124,045 13,701 3,072 — 794,708 Third-party managed 220,165 14,886 — — 17,869 252,920 Transportation 101,976 40,638 404 1,826 — 144,844 Other 8,683 — — — — 8,683 Total revenues (1) 1,487,388 216,741 30,047 9,647 17,869 1,761,692 Lease revenue (2) 22,013 — — — — 22,013 Total revenues from contracts with all customers $ 1,509,401 $ 216,741 $ 30,047 $ 9,647 $ 17,869 $ 1,783,705 December 31, 2018 United States Australia New Zealand Argentina Canada Total (In thousands) Warehouse rent and storage $ 433,131 $ 39,573 $ 15,018 $ 5,694 $ — $ 493,416 Warehouse services 522,748 119,665 16,634 3,109 — 662,156 Third-party managed 227,757 12,742 — — 18,335 258,834 Transportation 99,736 55,394 711 2,949 — 158,790 Other 8,877 — — — — 8,877 Total revenues (1) 1,292,249 227,374 32,363 11,752 18,335 1,582,073 Lease revenue (2) 21,562 — — — — 21,562 Total revenues from contracts with all customers $ 1,313,811 $ 227,374 $ 32,363 $ 11,752 $ 18,335 $ 1,603,635 December 31, 2017 United States Australia New Zealand Argentina Canada Total (In thousands) Warehouse rent and storage $ 413,647 $ 40,086 $ 17,695 $ 9,139 $ — $ 480,567 Warehouse services 508,982 116,287 14,776 4,013 — 644,058 Third-party managed 214,400 9,227 — — 18,362 241,989 Transportation 85,947 54,138 818 5,167 — 146,070 Other 9,644 — — — — 9,644 Total revenues (1) 1,232,620 219,738 33,289 18,319 18,362 1,522,328 Lease revenue (2) 21,259 — — — — 21,259 Total revenues from contracts with all customers $ 1,253,879 $ 219,738 $ 33,289 $ 18,319 $ 18,362 $ 1,543,587 (1) Revenues are within the scope of ASC 606: Revenue From Contracts With Customers. Elements of contracts or arrangements that are in the scope of other standards (e.g., leases) are separated and accounted for under those standards. (2) Revenues are within the scope of Topic 842 and 840, Leases , for the applicable period. |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Americold Realty Trust) - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | The following table sets forth selected unaudited quarterly statements of operations data for the years ended December 31, 2019 and 2018 : 2019 December 31 September 30 June 30 March 31 (In thousands, except per share amounts) Total revenues $ 485,984 $ 466,182 $ 438,460 $ 393,079 Total operating expenses 439,405 426,797 409,375 376,662 Operating income 46,579 39,385 29,085 16,417 Net income (loss) applicable to common shareholders 20,809 27,091 4,891 (4,629 ) Net income (loss) per common share (a) Basic 0.11 0.14 0.03 (0.03 ) Diluted 0.10 0.14 0.03 (0.03 ) (a) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding included in the calculation of basic and diluted shares. 2018 December 31 September 30 June 30 March. 31 (In thousands, except per share amounts) Total revenues $ 415,817 $ 402,010 $ 394,667 $ 391,141 Total operating expenses 364,646 358,457 345,363 355,209 Operating income 51,171 43,553 49,304 35,932 Net income (loss) applicable to common shareholders 2,678 24,540 29,406 (10,457 ) Net income (loss) per common share (a) Basic 0.02 0.17 0.20 (0.08 ) Diluted 0.02 0.17 0.20 (0.08 ) (a) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding included in the calculation of basic and diluted shares. The following table sets forth selected unaudited quarterly statements of operations data for the years ended December 31, 2019 and 2018 : 2019 December 31 September 30 June 30 March 31 (In thousands, except per share amounts) Total revenues $ 485,984 $ 466,182 $ 438,460 $ 393,079 Total operating expenses 439,405 426,797 409,375 376,662 Operating income 46,579 39,385 29,085 16,417 Net income (loss) applicable to unitholders 20,809 27,091 4,891 (4,629 ) Net income (loss) per unit (a) 0.11 0.14 0.03 (0.03 ) (a) Quarterly earnings per unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted units outstanding included in the calculation of units. 2018 December 31 September 30 June 30 March. 31 (In thousands, except per share amounts) Total revenues $ 415,817 $ 402,010 $ 394,667 $ 391,141 Total operating expenses 364,646 358,457 345,363 355,209 Operating income 51,171 43,553 49,304 35,932 Net income (loss) applicable to unitholders 2,678 24,540 29,406 (10,457 ) Net income (loss) per unit (a) 0.02 0.17 0.21 (0.08 ) (a) Quarterly earnings per unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted units outstanding included in the calculation of units. |
Selected Quarterly Financial _4
Selected Quarterly Financial Data (Americold Realty Operating Partnership, L.P.) - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | The following table sets forth selected unaudited quarterly statements of operations data for the years ended December 31, 2019 and 2018 : 2019 December 31 September 30 June 30 March 31 (In thousands, except per share amounts) Total revenues $ 485,984 $ 466,182 $ 438,460 $ 393,079 Total operating expenses 439,405 426,797 409,375 376,662 Operating income 46,579 39,385 29,085 16,417 Net income (loss) applicable to common shareholders 20,809 27,091 4,891 (4,629 ) Net income (loss) per common share (a) Basic 0.11 0.14 0.03 (0.03 ) Diluted 0.10 0.14 0.03 (0.03 ) (a) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding included in the calculation of basic and diluted shares. 2018 December 31 September 30 June 30 March. 31 (In thousands, except per share amounts) Total revenues $ 415,817 $ 402,010 $ 394,667 $ 391,141 Total operating expenses 364,646 358,457 345,363 355,209 Operating income 51,171 43,553 49,304 35,932 Net income (loss) applicable to common shareholders 2,678 24,540 29,406 (10,457 ) Net income (loss) per common share (a) Basic 0.02 0.17 0.20 (0.08 ) Diluted 0.02 0.17 0.20 (0.08 ) (a) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding included in the calculation of basic and diluted shares. The following table sets forth selected unaudited quarterly statements of operations data for the years ended December 31, 2019 and 2018 : 2019 December 31 September 30 June 30 March 31 (In thousands, except per share amounts) Total revenues $ 485,984 $ 466,182 $ 438,460 $ 393,079 Total operating expenses 439,405 426,797 409,375 376,662 Operating income 46,579 39,385 29,085 16,417 Net income (loss) applicable to unitholders 20,809 27,091 4,891 (4,629 ) Net income (loss) per unit (a) 0.11 0.14 0.03 (0.03 ) (a) Quarterly earnings per unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted units outstanding included in the calculation of units. 2018 December 31 September 30 June 30 March. 31 (In thousands, except per share amounts) Total revenues $ 415,817 $ 402,010 $ 394,667 $ 391,141 Total operating expenses 364,646 358,457 345,363 355,209 Operating income 51,171 43,553 49,304 35,932 Net income (loss) applicable to unitholders 2,678 24,540 29,406 (10,457 ) Net income (loss) per unit (a) 0.02 0.17 0.21 (0.08 ) (a) Quarterly earnings per unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted units outstanding included in the calculation of units. |
Description of the Business - N
Description of the Business - Narrative (Details) $ / shares in Units, $ in Millions | Jan. 02, 2020USD ($) | Jan. 02, 2020CAD ($) | Nov. 21, 2019USD ($) | Sep. 24, 2019 | Sep. 23, 2019 | May 01, 2019USD ($) | Apr. 22, 2019USD ($)$ / sharesshares | Feb. 01, 2019USD ($) | Dec. 04, 2018USD ($) | Dec. 03, 2018USD ($) | Sep. 18, 2018USD ($)$ / sharesshares | Feb. 06, 2018USD ($) | Jan. 23, 2018USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares | Feb. 28, 2018USD ($) | Jan. 31, 2020CAD ($) | Dec. 31, 2019USD ($)warehouseshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2010shares | Aug. 23, 2018USD ($) | Jan. 22, 2018shares |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of warehouses | warehouse | 178 | |||||||||||||||||||||
Underwriting fees and other offering costs | $ 0 | $ 8,205,000 | $ 0 | |||||||||||||||||||
Number of common shares to be purchased by warrants (in shares) | shares | 18,574,619 | |||||||||||||||||||||
Exercise price of warrants (in USD per share) | $ / shares | $ 9.81 | |||||||||||||||||||||
Shares issued for warrant exercise (in shares) | shares | 6,426,818 | |||||||||||||||||||||
Deemed valuation of warrants (in USD per share) | $ / shares | $ 15 | |||||||||||||||||||||
Cash paid for acquisition of property, buildings and equipment | 85,216,000 | 0 | 0 | |||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Payment of stub dividend | 135,443,000 | 86,679,000 | 48,666,000 | |||||||||||||||||||
Outstanding borrowings | 1,695,447,000 | |||||||||||||||||||||
Cash paid for acquisition of property, buildings and equipment | 85,216,000 | $ 0 | 0 | |||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | Term Loans | Senior Secured Term Loan A Facility | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Indebtedness repaid | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||||
Term of debt | 5 years | |||||||||||||||||||||
Face amount of debt | $ 525,000,000 | |||||||||||||||||||||
Proceeds from debt | 517,000,000 | |||||||||||||||||||||
Outstanding borrowings | $ 475,000,000 | |||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | Credit Facility | 2018 Senior Secured Revolving Credit Facility | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Additional accordion option | $ 400,000,000 | |||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | Credit Facility | 2018 Senior Unsecured Credit Facilities | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Change in commitment fee percentage | 0.50% | |||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | Term Loans and Credit Facility | 2018 Senior Unsecured Credit Facilities | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Aggregate commitments under credit agreements | 925,000,000 | |||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | Revolving Credit Facility | Credit Facility | 2018 Senior Secured Revolving Credit Facility | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Term of debt | 3 years | |||||||||||||||||||||
Increase in credit commitments | 50,000,000 | |||||||||||||||||||||
Revolver borrowing capacity | $ 450,000,000 | $ 400,000,000 | ||||||||||||||||||||
Outstanding borrowings | $ 0 | |||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | Revolving Credit Facility | Credit Facility | 2018 Senior Unsecured Credit Facilities | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Revolver borrowing capacity | $ 800,000,000 | $ 450,000,000 | ||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | LIBOR | Term Loans and Credit Facility | 2018 Senior Unsecured Credit Facilities | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Basis spread on variable rate | 1.45% | 2.35% | ||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | LIBOR | Revolving Credit Facility | Term Loans | 2018 Senior Unsecured Credit Facilities | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Basis spread on variable rate | 1.00% | 1.45% | ||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | LIBOR | Revolving Credit Facility | Credit Facility | 2018 Senior Unsecured Credit Facilities | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Basis spread on variable rate | 0.90% | 1.45% | 0.90% | |||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Shares converted (in shares) | shares | 33,240,258 | 33,240,258 | ||||||||||||||||||||
Shares issued for warrant exercise (in shares) | shares | 6,426,818 | |||||||||||||||||||||
Series B Preferred Shares | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Payment of accrued and unpaid dividends | $ 1,200,000 | $ 0 | $ 1,817,000 | $ 28,436,000 | ||||||||||||||||||
PortFresh Holdings, LLC | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Cash paid for acquisition of property, buildings and equipment | $ 35,200,000 | |||||||||||||||||||||
MHW Group Inc. | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Cash paid for acquisition of property, buildings and equipment | $ 50,100,000 | |||||||||||||||||||||
Lanier Cold Storage | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Aggregate cash consideration | $ 81,900,000 | |||||||||||||||||||||
Nova Cold Logistics | Subsequent Event | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Consideration | $ 257,100,000 | $ 336.8 | $ 336.8 | |||||||||||||||||||
IPO | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of shares sold (in shares) | shares | 33,350,000 | |||||||||||||||||||||
Initial offering price (in USD per share) | $ / shares | $ 16 | |||||||||||||||||||||
Net proceeds from offering | $ 493,600,000 | |||||||||||||||||||||
Underwriting fees and other offering costs | 40,000,000 | |||||||||||||||||||||
Payment of stub dividend | 3,100,000 | |||||||||||||||||||||
Net proceeds from offering used for general corporate purposes | 184,400,000 | |||||||||||||||||||||
IPO | Americold Realty Operating Partnership, L.P.. | Term Loans | Senior Secured Term Loan B Facility | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Indebtedness repaid | 285,100,000 | |||||||||||||||||||||
Payment of accrued and unpaid interest and closing expense | 3,000,000 | |||||||||||||||||||||
Payment of closing expense | 200,000 | |||||||||||||||||||||
IPO | Americold Realty Operating Partnership, L.P.. | Construction Loan | Clearfield, Utah and Middleboro Massachusetts Construction Loans | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Indebtedness repaid | 20,900,000 | |||||||||||||||||||||
IPO | Series A Preferred Shares | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Payment for redemption of preferred shares | $ 100,000 | |||||||||||||||||||||
Underwriters' Option | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of shares sold (in shares) | shares | 6,562,000 | 4,350,000 | 6,063,105 | |||||||||||||||||||
Public Offering | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of shares sold (in shares) | shares | 42,062,000 | 4,000,000 | ||||||||||||||||||||
Initial offering price (in USD per share) | $ / shares | $ 29.75 | $ 24.50 | $ 27.75 | |||||||||||||||||||
Net proceeds from offering | $ 1,210,000,000 | $ 92,500,000 | $ 1,100,000,000 | |||||||||||||||||||
Underwriting fees and other offering costs | $ 1,500,000 | |||||||||||||||||||||
Number of shares subject to forward sale agreement (in shares) | shares | 8,250,000 | 6,000,000 | ||||||||||||||||||||
Public Stock Offering - YF ART Holdings L.P. | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of shares sold (in shares) | shares | 16,500,000 | 38,422,583 | ||||||||||||||||||||
Public Stock Offering - Goldman Sachs | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of shares sold (in shares) | shares | 9,100,000 | 8,061,228 | ||||||||||||||||||||
Public Stock Offering - Fortress Entities | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of shares sold (in shares) | shares | 7,200,000 | |||||||||||||||||||||
At the Market Equity Program | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of shares sold (in shares) | shares | 0 | |||||||||||||||||||||
Authorized equity program | $ 500,000,000 | |||||||||||||||||||||
YF ART Holdings L.P. | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Ownership percentage before IPO | 100.00% | |||||||||||||||||||||
Ownership percentage after IPO | 25.90% | |||||||||||||||||||||
Goldman | Common Stock | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Shares converted (in shares) | shares | 28,808,224 | |||||||||||||||||||||
CMHI | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Ownership percentage after IPO | 3.10% | |||||||||||||||||||||
CMHI | Common Stock | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Shares converted (in shares) | shares | 4,432,034 | |||||||||||||||||||||
CMHI | Series B Preferred Shares | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of shares sold (in shares) | shares | 50,000 | |||||||||||||||||||||
U.S. | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of warehouses | warehouse | 160 | |||||||||||||||||||||
Australia | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of warehouses | warehouse | 6 | |||||||||||||||||||||
New Zealand | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of warehouses | warehouse | 7 | |||||||||||||||||||||
Argentina | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of warehouses | warehouse | 2 | |||||||||||||||||||||
Canada | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of warehouses | warehouse | 3 | |||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | General Partner | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Ownership of partnership | 99.00% | |||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | Limited Partner | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Ownership of partnership | 1.00% | |||||||||||||||||||||
Goldman | Series B Preferred Shares | ||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||
Number of shares issued (in shares) | shares | 325,000 |
- Acquisition of Cloverleaf (De
- Acquisition of Cloverleaf (Details) - USD ($) $ in Thousands | 8 Months Ended | ||||
Dec. 31, 2019 | May 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | |||||
Goodwill | $ 318,483 | $ 186,095 | $ 188,169 | $ 186,805 | |
Liabilities | |||||
Deferred tax liability | $ 9,600 | ||||
Cloverleaf | |||||
Assets | |||||
Land | 60,494 | 59,363 | |||
Land | 1,131 | ||||
Buildings and improvements | 668,151 | 687,821 | |||
Buildings and improvements | (19,670) | ||||
Machinery and equipment | 145,647 | 144,825 | |||
Machinery and equipment | 822 | ||||
Assets under construction | 16,974 | 20,968 | |||
Assets under construction | (3,994) | ||||
Operating lease right-of-use assets | 1,254 | 1,254 | |||
Operating lease right-of-use assets | 0 | ||||
Cash and cash equivalents | 4,332 | 4,332 | |||
Cash and cash equivalents | 0 | ||||
Restricted cash | 526 | 0 | |||
Restricted cash | 526 | ||||
Accounts receivable | 21,578 | 21,358 | |||
Accounts receivable | 220 | ||||
Goodwill | 125,940 | 107,643 | |||
Goodwill | 18,297 | ||||
Acquired identifiable intangibles: | |||||
Other assets | 7,052 | 18,720 | |||
Other assets | (11,668) | ||||
Total assets | 1,303,917 | 1,309,645 | |||
Total assets | (5,728) | ||||
Liabilities | |||||
Accounts payable and accrued expenses | 43,503 | 30,905 | |||
Accounts payable and accrued expenses | 12,598 | ||||
Notes payable | 3,878 | 17,179 | |||
Notes payable | (13,301) | ||||
Operating lease obligations | 1,254 | 1,254 | |||
Operating lease obligations | 0 | ||||
Unearned revenue | 3,536 | 3,536 | |||
Unearned revenue | 0 | ||||
Pension and postretirement benefits | 0 | 2,020 | |||
Pension and postretirement benefits | (2,020) | ||||
Deferred tax liability | 8,868 | 9,063 | |||
Deferred tax liability | (195) | ||||
Total liabilities | 61,039 | 63,957 | |||
Total liabilities | (2,918) | ||||
Total consideration | 1,242,878 | 1,245,688 | |||
Total consideration for Cloverleaf acquisition | (2,810) | ||||
Cloverleaf | Customer Relationships | |||||
Acquired identifiable intangibles: | |||||
Acquired identifiable intangibles | 250,346 | 241,738 | |||
Acquired identifiable intangibles | 8,608 | ||||
Cloverleaf | Trademarks and Trade Names | |||||
Acquired identifiable intangibles: | |||||
Acquired identifiable intangibles | 1,623 | 1,623 | |||
Acquired identifiable intangibles | $ 0 | ||||
Lanier Cold Storage | |||||
Assets | |||||
Goodwill | 6,400 | ||||
Lanier Cold Storage | Customer Relationships | |||||
Acquired identifiable intangibles: | |||||
Acquired identifiable intangibles | $ 16,300 |
Business Combination - Acquisit
Business Combination - Acquisition of Cloverleaf, Narrative (Details) $ in Thousands | May 01, 2019USD ($)expansion_opportunity | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 318,483 | $ 186,095 | $ 188,169 | $ 186,805 | |
Cloverleaf | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 107,643 | 125,940 | |||
Number of expansion opportunities | expansion_opportunity | 3 | ||||
Deferred tax liability for intangibles | $ 1,900 | ||||
Revenue since acquisition date | 9,000 | ||||
Net income since acquistion date | 152,800 | ||||
Customer Relationships | Cloverleaf | |||||
Business Acquisition [Line Items] | |||||
Acquired identifiable intangibles | 241,738 | $ 250,346 | |||
Acquired identifiable intangibles, weighted average useful life | 25 years | ||||
Trademarks and Trade Names | Cloverleaf | |||||
Business Acquisition [Line Items] | |||||
Acquired identifiable intangibles | $ 1,623 | $ 1,623 | |||
Acquired identifiable intangibles, weighted average useful life | 1 year 6 months |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions, $ in Millions | Nov. 21, 2019USD ($) | Feb. 01, 2019USD ($) | May 31, 2019USD ($)facility | Feb. 28, 2019facility | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)investment | Dec. 31, 2020USD ($) | Dec. 31, 2019AUD ($) | Dec. 31, 2019NZD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Depreciation | $ 153,900,000 | $ 116,000,000 | $ 115,100,000 | ||||||||||||||
Total sale-leaseback financing obligations | $ 115,759,000 | $ 118,920,000 | 115,759,000 | 118,920,000 | |||||||||||||
Impairment of long-lived assets | $ 2,900,000 | 13,485,000 | 747,000 | 9,473,000 | |||||||||||||
(Loss) gain from sale of real estate, net | (900,000) | $ 8,400,000 | (34,000) | 7,471,000 | 43,000 | ||||||||||||
Operating facilities purchased | 13,800,000 | ||||||||||||||||
Impairment of inventory | 2,100,000 | ||||||||||||||||
Impairment of investments in partially owned entities | 0 | 0 | $ 6,496,000 | ||||||||||||||
Other asset impairment charges | 0 | 0 | |||||||||||||||
Number of investment in partially owned entities impaired | investment | 2 | ||||||||||||||||
Capitalized interest | 3,300,000 | 3,200,000 | $ 1,100,000 | ||||||||||||||
Capitalized amounts relating to compensation and travel expense of employees | 500,000 | 600,000 | 200,000 | ||||||||||||||
Cash paid for acquisition of property, buildings and equipment | 85,216,000 | 0 | 0 | ||||||||||||||
Bridge loan commitment fees | 2,665,000 | 0 | 0 | ||||||||||||||
Cash and cash equivalents | 234,303,000 | 208,078,000 | 234,303,000 | 208,078,000 | 48,873,000 | ||||||||||||
Impairment of indefinite lived intangible asset | $ 0 | 0 | 0 | ||||||||||||||
Remaining lives of finite-lived intangible assets | 23 years 10 months 24 days | ||||||||||||||||
Goodwill impairment | $ 0 | 0 | 0 | ||||||||||||||
Customer Relationships | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Impairment of long-lived assets | 900,000 | ||||||||||||||||
Amortization of finite-lived intangible assets | $ 7,900,000 | $ 800,000 | |||||||||||||||
Remaining lives of finite-lived intangible assets | 24 years 2 months 12 days | 9 years 1 month 6 days | |||||||||||||||
Impairment of finite-lived intangible assets | $ 0 | $ 0 | 0 | ||||||||||||||
Customer Relationships | Minimum | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Useful lives of finite-lived intangible assets | 6 years | ||||||||||||||||
Customer Relationships | Maximum | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Useful lives of finite-lived intangible assets | 25 years | ||||||||||||||||
Below-Market Leases | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Impairment of finite-lived intangible assets | $ 0 | 0 | 0 | ||||||||||||||
Trade Name | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Indefinite lived intangible asset | 15,076,000 | 15,076,000 | 15,076,000 | 15,076,000 | |||||||||||||
Australian Subsidiary | Intercompany Loan | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Loans receivable | $ 153.5 | ||||||||||||||||
New Zealand Subsidiary | Intercompany Loan | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Loans receivable | $ 37.5 | ||||||||||||||||
International | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Cash and cash equivalents | 34,100,000 | 37,300,000 | 34,100,000 | 37,300,000 | |||||||||||||
Americold Realty Operating Partnership, L.P.. | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Impairment of long-lived assets | 13,485,000 | 747,000 | 9,473,000 | ||||||||||||||
(Loss) gain from sale of real estate, net | (34,000) | 7,471,000 | 43,000 | ||||||||||||||
Impairment of investments in partially owned entities | 0 | 0 | 6,496,000 | ||||||||||||||
Cash paid for acquisition of property, buildings and equipment | 85,216,000 | 0 | 0 | ||||||||||||||
Bridge loan commitment fees | 2,665,000 | 0 | 0 | ||||||||||||||
Cash and cash equivalents | 234,303,000 | 208,078,000 | $ 234,303,000 | 208,078,000 | 48,873,000 | ||||||||||||
Middleboro, MA | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Costs to construct for facilities | $ 23,500,000 | ||||||||||||||||
Rochelle, IL | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Costs to construct for facilities | $ 89,700,000 | ||||||||||||||||
Atlanta, GA | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Costs to construct for facilities | 30,600,000 | ||||||||||||||||
Chesapeake, VA | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Costs to construct for facilities | 24,300,000 | ||||||||||||||||
Number of facilities where costs are incurred | facility | 2 | ||||||||||||||||
North Little Rock, AR | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Costs to construct for facilities | 18,900,000 | ||||||||||||||||
Columbus, OH | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Costs to construct for facilities | $ 6,300,000 | ||||||||||||||||
Savannah, GA | Scenario, Forecast | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Costs to construct for facilities | $ 41,500,000 | ||||||||||||||||
Sydney, AU | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Operating facilities purchased | 45,500,000 | ||||||||||||||||
Cloverleaf | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Number of operating facilities purchased | facility | 21 | ||||||||||||||||
Operating facilities purchased | $ 891,300,000 | ||||||||||||||||
Lanier Cold Storage | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Number of operating facilities purchased | facility | 2 | ||||||||||||||||
Operating facilities purchased | $ 60,000,000 | ||||||||||||||||
PortFresh Holdings, LLC | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Number of operating facilities purchased | facility | 1 | ||||||||||||||||
Operating facilities purchased | $ 35,000,000 | ||||||||||||||||
Cash paid for acquisition of property, buildings and equipment | 35,200,000 | ||||||||||||||||
Payments to acquire intangible assets | 400,000 | ||||||||||||||||
Payments to acquire other assets and liabilities, net | $ 600,000 | ||||||||||||||||
MHW Group Inc. | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Operating facilities purchased | $ 49,400,000 | ||||||||||||||||
Cash paid for acquisition of property, buildings and equipment | 50,100,000 | ||||||||||||||||
Payments to acquire intangible assets | 500,000 | ||||||||||||||||
Payments to acquire other assets and liabilities, net | 100,000 | ||||||||||||||||
Call option to purchase land | 4,100,000 | ||||||||||||||||
Operating and finance lease right-of-use assets | 4,500,000 | ||||||||||||||||
Lease liability acquired | $ 4,500,000 | ||||||||||||||||
Buildings and improvements | Minimum | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Property, plant, equipment, and leasehold improvements useful lives | 5 years | ||||||||||||||||
Buildings and improvements | Maximum | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Property, plant, equipment, and leasehold improvements useful lives | 43 years | ||||||||||||||||
Machinery and equipment | Minimum | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Property, plant, equipment, and leasehold improvements useful lives | 3 years | ||||||||||||||||
Machinery and equipment | Maximum | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Property, plant, equipment, and leasehold improvements useful lives | 12 years | ||||||||||||||||
Costs incurred to develop software for internal use and purchased software | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Amortization of property, plant, equipment, and leasehold improvements | $ 6,400,000 | 5,200,000 | 5,000,000 | ||||||||||||||
Costs incurred to develop software for internal use and purchased software | Minimum | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Property, plant, equipment, and leasehold improvements useful lives | 3 years | ||||||||||||||||
Costs incurred to develop software for internal use and purchased software | Maximum | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Property, plant, equipment, and leasehold improvements useful lives | 10 years | ||||||||||||||||
Partially Used Warehouse | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Impairment of long-lived assets | $ 9,600,000 | ||||||||||||||||
Percentage of facility to be disposed | 75.00% | ||||||||||||||||
Idle Warehouse | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Impairment of long-lived assets | $ 2,900,000 | ||||||||||||||||
Warehouses | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Impairment of long-lived assets | 700,000 | ||||||||||||||||
(Loss) gain from sale of real estate, net | $ 8,400,000 | (900,000) | |||||||||||||||
Operating facilities purchased | 9,500,000 | ||||||||||||||||
General Partner | Americold Realty Operating Partnership, L.P.. | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Ownership of partnership | 99.00% | ||||||||||||||||
Limited Partner | Americold Realty Operating Partnership, L.P.. | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Ownership of partnership | 1.00% | ||||||||||||||||
Sale Leaseback Transaction Accounted for as a Financing Lease | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Total sale-leaseback financing obligations | $ 76,800,000 | $ 80,300,000 | $ 76,800,000 | $ 80,300,000 | $ 90,500,000 |
Business Combination - Pro Form
Business Combination - Pro Forma Financial Information (Details) - Cloverleaf - USD ($) $ / shares in Units, $ in Thousands | May 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Total revenue | $ 1,859,265 | $ 1,829,048 | |
Net income available to common shareholders | $ 52,026 | $ (3,232) | |
Net income per share, diluted (in dollars per share) | $ 0.27 | $ (0.02) | |
Americold Realty Operating Partnership, L.P.. | |||
Business Acquisition [Line Items] | |||
Total revenue | $ 1,859,265 | $ 1,829,048 | |
Net income available to common shareholders | $ 52,026 | $ (3,232) | |
Net income per share, diluted (in dollars per share) | $ 0.27 | $ (0.02) | |
Common Stock | Americold Realty Operating Partnership, L.P.. | |||
Business Acquisition [Line Items] | |||
Total revenue | $ 42,100 | ||
Acquisition-related Costs | Americold Realty Operating Partnership, L.P.. | |||
Business Acquisition [Line Items] | |||
Net income available to common shareholders | $ 26,600 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Activity in Real Estate Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating facilities, at cost: | |||
Ending balance | $ 3,729,589 | ||
Accumulated depreciation: | |||
Depreciation expense | (153,900) | $ (116,000) | $ (115,100) |
Ending balance | (1,246,250) | ||
Total property, buildings and equipment and finance leases, net | 2,991,002 | 1,839,701 | |
Total real estate facilities | |||
Operating facilities, at cost: | |||
Beginning balance | 2,575,367 | 2,506,656 | |
Capital expenditures | 177,268 | 50,680 | |
Acquisitions | 975,045 | 0 | |
Newly developed warehouse facilities | 21,316 | 62,353 | |
Disposition | (7,409) | (30,199) | |
Impairment | (12,555) | (747) | |
Conversion of leased assets to owned | 0 | 8,405 | |
Impact of foreign exchange rate changes | 557 | (21,781) | |
Ending balance | 3,729,589 | 2,575,367 | 2,506,656 |
Accumulated depreciation: | |||
Beginning balance | (827,892) | (770,006) | |
Depreciation expense | (114,512) | (87,355) | |
Capital expenditures | 6,679 | 24,672 | |
Impact of foreign exchange rate changes | (697) | 4,797 | |
Ending balance | (936,422) | (827,892) | $ (770,006) |
Total property, buildings and equipment and finance leases, net | 2,793,167 | 1,747,475 | |
Non-real estate assets | |||
Accumulated depreciation: | |||
Ending balance | (493,539) | ||
Total property, buildings and equipment and finance leases, net | $ 197,835 | $ 92,226 |
Business Combination - Acquis_2
Business Combination - Acquisition of Lanier, Narrative (Details) - USD ($) $ in Thousands | May 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 318,483 | $ 186,095 | $ 188,169 | $ 186,805 | |
Lanier Cold Storage | |||||
Business Acquisition [Line Items] | |||||
Aggregate cash consideration | $ 81,900 | ||||
Property, plant and equipment | 60,000 | ||||
Goodwill | 6,400 | ||||
Lanier Cold Storage | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Acquired identifiable intangibles | $ 16,300 | ||||
Acquired identifiable intangibles, weighted average useful life | 25 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Restricted Cash Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | $ 6,310 | $ 6,019 |
2013 mortgage notes’ escrow accounts | 2013 Mortgage Loans | Mortgage Loans | ||
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | 877 | 974 |
2013 mortgage notes’ cash managed accounts | 2013 Mortgage Loans | Mortgage Loans | ||
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | 2,343 | 2,410 |
Cash on deposit for workers’ compensation program in Australia | ||
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | 2,525 | 2,635 |
New market tax credit reserve accounts | ||
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | $ 565 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 5,706 | $ 5,309 | $ 4,072 |
Charged to expense/against revenue | 3,608 | 1,969 | 2,510 |
Amounts written off, net of recoveries | (2,387) | (1,572) | (1,273) |
Balance at end of year | $ 6,927 | $ 5,706 | $ 5,309 |
Equity-Method Investments - Add
Equity-Method Investments - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2010USD ($)investmentshares | Mar. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Impairment of investments in joint venture | $ 0 | $ 0 | $ 6,496 | ||||
Proceeds from sale of investments in partially owned entities | 14,250 | 0 | 0 | ||||
Equity method investment, realized gain (loss) on disposal | 4,297 | 0 | 0 | ||||
Equity method investment | $ 0 | $ 14,541 | |||||
China JV | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Cash investments in joint venture | $ 1,300 | $ 46,200 | |||||
Number of newly formed investments | investment | 2 | ||||||
Equity interest | 49.00% | ||||||
Equity interest by CMHI | 51.00% | ||||||
Impairment of investments in joint venture | $ 6,500 | ||||||
Proceeds from sale of investments in partially owned entities | $ 15,000 | ||||||
Equity method investment, realized gain (loss) on disposal | 4,300 | ||||||
China JV | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustment | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment, realized gain (loss) on disposal | $ 2,600 | ||||||
Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment | $ 2,000 | ||||||
Series B Preferred Shares | CMHI | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of shares sold (in shares) | shares | 50,000 |
Equity-Method Investments - Sch
Equity-Method Investments - Schedule of Condensed Results of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Company’s (loss) income from partially owned entities | $ (111) | $ (1,069) | $ (1,363) |
Total | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 39,241 | 51,079 | 50,956 |
Operating (loss) income | 1,572 | 684 | (1,738) |
Net (loss) income | 511 | (309) | (2,775) |
Company’s (loss) income from partially owned entities | (111) | (1,069) | (1,363) |
CMAL | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 28,334 | 37,458 | 38,662 |
Operating (loss) income | (348) | (1,748) | (2,052) |
Net (loss) income | (507) | (1,960) | (2,479) |
Company’s (loss) income from partially owned entities | (429) | (1,419) | (1,143) |
CMAH | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 10,907 | 13,621 | 12,294 |
Operating (loss) income | 1,920 | 2,432 | 314 |
Net (loss) income | 1,018 | 1,651 | (296) |
Company’s (loss) income from partially owned entities | $ 318 | $ 350 | $ (220) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 186,095 | $ 188,169 | $ 186,805 |
Goodwill acquired | 132,371 | ||
Impact of foreign currency translation | 17 | (2,074) | 1,364 |
Ending balance | 318,483 | 186,095 | 188,169 |
Warehouse | |||
Goodwill [Roll Forward] | |||
Beginning balance | 170,896 | 172,554 | 171,582 |
Goodwill acquired | 130,919 | ||
Impact of foreign currency translation | 9 | (1,658) | 972 |
Ending balance | 301,824 | 170,896 | 172,554 |
Third-party managed | |||
Goodwill [Roll Forward] | |||
Beginning balance | 2,890 | 3,064 | 3,056 |
Goodwill acquired | 0 | ||
Impact of foreign currency translation | (8) | (174) | 8 |
Ending balance | 2,882 | 2,890 | 3,064 |
Transportation | |||
Goodwill [Roll Forward] | |||
Beginning balance | 12,309 | 12,551 | 12,167 |
Goodwill acquired | 1,452 | ||
Impact of foreign currency translation | 16 | (242) | 384 |
Ending balance | $ 13,777 | $ 12,309 | $ 12,551 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 46,835 | $ 46,835 | |
Additions | 269,164 | $ 0 | |
Accumulated amortization | (46,317) | (36,855) | |
Net definite lived intangible assets | 269,682 | 9,980 | |
Identifiable intangible assets – net | $ 284,758 | 25,056 | |
Remaining useful life | 23 years 10 months 24 days | ||
Customer relationships | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 33,788 | 33,788 | |
Additions | 266,633 | 0 | |
Accumulated amortization | (38,036) | (30,169) | |
Net definite lived intangible assets | $ 262,385 | $ 3,619 | |
Remaining useful life | 24 years 2 months 12 days | 9 years 1 month 6 days | |
Above-market leases | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | 143 | ||
Additions | $ 0 | ||
Accumulated amortization | (60) | $ (38) | |
Net definite lived intangible assets | $ 83 | $ 105 | |
Remaining useful life | 3 years 9 months 18 days | 4 years 9 months 18 days | |
In-place lease | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | 3,778 | ||
Additions | $ 0 | ||
Accumulated amortization | (1,578) | $ (1,004) | |
Net definite lived intangible assets | $ 2,200 | $ 2,774 | |
Remaining useful life | 3 years 9 months 18 days | 4 years 9 months 18 days | |
Below-market leases | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | 9,126 | ||
Additions | $ 0 | ||
Accumulated amortization | (5,794) | $ (5,644) | |
Net definite lived intangible assets | $ 3,332 | $ 3,482 | |
Remaining useful life | 32 years 7 months 6 days | 33 years 2 months 12 days | |
Assembled Workforce | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 0 | 0 | |
Additions | 908 | $ 0 | |
Accumulated amortization | (128) | 0 | |
Net definite lived intangible assets | $ 780 | 0 | |
Remaining useful life | 2 years 8 months 12 days | ||
Trade names and trademarks | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 0 | $ 0 | |
Additions | 1,623 | 0 | |
Accumulated amortization | (721) | 0 | |
Net definite lived intangible assets | $ 902 | 0 | |
Remaining useful life | 9 months 18 days | ||
Trade Name | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite lived intangible asset (Trade name) | $ 15,076 | $ 15,076 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Estimated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 269,682 | $ 9,980 |
Estimated Amortization of Customer Relationships, In-Place Lease, Assembled Workforce, Trade names and Trademarks Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
2020 | 13,110 | |
2021 | 12,119 | |
2022 | 11,902 | |
2023 | 11,543 | |
2024 | 10,976 | |
Thereafter | 206,617 | |
Total | 266,267 | |
Estimated Net Decrease to Lease Revenue Related to Amortization of Above-Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
2020 | 22 | |
2021 | 22 | |
2022 | 22 | |
2023 | 17 | |
2024 | 0 | |
Thereafter | 0 | |
Total | 83 | 105 |
Estimated Net Increase to Lease Expense Related to Amortization of Below-Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
2020 | 151 | |
2021 | 151 | |
2022 | 151 | |
2023 | 106 | |
2024 | 102 | |
Thereafter | 2,671 | |
Total | $ 3,332 | $ 3,482 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Various insurance and workers’ compensation receivables | $ 12,143 | $ 9,595 |
Prepaid accounts | 11,345 | 12,532 |
Inventory and supplies | 9,371 | 7,875 |
Fair value of derivatives | 6,886 | 2,283 |
Marketable securities - (Deferred compensation plan) | 4,895 | 3,072 |
Other receivables | 7,528 | 8,770 |
Utility, workers’ compensation escrow and lease deposits | 4,222 | 1,726 |
Deferred financing costs | 2,767 | 5,437 |
Income taxes receivable | 885 | 6,978 |
Deferred registration statement costs | 912 | 0 |
Deferred tax assets | 418 | 391 |
Other assets | $ 61,372 | $ 58,659 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 109,222 | $ 85,038 |
Accrued workers’ compensation liabilities | 30,642 | 30,585 |
Accrued payroll | 17,104 | 12,238 |
Accrued bonus | 20,729 | 17,335 |
Accrued vacation and long service leave | 16,403 | 14,988 |
Accrued health benefits | 13,020 | 10,987 |
Accrued property taxes | 20,370 | 14,376 |
Accrued utilities | 7,854 | 6,274 |
New market tax credit deferred contribution liability | 4,882 | 0 |
Income taxes payable | 997 | 290 |
Dividends payable | 39,753 | 28,540 |
Accrued interest | 24,872 | 4,843 |
Other accrued expenses | 45,115 | 27,586 |
Accounts payable and accrued expenses | $ 350,963 | $ 253,080 |
Acquisitions, Litigation, and_3
Acquisitions, Litigation, and Other Charges Acquisitions, Litigation, and Other Charges - Components of Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquisition, Litigation and Other Special Charges [Abstract] | |||
Acquisition related costs | $ 24,284 | $ 671 | $ 0 |
Litigation | 4,553 | 0 | 0 |
Strategic alternative costs | 0 | 0 | 8,136 |
Other: | |||
Severance, equity award modifications and acceleration | 9,789 | 2,053 | 516 |
Non-offering related equity issuance expenses | 1,356 | 1,813 | 0 |
Terminated site operations costs | 632 | (1,804) | 2,677 |
Non-recurring public company implementation costs | 0 | 1,202 | 0 |
Total other | 11,777 | 3,264 | 3,193 |
Total acquisition, litigation and other | $ 40,614 | $ 3,935 | $ 11,329 |
Acquisitions, Litigation, and_4
Acquisitions, Litigation, and Other Charges Acquisitions, Litigation, and Other Charges Acquisitions, Litigation, and Other Charges - Narrative (Details) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2019USD ($)employee | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | |
Loss Contingencies [Line Items] | ||||
Investment advisory fee | $ 10,000 | |||
Organizational transformation costs | 3,000 | |||
Stock-based compensation charges due to accelerated vesting | 3,100 | |||
Terminated site operations costs | 632 | $ (1,804) | $ 2,677 | |
Cloverleaf | ||||
Loss Contingencies [Line Items] | ||||
Severance | 2,400 | |||
Former Executives | ||||
Loss Contingencies [Line Items] | ||||
Severance | $ 1,200 | |||
Number of executives departed | employee | 2 | |||
Previously Exited Leased Facility | ||||
Loss Contingencies [Line Items] | ||||
Terminated site operations costs | $ 2,100 | $ 300 |
Debt of the Operating Partner_3
Debt of the Operating Partnership - Schedule of Outstanding Borrowings (Details) - Americold Realty Operating Partnership, L.P.. - USD ($) $ in Thousands | Sep. 24, 2019 | Sep. 23, 2019 | Dec. 31, 2019 | Apr. 26, 2019 | Dec. 31, 2018 | Dec. 04, 2018 | Nov. 06, 2018 |
Debt Instrument [Line Items] | |||||||
Carrying Amount | $ 1,708,443 | ||||||
Total indebtedness, net of unamortized deferred financing costs | 1,695,447 | ||||||
Mortgage Notes and Term Loans | 2018 Senior Unsecured Term Loan A Facility | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Amount | 1,708,443 | $ 1,364,957 | |||||
Estimated Fair Value | 1,783,463 | 1,365,812 | |||||
Less deferred financing costs | (12,996) | (13,943) | |||||
Total indebtedness, net of unamortized deferred financing costs | 1,695,447 | 1,351,014 | |||||
Mortgage Loans | 2013 Mortgage Loans | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Amount | 283,443 | 289,957 | |||||
Estimated Fair Value | $ 287,463 | 283,687 | |||||
Mortgage Loans | Senior note | |||||||
Debt Instrument [Line Items] | |||||||
Contractual Interest Rate | 3.81% | ||||||
Effective Interest Rate as of December 31, 2019 | 4.14% | ||||||
Carrying Amount | $ 181,443 | 187,957 | |||||
Estimated Fair Value | $ 184,618 | 184,667 | |||||
Mortgage Loans | Mezzanine A | |||||||
Debt Instrument [Line Items] | |||||||
Contractual Interest Rate | 7.38% | ||||||
Effective Interest Rate as of December 31, 2019 | 7.55% | ||||||
Carrying Amount | $ 70,000 | 70,000 | |||||
Estimated Fair Value | $ 70,525 | 67,900 | |||||
Mortgage Loans | Mezzanine B | |||||||
Debt Instrument [Line Items] | |||||||
Contractual Interest Rate | 11.50% | ||||||
Effective Interest Rate as of December 31, 2019 | 11.75% | ||||||
Carrying Amount | $ 32,000 | 32,000 | |||||
Estimated Fair Value | 32,320 | 31,120 | |||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Amount | 950,000 | 600,000 | |||||
Estimated Fair Value | $ 1,023,375 | 609,500 | |||||
Senior Notes | Series A notes | |||||||
Debt Instrument [Line Items] | |||||||
Contractual Interest Rate | 4.68% | 4.68% | |||||
Effective Interest Rate as of December 31, 2019 | 4.77% | ||||||
Carrying Amount | $ 200,000 | 200,000 | |||||
Estimated Fair Value | $ 217,750 | 202,500 | |||||
Senior Notes | Series B notes | |||||||
Debt Instrument [Line Items] | |||||||
Contractual Interest Rate | 4.86% | 4.86% | |||||
Effective Interest Rate as of December 31, 2019 | 4.92% | ||||||
Carrying Amount | $ 400,000 | 400,000 | |||||
Estimated Fair Value | $ 439,000 | 407,000 | |||||
Senior Notes | Series C notes | |||||||
Debt Instrument [Line Items] | |||||||
Contractual Interest Rate | 4.10% | 4.10% | |||||
Effective Interest Rate as of December 31, 2019 | 4.15% | ||||||
Carrying Amount | $ 350,000 | 0 | |||||
Estimated Fair Value | $ 366,625 | 0 | |||||
Term Loans | 2018 Senior Unsecured Term Loan A Facility | |||||||
Debt Instrument [Line Items] | |||||||
Effective Interest Rate as of December 31, 2019 | 3.14% | ||||||
Carrying Amount | $ 475,000 | 475,000 | |||||
Estimated Fair Value | $ 472,625 | 472,625 | |||||
Term Loans | 2018 Senior Unsecured Term Loan A Facility | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Applicable interest rate | 1.00% | ||||||
Revolving Credit Facility | Term Loans | 2018 Senior Unsecured Revolving Credit Facility | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Applicable interest rate | 1.00% | 1.45% | |||||
Revolving Credit Facility | Line of Credit | 2018 Senior Unsecured Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Effective Interest Rate as of December 31, 2019 | 0.36% | ||||||
Carrying Amount | $ 0 | 0 | |||||
Estimated Fair Value | 0 | $ 0 | |||||
Less deferred financing costs | $ (2,800) | $ (8,900) | |||||
Revolving Credit Facility | Line of Credit | 2018 Senior Unsecured Revolving Credit Facility | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Applicable interest rate | 0.90% | 1.45% | 0.90% |
Debt of the Operating Partner_4
Debt of the Operating Partnership - Additional Information (Details) | Sep. 24, 2019 | Sep. 23, 2019 | Dec. 04, 2018USD ($) | Dec. 03, 2018USD ($) | Nov. 06, 2018USD ($) | May 01, 2013USD ($)warehouseinstrument | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 26, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||||
Loss on debt extinguishment | $ 0 | $ 47,559,000 | $ 986,000 | ||||||||
Americold Realty Operating Partnership, L.P.. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on debt extinguishment | $ 0 | 47,559,000 | $ 986,000 | ||||||||
Americold Realty Operating Partnership, L.P.. | Line of Credit | 2018 Senior Unsecured Credit Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum leverage ratio | 60.00% | ||||||||||
Minimum base coverage ratio | 1 | ||||||||||
Minimum fixed charge coverage ratio | 1.50 | ||||||||||
Minimum borrowing base debt service coverage ratio | 2 | ||||||||||
Minimum tangible net worth requirement | $ 1,100,000,000 | ||||||||||
Minimum tangible net worth requirement, additional percentage of net equity proceeds | 70.00% | ||||||||||
Maximum recourse secured debt ratio | 0.15 | ||||||||||
Maximum secured debt ratio | 0.40 | ||||||||||
Americold Realty Operating Partnership, L.P.. | Line of Credit | Revolving Credit Facility | 2018 Senior Unsecured Credit Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Revolver borrowing capacity | $ 800,000,000 | $ 450,000,000 | |||||||||
Revolver borrowing capacity, foreign currencies | 400,000,000 | ||||||||||
Unamortized debt issuance cost | $ 8,900,000 | $ 2,800,000 | |||||||||
Americold Realty Operating Partnership, L.P.. | Line of Credit | Revolving Credit Facility | LIBOR | 2018 Senior Unsecured Credit Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Applicable interest rate | 0.90% | 1.45% | 0.90% | ||||||||
Americold Realty Operating Partnership, L.P.. | Line of Credit and Medium-Term Notes | 2018 Senior Unsecured Credit Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fee on unused borrowing capacity | 0.20% | ||||||||||
Americold Realty Operating Partnership, L.P.. | Line of Credit and Medium-Term Notes | LIBOR | 2018 Senior Unsecured Credit Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Applicable interest rate | 1.45% | 2.35% | |||||||||
Americold Realty Operating Partnership, L.P.. | Term Loans | 2010 CMBS Financing | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on debt extinguishment | $ 21,400,000 | ||||||||||
Americold Realty Operating Partnership, L.P.. | Term Loans | ANZ Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Defeasance fee | $ 1,800,000 | ||||||||||
Write-off of unamortized deferred financing costs | 2,200,000 | ||||||||||
Americold Realty Operating Partnership, L.P.. | Term Loans | Revolving Credit Facility | LIBOR | 2018 Senior Unsecured Credit Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Applicable interest rate | 1.00% | 1.45% | |||||||||
Americold Realty Operating Partnership, L.P.. | Senior Notes | Senior Unsecured Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum leverage ratio | 60.00% | ||||||||||
Minimum fixed charge coverage ratio | 1.50 | ||||||||||
Minimum principal for repayment of debt | 5.00% | ||||||||||
Notice period for repayment of debt | 10 days | ||||||||||
Principal repayment if change in control occurs | 100.00% | ||||||||||
Maximum unsecured indebtedness to qualified assets ratio | 0.60 | ||||||||||
Minimum unsecured debt service ratio | 2 | ||||||||||
Maximum total secured indebtedness ratio | 0.40 | ||||||||||
Americold Realty Operating Partnership, L.P.. | Senior Notes | Series A notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 200,000,000 | ||||||||||
Fixed interest rate | 4.68% | 4.68% | |||||||||
Americold Realty Operating Partnership, L.P.. | Senior Notes | Series B notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 400,000,000 | ||||||||||
Fixed interest rate | 4.86% | 4.86% | |||||||||
Americold Realty Operating Partnership, L.P.. | Senior Notes | Series C notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 350,000,000 | ||||||||||
Fixed interest rate | 4.10% | 4.10% | |||||||||
Americold Realty Operating Partnership, L.P.. | Senior Notes | Discount Rate | Senior Unsecured Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Discount rate | 0.0050 | ||||||||||
Americold Realty Operating Partnership, L.P.. | Mortgage Loans | 2010 CMBS Financing | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Indebtedness repaid | $ 600,000,000 | ||||||||||
Americold Realty Operating Partnership, L.P.. | Mortgage Loans | 2013 Mortgage Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum borrowing base debt service coverage ratio | 1.10 | ||||||||||
Face amount of debt | $ 322,000,000 | ||||||||||
Number of properties | warehouse | 15 | ||||||||||
Restricted cash associated with debt | $ 3,200,000 | ||||||||||
Debt service coverage ratio | 1.76 | ||||||||||
Americold Realty Operating Partnership, L.P.. | Mortgage Loans | Minimum | 2013 Mortgage Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate | 3.81% | ||||||||||
Americold Realty Operating Partnership, L.P.. | Mortgage Loans | Maximum | 2013 Mortgage Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate | 11.50% | ||||||||||
Americold Realty Operating Partnership, L.P.. | Mezzanine Notes | 2013 Mortgage Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of notes | instrument | 2 | ||||||||||
Number of warehouses acquired | warehouse | 2 | ||||||||||
Americold Realty Operating Partnership, L.P.. | Mortgage Loans | 2010 Mortgage Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Defeasance fee | 18,500,000 | ||||||||||
Write-off of unamortized deferred financing costs | $ 3,400,000 |
Debt of the Operating Partner_5
Debt of the Operating Partnership - Schedule of Aggregate Maturities of Total Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Less unamortized discount and deferred financing costs | $ (12,996) | $ (13,943) |
Americold Realty Operating Partnership, L.P.. | ||
Debt Instrument [Line Items] | ||
2020 | 6,750 | |
2021 | 7,035 | |
2022 | 7,312 | |
2023 | 737,346 | |
2024 | 0 | |
Thereafter | 950,000 | |
Aggregate principal amount of debt | 1,708,443 | |
Less unamortized discount and deferred financing costs | (12,996) | (13,943) |
Total indebtedness, net of unamortized deferred financing costs | 1,695,447 | |
2018 Senior Unsecured Term Loan A Facility | Mortgage Notes and Term Loans | Americold Realty Operating Partnership, L.P.. | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount of debt | 1,708,443 | 1,364,957 |
Total indebtedness, net of unamortized deferred financing costs | $ 1,695,447 | $ 1,351,014 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) $ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019USD ($)instrument | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019AUD ($)instrument | Dec. 31, 2019CAD ($)instrument | Dec. 31, 2019NZD ($)instrument | |
Derivative [Line Items] | ||||||
Interest expense | $ 94,408,000 | $ 93,312,000 | $ 114,898,000 | |||
Foreign currency exchange gain (loss), net | 10,000 | 2,882,000 | (3,591,000) | |||
Derivative liability | 3,600,000 | |||||
Termination value | $ 3,600,000 | |||||
Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative agreement term | 5 years | |||||
Gain (loss) to be reclassified in next twelve months | $ (200,000) | |||||
Foreign Exchange Forward | ||||||
Derivative [Line Items] | ||||||
Gain (loss) to be reclassified in next twelve months | 100,000 | |||||
Foreign Exchange Forward | Intercompany Loan | Australian Intercompany Loan | ||||||
Derivative [Line Items] | ||||||
Amount of hedged loan | $ 153.5 | |||||
Foreign Exchange Forward | Intercompany Loan | New Zealand Intercompany Loan | ||||||
Derivative [Line Items] | ||||||
Amount of hedged loan | $ 37.5 | |||||
January 2019 Agreement | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Notational amount | $ 100,000,000 | |||||
Notational amount, percentage | 21.00% | 21.00% | 21.00% | 21.00% | ||
August 2019 Agreement | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Notational amount | $ 225,000,000 | |||||
Notational amount, percentage | 47.00% | 47.00% | 47.00% | 47.00% | ||
Americold Realty Operating Partnership, L.P.. | ||||||
Derivative [Line Items] | ||||||
Interest expense | $ 94,408,000 | 93,312,000 | 114,898,000 | |||
Foreign currency exchange gain (loss), net | $ 10,000 | $ 2,882,000 | $ (3,591,000) | |||
Nova Cold Logistics | Foreign Exchange Forward | ||||||
Derivative [Line Items] | ||||||
Number of derivative instruments | instrument | 2 | 2 | 2 | 2 | ||
Unrealized gain (loss) | $ (100,000) | |||||
Nova Cold Logistics | December 2019 Agreement, Maturing January 2, 2020 | Foreign Exchange Forward | ||||||
Derivative [Line Items] | ||||||
Notational amount | $ 217,000,000 | |||||
Nova Cold Logistics | December 2019 Agreement, Maturing January 31, 2020 | Foreign Exchange Forward | ||||||
Derivative [Line Items] | ||||||
Notational amount | $ 217,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative Assets | $ 6,855 | $ 2,283 |
Derivative Liabilities | 6,094 | 0 |
Designated derivatives | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Assets | 1,376 | 2,283 |
Derivative Liabilities | 0 | 0 |
Designated derivatives | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative Assets | 2,933 | 0 |
Derivative Liabilities | 3,505 | 0 |
Undesignated derivatives | Foreign exchange forwards | ||
Derivative [Line Items] | ||
Derivative Assets | 2,546 | 0 |
Derivative Liabilities | $ 2,589 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Amounts in the Condensed Consolidated Statement of Operations, Including Impacts to Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | $ (1,450) | $ 861 | $ 1,422 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 42 | 2,258 | (1,547) |
Interest rate contracts | |||
Derivative [Line Items] | |||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | (571) | (1,422) | 1,422 |
Interest rate contracts | Interest expense | |||
Derivative [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 248 | (1,191) | (1,547) |
Foreign exchange contracts | Foreign currency exchange gain, net | |||
Derivative [Line Items] | |||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | (879) | 2,283 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (264) | 3,449 | 0 |
Foreign exchange contracts | Interest expense | |||
Derivative [Line Items] | |||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | 0 | 0 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ 58 | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting of Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 6,855 | $ 2,283 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 6,855 | 2,283 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments | (3,966) | 0 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amount | 2,889 | 2,283 |
Offsetting of Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | (6,094) | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | (6,094) | 0 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments | 3,966 | 0 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amount | $ (2,128) | $ 0 |
Lease Accounting - Lessee Narr
Lease Accounting - Lessee Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Rent expense | $ 36.7 | $ 42.3 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 1 year | ||
Extended lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 33 years | ||
Extended lease term | 10 years |
Sale-Leasebacks of Real Estat_2
Sale-Leasebacks of Real Estate (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)warehouse | Dec. 31, 2018USD ($) | Jul. 31, 2013warehouse | Sep. 30, 2010USD ($) | Sep. 30, 2007warehouse | |
Sale Leaseback Transaction [Line Items] | |||||
Total sale-leaseback financing obligations | $ 115,759 | $ 118,920 | |||
1 warehouse – 2010 | |||||
Sale Leaseback Transaction [Line Items] | |||||
Number of warehouses | warehouse | 1 | ||||
Interest Rate as of December 31, 2019 | 10.34% | ||||
Total sale-leaseback financing obligations | $ 18,994 | 19,265 | $ 18,200 | ||
11 warehouses – 2007 | |||||
Sale Leaseback Transaction [Line Items] | |||||
Number of warehouses | warehouse | 11 | 11 | 11 | ||
Total sale-leaseback financing obligations | $ 96,765 | $ 99,655 | |||
11 warehouses – 2007 | Minimum | |||||
Sale Leaseback Transaction [Line Items] | |||||
Interest Rate as of December 31, 2019 | 7.00% | ||||
11 warehouses – 2007 | Maximum | |||||
Sale Leaseback Transaction [Line Items] | |||||
Interest Rate as of December 31, 2019 | 19.59% |
Lease Accounting - Lessee, Lea
Lease Accounting - Lessee, Lease Expenses (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)warehouse | |
Leases [Abstract] | |
Operating lease cost | $ 29,205 |
Financing lease cost: | |
Depreciation | 11,252 |
Interest on lease liabilities | 2,941 |
Sublease income | (499) |
Net lease expense | $ 42,899 |
Number of properties subleased | warehouse | 2 |
Sale-Leasebacks of Real Estat_3
Sale-Leasebacks of Real Estate - Narrative (Details) $ in Thousands | 1 Months Ended | ||||
Jul. 31, 2013warehouse | Sep. 30, 2010USD ($) | Sep. 30, 2007USD ($)warehouseextension | Dec. 31, 2019USD ($)warehouse | Dec. 31, 2018USD ($) | |
Sale Leaseback Transaction [Line Items] | |||||
Total sale-leaseback financing obligations | $ 115,759 | $ 118,920 | |||
1 warehouse – 2010 | |||||
Sale Leaseback Transaction [Line Items] | |||||
Purchase option transferred | $ 18,300 | ||||
Lease agreement term | 20 years | ||||
Consideration to be used toward improvements | $ 1,000 | ||||
Percentage of useful life where control maintained | 90.00% | ||||
Purchase price option percentage | 95.00% | ||||
Total sale-leaseback financing obligations | $ 18,200 | $ 18,994 | 19,265 | ||
Receivable for improvements | 1,000 | ||||
Sale-leaseback financing obligations | $ 19,200 | ||||
Number of warehouses | warehouse | 1 | ||||
11 warehouses – 2007 | |||||
Sale Leaseback Transaction [Line Items] | |||||
Percentage of useful life where control maintained | 90.00% | ||||
Total sale-leaseback financing obligations | $ 96,765 | $ 99,655 | |||
Gross proceeds from sale-leaseback transaction | $ 170,700 | ||||
Annual rent increase under sale-leaseback transaction | 0.50% | 1.75% | |||
Number of extensions under sale-leaseback transaction | extension | 4 | ||||
Extension period under sale-leaseback transaction | 5 years | ||||
Number of units where agreement was amended | warehouse | 6 | ||||
Number of warehouses | warehouse | 11 | 11 | 11 | ||
Minimum | 11 warehouses – 2007 | |||||
Sale Leaseback Transaction [Line Items] | |||||
Lease agreement term | 10 years | ||||
Maximum | 11 warehouses – 2007 | |||||
Sale Leaseback Transaction [Line Items] | |||||
Lease agreement term | 20 years |
Lease Accounting - Lessee, Oth
Lease Accounting - Lessee, Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ (24,992) | ||
Operating cash flows from finance leases | (2,941) | ||
Operating cash flows from finance leases | (13,339) | ||
Right-of-use assets obtained in exchange for lease obligations | |||
Operating leases | 12,492 | $ 0 | $ 0 |
Finance leases | $ 30,416 | $ 13,290 | $ 18,614 |
Weighted-average remaining lease term (years) | |||
Operating leases | 6 years 1 month 6 days | ||
Finance leases | 4 years 4 months 24 days | ||
Weighted-average discount rate | |||
Operating leases | 4.10% | ||
Finance leases | 5.50% |
Sale-Leasebacks of Real Estat_4
Sale-Leasebacks of Real Estate - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
2020 | $ 18,534 |
2021 | 17,217 |
2022 | 11,987 |
2023 | 8,538 |
2024 | 4,827 |
Thereafter | 5,386 |
Total future minimum lease payments | 66,489 |
Interest portion | (8,249) |
Total future minimum lease payments less interest | 58,240 |
Warehouses Under Sale Leaseback Transactions | |
Lessee, Lease, Description [Line Items] | |
2020 | 17,087 |
2021 | 17,351 |
2022 | 17,619 |
2023 | 17,892 |
2024 | 18,170 |
Thereafter | 115,090 |
Total future minimum lease payments | 203,209 |
Interest portion | (87,450) |
Total future minimum lease payments less interest | $ 115,759 |
Lease Accounting - Lessee, Min
Lease Accounting - Lessee, Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Lease Payments | |
2020 | $ 23,399 |
2021 | 12,306 |
2022 | 9,622 |
2023 | 8,039 |
2024 | 4,596 |
Thereafter | 14,296 |
Total future minimum lease payments | 72,258 |
Less: Interest | (9,737) |
Total future minimum lease payments less interest | 62,521 |
Finance Lease Payments | |
2020 | 18,534 |
2021 | 17,217 |
2022 | 11,987 |
2023 | 8,538 |
2024 | 4,827 |
Thereafter | 5,386 |
Total future minimum lease payments | 66,489 |
Less: Interest | (8,249) |
Total future minimum lease payments less interest | 58,240 |
Total Lease Payments | |
2020 | 41,933 |
2021 | 29,523 |
2022 | 21,609 |
2023 | 16,577 |
2024 | 9,423 |
Thereafter | 19,682 |
Total future minimum lease payments | 138,747 |
Less: Interest | (17,986) |
Total future minimum lease payments less interest | 120,761 |
Accounts payable and accrued expenses | |
Operating Lease Payments | |
Total future minimum lease payments less interest | 179 |
Finance Lease Payments | |
Total future minimum lease payments less interest | 70 |
Total Lease Payments | |
Total future minimum lease payments less interest | 249 |
Operating lease obligations | |
Operating Lease Payments | |
Total future minimum lease payments less interest | 62,342 |
Finance Lease Payments | |
Total future minimum lease payments less interest | 0 |
Total Lease Payments | |
Total future minimum lease payments less interest | 62,342 |
Finance lease obligations | |
Operating Lease Payments | |
Total future minimum lease payments less interest | 0 |
Finance Lease Payments | |
Total future minimum lease payments less interest | 58,170 |
Total Lease Payments | |
Total future minimum lease payments less interest | $ 58,170 |
Lease Accounting - Lessor, Nar
Lease Accounting - Lessor, Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | ||||
Depreciation | $ 153.9 | $ 116 | $ 115.1 | |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining term | 1 year | 1 year | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining term | 9 years | 9 years | ||
Equipment Leased to Other Party | ||||
Lessee, Lease, Description [Line Items] | ||||
Land and buildings and improvements, gross value | $ 786.4 | $ 786.4 | ||
Land and buildings and improvements, net value | 600.1 | $ 600.1 | ||
Depreciation | $ 23.1 |
Lease Accounting - Future Mini
Lease Accounting - Future Minimum Payments to be Received (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 16,736 |
2021 | 13,223 |
2022 | 11,244 |
2023 | 9,782 |
2024 | 7,274 |
Thereafter | 18,920 |
Total | $ 77,179 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Measured at fair value on a recurring basis: | |||
Restricted cash | $ 6,310 | $ 6,019 | $ 21,090 |
Derivative Assets | 6,855 | 2,283 | |
Derivative Liabilities | 6,094 | 0 | |
Measured at fair value on a recurring basis | Significant Observable Inputs (Level 2) | Interest rate contracts | |||
Measured at fair value on a recurring basis: | |||
Derivative Assets | 2,936 | 0 | |
Derivative Liabilities | 3,507 | 0 | |
Measured at fair value on a recurring basis | Significant Observable Inputs (Level 2) | Cross-currency swap | |||
Measured at fair value on a recurring basis: | |||
Derivative Assets | 1,404 | 2,283 | |
Measured at fair value on a recurring basis | Significant Observable Inputs (Level 2) | Foreign exchange forwards | |||
Measured at fair value on a recurring basis: | |||
Derivative Assets | 2,546 | 0 | |
Derivative Liabilities | 2,589 | 0 | |
Disclose at fair value | Significant Unobservable Inputs (Level 3) | |||
Disclosed at fair value: | |||
Mortgage notes, senior unsecured notes and term loan(1) | 1,783,463 | 1,365,812 | |
Pension | Measured at fair value on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Measured at fair value on a recurring basis: | |||
Restricted cash | 35,317 | 30,281 | |
Pension | Measured at fair value on a recurring basis | Significant Observable Inputs (Level 2) | |||
Measured at fair value on a recurring basis: | |||
Derivative Liabilities | $ 33,991 | $ 29,456 |
Dividends and Distributions -
Dividends and Distributions - Summary of Dividends Declared and Distributions Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 10 Months Ended | 12 Months Ended | 13 Months Ended | 14 Months Ended | ||||||||||||||||||||||
Oct. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2019 | Jan. 31, 2020 | |
Dividends Payable [Line Items] | ||||||||||||||||||||||||||||
Dividend Per Share (in usd per share) | $ 0.82 | $ 0.74 | $ 0.29 | |||||||||||||||||||||||||
Participating Dividend | ||||||||||||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||||||||||||
Dividend Per Share (in usd per share) | $ 0.0186 | $ 0.0730 | $ 0.0730 | $ 0.0730 | $ 0.0730 | $ 0.2000 | $ 0.2000 | $ 0.2000 | $ 0.1875 | $ 0.1875 | $ 0.1875 | $ 0.1396 | ||||||||||||||||
Common Shares | ||||||||||||||||||||||||||||
Distributions Declared | $ 1,291 | $ 5,053 | $ 38,795 | $ 38,764 | $ 30,235 | $ 28,218 | $ 28,072 | $ 27,250 | $ 20,145 | $ 104,976 | ||||||||||||||||||
Distributions Paid | 1,291 | $ 5,054 | 38,795 | 38,764 | 30,235 | 28,218 | 28,072 | 27,250 | 20,145 | |||||||||||||||||||
Distributions Paid | ||||||||||||||||||||||||||||
Distributions Declared | 619 | $ 5,054 | $ 5,053 | 0 | 0 | 0 | 0 | $ 20,214 | ||||||||||||||||||||
Series B Preferred Shares - Fixed Dividend | ||||||||||||||||||||||||||||
Distributions Paid | ||||||||||||||||||||||||||||
Distributions Declared | 1,817 | |||||||||||||||||||||||||||
Restricted Stock Units, Expected to Vest | Participating Dividend | ||||||||||||||||||||||||||||
Common Shares | ||||||||||||||||||||||||||||
Distributions Paid | $ 170 | $ 172 | $ 142 | $ 127 | $ 118 | $ 79 | $ 114 | |||||||||||||||||||||
Restricted Stock Units, Not Expected to Vest | Participating Dividend | ||||||||||||||||||||||||||||
Common Shares | ||||||||||||||||||||||||||||
Distributions Paid | $ 7 | $ 13 | $ 15 | $ 7 | 28 | 28 | 20 | 76,523 | ||||||||||||||||||||
Subsequent Event | Participating Dividend | ||||||||||||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||||||||||||
Dividend Per Share (in usd per share) | $ 0.2000 | |||||||||||||||||||||||||||
Common Shares | ||||||||||||||||||||||||||||
Distributions Declared | $ 38,796 | $ 146,590 | ||||||||||||||||||||||||||
Distributions Paid | $ 0 | $ 135,443 | ||||||||||||||||||||||||||
Series A Preferred Shares | Series B Preferred Shares - Fixed Dividend | ||||||||||||||||||||||||||||
Distributions Paid | ||||||||||||||||||||||||||||
Distributions Paid | $ 1 | 16 | ||||||||||||||||||||||||||
Series B Preferred Shares | ||||||||||||||||||||||||||||
Distributions Paid | ||||||||||||||||||||||||||||
Distributions Paid | 28,436 | |||||||||||||||||||||||||||
Series B Preferred Shares | Participating Dividend | ||||||||||||||||||||||||||||
Distributions Paid | ||||||||||||||||||||||||||||
Distributions Paid | 619 | $ 2,422 | $ 2,421 | $ 2,422 | $ 2,421 | 0 | 9,686 | |||||||||||||||||||||
Series B Preferred Shares | Series B Preferred Shares - Fixed Dividend | ||||||||||||||||||||||||||||
Distributions Paid | ||||||||||||||||||||||||||||
Distributions Declared | 1,198 | |||||||||||||||||||||||||||
Distributions Paid | $ 1,198 | $ 18,750 | $ 1,817 | |||||||||||||||||||||||||
Series B Preferred Shares | Restricted Stock Units, Expected to Vest | Participating Dividend | ||||||||||||||||||||||||||||
Distributions Paid | ||||||||||||||||||||||||||||
Distributions Paid | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||
Series B Preferred Shares | Restricted Stock Units, Not Expected to Vest | Participating Dividend | ||||||||||||||||||||||||||||
Distributions Paid | ||||||||||||||||||||||||||||
Distributions Paid | $ 0 | $ 0 | $ 0 |
Dividends and Distributions - D
Dividends and Distributions - Distribution Type (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Shares | |||
Ordinary income | 83.00% | 66.00% | 85.00% |
Capital gains | 0.00% | 0.00% | 0.00% |
Return of capital | 17.00% | 34.00% | 15.00% |
Total | 100.00% | 100.00% | 100.00% |
Preferred Shares | |||
Ordinary income | 100.00% | 100.00% | |
Capital gains | 0.00% | 0.00% | |
Return of capital | 0.00% | 0.00% | |
Total | 100.00% | 100.00% |
Partner's Capital (Details)
Partner's Capital (Details) - Americold Realty Operating Partnership, L.P.. - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | 13 Months Ended | 14 Months Ended | |||||||||||
Jan. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Dec. 31, 2017 | Jan. 31, 2019 | Jan. 31, 2020 | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||||||||||||||
Distributions Declared | $ 3,242 | $ 38,795 | $ 38,764 | $ 30,235 | $ 28,218 | $ 28,072 | $ 27,250 | $ 20,145 | $ 106,927 | |||||||
Distributions Paid | $ 3,242 | $ 12,172 | $ 38,632 | $ 38,605 | $ 30,108 | $ 28,098 | $ 27,986 | $ 27,160 | $ 20,086 | $ 12,162 | $ 12,171 | $ 12,161 | $ 48,666 | $ 78,474 | ||
Subsequent Event | ||||||||||||||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||||||||||||||
Distributions Declared | $ 38,796 | $ 146,590 | ||||||||||||||
Distributions Paid | $ 0 | $ 135,443 |
Warrants (Details)
Warrants (Details) | Jan. 23, 2018$ / sharesshares |
Equity [Abstract] | |
Number of common shares to be purchased by warrants (in shares) | 18,574,619 |
Exercise price of warrants (in USD per share) | $ / shares | $ 9.81 |
Shares issued for warrant exercise (in shares) | 6,426,818 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 04, 2018 | Apr. 10, 2017 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2008 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation charges | $ 15,900 | $ 10,700 | $ 2,400 | ||||||
Stock-based compensation charges due to accelerated vesting | 3,100 | ||||||||
Share-based compensation from modification of awards and accelerated vesting of awards | $ 2,000 | $ 2,900 | 3,044 | 2,042 | 0 | ||||
Unrecognized stock-based compensation expense | $ 24,700 | $ 24,700 | |||||||
Unrecognized stock-based compensation expense, period for recognition | 1 year 10 months 24 days | ||||||||
Accelerated vesting (in shares) | 100,000 | ||||||||
Accelerated share-based compensation expense upon termination of former executives | $ 200 | ||||||||
Fair value at grant date of stock option awards that vested | $ 900 | 1,500 | 1,600 | ||||||
Intrinsic value of options exercised | 27,800 | 38,800 | |||||||
Selling, General and Administrative Expenses | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation charges | $ 12,800 | $ 8,700 | $ 2,400 | ||||||
Time-based Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted (in shares) | 280,083 | ||||||||
Intrinsic value of awards outstanding | $ 46,600 | $ 46,600 | |||||||
Market-Based Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted (in shares) | 243,168 | ||||||||
Vesting period | 3 years | 3 years | |||||||
Granted, grant date fair value (in USD per share) | $ 13.43 | ||||||||
TSR, minimum | 8.00% | 8.00% | |||||||
TSR, target | 10.00% | 10.00% | |||||||
TSR, maximum | 12.00% | 12.00% | |||||||
Market performance percentage, minimum | 50.00% | 50.00% | 50.00% | 50.00% | |||||
Market performance percentage, target | 100.00% | 100.00% | 100.00% | 100.00% | |||||
Market performance percentage, maximum | 200.00% | 150.00% | 150.00% | 200.00% | |||||
Intrinsic value of awards outstanding | $ 27,300 | $ 27,300 | |||||||
Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, grant date fair value (in USD per share) | $ 33.29 | $ 17.21 | $ 13.13 | ||||||
Vested, grant date fair value (in USD per share) | 17.34 | ||||||||
Forfeited, grant date fair value (in USD per share) | 16.75 | ||||||||
Outstanding, grant date fair value (in USD per share) | $ 22.50 | $ 17.06 | $ 17.06 | $ 22.50 | |||||
OP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted (in shares) | 20,190 | ||||||||
Vesting period | 1 year | ||||||||
Aggregate grant date fair value of awards | $ 700 | $ 700 | |||||||
Intrinsic value of awards outstanding | $ 700 | 700 | |||||||
2008 Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized (in shares) | 4,900,025 | ||||||||
2010 Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized (in shares) | 3,849,976 | ||||||||
Americold Realty Trust 2017 Equity Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized (in shares) | 9,000,000 | ||||||||
Amount accrued for dividend equivalents | $ 400 | $ 1,100 | |||||||
Trustees | Time-Based Restricted Stock Units, Awarded for IPO | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted (in shares) | 12,285 | 331,250 | |||||||
Vesting period | 1 year | 3 years | |||||||
Trustees | Time-based Restricted Stock Units, Awarded As Part of Annual Compensation | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted (in shares) | 5,982 | 42,188 | 18,348 | ||||||
Vesting period | 1 year | 1 year | |||||||
Trustees | Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted (in shares) | 18,267 | 373,438 | 18,348 | ||||||
Vesting period | 1 year | ||||||||
Trustees | Minimum | Time-based Restricted Stock Units, Awarded As Part of Annual Compensation | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 2 years | ||||||||
Trustees | Minimum | Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 1 year | 2 years | |||||||
Trustees | Maximum | Time-based Restricted Stock Units, Awarded As Part of Annual Compensation | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Trustees | Maximum | Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | 3 years | |||||||
Employees | Time-based Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted (in shares) | 261,816 | 659,751 | 69,860 | ||||||
Vesting period | 5 years | ||||||||
Employees | Market-Based Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted (in shares) | 243,168 | 604,000 | 71,428 | ||||||
Vesting period | 3 years | 3 years | 5 years | ||||||
Employees | Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted (in shares) | 504,984 | 1,263,751 | 141,288 | ||||||
Vesting period | 5 years | ||||||||
Employees | Minimum | Time-based Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 1 year | 1 year | |||||||
Employees | Minimum | Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 1 year | 1 year | |||||||
Employees | Maximum | Time-based Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | 4 years | |||||||
Employees | Maximum | Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | 4 years |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units Grants (Details) - Restricted Stock Units - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Trustees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted (in shares) | 18,267 | 373,438 | 18,348 |
Vesting Period | 1 year | ||
Grant Date Fair Value (in thousands) | $ 575 | $ 5,975 | $ 199 |
Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted (in shares) | 504,984 | 1,263,751 | 141,288 |
Vesting Period | 5 years | ||
Grant Date Fair Value (in thousands) | $ 16,843 | $ 22,196 | $ 1,897 |
Minimum | Trustees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 1 year | 2 years | |
Minimum | Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 1 year | 1 year | |
Maximum | Trustees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 3 years | 3 years | |
Maximum | Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 3 years | 4 years |
Share-Based Compensation - Re_2
Share-Based Compensation - Restricted Stock Unit Activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended | 97 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | |
Time-based Restricted Stock Units | ||
Units (In thousands) | ||
Beginning balance (in shares) | 1,028,256 | |
Granted (in shares) | 280,083 | |
Vested (in shares) | (443,481) | |
Forfeited (in shares) | (150,795) | |
Ending balance (in shares) | 714,063 | 1,028,256 |
Aggregate intrinsic value, nonvested | $ | $ 25 | $ 26.3 |
Shares vested, but not released (in shares) | 615,643 | |
Aggregate intrinsic value, shares vested but not released | $ | $ 21.6 | |
Total outstanding restricted stock units (in shares) | 1,329,706 | |
Aggregate intrinsic value, total outstanding restricted stock units | $ | $ 46.6 | |
Performance-Based Restricted Stock Units | ||
Units (In thousands) | ||
Beginning balance (in shares) | 71,428 | |
Granted (in shares) | 0 | |
Vested (in shares) | (14,286) | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 57,142 | 71,428 |
Aggregate intrinsic value, nonvested | $ | $ 2 | $ 1.8 |
Shares vested, but not released (in shares) | 14,286 | |
Aggregate intrinsic value, shares vested but not released | $ | $ 0.5 | |
Total outstanding restricted stock units (in shares) | 71,428 | |
Aggregate intrinsic value, total outstanding restricted stock units | $ | $ 2.5 | |
Market-Based Restricted Stock Units | ||
Units (In thousands) | ||
Beginning balance (in shares) | 587,500 | |
Granted (in shares) | 243,168 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | (51,480) | |
Ending balance (in shares) | 779,188 | 587,500 |
Aggregate intrinsic value, nonvested | $ | $ 27.3 | $ 15 |
Shares vested, but not released (in shares) | 0 | |
Aggregate intrinsic value, shares vested but not released | $ | $ 0 | |
Total outstanding restricted stock units (in shares) | 779,188 | |
Aggregate intrinsic value, total outstanding restricted stock units | $ | $ 27.3 | |
Former Director | Restricted Stock Units | ||
Units (In thousands) | ||
Vested (in shares) | (16,324) | (613,605) |
Shares vested, but not released (in shares) | 568,753 | |
Vested awards, weighted average grant date fair value (in USD per share) | $ / shares | $ 9.29 |
Share-Based Compensation - Perf
Share-Based Compensation - Performance Thresholds (Details) - Market-Based Restricted Stock Units | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RMS relative market performance, high level | 75.00% | |
RMS relative market performance, target level | 55.00% | |
RMS relative market performance, threshold level | 30.00% | |
TSR, maximum | 12.00% | |
TSR, target | 10.00% | |
TSR, minimum | 8.00% | |
Market performance percentage, maximum | 200.00% | 150.00% |
Market performance percentage, target | 100.00% | 100.00% |
Market performance percentage, minimum | 50.00% | 50.00% |
Market performance percentage, below threshold | 0.00% |
Share-based Compensation - Re_3
Share-based Compensation - Restricted Stock Units Valuation Assumptions (Details) | Apr. 10, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Market-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Stock Price Volatility | 22.00% | ||
Performance-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Stock Price Volatility | 30.00% | ||
Risk-Free Interest Rate | 1.63% | ||
Dividend Yield | 2.00% | ||
Minimum | Market-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Stock Price Volatility | 25.00% | ||
Risk-Free Interest Rate | 2.40% | 2.34% | |
Maximum | Market-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Stock Price Volatility | 30.00% | ||
Risk-Free Interest Rate | 2.43% | 2.85% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares (In thousands) | ||
Outstanding (in shares) | 2,355,787 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (1,342,289) | |
Forfeited or expired (in shares) | (219,000) | |
Outstanding (in shares) | 794,498 | 2,355,787 |
Weighted-Average Exercise Price | ||
Outstanding (in USD per share) | $ 9.81 | |
Granted (in USD per share) | 0 | |
Exercised (in USD per share) | 9.81 | |
Forfeited or expired (in USD per share) | 9.81 | |
Outstanding (in USD per share) | $ 9.81 | $ 9.81 |
Weighted-Average Remaining Contractual Terms (Years) | ||
Outstanding | 5 years 9 months 18 days | 5 years 4 months 24 days |
Exercisable | ||
Shares (in shares) | 301,500 | |
Weighted-Average Exercise Price (in USD per share) | $ 9.81 | |
Weighted-Average Remaining Contractual Terms (Years) | 5 years 1 month 6 days |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 01, 2019 | |
Operating Loss Carryforwards [Line Items] | ||||
Income tax benefit from TCJA | $ 3,800,000 | |||
Deferred tax liability for purchase of Cloverleaf | $ 9,600,000 | |||
Income tax expense (benefit) | $ (5,157,000) | (3,619,000) | $ 9,393,000 | |
Deferred tax liability from outside basis difference | 400,000 | |||
Undistributed earnings of foreign subsidiaries | 13,800,000 | |||
GILTI | 200,000 | |||
Operating loss carryforwards | 36,100,000 | |||
Operating loss carryforwards, subject to expiration | 20,400,000 | |||
Operating loss carryforwards, not subject to expiration | 21,400,000 | |||
Change in valuation allowance | (3,600,000) | |||
Valuation allowance | 16,043,000 | 19,627,000 | ||
Reasonably possible decrease in unrecognized tax benefits in the next twelve months | 0 | |||
Decreases due to lapse in statute of limitations | 431,000 | 353,000 | 73,000 | |
U.S. | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 41,800,000 | |||
Research Tax Credit Carryforward | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforward | 900,000 | |||
Alternative Minimum Tax Credit Carryforward | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforward | 2,200,000 | |||
TSR | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 16,000,000 | 19,600,000 | ||
Tax Year Prior to 2017 | ||||
Operating Loss Carryforwards [Line Items] | ||||
Payments of tax settlements | $ 4,300,000 | |||
Tax Year 2017 | ||||
Operating Loss Carryforwards [Line Items] | ||||
Payments of tax settlements | 600,000 | |||
Cloverleaf and Lanier Cold Storage | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax liability for purchase of Cloverleaf | 9,626,000 | |||
Income tax expense (benefit) | (9,600,000) | |||
Change in valuation allowance | $ (6,000,000) |
Income Taxes - Income_(loss) be
Income Taxes - Income/(loss) before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 33,417 | $ 37,060 | $ (11,212) |
Foreign | 9,588 | 7,306 | 19,997 |
Income before income tax benefit (expense) | $ 43,005 | $ 44,366 | $ 8,785 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Compnents of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
U.S. federal | $ (20) | $ 4,424 | $ (4,848) |
State | (670) | (353) | (644) |
Foreign | (4,854) | (3,604) | (7,559) |
Total current portion | (5,544) | 467 | (13,051) |
Deferred | |||
U.S. federal | 7,701 | 2,094 | 2,277 |
State | 2,217 | 494 | (72) |
Foreign | 783 | 564 | 1,453 |
Total deferred portion | 10,701 | 3,152 | 3,658 |
Total income tax benefit (expense) | $ 5,157 | $ 3,619 | $ (9,393) |
Income Taxes - Reconciliation S
Income Taxes - Reconciliation Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory rates | $ (9,031) | $ (9,317) | $ (2,987) |
Earnings (loss) from REIT - not subject to tax | 9,526 | 9,015 | (425) |
State income taxes, net of federal income tax benefit | (542) | (187) | (445) |
Provision to return | 2 | 360 | (205) |
Rate and permanent differences on non-U.S. earnings | (971) | (1,228) | 668 |
Change in valuation allowance | 2,761 | (2,227) | 2,950 |
Non-deductible expenses | 3,462 | 4,021 | (2,345) |
Change in uncertain tax positions | (367) | 347 | 94 |
Effect of Tax Cuts and Jobs Act | 0 | 3,797 | (3,113) |
REIT excise tax | 0 | 0 | (4,772) |
Other | 317 | (962) | 1,187 |
Total income tax benefit (expense) | $ 5,157 | $ 3,619 | $ (9,393) |
Income Taxes - Temporary Differ
Income Taxes - Temporary Difference (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss and credits carryforwards | $ 11,806 | $ 14,062 |
Accrued expenses | 26,911 | 25,889 |
Share-based compensation | 4,618 | 4,709 |
Lease obligations | 9,674 | 0 |
Other assets | 4,420 | 241 |
Total gross deferred tax assets | 57,429 | 44,901 |
Less: valuation allowance | (16,043) | (19,627) |
Total net deferred tax assets | 41,386 | 25,274 |
Deferred tax liabilities: | ||
Intangible assets and goodwill | (8,739) | (5,628) |
Property, buildings and equipment | (38,358) | (35,672) |
Lease right-of-use assets | (9,674) | 0 |
Other liabilities | (1,316) | (1,144) |
Total gross deferred tax liabilities | (58,087) | (42,444) |
Net deferred tax liability | $ (16,701) | $ (17,170) |
Income Taxes - Unrecognized ben
Income Taxes - Unrecognized benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax | |||
Beginning balance | $ 431 | $ 784 | $ 857 |
Increases related to current-year tax positions | 367 | 0 | |
Decreases related to prior-year tax positions | 0 | ||
Decreases due to lapse in statute of limitations | (431) | (353) | (73) |
Ending balance | 367 | 431 | 784 |
Interest | |||
Beginning balance | 0 | 6 | 19 |
Increases related to current-year tax positions | 0 | 3 | |
Decreases related to prior-year tax positions | (4) | ||
Decreases due to lapse in statute of limitations | 0 | (6) | (12) |
Ending balance | 0 | 0 | 6 |
Penalties | |||
Beginning balance | 0 | 0 | 8 |
Increases related to current-year tax positions | 0 | 0 | |
Decreases related to prior-year tax positions | (8) | ||
Decreases due to lapse in statute of limitations | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Total | |||
Beginning balance | 431 | 790 | 884 |
Increases related to current-year tax positions | 367 | 3 | |
Decreases related to prior-year tax positions | (12) | ||
Decreases due to lapse in statute of limitations | (431) | (359) | (85) |
Ending balance | $ 367 | $ 431 | $ 790 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | |||
Original benefit of contribution by tax credit investors | $ (4,882) | $ 0 | |
Cloverleaf | |||
Variable Interest Entity [Line Items] | |||
Original benefit of contribution by tax credit investors | $ 5,600 | ||
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Contribution liability | $ 4,900 |
Employee Benefit Plans - Actuar
Employee Benefit Plans - Actuarial Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation: | |||
Beginning balance | $ (76,054) | $ (82,484) | |
Service cost | (78) | (246) | $ (722) |
Interest cost | (2,907) | (2,741) | (2,981) |
Actuarial gain (loss) | (7,557) | 4,090 | |
Benefits paid | 4,440 | 5,039 | |
Plan participants’ contributions | (12) | (21) | |
Foreign currency translation loss (gain) | 2 | 309 | |
Effect of settlement | 152 | ||
Ending balance | (82,014) | (76,054) | (82,484) |
Change in plan assets: | |||
Beginning balance | 59,737 | 65,728 | |
Actual return on plan assets | 11,597 | (3,438) | |
Employer contributions | 2,560 | 2,759 | |
Benefits paid | (4,440) | (5,038) | |
Effect of settlement | (152) | ||
Plan participants’ contributions | 12 | 21 | |
Foreign currency translation loss | (6) | (295) | |
Ending balance | 69,308 | 59,737 | 65,728 |
Funded status | (12,706) | (16,317) | |
Amounts recognized on the consolidated balance sheet: | |||
Pension and post-retirement liability | (12,706) | (16,317) | |
Accumulated other comprehensive loss (income) | 10,959 | 14,074 | |
Amounts in accumulated other comprehensive loss consist of: | |||
Net loss (gain) | 10,882 | 13,969 | |
Prior service cost | 77 | 105 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net (gain) loss | (1,177) | 2,926 | |
Amortization of net (loss) gain | (2,069) | (1,959) | |
Amortization of prior service cost | (28) | (28) | |
Amount recognized due to special event | 10 | (64) | |
Foreign currency translation loss | (5) | 26 | |
Total recognized in other comprehensive loss (income) | (3,269) | 901 | (5,754) |
Information for plans with accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 82,014 | 76,054 | |
Accumulated benefit obligation | 81,900 | 75,855 | |
Fair value of plan assets | 69,308 | 59,737 | |
Pension | |||
Change in plan assets: | |||
Beginning balance | 59,737 | ||
Ending balance | 69,308 | 59,737 | |
Other Post-Retirement Benefits | |||
Change in benefit obligation: | |||
Beginning balance | (678) | (691) | |
Service cost | 0 | 0 | 0 |
Interest cost | (23) | (20) | (22) |
Actuarial gain (loss) | (62) | 33 | |
Benefits paid | 0 | 0 | |
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation loss (gain) | 0 | 0 | |
Effect of settlement | 152 | ||
Ending balance | (611) | (678) | (691) |
Change in plan assets: | |||
Beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 152 | 0 | |
Benefits paid | 0 | 0 | |
Effect of settlement | (152) | ||
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation loss | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Funded status | (611) | (678) | |
Amounts recognized on the consolidated balance sheet: | |||
Pension and post-retirement liability | (611) | (678) | |
Accumulated other comprehensive loss (income) | (21) | (92) | |
Amounts in accumulated other comprehensive loss consist of: | |||
Net loss (gain) | (21) | (92) | |
Prior service cost | 0 | 0 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net (gain) loss | (94) | (34) | |
Amortization of net (loss) gain | 4 | 0 | |
Amortization of prior service cost | 0 | 0 | |
Amount recognized due to special event | 5 | 0 | |
Foreign currency translation loss | 0 | 0 | |
Total recognized in other comprehensive loss (income) | (85) | (34) | |
Information for plans with accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 611 | 678 | |
Accumulated benefit obligation | 611 | 678 | |
Fair value of plan assets | 0 | 0 | |
Retirement Income Plan | Pension | |||
Change in benefit obligation: | |||
Beginning balance | (43,364) | (45,386) | |
Service cost | 0 | (31) | (65) |
Interest cost | (1,590) | (1,418) | (1,583) |
Actuarial gain (loss) | (3,251) | 753 | |
Benefits paid | 2,990 | 2,718 | |
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation loss (gain) | 0 | 0 | |
Effect of settlement | 0 | ||
Ending balance | (45,215) | (43,364) | (45,386) |
Change in plan assets: | |||
Beginning balance | 34,958 | 38,218 | |
Actual return on plan assets | 6,804 | (2,042) | |
Employer contributions | 1,339 | 1,499 | |
Benefits paid | (2,990) | (2,717) | |
Effect of settlement | 0 | ||
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation loss | 0 | 0 | |
Ending balance | 40,111 | 34,958 | 38,218 |
Funded status | (5,104) | (8,406) | |
Amounts recognized on the consolidated balance sheet: | |||
Pension and post-retirement liability | (5,104) | (8,406) | |
Accumulated other comprehensive loss (income) | 6,417 | 9,718 | |
Amounts in accumulated other comprehensive loss consist of: | |||
Net loss (gain) | 6,417 | 9,718 | |
Prior service cost | 0 | 0 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net (gain) loss | (1,793) | 3,337 | |
Amortization of net (loss) gain | (1,509) | (1,244) | |
Amortization of prior service cost | 0 | 0 | |
Amount recognized due to special event | 0 | 0 | |
Foreign currency translation loss | 0 | 0 | |
Total recognized in other comprehensive loss (income) | (3,302) | 2,093 | |
Information for plans with accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 45,215 | 43,364 | |
Accumulated benefit obligation | 45,215 | 43,364 | |
Fair value of plan assets | 40,111 | 34,958 | |
National Service-Related Pension Plan | Pension | |||
Change in benefit obligation: | |||
Beginning balance | (30,627) | (33,405) | |
Service cost | 0 | (78) | (504) |
Interest cost | (1,245) | (1,199) | (1,256) |
Actuarial gain (loss) | (4,167) | 3,125 | |
Benefits paid | 1,003 | 930 | |
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation loss (gain) | 0 | 0 | |
Effect of settlement | 0 | ||
Ending balance | (35,036) | (30,627) | (33,405) |
Change in plan assets: | |||
Beginning balance | 23,277 | 24,518 | |
Actual return on plan assets | 4,556 | (1,446) | |
Employer contributions | 1,011 | 1,135 | |
Benefits paid | (1,003) | (930) | |
Effect of settlement | 0 | ||
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation loss | 0 | 0 | |
Ending balance | 27,841 | 23,277 | 24,518 |
Funded status | (7,195) | (7,350) | |
Amounts recognized on the consolidated balance sheet: | |||
Pension and post-retirement liability | (7,195) | (7,350) | |
Accumulated other comprehensive loss (income) | 4,501 | 4,278 | |
Amounts in accumulated other comprehensive loss consist of: | |||
Net loss (gain) | 4,501 | 4,278 | |
Prior service cost | 0 | 0 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net (gain) loss | 788 | (311) | |
Amortization of net (loss) gain | (564) | (715) | |
Amortization of prior service cost | 0 | 0 | |
Amount recognized due to special event | 0 | 0 | |
Foreign currency translation loss | 0 | 0 | |
Total recognized in other comprehensive loss (income) | 224 | (1,026) | |
Information for plans with accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 35,036 | 30,627 | |
Accumulated benefit obligation | 35,036 | 30,627 | |
Fair value of plan assets | 27,841 | 23,277 | |
Superannuation | Pension | |||
Change in benefit obligation: | |||
Beginning balance | (1,385) | (3,002) | |
Service cost | (78) | (137) | (153) |
Interest cost | (49) | (104) | (120) |
Actuarial gain (loss) | (77) | 179 | |
Benefits paid | 447 | 1,391 | |
Plan participants’ contributions | (12) | (21) | |
Foreign currency translation loss (gain) | 2 | 309 | |
Effect of settlement | 0 | ||
Ending balance | (1,152) | (1,385) | (3,002) |
Change in plan assets: | |||
Beginning balance | 1,502 | 2,992 | |
Actual return on plan assets | 237 | 50 | |
Employer contributions | 58 | 125 | |
Benefits paid | (447) | (1,391) | |
Effect of settlement | 0 | ||
Plan participants’ contributions | 12 | 21 | |
Foreign currency translation loss | (6) | (295) | |
Ending balance | 1,356 | 1,502 | $ 2,992 |
Funded status | 204 | 117 | |
Amounts recognized on the consolidated balance sheet: | |||
Pension and post-retirement liability | 204 | 117 | |
Accumulated other comprehensive loss (income) | 62 | 170 | |
Amounts in accumulated other comprehensive loss consist of: | |||
Net loss (gain) | (15) | 65 | |
Prior service cost | 77 | 105 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net (gain) loss | (78) | (66) | |
Amortization of net (loss) gain | 0 | 0 | |
Amortization of prior service cost | (28) | (28) | |
Amount recognized due to special event | 5 | (64) | |
Foreign currency translation loss | (5) | 26 | |
Total recognized in other comprehensive loss (income) | (106) | (132) | |
Information for plans with accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 1,152 | 1,385 | |
Accumulated benefit obligation | 1,038 | 1,186 | |
Fair value of plan assets | $ 1,356 | $ 1,502 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Period Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 78 | $ 246 | $ 722 |
Interest cost | 2,907 | 2,741 | 2,981 |
Expected return on plan assets | (3,010) | (3,588) | (3,106) |
Amortization of net loss (gain) | 2,069 | 1,959 | 2,703 |
Amortization of prior service cost | 28 | 30 | 221 |
Effect of settlement | (10) | 68 | 63 |
Net pension benefit cost | 2,062 | 1,456 | 3,584 |
Pension | Retirement Income Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 31 | 65 |
Interest cost | 1,590 | 1,418 | 1,583 |
Expected return on plan assets | (1,760) | (2,047) | (1,757) |
Amortization of net loss (gain) | 1,509 | 1,244 | 1,889 |
Amortization of prior service cost | 0 | 0 | 0 |
Effect of settlement | 0 | 0 | 0 |
Net pension benefit cost | 1,339 | 646 | 1,780 |
Pension | National Service-Related Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 78 | 504 |
Interest cost | 1,245 | 1,199 | 1,256 |
Expected return on plan assets | (1,176) | (1,369) | (1,175) |
Amortization of net loss (gain) | 564 | 715 | 815 |
Amortization of prior service cost | 0 | 0 | 212 |
Effect of settlement | 0 | 0 | 0 |
Net pension benefit cost | 633 | 623 | 1,612 |
Pension | Superannuation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 78 | 137 | 153 |
Interest cost | 49 | 104 | 120 |
Expected return on plan assets | (74) | (172) | (174) |
Amortization of net loss (gain) | 0 | 0 | 0 |
Amortization of prior service cost | 28 | 30 | 9 |
Effect of settlement | (5) | 68 | 67 |
Net pension benefit cost | 76 | 167 | 175 |
Other Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 23 | 20 | 22 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net loss (gain) | (4) | 0 | (1) |
Amortization of prior service cost | 0 | 0 | 0 |
Effect of settlement | (5) | 0 | (4) |
Net pension benefit cost | $ 14 | $ 20 | $ 17 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected contributions to all plans in 2020 | $ 2,500,000 | |||
Percentage of union employees covered | 60.00% | |||
Multiemployer plan expense | $ 18,000,000 | $ 17,400,000 | $ 17,000,000 | |
Minimum contribution to multiemployer plan | 17,300,000 | |||
Multi-employer pension plan withdrawal expense | $ 9,200,000 | 0 | 0 | 9,134,000 |
Contributions to government sponsored plan | 5,800,000 | 5,700,000 | 5,400,000 | |
Defined contribution plan expense | 4,200,000 | $ 3,900,000 | $ 3,600,000 | |
U.S. Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected amortization of estimated net gain (loss) | $ (1,600,000) | |||
Expected return on plan assets | 6.50% | |||
Offshore Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected amortization of estimated net gain (loss) | $ 0 | |||
Expected return on plan assets | 5.00% | |||
Pension | Retirement Income Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Average future service period | 6 years 3 months 18 days | |||
Expected return on plan assets | 6.50% | 7.00% | 7.00% | |
Pension | National Service-Related Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Average future service period | 7 years 4 months 24 days | |||
Expected return on plan assets | 6.50% | 7.00% | 7.00% | |
Pension | Superannuation | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Average future service period | 5 years 9 months 18 days | |||
Expected return on plan assets | 5.00% | 6.00% | 6.00% | |
Other Post-Retirement Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Average future service period | 5 years | |||
New England Teamsters & Trucking Industry Pension Plan | Multiemployer Plans, Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Unfunded liability on multiemployer plan | $ 13,700,000 | |||
Monthly installments on multiemployer plan | $ 40,000 | |||
Contribution term of multiemployer plan | 30 years |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions used (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension | Retirement Income Plan | |||
Weighted-average assumptions used to determine obligations (balance sheet): | |||
Discount rate | 3.00% | 3.95% | 3.35% |
Rate of compensation increase | 3.50% | 3.50% | |
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | |||
Discount rate | 3.95% | 3.35% | 3.75% |
Expected return on plan assets | 6.50% | 7.00% | 7.00% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Pension | National Service-Related Pension Plan | |||
Weighted-average assumptions used to determine obligations (balance sheet): | |||
Discount rate | 3.25% | 4.15% | 3.65% |
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | |||
Discount rate | 4.15% | 3.65% | 4.15% |
Expected return on plan assets | 6.50% | 7.00% | 7.00% |
Pension | Superannuation | |||
Weighted-average assumptions used to determine obligations (balance sheet): | |||
Discount rate | 2.30% | 3.70% | 3.70% |
Rate of compensation increase | 3.25% | 3.25% | 4.00% |
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | |||
Discount rate | 3.70% | 3.70% | 4.20% |
Expected return on plan assets | 5.00% | 6.00% | 6.00% |
Rate of compensation increase | 3.25% | 4.00% | 4.00% |
Other Post-Retirement Benefits | |||
Weighted-average assumptions used to determine obligations (balance sheet): | |||
Discount rate | 2.55% | 3.70% | 3.10% |
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | |||
Discount rate | 3.70% | 3.10% | 3.40% |
Employee Benefit Plans - Alloca
Employee Benefit Plans - Allocation of Plan Assets (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. equities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 35.00% | 35.00% |
U.S. equities | Offshore Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 20.00% | 16.00% |
Target Allocation | 19.00% | |
Non-U.S. equities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 25.00% | 25.00% |
Non-U.S. equities | Offshore Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 42.00% | 46.00% |
Target Allocation | 41.00% | |
Fixed-income securities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 35.00% | 35.00% |
Fixed-income securities | Offshore Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 8.00% | 9.00% |
Target Allocation | 13.00% | |
Real estate | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 5.00% | 5.00% |
Real estate | Offshore Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 8.00% | 8.00% |
Target Allocation | 8.00% | |
Cash and other | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 0.00% | 0.00% |
Cash and other | Offshore Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 22.00% | 21.00% |
Target Allocation | 19.00% | |
Minimum | U.S. equities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 25.00% | |
Minimum | Non-U.S. equities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 15.00% | |
Minimum | Fixed-income securities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 15.00% | |
Minimum | Real estate | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 0.00% | |
Maximum | U.S. equities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 55.00% | |
Maximum | Non-U.S. equities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 45.00% | |
Maximum | Fixed-income securities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 40.00% | |
Maximum | Real estate | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 5.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | $ 69,308 | $ 59,737 | $ 65,728 |
Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 69,308 | 59,737 | |
Pension | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 35,317 | 30,281 | |
Pension | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 33,991 | 29,456 | |
Pension | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | U.S. equities, Large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 17,698 | 15,141 | |
Pension | U.S. equities, Large cap | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | U.S. equities, Large cap | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 17,698 | 15,141 | |
Pension | U.S. equities, Large cap | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | U.S. equities, Medium cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3,404 | 2,912 | |
Pension | U.S. equities, Medium cap | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | U.S. equities, Medium cap | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3,404 | 2,912 | |
Pension | U.S. equities, Medium cap | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | U.S. equities, Small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 2,720 | 2,330 | |
Pension | U.S. equities, Small cap | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 1,360 | 1,165 | |
Pension | U.S. equities, Small cap | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 1,360 | 1,165 | |
Pension | U.S. equities, Small cap | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Non-U.S. equities, Large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 12,919 | 11,065 | |
Pension | Non-U.S. equities, Large cap | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 12,919 | 11,065 | |
Pension | Non-U.S. equities, Large cap | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Non-U.S. equities, Large cap | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Non-U.S. equities, Emerging markets | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 4,060 | 3,494 | |
Pension | Non-U.S. equities, Emerging markets | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 4,060 | 3,494 | |
Pension | Non-U.S. equities, Emerging markets | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Non-U.S. equities, Emerging markets | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Fixed-income securities, Money markets | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3,381 | 2,912 | |
Pension | Fixed-income securities, Money markets | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Fixed-income securities, Money markets | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3,381 | 2,912 | |
Pension | Fixed-income securities, Money markets | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Fixed-income securities, U.S. bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 13,569 | 11,647 | |
Pension | Fixed-income securities, U.S. bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 10,172 | 8,735 | |
Pension | Fixed-income securities, U.S. bonds | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3,397 | 2,912 | |
Pension | Fixed-income securities, U.S. bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Fixed-income securities, Non-U.S. bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 6,806 | 5,822 | |
Pension | Fixed-income securities, Non-U.S. bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 6,806 | 5,822 | |
Pension | Fixed-income securities, Non-U.S. bonds | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Fixed-income securities, Non-U.S. bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Fixed-income securities, Real estate | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3,395 | 2,912 | |
Pension | Fixed-income securities, Real estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Fixed-income securities, Real estate | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3,395 | 2,912 | |
Pension | Fixed-income securities, Real estate | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Fixed-income securities, Common/collective trusts | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 1,356 | 1,502 | |
Pension | Fixed-income securities, Common/collective trusts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension | Fixed-income securities, Common/collective trusts | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 1,356 | 1,502 | |
Pension | Fixed-income securities, Common/collective trusts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | $ 0 | $ 0 |
Employee Benefit Plans - Esti
Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 7,796 |
2021 | 5,090 |
2022 | 5,034 |
2023 | 4,862 |
2024 | 4,867 |
Thereafter | 22,846 |
Estimated future benefit payments | $ 50,495 |
Employee Benefit Plans - Multie
Employee Benefit Plans - Multiemployer Plans Contributions (Details) - Multiemployer Plans, Pension - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer Plans [Line Items] | |||
Americold Contributions | $ 17,962 | $ 17,441 | $ 16,969 |
Central Pension Fund of the International Union of Operating Engineers and Participating Employers | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 6 | 6 | 3 |
Central States SE & SW Areas Health and Welfare Pension Plans | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 9,238 | 8,424 | 8,427 |
New England Teamsters & Trucking Industry Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 456 | 456 | 566 |
Alternative New England Teamsters & Trucking Industry Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 449 | 493 | 98 |
I.U.O.E Stationary Engineers Local 39 Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 194 | 160 | 197 |
United Food & Commercial Workers International Union-Industry Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 105 | 90 | 87 |
Western Conference of Teamsters Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 7,398 | 7,632 | 7,265 |
Minneapolis Food Distributing Industry Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | $ 116 | $ 180 | $ 326 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Feb. 22, 2019USD ($) | Dec. 31, 2019USD ($)employeewarehouseagreement | Dec. 31, 1994USD ($) | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | ||||
Letter of credit amount outstanding | $ 23 | $ 29.6 | ||
Number of employees | employee | 12,600 | |||
Number of warehouses | warehouse | 178 | |||
Number of collective bargaining agreements | agreement | 74 | |||
Number of collective bargaining agreements, including agreements under negotiation | agreement | 75 | |||
Number of collective bargaining agreements expiring in 2020 | agreement | 19 | |||
Number of warehouses where collective bargaining agreements are expiring in 2020 | warehouse | 26 | |||
Kansas Breach of Settlement Agreement | ||||
Loss Contingencies [Line Items] | ||||
Litigation settlement, awarded to other party | $ 58.7 | |||
Jose Contreras Employment Putative Class Action | ||||
Loss Contingencies [Line Items] | ||||
Litigation settlement, awarded to other party | $ 2.5 | |||
Surety Bond | ||||
Loss Contingencies [Line Items] | ||||
Outstanding surety bond | $ 4.3 | $ 2.7 | ||
Unionized Employees Concentration Risk | ||||
Loss Contingencies [Line Items] | ||||
Number of warehouses | warehouse | 84 | |||
Number of Employees | Unionized Employees Concentration Risk | ||||
Loss Contingencies [Line Items] | ||||
Collective-bargaining arrangement, percentage of participants | 49.00% |
Commitments and Contingencies -
Commitments and Contingencies - Construction Commitments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Construction Commitment [Line Items] | |
Total construction commitments | $ 57,974 |
Q1 2020 | Columbus, OH | |
Construction Commitment [Line Items] | |
Total construction commitments | 241 |
Q2 2020 | Savannah, GA | |
Construction Commitment [Line Items] | |
Total construction commitments | 13,692 |
Q2 2021 | Atlanta, GA | |
Construction Commitment [Line Items] | |
Total construction commitments | $ 44,041 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Activity in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 706,755 | $ (186,924) | $ (149,455) |
Other comprehensive (loss) income attributable to Americold Realty Trust | (1,611) | (12,285) | 10,314 |
Ending balance | 1,833,018 | 706,755 | (186,924) |
Accumulated other comprehensive loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (12,515) | (230) | (10,544) |
Ending balance | (14,126) | (12,515) | (230) |
Pension and other postretirement benefits | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (8,027) | (7,126) | (12,880) |
Other comprehensive (loss) income attributable to Americold Realty Trust | 3,269 | (901) | 5,754 |
Ending balance | (4,758) | (8,027) | (7,126) |
Pension and other postretirement benefits, gain (loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Other comprehensive income (loss), before reclassifications, before tax | 1,180 | (2,926) | 2,663 |
Other comprehensive income (loss), before reclassifications, tax | 3 | 27 | (49) |
Other comprehensive income (loss), before reclassifications | 1,177 | (2,953) | 2,712 |
Pension and other postretirement benefits, prior service cost | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Reclassifications, before tax | 2,092 | 2,052 | 3,042 |
Net amount reclassified from AOCI to net income/loss | 2,092 | 2,052 | 3,042 |
Foreign currency translation adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (3,322) | 8,318 | 3,874 |
Other comprehensive income (loss), before reclassifications, before tax | (783) | (11,640) | 4,444 |
Reclassifications, before tax | (2,605) | 0 | 0 |
Other comprehensive (loss) income attributable to Americold Realty Trust | (3,388) | (11,640) | 4,444 |
Ending balance | (6,710) | (3,322) | 8,318 |
Cash flow hedge derivatives | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,166) | (1,422) | (1,538) |
Other comprehensive income (loss), before reclassifications, before tax | (1,450) | 862 | (1,387) |
Other comprehensive income (loss), before reclassifications, tax | 0 | 173 | 44 |
Other comprehensive income (loss), before reclassifications | (1,450) | 689 | (1,431) |
Ending balance | (2,658) | (1,166) | (1,422) |
Interest expense | Cash flow hedge derivatives | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net amount reclassified from AOCI to net income/loss | (306) | 1,191 | 1,547 |
Loss on debt extinguishment, modifications and termination of derivative instruments | Cash flow hedge derivatives | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net amount reclassified from AOCI to net income/loss | 0 | 1,825 | 0 |
Foreign exchange gain (loss), net | Cash flow hedge derivatives | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net amount reclassified from AOCI to net income/loss | $ 264 | $ (3,449) | $ 0 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Sep. 18, 2018 | Jan. 31, 2018 | Jan. 23, 2018 | Mar. 31, 2019 | Dec. 31, 2017 | May 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||||||||
Payment of underwriting fees | $ 0 | $ 8,205 | $ 0 | ||||||
Principal Owner | Goldman | |||||||||
Related Party Transaction [Line Items] | |||||||||
Payment of underwriting fees | $ 5,000 | $ 2,600 | |||||||
Principal Owner | Goldman | 2018 Senior Unsecured Credit Facilities | Credit Facility | |||||||||
Related Party Transaction [Line Items] | |||||||||
Commitments from lending group under credit facility | $ 90,000 | ||||||||
Commitments from lending group under credit facility, percentage | 7.10% | ||||||||
Principal Owner | Affiliate of Goldman | Australia Term Loan | Term Loans | |||||||||
Related Party Transaction [Line Items] | |||||||||
Lender participation in loans, percentage | 2.50% | ||||||||
Principal Owner | Affiliate of Goldman | New Zealand Term Loan | Term Loans | |||||||||
Related Party Transaction [Line Items] | |||||||||
Lender participation in loans, percentage | 31.80% | ||||||||
IPO | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares sold (in shares) | 33,350,000 | ||||||||
Payment of underwriting fees | $ 40,000 | ||||||||
IPO | Principal Owner | Goldman | |||||||||
Related Party Transaction [Line Items] | |||||||||
Refunds of underwriter's discount | $ 1,600 | ||||||||
IPO - Shares From Goldman | Principal Owner | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares sold (in shares) | 5,163,716 | ||||||||
Ownership percentage after sale of stock | 16.70% | ||||||||
Public Stock Offering - Goldman Sachs | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares sold (in shares) | 9,100,000 | 8,061,228 | |||||||
Public Stock Offering - Goldman Sachs | Principal Owner | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares sold (in shares) | 9,083,280 | 8,061,228 | |||||||
Ownership percentage after sale of stock | 9.90% | ||||||||
Public Stock Offering - Goldman Sachs | Principal Owner | Goldman | |||||||||
Related Party Transaction [Line Items] | |||||||||
Refunds of underwriter's discount | $ 700 | ||||||||
Interest and Fees | Principal Owner | Goldman | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 15,200 | $ 1,400 | 2,300 | 900 | |||||
Interest Rate Swap Agreements | Principal Owner | Goldman | Australia Term Loan | Term Loans | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | 1,200 | $ 1,500 | |||||||
Interest Rate Swap Agreements | Interest Rate Swap | Principal Owner | Goldman | Senior Secured Term Loan A Facility | Term Loans | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 200 | ||||||||
Swap Termination Fee | Principal Owner | Goldman | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 1,800 | ||||||||
Escrow Prepayment | Principal Owner | 2018 Senior Unsecured Credit Facilities | Term Loans and Credit Facility | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 200 | ||||||||
Common Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Shares converted (in shares) | 33,240,258 | 33,240,258 | |||||||
Common Stock | Goldman | |||||||||
Related Party Transaction [Line Items] | |||||||||
Shares converted (in shares) | 28,808,224 | ||||||||
Common Stock | Principal Owner | Goldman | |||||||||
Related Party Transaction [Line Items] | |||||||||
Shares converted (in shares) | 28,808,224 |
Geographic Concentrations (Deta
Geographic Concentrations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | $ 485,984 | $ 466,182 | $ 438,460 | $ 393,079 | $ 415,817 | $ 402,010 | $ 394,667 | $ 391,141 | $ 1,783,705 | $ 1,603,635 | $ 1,543,587 |
Total Assets | 4,170,683 | 2,532,428 | 4,170,683 | 2,532,428 | |||||||
U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | 1,509,401 | 1,313,811 | 1,253,879 | ||||||||
Total Assets | 3,812,761 | 2,242,078 | 3,812,761 | 2,242,078 | |||||||
Australia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | 216,741 | 227,374 | 219,738 | ||||||||
Total Assets | 274,288 | 226,666 | 274,288 | 226,666 | |||||||
New Zealand | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | 30,047 | 32,363 | 33,289 | ||||||||
Total Assets | 67,046 | 51,419 | 67,046 | 51,419 | |||||||
Argentina | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | 9,647 | 11,752 | 18,319 | ||||||||
Total Assets | 7,794 | 7,154 | 7,794 | 7,154 | |||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Revenues | 17,869 | 18,335 | $ 18,362 | ||||||||
Total Assets | $ 8,794 | $ 5,111 | $ 8,794 | $ 5,111 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Information - Revenues
Segment Information - Revenues with a Reconciliation to Income (Loss) before Income Tax and Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment revenues: | |||||||||||
Revenues: | $ 485,984 | $ 466,182 | $ 438,460 | $ 393,079 | $ 415,817 | $ 402,010 | $ 394,667 | $ 391,141 | $ 1,783,705 | $ 1,603,635 | $ 1,543,587 |
Segment contribution: | |||||||||||
Operating income | $ 46,579 | $ 39,385 | 29,085 | $ 16,417 | 51,171 | $ 43,553 | 49,304 | $ 35,932 | 131,466 | 179,960 | 136,989 |
Reconciling items: | |||||||||||
Depreciation, depletion and amortization | (163,348) | (117,653) | (116,741) | ||||||||
Selling, general and administrative expense | (129,310) | (110,825) | (99,616) | ||||||||
Acquisition, litigation and other | (40,614) | (3,935) | (11,329) | ||||||||
Impairment of long-lived assets | $ (2,900) | (13,485) | (747) | (9,473) | |||||||
(Loss) gain from sale of real estate, net | $ (900) | $ 8,400 | (34) | 7,471 | 43 | ||||||
Interest expense | (94,408) | (93,312) | (114,898) | ||||||||
Interest income | 6,286 | 3,996 | 1,074 | ||||||||
Bridge loan commitment fees | (2,665) | 0 | 0 | ||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | 0 | (47,559) | (986) | ||||||||
Foreign currency exchange gain (loss), net | 10 | 2,882 | (3,591) | ||||||||
Other expense, net | (1,870) | (532) | (1,944) | ||||||||
Loss from partially owned entities | (111) | (1,069) | (1,363) | ||||||||
Gain from sale of partially owned entities | 4,297 | 0 | 0 | ||||||||
Impairment of partially owned entities | 0 | 0 | (6,496) | ||||||||
Income before income tax benefit (expense) | 43,005 | 44,366 | 8,785 | ||||||||
Operating Segments | |||||||||||
Segment revenues: | |||||||||||
Revenues: | 1,783,705 | 1,603,635 | 1,543,587 | ||||||||
Segment contribution: | |||||||||||
Operating income | 478,257 | 405,649 | 374,105 | ||||||||
Operating Segments | Warehouse | |||||||||||
Segment revenues: | |||||||||||
Revenues: | 1,377,217 | 1,176,912 | 1,145,662 | ||||||||
Segment contribution: | |||||||||||
Operating income | 447,591 | 374,534 | 348,328 | ||||||||
Operating Segments | Third-party managed | |||||||||||
Segment revenues: | |||||||||||
Revenues: | 252,939 | 259,034 | 242,189 | ||||||||
Segment contribution: | |||||||||||
Operating income | 11,761 | 14,760 | 12,825 | ||||||||
Operating Segments | Transportation | |||||||||||
Segment revenues: | |||||||||||
Revenues: | 144,844 | 158,790 | 146,070 | ||||||||
Segment contribution: | |||||||||||
Operating income | 18,067 | 15,735 | 12,950 | ||||||||
Operating Segments | Other | |||||||||||
Segment revenues: | |||||||||||
Revenues: | 8,705 | 8,899 | 9,666 | ||||||||
Segment contribution: | |||||||||||
Operating income | $ 838 | $ 620 | $ 2 |
Segment Information - Long-live
Segment Information - Long-lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Investments in partially owned entities | $ 0 | $ 14,541 |
Total assets | 4,170,683 | 2,532,428 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 3,796,391 | 2,147,726 |
Operating Segments | Warehouse | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 3,684,391 | 2,054,968 |
Operating Segments | Third-party managed | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 47,867 | 43,725 |
Operating Segments | Transportation | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 50,666 | 35,479 |
Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 13,467 | 13,554 |
Corporate assets | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 374,292 | 370,161 |
Investments in partially owned entities | ||
Segment Reporting Information [Line Items] | ||
Investments in partially owned entities | 0 | 14,541 |
Total reconciling items | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 374,292 | $ 384,702 |
Earnings per Common Share Earni
Earnings per Common Share Earnings Per Common Share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted-average number of unvested restricted stock units that participated in the distribution of common dividends (in shares) | 1,660,000 | 2,662,000 | 0 |
Restricted Stock Units | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted-average number of unvested restricted stock units that participated in the distribution of common dividends (in shares) | 1,405,421 | ||
Weighted-average number of unvested restricted stock units that participated in the distribution of common dividends, unsettled (in shares) | 629,929 |
Earnings per Common Share - Rec
Earnings per Common Share - Reconciliation of Weighted Average Number of Common Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding – basic (in shares) | 179,598 | 141,415 | 70,022 |
Dilutive effect of share-based awards (in shares) | 1,660 | 2,662 | 0 |
Equity forward contract (in shares) | 2,692 | 261 | 0 |
Weighted average common shares outstanding – diluted (in shares) | 183,950 | 144,338 | 70,022 |
Earnings per Common Share - Ant
Earnings per Common Share - Antidilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average number of antidilutive potential common shares excluded from computation (in shares) | 250 | 0 | 58,483 |
Series B Convertible Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average number of antidilutive potential common shares excluded from computation (in shares) | 0 | 0 | 33,240 |
Common share warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average number of antidilutive potential common shares excluded from computation (in shares) | 0 | 0 | 18,575 |
Employee stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average number of antidilutive potential common shares excluded from computation (in shares) | 0 | 0 | 5,983 |
Restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average number of antidilutive potential common shares excluded from computation (in shares) | 250 | 0 | 685 |
Equity forward contracts | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average number of antidilutive potential common shares excluded from computation (in shares) | 0 | 0 | 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 1,761,692 | $ 1,582,073 | $ 1,522,328 | ||||||||
Lease revenue | 22,013 | 21,562 | 21,259 | ||||||||
Total revenues from contracts with all customers | $ 485,984 | $ 466,182 | $ 438,460 | $ 393,079 | $ 415,817 | $ 402,010 | $ 394,667 | $ 391,141 | 1,783,705 | 1,603,635 | 1,543,587 |
Warehouse rent and storage | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 560,537 | 493,416 | 480,567 | ||||||||
Warehouse services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 794,708 | 662,156 | 644,058 | ||||||||
Third-party managed | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 252,920 | 258,834 | 241,989 | ||||||||
Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 144,844 | 158,790 | 146,070 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 8,683 | 8,877 | 9,644 | ||||||||
U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,487,388 | 1,292,249 | 1,232,620 | ||||||||
Lease revenue | 22,013 | 21,562 | 21,259 | ||||||||
Total revenues from contracts with all customers | 1,509,401 | 1,313,811 | 1,253,879 | ||||||||
U.S. | Warehouse rent and storage | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 502,674 | 433,131 | 413,647 | ||||||||
U.S. | Warehouse services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 653,890 | 522,748 | 508,982 | ||||||||
U.S. | Third-party managed | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 220,165 | 227,757 | 214,400 | ||||||||
U.S. | Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 101,976 | 99,736 | 85,947 | ||||||||
U.S. | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 8,683 | 8,877 | 9,644 | ||||||||
Australia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 216,741 | 227,374 | 219,738 | ||||||||
Lease revenue | 0 | 0 | 0 | ||||||||
Total revenues from contracts with all customers | 216,741 | 227,374 | 219,738 | ||||||||
Australia | Warehouse rent and storage | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 37,172 | 39,573 | 40,086 | ||||||||
Australia | Warehouse services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 124,045 | 119,665 | 116,287 | ||||||||
Australia | Third-party managed | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 14,886 | 12,742 | 9,227 | ||||||||
Australia | Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 40,638 | 55,394 | 54,138 | ||||||||
Australia | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
New Zealand | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 30,047 | 32,363 | 33,289 | ||||||||
Lease revenue | 0 | 0 | 0 | ||||||||
Total revenues from contracts with all customers | 30,047 | 32,363 | 33,289 | ||||||||
New Zealand | Warehouse rent and storage | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 15,942 | 15,018 | 17,695 | ||||||||
New Zealand | Warehouse services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 13,701 | 16,634 | 14,776 | ||||||||
New Zealand | Third-party managed | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
New Zealand | Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 404 | 711 | 818 | ||||||||
New Zealand | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Argentina | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 9,647 | 11,752 | 18,319 | ||||||||
Lease revenue | 0 | 0 | 0 | ||||||||
Total revenues from contracts with all customers | 9,647 | 11,752 | 18,319 | ||||||||
Argentina | Warehouse rent and storage | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 4,749 | 5,694 | 9,139 | ||||||||
Argentina | Warehouse services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 3,072 | 3,109 | 4,013 | ||||||||
Argentina | Third-party managed | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Argentina | Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,826 | 2,949 | 5,167 | ||||||||
Argentina | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 17,869 | 18,335 | 18,362 | ||||||||
Lease revenue | 0 | 0 | 0 | ||||||||
Total revenues from contracts with all customers | 17,869 | 18,335 | 18,362 | ||||||||
Canada | Warehouse rent and storage | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Canada | Warehouse services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Canada | Third-party managed | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 17,869 | 18,335 | 18,362 | ||||||||
Canada | Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Canada | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 0 | $ 0 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Performance Obligations, Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disaggregation of Revenue [Line Items] | |
Variable consideration, percentage constrained | 100.00% |
Unsatisfied performance obligation | $ 658.2 |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 0 days |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 30 days |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Performance Obligations, Expected Timing of Recognition, Narrative (Details) | Dec. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, percentage of revenue | 26.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, percentage of revenue | 74.00% |
Performance obligation, period for recognition | 14 years 3 months 18 days |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Contract Balances, Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers | $ 213,200 | $ 192,100 |
Unearned revenue | $ 16,423 | $ 18,625 |
Selected Quarterly Financial _5
Selected Quarterly Financial Data (Americold Realty Trust) - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues: | $ 485,984 | $ 466,182 | $ 438,460 | $ 393,079 | $ 415,817 | $ 402,010 | $ 394,667 | $ 391,141 | $ 1,783,705 | $ 1,603,635 | $ 1,543,587 |
Total operating expenses | 439,405 | 426,797 | 409,375 | 376,662 | 364,646 | 358,457 | 345,363 | 355,209 | 1,652,239 | 1,423,675 | 1,406,598 |
Operating income | 46,579 | 39,385 | 29,085 | 16,417 | 51,171 | 43,553 | 49,304 | 35,932 | 131,466 | 179,960 | 136,989 |
Net income (loss) applicable to common shareholders | $ 20,809 | $ 27,091 | $ 4,891 | $ (4,629) | $ 2,678 | $ 24,540 | $ 29,406 | $ (10,457) | $ 48,162 | $ 46,167 | $ (29,927) |
Net income (loss) per common share | |||||||||||
Basic (in USD per share) | $ 0.11 | $ 0.14 | $ 0.03 | $ (0.03) | $ 0.02 | $ 0.17 | $ 0.20 | $ (0.08) | $ 0.26 | $ 0.31 | $ (0.43) |
Diluted (in USD per share) | $ 0.10 | $ 0.14 | $ 0.03 | $ (0.03) | $ 0.02 | $ 0.17 | $ 0.20 | $ (0.08) | $ 0.26 | $ 0.31 | $ (0.43) |
Selected Quarterly Financial _6
Selected Quarterly Financial Data (Americold Realty Operating Partnership, L.P.) - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Revenues: | $ 485,984 | $ 466,182 | $ 438,460 | $ 393,079 | $ 415,817 | $ 402,010 | $ 394,667 | $ 391,141 | $ 1,783,705 | $ 1,603,635 | $ 1,543,587 |
Total operating expenses | 439,405 | 426,797 | 409,375 | 376,662 | 364,646 | 358,457 | 345,363 | 355,209 | 1,652,239 | 1,423,675 | 1,406,598 |
Operating income | 46,579 | 39,385 | 29,085 | 16,417 | 51,171 | 43,553 | 49,304 | 35,932 | 131,466 | 179,960 | 136,989 |
Net income (loss) applicable to common shareholders | 20,809 | 27,091 | 4,891 | (4,629) | 2,678 | 24,540 | 29,406 | (10,457) | 48,162 | 46,167 | (29,927) |
Americold Realty Operating Partnership, L.P.. | |||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Revenues: | 485,984 | 466,182 | 438,460 | 393,079 | 415,817 | 402,010 | 394,667 | 391,141 | 1,783,705 | 1,603,635 | 1,543,587 |
Total operating expenses | 439,405 | 426,797 | 409,375 | 376,662 | 364,646 | 358,457 | 345,363 | 355,209 | 1,652,239 | 1,423,675 | 1,406,598 |
Operating income | 46,579 | 39,385 | 29,085 | 16,417 | 51,171 | 43,553 | 49,304 | 35,932 | $ 131,466 | $ 179,960 | $ 136,989 |
Net income (loss) applicable to common shareholders | $ 20,809 | $ 27,091 | $ 4,891 | $ (4,629) | $ 2,678 | $ 24,540 | $ 29,406 | $ (10,457) | |||
Net income (loss) per common share | |||||||||||
Net income (loss) per unit (in USD per share) | $ 0.11 | $ 0.14 | $ 0.03 | $ (0.03) | $ 0.02 | $ 0.17 | $ 0.21 | $ (0.08) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event R$ in Millions, $ in Millions, $ in Millions | Feb. 20, 2020USD ($) | Feb. 20, 2020BRL (R$) | Jan. 02, 2020USD ($)facility | Jan. 02, 2020CAD ($)facility | Jan. 31, 2020CAD ($) |
Nova Cold Logistics | |||||
Subsequent Event [Line Items] | |||||
Consideration | $ 257.1 | $ 336.8 | $ 336.8 | ||
Number of facilities acquired | facility | 4 | 4 | |||
Newport Cold | |||||
Subsequent Event [Line Items] | |||||
Consideration | $ | $ 56 | ||||
Superfrio Logistica Frigorificada | |||||
Subsequent Event [Line Items] | |||||
Ownership acquired | 14.99% | ||||
Payments to acquire joint venture | $ 26.4 | R$ 117.8 | |||
Additional funding commitment (up to) | R$ | R$ 127.4 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)building | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated depreciation and depletion per Schedule III | $ (936,422) | $ (827,892) | $ (770,006) | $ (692,390) |
Assets Not Under Construction | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 283,443 | |||
Initial Costs, Land | 494,429 | |||
Initial Costs, Buildings and Improvements | 2,326,556 | |||
Costs Capitalized Subsequent to Acquisition | 413,200 | |||
Gross amount, Land | 526,226 | |||
Total per Schedule III | 2,707,959 | |||
Total real estate facilities gross amount per Schedule III | $ 3,234,185 | |||
Assets Not Under Construction | Albertville, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,251 | |||
Initial Costs, Buildings and Improvements | 12,385 | |||
Costs Capitalized Subsequent to Acquisition | 1,080 | |||
Gross amount, Land | 1,298 | |||
Total per Schedule III | 13,418 | |||
Total real estate facilities gross amount per Schedule III | 14,716 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,794) | |||
Assets Not Under Construction | Allentown, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 5,780 | |||
Initial Costs, Buildings and Improvements | 47,807 | |||
Costs Capitalized Subsequent to Acquisition | 7,583 | |||
Gross amount, Land | 6,513 | |||
Total per Schedule III | 54,657 | |||
Total real estate facilities gross amount per Schedule III | 61,170 | |||
Accumulated depreciation and depletion per Schedule III | $ (24,289) | |||
Assets Not Under Construction | Amarillo, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 871 | |||
Initial Costs, Buildings and Improvements | 4,473 | |||
Costs Capitalized Subsequent to Acquisition | 872 | |||
Gross amount, Land | 932 | |||
Total per Schedule III | 5,284 | |||
Total real estate facilities gross amount per Schedule III | 6,216 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,576) | |||
Assets Not Under Construction | Anaheim, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 9,509 | |||
Initial Costs, Buildings and Improvements | 16,810 | |||
Costs Capitalized Subsequent to Acquisition | 918 | |||
Gross amount, Land | 9,509 | |||
Total per Schedule III | 17,728 | |||
Total real estate facilities gross amount per Schedule III | 27,237 | |||
Accumulated depreciation and depletion per Schedule III | $ (8,375) | |||
Assets Not Under Construction | Appleton, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 200 | |||
Initial Costs, Buildings and Improvements | 5,022 | |||
Costs Capitalized Subsequent to Acquisition | 10,809 | |||
Gross amount, Land | 916 | |||
Total per Schedule III | 15,115 | |||
Total real estate facilities gross amount per Schedule III | 16,031 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,445) | |||
Assets Not Under Construction | Atlanta - Lakewood, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 4,297 | |||
Initial Costs, Buildings and Improvements | 3,369 | |||
Costs Capitalized Subsequent to Acquisition | (1,539) | |||
Gross amount, Land | 639 | |||
Total per Schedule III | 5,488 | |||
Total real estate facilities gross amount per Schedule III | 6,127 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,165) | |||
Assets Not Under Construction | Atlanta - Skygate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,851 | |||
Initial Costs, Buildings and Improvements | 12,731 | |||
Costs Capitalized Subsequent to Acquisition | 746 | |||
Gross amount, Land | 2,019 | |||
Total per Schedule III | 13,309 | |||
Total real estate facilities gross amount per Schedule III | 15,328 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,387) | |||
Assets Not Under Construction | Atlanta - Southgate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,623 | |||
Initial Costs, Buildings and Improvements | 17,652 | |||
Costs Capitalized Subsequent to Acquisition | 2,052 | |||
Gross amount, Land | 2,286 | |||
Total per Schedule III | 19,041 | |||
Total real estate facilities gross amount per Schedule III | 21,327 | |||
Accumulated depreciation and depletion per Schedule III | $ (6,769) | |||
Assets Not Under Construction | Atlanta - Tradewater, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 36,966 | |||
Costs Capitalized Subsequent to Acquisition | (4,140) | |||
Gross amount, Land | 6,106 | |||
Total per Schedule III | 26,720 | |||
Total real estate facilities gross amount per Schedule III | 32,826 | |||
Accumulated depreciation and depletion per Schedule III | $ (6,054) | |||
Assets Not Under Construction | Atlanta - Westgate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,270 | |||
Initial Costs, Buildings and Improvements | 24,659 | |||
Costs Capitalized Subsequent to Acquisition | (1,535) | |||
Gross amount, Land | 2,025 | |||
Total per Schedule III | 23,369 | |||
Total real estate facilities gross amount per Schedule III | 25,394 | |||
Accumulated depreciation and depletion per Schedule III | $ (10,278) | |||
Assets Not Under Construction | Atlanta, GA - Corporate | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 0 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 365 | |||
Costs Capitalized Subsequent to Acquisition | 14,333 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 14,698 | |||
Total real estate facilities gross amount per Schedule III | 14,698 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,617) | |||
Assets Not Under Construction | Augusta, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,678 | |||
Initial Costs, Buildings and Improvements | 1,943 | |||
Costs Capitalized Subsequent to Acquisition | 1,062 | |||
Gross amount, Land | 2,838 | |||
Total per Schedule III | 2,845 | |||
Total real estate facilities gross amount per Schedule III | 5,683 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,616) | |||
Assets Not Under Construction | Babcock, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 852 | |||
Initial Costs, Buildings and Improvements | 8,916 | |||
Costs Capitalized Subsequent to Acquisition | 141 | |||
Gross amount, Land | 895 | |||
Total per Schedule III | 9,014 | |||
Total real estate facilities gross amount per Schedule III | 9,909 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,941) | |||
Assets Not Under Construction | Bartow, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 2,451 | |||
Costs Capitalized Subsequent to Acquisition | 641 | |||
Gross amount, Land | 10 | |||
Total per Schedule III | 3,082 | |||
Total real estate facilities gross amount per Schedule III | 3,092 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,417) | |||
Assets Not Under Construction | Belvidere-Imron, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,000 | |||
Initial Costs, Buildings and Improvements | 11,989 | |||
Costs Capitalized Subsequent to Acquisition | 3,676 | |||
Gross amount, Land | 2,410 | |||
Total per Schedule III | 15,255 | |||
Total real estate facilities gross amount per Schedule III | 17,665 | |||
Accumulated depreciation and depletion per Schedule III | $ (6,245) | |||
Assets Not Under Construction | Belvidere-Landmark, IL (Cross Dock) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1 | |||
Initial Costs, Buildings and Improvements | 2,117 | |||
Costs Capitalized Subsequent to Acquisition | 1,941 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 4,059 | |||
Total real estate facilities gross amount per Schedule III | 4,059 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,001) | |||
Assets Not Under Construction | Benson, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 3,660 | |||
Initial Costs, Buildings and Improvements | 35,825 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 3,660 | |||
Total per Schedule III | 35,825 | |||
Total real estate facilities gross amount per Schedule III | 39,485 | |||
Accumulated depreciation and depletion per Schedule III | $ (857) | |||
Assets Not Under Construction | Birmingham, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 964 | |||
Initial Costs, Land | 1,002 | |||
Initial Costs, Buildings and Improvements | 957 | |||
Costs Capitalized Subsequent to Acquisition | 2,033 | |||
Gross amount, Land | 1,269 | |||
Total per Schedule III | 2,723 | |||
Total real estate facilities gross amount per Schedule III | 3,992 | |||
Accumulated depreciation and depletion per Schedule III | $ (892) | |||
Assets Not Under Construction | Boston, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,855 | |||
Initial Costs, Buildings and Improvements | 5,796 | |||
Costs Capitalized Subsequent to Acquisition | 1,536 | |||
Gross amount, Land | 1,917 | |||
Total per Schedule III | 7,270 | |||
Total real estate facilities gross amount per Schedule III | 9,187 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,595) | |||
Assets Not Under Construction | Brea, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 4,645 | |||
Initial Costs, Buildings and Improvements | 5,891 | |||
Costs Capitalized Subsequent to Acquisition | 769 | |||
Gross amount, Land | 4,664 | |||
Total per Schedule III | 6,641 | |||
Total real estate facilities gross amount per Schedule III | 11,305 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,778) | |||
Assets Not Under Construction | Brooklyn Park, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,600 | |||
Initial Costs, Buildings and Improvements | 8,951 | |||
Costs Capitalized Subsequent to Acquisition | 1,666 | |||
Gross amount, Land | 1,600 | |||
Total per Schedule III | 10,617 | |||
Total real estate facilities gross amount per Schedule III | 12,217 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,406) | |||
Assets Not Under Construction | Burley, ID | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 16,136 | |||
Costs Capitalized Subsequent to Acquisition | 3,729 | |||
Gross amount, Land | 52 | |||
Total per Schedule III | 19,813 | |||
Total real estate facilities gross amount per Schedule III | 19,865 | |||
Accumulated depreciation and depletion per Schedule III | $ (13,720) | |||
Assets Not Under Construction | Burlington, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 3 | |||
Encumbrances | $ 14,059 | |||
Initial Costs, Land | 694 | |||
Initial Costs, Buildings and Improvements | 6,108 | |||
Costs Capitalized Subsequent to Acquisition | 2,442 | |||
Gross amount, Land | 708 | |||
Total per Schedule III | 8,536 | |||
Total real estate facilities gross amount per Schedule III | 9,244 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,063) | |||
Assets Not Under Construction | Carson, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 9,100 | |||
Initial Costs, Buildings and Improvements | 13,731 | |||
Costs Capitalized Subsequent to Acquisition | 1,100 | |||
Gross amount, Land | 9,116 | |||
Total per Schedule III | 14,815 | |||
Total real estate facilities gross amount per Schedule III | 23,931 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,853) | |||
Assets Not Under Construction | Cartersville, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,500 | |||
Initial Costs, Buildings and Improvements | 8,505 | |||
Costs Capitalized Subsequent to Acquisition | 532 | |||
Gross amount, Land | 1,571 | |||
Total per Schedule III | 8,966 | |||
Total real estate facilities gross amount per Schedule III | 10,537 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,594) | |||
Assets Not Under Construction | Carthage Quarry, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 0 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 12,621 | |||
Initial Costs, Buildings and Improvements | 356 | |||
Costs Capitalized Subsequent to Acquisition | 187 | |||
Gross amount, Land | 12,697 | |||
Total per Schedule III | 467 | |||
Total real estate facilities gross amount per Schedule III | 13,164 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,088) | |||
Assets Not Under Construction | Carthage Warehouse Dist, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 61,445 | |||
Initial Costs, Buildings and Improvements | 33,880 | |||
Costs Capitalized Subsequent to Acquisition | 6,109 | |||
Gross amount, Land | 62,356 | |||
Total per Schedule III | 39,078 | |||
Total real estate facilities gross amount per Schedule III | 101,434 | |||
Accumulated depreciation and depletion per Schedule III | $ (21,143) | |||
Assets Not Under Construction | Chambersburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,368 | |||
Initial Costs, Buildings and Improvements | 15,868 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 1,368 | |||
Total per Schedule III | 15,868 | |||
Total real estate facilities gross amount per Schedule III | 17,236 | |||
Accumulated depreciation and depletion per Schedule III | $ (60) | |||
Assets Not Under Construction | Cherokee, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 580 | |||
Initial Costs, Buildings and Improvements | 8,343 | |||
Costs Capitalized Subsequent to Acquisition | 3 | |||
Gross amount, Land | 580 | |||
Total per Schedule III | 8,346 | |||
Total real estate facilities gross amount per Schedule III | 8,926 | |||
Accumulated depreciation and depletion per Schedule III | $ (223) | |||
Assets Not Under Construction | Chesapeake, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,740 | |||
Initial Costs, Buildings and Improvements | 13,452 | |||
Costs Capitalized Subsequent to Acquisition | 17,932 | |||
Gross amount, Land | 2,757 | |||
Total per Schedule III | 31,367 | |||
Total real estate facilities gross amount per Schedule III | 34,124 | |||
Accumulated depreciation and depletion per Schedule III | $ (388) | |||
Assets Not Under Construction | Chillicothe, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 670 | |||
Initial Costs, Buildings and Improvements | 44,905 | |||
Costs Capitalized Subsequent to Acquisition | 26 | |||
Gross amount, Land | 670 | |||
Total per Schedule III | 44,931 | |||
Total real estate facilities gross amount per Schedule III | 45,601 | |||
Accumulated depreciation and depletion per Schedule III | $ (976) | |||
Assets Not Under Construction | City of Industry, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 1,455 | |||
Costs Capitalized Subsequent to Acquisition | 1,746 | |||
Gross amount, Land | 137 | |||
Total per Schedule III | 3,064 | |||
Total real estate facilities gross amount per Schedule III | 3,201 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,357) | |||
Assets Not Under Construction | Clearfield, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,881 | |||
Initial Costs, Buildings and Improvements | 14,945 | |||
Costs Capitalized Subsequent to Acquisition | 4,801 | |||
Gross amount, Land | 2,176 | |||
Total per Schedule III | 20,451 | |||
Total real estate facilities gross amount per Schedule III | 22,627 | |||
Accumulated depreciation and depletion per Schedule III | $ (8,590) | |||
Assets Not Under Construction | Clearfield 2, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 806 | |||
Initial Costs, Buildings and Improvements | 21,569 | |||
Costs Capitalized Subsequent to Acquisition | 1,352 | |||
Gross amount, Land | 1,124 | |||
Total per Schedule III | 22,603 | |||
Total real estate facilities gross amount per Schedule III | 23,727 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,863) | |||
Assets Not Under Construction | Columbia, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 768 | |||
Initial Costs, Buildings and Improvements | 1,429 | |||
Costs Capitalized Subsequent to Acquisition | 1,069 | |||
Gross amount, Land | 860 | |||
Total per Schedule III | 2,406 | |||
Total real estate facilities gross amount per Schedule III | 3,266 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,131) | |||
Assets Not Under Construction | Columbus, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,440 | |||
Initial Costs, Buildings and Improvements | 38,939 | |||
Costs Capitalized Subsequent to Acquisition | 5,497 | |||
Gross amount, Land | 2,775 | |||
Total per Schedule III | 44,101 | |||
Total real estate facilities gross amount per Schedule III | 46,876 | |||
Accumulated depreciation and depletion per Schedule III | $ (739) | |||
Assets Not Under Construction | Connell, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 497 | |||
Initial Costs, Buildings and Improvements | 8,728 | |||
Costs Capitalized Subsequent to Acquisition | 1,156 | |||
Gross amount, Land | 508 | |||
Total per Schedule III | 9,873 | |||
Total real estate facilities gross amount per Schedule III | 10,381 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,178) | |||
Assets Not Under Construction | Dallas, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,468 | |||
Initial Costs, Buildings and Improvements | 14,385 | |||
Costs Capitalized Subsequent to Acquisition | 13,246 | |||
Gross amount, Land | 2,929 | |||
Total per Schedule III | 26,170 | |||
Total real estate facilities gross amount per Schedule III | 29,099 | |||
Accumulated depreciation and depletion per Schedule III | $ (7,364) | |||
Assets Not Under Construction | Delhi, LA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 15,873 | |||
Initial Costs, Land | 539 | |||
Initial Costs, Buildings and Improvements | 12,228 | |||
Costs Capitalized Subsequent to Acquisition | 502 | |||
Gross amount, Land | 580 | |||
Total per Schedule III | 12,689 | |||
Total real estate facilities gross amount per Schedule III | 13,269 | |||
Accumulated depreciation and depletion per Schedule III | $ (6,585) | |||
Assets Not Under Construction | Denver-50th Street, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 1,724 | |||
Costs Capitalized Subsequent to Acquisition | 543 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 2,267 | |||
Total real estate facilities gross amount per Schedule III | 2,267 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,061) | |||
Assets Not Under Construction | Dominguez Hills, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 11,149 | |||
Initial Costs, Buildings and Improvements | 10,894 | |||
Costs Capitalized Subsequent to Acquisition | 1,173 | |||
Gross amount, Land | 11,162 | |||
Total per Schedule III | 12,054 | |||
Total real estate facilities gross amount per Schedule III | 23,216 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,900) | |||
Assets Not Under Construction | Douglas, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 400 | |||
Initial Costs, Buildings and Improvements | 2,080 | |||
Costs Capitalized Subsequent to Acquisition | 1,780 | |||
Gross amount, Land | 401 | |||
Total per Schedule III | 3,859 | |||
Total real estate facilities gross amount per Schedule III | 4,260 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,330) | |||
Assets Not Under Construction | Eagan, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 6,050 | |||
Initial Costs, Buildings and Improvements | 49,441 | |||
Costs Capitalized Subsequent to Acquisition | 44 | |||
Gross amount, Land | 6,050 | |||
Total per Schedule III | 49,485 | |||
Total real estate facilities gross amount per Schedule III | 55,535 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,083) | |||
Assets Not Under Construction | East Dubuque, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 722 | |||
Initial Costs, Buildings and Improvements | 13,764 | |||
Costs Capitalized Subsequent to Acquisition | 620 | |||
Gross amount, Land | 753 | |||
Total per Schedule III | 14,353 | |||
Total real estate facilities gross amount per Schedule III | 15,106 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,765) | |||
Assets Not Under Construction | East Point, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,884 | |||
Initial Costs, Buildings and Improvements | 3,621 | |||
Costs Capitalized Subsequent to Acquisition | 3,537 | |||
Gross amount, Land | 2,020 | |||
Total per Schedule III | 7,022 | |||
Total real estate facilities gross amount per Schedule III | 9,042 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,204) | |||
Assets Not Under Construction | Fairfield, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,880 | |||
Initial Costs, Buildings and Improvements | 20,849 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 1,880 | |||
Total per Schedule III | 20,849 | |||
Total real estate facilities gross amount per Schedule III | 22,729 | |||
Accumulated depreciation and depletion per Schedule III | $ (513) | |||
Assets Not Under Construction | Fairmont, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,650 | |||
Initial Costs, Buildings and Improvements | 13,738 | |||
Costs Capitalized Subsequent to Acquisition | 34 | |||
Gross amount, Land | 1,650 | |||
Total per Schedule III | 13,772 | |||
Total real estate facilities gross amount per Schedule III | 15,422 | |||
Accumulated depreciation and depletion per Schedule III | $ (314) | |||
Assets Not Under Construction | Fort Dodge, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,022 | |||
Initial Costs, Buildings and Improvements | 7,162 | |||
Costs Capitalized Subsequent to Acquisition | 1,193 | |||
Gross amount, Land | 1,226 | |||
Total per Schedule III | 8,151 | |||
Total real estate facilities gross amount per Schedule III | 9,377 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,442) | |||
Assets Not Under Construction | Fort Smith, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 308 | |||
Initial Costs, Buildings and Improvements | 2,231 | |||
Costs Capitalized Subsequent to Acquisition | 2,030 | |||
Gross amount, Land | 342 | |||
Total per Schedule III | 4,227 | |||
Total real estate facilities gross amount per Schedule III | 4,569 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,385) | |||
Assets Not Under Construction | Fort Smith - Highway 45, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,245 | |||
Initial Costs, Buildings and Improvements | 51,998 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 2,245 | |||
Total per Schedule III | 51,998 | |||
Total real estate facilities gross amount per Schedule III | 54,243 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,176) | |||
Assets Not Under Construction | Fort Worth-Blue Mound, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,700 | |||
Initial Costs, Buildings and Improvements | 5,055 | |||
Costs Capitalized Subsequent to Acquisition | 1,548 | |||
Gross amount, Land | 1,700 | |||
Total per Schedule III | 6,603 | |||
Total real estate facilities gross amount per Schedule III | 8,303 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,884) | |||
Assets Not Under Construction | Fort Worth-Samuels, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,985 | |||
Initial Costs, Buildings and Improvements | 13,447 | |||
Costs Capitalized Subsequent to Acquisition | 2,886 | |||
Gross amount, Land | 2,109 | |||
Total per Schedule III | 16,209 | |||
Total real estate facilities gross amount per Schedule III | 18,318 | |||
Accumulated depreciation and depletion per Schedule III | $ (6,694) | |||
Assets Not Under Construction | Fremont, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 26,984 | |||
Initial Costs, Land | 629 | |||
Initial Costs, Buildings and Improvements | 3,109 | |||
Costs Capitalized Subsequent to Acquisition | 5,896 | |||
Gross amount, Land | 691 | |||
Total per Schedule III | 8,943 | |||
Total real estate facilities gross amount per Schedule III | 9,634 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,412) | |||
Assets Not Under Construction | Ft. Worth, TX (Meacham) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 5,610 | |||
Initial Costs, Buildings and Improvements | 24,686 | |||
Costs Capitalized Subsequent to Acquisition | 3,111 | |||
Gross amount, Land | 5,873 | |||
Total per Schedule III | 27,534 | |||
Total real estate facilities gross amount per Schedule III | 33,407 | |||
Accumulated depreciation and depletion per Schedule III | $ (10,642) | |||
Assets Not Under Construction | Ft. Worth, TX (Railhead) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,857 | |||
Initial Costs, Buildings and Improvements | 8,536 | |||
Costs Capitalized Subsequent to Acquisition | 595 | |||
Gross amount, Land | 1,955 | |||
Total per Schedule III | 9,033 | |||
Total real estate facilities gross amount per Schedule III | 10,988 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,828) | |||
Assets Not Under Construction | Gadsden, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 23,384 | |||
Initial Costs, Land | 100 | |||
Initial Costs, Buildings and Improvements | 9,820 | |||
Costs Capitalized Subsequent to Acquisition | (857) | |||
Gross amount, Land | 351 | |||
Total per Schedule III | 8,712 | |||
Total real estate facilities gross amount per Schedule III | 9,063 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,834) | |||
Assets Not Under Construction | Gaffney, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,000 | |||
Initial Costs, Buildings and Improvements | 3,263 | |||
Costs Capitalized Subsequent to Acquisition | 152 | |||
Gross amount, Land | 1,000 | |||
Total per Schedule III | 3,415 | |||
Total real estate facilities gross amount per Schedule III | 4,415 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,323) | |||
Assets Not Under Construction | Gainesville, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 400 | |||
Initial Costs, Buildings and Improvements | 5,704 | |||
Costs Capitalized Subsequent to Acquisition | 1,035 | |||
Gross amount, Land | 411 | |||
Total per Schedule III | 6,728 | |||
Total real estate facilities gross amount per Schedule III | 7,139 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,494) | |||
Assets Not Under Construction | Gainesville - Candler, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 716 | |||
Initial Costs, Buildings and Improvements | 3,258 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 716 | |||
Total per Schedule III | 3,258 | |||
Total real estate facilities gross amount per Schedule III | 3,974 | |||
Accumulated depreciation and depletion per Schedule III | $ (126) | |||
Assets Not Under Construction | Garden City, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 446 | |||
Initial Costs, Buildings and Improvements | 4,721 | |||
Costs Capitalized Subsequent to Acquisition | 1,549 | |||
Gross amount, Land | 446 | |||
Total per Schedule III | 6,270 | |||
Total real estate facilities gross amount per Schedule III | 6,716 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,322) | |||
Assets Not Under Construction | Gateway, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 3,271 | |||
Initial Costs, Buildings and Improvements | 19,693 | |||
Costs Capitalized Subsequent to Acquisition | (7,211) | |||
Gross amount, Land | 3,197 | |||
Total per Schedule III | 12,556 | |||
Total real estate facilities gross amount per Schedule III | 15,753 | |||
Accumulated depreciation and depletion per Schedule III | $ (8,367) | |||
Assets Not Under Construction | Geneva Lakes, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,579 | |||
Initial Costs, Buildings and Improvements | 36,020 | |||
Costs Capitalized Subsequent to Acquisition | 3,042 | |||
Gross amount, Land | 2,265 | |||
Total per Schedule III | 38,376 | |||
Total real estate facilities gross amount per Schedule III | 40,641 | |||
Accumulated depreciation and depletion per Schedule III | $ (12,359) | |||
Assets Not Under Construction | Gloucester - Rogers, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,683 | |||
Initial Costs, Buildings and Improvements | 3,675 | |||
Costs Capitalized Subsequent to Acquisition | 3,073 | |||
Gross amount, Land | 1,818 | |||
Total per Schedule III | 6,613 | |||
Total real estate facilities gross amount per Schedule III | 8,431 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,080) | |||
Assets Not Under Construction | Gloucester - Rowe, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,146 | |||
Initial Costs, Buildings and Improvements | 2,833 | |||
Costs Capitalized Subsequent to Acquisition | 6,763 | |||
Gross amount, Land | 1,272 | |||
Total per Schedule III | 9,470 | |||
Total real estate facilities gross amount per Schedule III | 10,742 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,317) | |||
Assets Not Under Construction | Gouldsboro, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 4,224 | |||
Initial Costs, Buildings and Improvements | 29,473 | |||
Costs Capitalized Subsequent to Acquisition | 2,643 | |||
Gross amount, Land | 4,930 | |||
Total per Schedule III | 31,410 | |||
Total real estate facilities gross amount per Schedule III | 36,340 | |||
Accumulated depreciation and depletion per Schedule III | $ (9,441) | |||
Assets Not Under Construction | Grand Island, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 430 | |||
Initial Costs, Buildings and Improvements | 6,542 | |||
Costs Capitalized Subsequent to Acquisition | (2,286) | |||
Gross amount, Land | 479 | |||
Total per Schedule III | 4,207 | |||
Total real estate facilities gross amount per Schedule III | 4,686 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,005) | |||
Assets Not Under Construction | Green Bay, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 2,028 | |||
Costs Capitalized Subsequent to Acquisition | 2,841 | |||
Gross amount, Land | 69 | |||
Total per Schedule III | 4,800 | |||
Total real estate facilities gross amount per Schedule III | 4,869 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,618) | |||
Assets Not Under Construction | Greenville, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 200 | |||
Initial Costs, Buildings and Improvements | 1,108 | |||
Costs Capitalized Subsequent to Acquisition | 396 | |||
Gross amount, Land | 203 | |||
Total per Schedule III | 1,501 | |||
Total real estate facilities gross amount per Schedule III | 1,704 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,225) | |||
Assets Not Under Construction | Hatfield, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 5,002 | |||
Initial Costs, Buildings and Improvements | 28,286 | |||
Costs Capitalized Subsequent to Acquisition | 9,461 | |||
Gross amount, Land | 5,795 | |||
Total per Schedule III | 36,954 | |||
Total real estate facilities gross amount per Schedule III | 42,749 | |||
Accumulated depreciation and depletion per Schedule III | $ (13,412) | |||
Assets Not Under Construction | Henderson, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 9,043 | |||
Initial Costs, Buildings and Improvements | 14,415 | |||
Costs Capitalized Subsequent to Acquisition | 1,082 | |||
Gross amount, Land | 9,048 | |||
Total per Schedule III | 15,492 | |||
Total real estate facilities gross amount per Schedule III | 24,540 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,221) | |||
Assets Not Under Construction | Hermiston, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 32,851 | |||
Initial Costs, Land | 1,322 | |||
Initial Costs, Buildings and Improvements | 7,107 | |||
Costs Capitalized Subsequent to Acquisition | 425 | |||
Gross amount, Land | 1,378 | |||
Total per Schedule III | 7,476 | |||
Total real estate facilities gross amount per Schedule III | 8,854 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,045) | |||
Assets Not Under Construction | Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,454 | |||
Initial Costs, Buildings and Improvements | 10,084 | |||
Costs Capitalized Subsequent to Acquisition | 1,264 | |||
Gross amount, Land | 1,525 | |||
Total per Schedule III | 11,277 | |||
Total real estate facilities gross amount per Schedule III | 12,802 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,703) | |||
Assets Not Under Construction | Indianapolis, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 4 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,897 | |||
Initial Costs, Buildings and Improvements | 18,991 | |||
Costs Capitalized Subsequent to Acquisition | 19,772 | |||
Gross amount, Land | 3,860 | |||
Total per Schedule III | 36,800 | |||
Total real estate facilities gross amount per Schedule III | 40,660 | |||
Accumulated depreciation and depletion per Schedule III | $ (13,090) | |||
Assets Not Under Construction | Jefferson, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,553 | |||
Initial Costs, Buildings and Improvements | 19,805 | |||
Costs Capitalized Subsequent to Acquisition | 1,676 | |||
Gross amount, Land | 1,880 | |||
Total per Schedule III | 21,154 | |||
Total real estate facilities gross amount per Schedule III | 23,034 | |||
Accumulated depreciation and depletion per Schedule III | $ (8,585) | |||
Assets Not Under Construction | Johnson, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 6,159 | |||
Initial Costs, Buildings and Improvements | 24,802 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 6,159 | |||
Total per Schedule III | 24,802 | |||
Total real estate facilities gross amount per Schedule III | 30,961 | |||
Accumulated depreciation and depletion per Schedule III | $ (807) | |||
Assets Not Under Construction | Lakeville, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 4,000 | |||
Initial Costs, Buildings and Improvements | 47,790 | |||
Costs Capitalized Subsequent to Acquisition | 33 | |||
Gross amount, Land | 4,000 | |||
Total per Schedule III | 47,823 | |||
Total real estate facilities gross amount per Schedule III | 51,823 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,084) | |||
Assets Not Under Construction | Lancaster, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,203 | |||
Initial Costs, Buildings and Improvements | 15,670 | |||
Costs Capitalized Subsequent to Acquisition | 758 | |||
Gross amount, Land | 2,371 | |||
Total per Schedule III | 16,260 | |||
Total real estate facilities gross amount per Schedule III | 18,631 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,306) | |||
Assets Not Under Construction | LaPorte, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,945 | |||
Initial Costs, Buildings and Improvements | 19,263 | |||
Costs Capitalized Subsequent to Acquisition | 2,863 | |||
Gross amount, Land | 3,332 | |||
Total per Schedule III | 21,739 | |||
Total real estate facilities gross amount per Schedule III | 25,071 | |||
Accumulated depreciation and depletion per Schedule III | $ (7,560) | |||
Assets Not Under Construction | Le Mars, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,000 | |||
Initial Costs, Buildings and Improvements | 12,596 | |||
Costs Capitalized Subsequent to Acquisition | 176 | |||
Gross amount, Land | 1,107 | |||
Total per Schedule III | 12,665 | |||
Total real estate facilities gross amount per Schedule III | 13,772 | |||
Accumulated depreciation and depletion per Schedule III | $ (345) | |||
Assets Not Under Construction | Leesport, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,206 | |||
Initial Costs, Buildings and Improvements | 14,112 | |||
Costs Capitalized Subsequent to Acquisition | 11,913 | |||
Gross amount, Land | 1,677 | |||
Total per Schedule III | 25,554 | |||
Total real estate facilities gross amount per Schedule III | 27,231 | |||
Accumulated depreciation and depletion per Schedule III | $ (7,428) | |||
Assets Not Under Construction | Lowell, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,610 | |||
Initial Costs, Buildings and Improvements | 31,984 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 2,610 | |||
Total per Schedule III | 31,984 | |||
Total real estate facilities gross amount per Schedule III | 34,594 | |||
Accumulated depreciation and depletion per Schedule III | $ (833) | |||
Assets Not Under Construction | Lula, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 3,864 | |||
Initial Costs, Buildings and Improvements | 35,382 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 3,864 | |||
Total per Schedule III | 35,382 | |||
Total real estate facilities gross amount per Schedule III | 39,246 | |||
Accumulated depreciation and depletion per Schedule III | $ (954) | |||
Assets Not Under Construction | Lynden, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 5 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,420 | |||
Initial Costs, Buildings and Improvements | 8,590 | |||
Costs Capitalized Subsequent to Acquisition | 964 | |||
Gross amount, Land | 1,430 | |||
Total per Schedule III | 9,544 | |||
Total real estate facilities gross amount per Schedule III | 10,974 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,838) | |||
Assets Not Under Construction | Marshall, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 10,544 | |||
Initial Costs, Land | 741 | |||
Initial Costs, Buildings and Improvements | 10,304 | |||
Costs Capitalized Subsequent to Acquisition | 379 | |||
Gross amount, Land | 826 | |||
Total per Schedule III | 10,598 | |||
Total real estate facilities gross amount per Schedule III | 11,424 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,225) | |||
Assets Not Under Construction | Massillon 17th, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 175 | |||
Initial Costs, Buildings and Improvements | 15,322 | |||
Costs Capitalized Subsequent to Acquisition | 498 | |||
Gross amount, Land | 414 | |||
Total per Schedule III | 15,581 | |||
Total real estate facilities gross amount per Schedule III | 15,995 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,753) | |||
Assets Not Under Construction | Massillon Erie, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 1,988 | |||
Costs Capitalized Subsequent to Acquisition | 516 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 2,504 | |||
Total real estate facilities gross amount per Schedule III | 2,504 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,465) | |||
Assets Not Under Construction | Memphis Chelsea , TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 0 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 80 | |||
Initial Costs, Buildings and Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition | (81) | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 1 | |||
Total real estate facilities gross amount per Schedule III | 1 | |||
Accumulated depreciation and depletion per Schedule III | $ (1) | |||
Assets Not Under Construction | Middleboro, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 404 | |||
Initial Costs, Buildings and Improvements | 15,031 | |||
Costs Capitalized Subsequent to Acquisition | 155 | |||
Gross amount, Land | 435 | |||
Total per Schedule III | 15,155 | |||
Total real estate facilities gross amount per Schedule III | 15,590 | |||
Accumulated depreciation and depletion per Schedule III | $ (514) | |||
Assets Not Under Construction | Milwaukie, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,473 | |||
Initial Costs, Buildings and Improvements | 8,112 | |||
Costs Capitalized Subsequent to Acquisition | 1,639 | |||
Gross amount, Land | 2,483 | |||
Total per Schedule III | 9,741 | |||
Total real estate facilities gross amount per Schedule III | 12,224 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,726) | |||
Assets Not Under Construction | Mobile, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 10 | |||
Initial Costs, Buildings and Improvements | 3,203 | |||
Costs Capitalized Subsequent to Acquisition | 765 | |||
Gross amount, Land | 17 | |||
Total per Schedule III | 3,961 | |||
Total real estate facilities gross amount per Schedule III | 3,978 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,474) | |||
Assets Not Under Construction | Modesto, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 6 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,428 | |||
Initial Costs, Buildings and Improvements | 19,594 | |||
Costs Capitalized Subsequent to Acquisition | 4,491 | |||
Gross amount, Land | 2,915 | |||
Total per Schedule III | 23,598 | |||
Total real estate facilities gross amount per Schedule III | 26,513 | |||
Accumulated depreciation and depletion per Schedule III | $ (10,426) | |||
Assets Not Under Construction | Monmouth, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,660 | |||
Initial Costs, Buildings and Improvements | 48,348 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 2,660 | |||
Total per Schedule III | 48,348 | |||
Total real estate facilities gross amount per Schedule III | 51,008 | |||
Accumulated depreciation and depletion per Schedule III | $ (910) | |||
Assets Not Under Construction | Montgomery, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 6,689 | |||
Initial Costs, Land | 850 | |||
Initial Costs, Buildings and Improvements | 7,746 | |||
Costs Capitalized Subsequent to Acquisition | (505) | |||
Gross amount, Land | 1,157 | |||
Total per Schedule III | 6,934 | |||
Total real estate facilities gross amount per Schedule III | 8,091 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,449) | |||
Assets Not Under Construction | Moses Lake, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 30,357 | |||
Initial Costs, Land | 575 | |||
Initial Costs, Buildings and Improvements | 11,046 | |||
Costs Capitalized Subsequent to Acquisition | 2,480 | |||
Gross amount, Land | 1,140 | |||
Total per Schedule III | 12,961 | |||
Total real estate facilities gross amount per Schedule III | 14,101 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,300) | |||
Assets Not Under Construction | Murfreesboro, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,094 | |||
Initial Costs, Buildings and Improvements | 10,936 | |||
Costs Capitalized Subsequent to Acquisition | 3,573 | |||
Gross amount, Land | 1,332 | |||
Total per Schedule III | 14,271 | |||
Total real estate facilities gross amount per Schedule III | 15,603 | |||
Accumulated depreciation and depletion per Schedule III | $ (6,616) | |||
Assets Not Under Construction | Nampa, ID | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 4 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,588 | |||
Initial Costs, Buildings and Improvements | 11,864 | |||
Costs Capitalized Subsequent to Acquisition | 2,099 | |||
Gross amount, Land | 1,719 | |||
Total per Schedule III | 13,832 | |||
Total real estate facilities gross amount per Schedule III | 15,551 | |||
Accumulated depreciation and depletion per Schedule III | $ (7,523) | |||
Assets Not Under Construction | Napoleon, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,340 | |||
Initial Costs, Buildings and Improvements | 57,677 | |||
Costs Capitalized Subsequent to Acquisition | 34 | |||
Gross amount, Land | 2,340 | |||
Total per Schedule III | 57,711 | |||
Total real estate facilities gross amount per Schedule III | 60,051 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,284) | |||
Assets Not Under Construction | New Ulm, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 7 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 725 | |||
Initial Costs, Buildings and Improvements | 10,405 | |||
Costs Capitalized Subsequent to Acquisition | 1,109 | |||
Gross amount, Land | 822 | |||
Total per Schedule III | 11,417 | |||
Total real estate facilities gross amount per Schedule III | 12,239 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,032) | |||
Assets Not Under Construction | North Little Rock, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,680 | |||
Initial Costs, Buildings and Improvements | 12,841 | |||
Costs Capitalized Subsequent to Acquisition | 14,661 | |||
Gross amount, Land | 2,226 | |||
Total per Schedule III | 26,956 | |||
Total real estate facilities gross amount per Schedule III | 29,182 | |||
Accumulated depreciation and depletion per Schedule III | $ (382) | |||
Assets Not Under Construction | Oklahoma City, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 742 | |||
Initial Costs, Buildings and Improvements | 2,411 | |||
Costs Capitalized Subsequent to Acquisition | 1,151 | |||
Gross amount, Land | 742 | |||
Total per Schedule III | 3,562 | |||
Total real estate facilities gross amount per Schedule III | 4,304 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,708) | |||
Assets Not Under Construction | Ontario, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 3 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 14,673 | |||
Initial Costs, Buildings and Improvements | 3,632 | |||
Costs Capitalized Subsequent to Acquisition | 24,506 | |||
Gross amount, Land | 14,745 | |||
Total per Schedule III | 28,066 | |||
Total real estate facilities gross amount per Schedule III | 42,811 | |||
Accumulated depreciation and depletion per Schedule III | $ (12,139) | |||
Assets Not Under Construction | Ontario, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 4 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 13,791 | |||
Costs Capitalized Subsequent to Acquisition | 9,127 | |||
Gross amount, Land | 1,264 | |||
Total per Schedule III | 21,654 | |||
Total real estate facilities gross amount per Schedule III | 22,918 | |||
Accumulated depreciation and depletion per Schedule III | $ (13,095) | |||
Assets Not Under Construction | Pasco, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 557 | |||
Initial Costs, Buildings and Improvements | 15,809 | |||
Costs Capitalized Subsequent to Acquisition | 413 | |||
Gross amount, Land | 588 | |||
Total per Schedule III | 16,191 | |||
Total real estate facilities gross amount per Schedule III | 16,779 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,347) | |||
Assets Not Under Construction | Pendergrass, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 500 | |||
Initial Costs, Buildings and Improvements | 12,810 | |||
Costs Capitalized Subsequent to Acquisition | 2,649 | |||
Gross amount, Land | 580 | |||
Total per Schedule III | 15,379 | |||
Total real estate facilities gross amount per Schedule III | 15,959 | |||
Accumulated depreciation and depletion per Schedule III | $ (6,149) | |||
Assets Not Under Construction | Perryville, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,626 | |||
Initial Costs, Buildings and Improvements | 19,083 | |||
Costs Capitalized Subsequent to Acquisition | 8 | |||
Gross amount, Land | 1,626 | |||
Total per Schedule III | 19,091 | |||
Total real estate facilities gross amount per Schedule III | 20,717 | |||
Accumulated depreciation and depletion per Schedule III | $ (58) | |||
Assets Not Under Construction | Phoenix2, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 3,182 | |||
Initial Costs, Buildings and Improvements | 11,312 | |||
Costs Capitalized Subsequent to Acquisition | 28 | |||
Gross amount, Land | 3,182 | |||
Total per Schedule III | 11,340 | |||
Total real estate facilities gross amount per Schedule III | 14,522 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,245) | |||
Assets Not Under Construction | Piedmont, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 500 | |||
Initial Costs, Buildings and Improvements | 9,883 | |||
Costs Capitalized Subsequent to Acquisition | 1,441 | |||
Gross amount, Land | 506 | |||
Total per Schedule III | 11,318 | |||
Total real estate facilities gross amount per Schedule III | 11,824 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,655) | |||
Assets Not Under Construction | Plover, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 34,297 | |||
Initial Costs, Land | 1,390 | |||
Initial Costs, Buildings and Improvements | 18,298 | |||
Costs Capitalized Subsequent to Acquisition | 5,024 | |||
Gross amount, Land | 1,994 | |||
Total per Schedule III | 22,718 | |||
Total real estate facilities gross amount per Schedule III | 24,712 | |||
Accumulated depreciation and depletion per Schedule III | $ (9,901) | |||
Assets Not Under Construction | Portland, ME | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 305 | |||
Initial Costs, Buildings and Improvements | 2,402 | |||
Costs Capitalized Subsequent to Acquisition | 917 | |||
Gross amount, Land | 316 | |||
Total per Schedule III | 3,308 | |||
Total real estate facilities gross amount per Schedule III | 3,624 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,042) | |||
Assets Not Under Construction | Rochelle, IL (Americold Drive) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,860 | |||
Initial Costs, Buildings and Improvements | 18,178 | |||
Costs Capitalized Subsequent to Acquisition | 48,054 | |||
Gross amount, Land | 4,326 | |||
Total per Schedule III | 63,766 | |||
Total real estate facilities gross amount per Schedule III | 68,092 | |||
Accumulated depreciation and depletion per Schedule III | $ (9,330) | |||
Assets Not Under Construction | Rochelle, IL (Caron) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,071 | |||
Initial Costs, Buildings and Improvements | 36,658 | |||
Costs Capitalized Subsequent to Acquisition | 734 | |||
Gross amount, Land | 2,213 | |||
Total per Schedule III | 37,250 | |||
Total real estate facilities gross amount per Schedule III | 39,463 | |||
Accumulated depreciation and depletion per Schedule III | $ (14,631) | |||
Assets Not Under Construction | Russellville, AR - Elmira | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,261 | |||
Initial Costs, Buildings and Improvements | 9,910 | |||
Costs Capitalized Subsequent to Acquisition | 3,185 | |||
Gross amount, Land | 1,352 | |||
Total per Schedule III | 13,004 | |||
Total real estate facilities gross amount per Schedule III | 14,356 | |||
Accumulated depreciation and depletion per Schedule III | $ (6,199) | |||
Assets Not Under Construction | Russellville, AR - Route 324 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,467 | |||
Initial Costs, Buildings and Improvements | 29,179 | |||
Costs Capitalized Subsequent to Acquisition | (71) | |||
Gross amount, Land | 2,494 | |||
Total per Schedule III | 29,081 | |||
Total real estate facilities gross amount per Schedule III | 31,575 | |||
Accumulated depreciation and depletion per Schedule III | $ (730) | |||
Assets Not Under Construction | Russellville, AR - Valley | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 708 | |||
Initial Costs, Buildings and Improvements | 15,832 | |||
Costs Capitalized Subsequent to Acquisition | 2,466 | |||
Gross amount, Land | 708 | |||
Total per Schedule III | 18,298 | |||
Total real estate facilities gross amount per Schedule III | 19,006 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,829) | |||
Assets Not Under Construction | Salem, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 4 | |||
Encumbrances | $ 39,370 | |||
Initial Costs, Land | 3,055 | |||
Initial Costs, Buildings and Improvements | 21,096 | |||
Costs Capitalized Subsequent to Acquisition | 3,534 | |||
Gross amount, Land | 3,211 | |||
Total per Schedule III | 24,474 | |||
Total real estate facilities gross amount per Schedule III | 27,685 | |||
Accumulated depreciation and depletion per Schedule III | $ (11,419) | |||
Assets Not Under Construction | Salinas, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 5 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 7,244 | |||
Initial Costs, Buildings and Improvements | 7,181 | |||
Costs Capitalized Subsequent to Acquisition | 9,670 | |||
Gross amount, Land | 8,098 | |||
Total per Schedule III | 15,997 | |||
Total real estate facilities gross amount per Schedule III | 24,095 | |||
Accumulated depreciation and depletion per Schedule III | $ (6,268) | |||
Assets Not Under Construction | Salt Lake City, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 22,481 | |||
Costs Capitalized Subsequent to Acquisition | 3,767 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 26,248 | |||
Total real estate facilities gross amount per Schedule III | 26,248 | |||
Accumulated depreciation and depletion per Schedule III | $ (14,083) | |||
Assets Not Under Construction | San Antonio - HEB, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,014 | |||
Initial Costs, Buildings and Improvements | 22,902 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 2,014 | |||
Total per Schedule III | 22,902 | |||
Total real estate facilities gross amount per Schedule III | 24,916 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,424) | |||
Assets Not Under Construction | San Antonio, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 3 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,894 | |||
Initial Costs, Buildings and Improvements | 11,101 | |||
Costs Capitalized Subsequent to Acquisition | 2,566 | |||
Gross amount, Land | 2,021 | |||
Total per Schedule III | 13,540 | |||
Total real estate facilities gross amount per Schedule III | 15,561 | |||
Accumulated depreciation and depletion per Schedule III | $ (7,666) | |||
Assets Not Under Construction | Sanford, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 3,110 | |||
Initial Costs, Buildings and Improvements | 34,104 | |||
Costs Capitalized Subsequent to Acquisition | 23 | |||
Gross amount, Land | 3,110 | |||
Total per Schedule III | 34,127 | |||
Total real estate facilities gross amount per Schedule III | 37,237 | |||
Accumulated depreciation and depletion per Schedule III | $ (794) | |||
Assets Not Under Construction | Savannah, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 20,715 | |||
Initial Costs, Buildings and Improvements | 10,456 | |||
Costs Capitalized Subsequent to Acquisition | 52 | |||
Gross amount, Land | 20,715 | |||
Total per Schedule III | 10,508 | |||
Total real estate facilities gross amount per Schedule III | 31,223 | |||
Accumulated depreciation and depletion per Schedule III | $ (433) | |||
Assets Not Under Construction | Sebree, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 638 | |||
Initial Costs, Buildings and Improvements | 7,895 | |||
Costs Capitalized Subsequent to Acquisition | 635 | |||
Gross amount, Land | 638 | |||
Total per Schedule III | 8,530 | |||
Total real estate facilities gross amount per Schedule III | 9,168 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,731) | |||
Assets Not Under Construction | Sikeston, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 258 | |||
Initial Costs, Buildings and Improvements | 11,936 | |||
Costs Capitalized Subsequent to Acquisition | 2,685 | |||
Gross amount, Land | 2,339 | |||
Total per Schedule III | 12,540 | |||
Total real estate facilities gross amount per Schedule III | 14,879 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,428) | |||
Assets Not Under Construction | Sioux City - 2640, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 5,951 | |||
Initial Costs, Buildings and Improvements | 28,391 | |||
Costs Capitalized Subsequent to Acquisition | 101 | |||
Gross amount, Land | 5,951 | |||
Total per Schedule III | 28,492 | |||
Total real estate facilities gross amount per Schedule III | 34,443 | |||
Accumulated depreciation and depletion per Schedule III | $ (902) | |||
Assets Not Under Construction | Sioux City - 2900, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 3,070 | |||
Initial Costs, Buildings and Improvements | 56,336 | |||
Costs Capitalized Subsequent to Acquisition | 30 | |||
Gross amount, Land | 3,070 | |||
Total per Schedule III | 56,366 | |||
Total real estate facilities gross amount per Schedule III | 59,436 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,385) | |||
Assets Not Under Construction | Sioux Falls, SD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 856 | |||
Initial Costs, Buildings and Improvements | 4,780 | |||
Costs Capitalized Subsequent to Acquisition | 3,901 | |||
Gross amount, Land | 1,039 | |||
Total per Schedule III | 8,498 | |||
Total real estate facilities gross amount per Schedule III | 9,537 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,183) | |||
Assets Not Under Construction | Springdale, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 7,851 | |||
Initial Costs, Land | 844 | |||
Initial Costs, Buildings and Improvements | 10,754 | |||
Costs Capitalized Subsequent to Acquisition | 1,299 | |||
Gross amount, Land | 872 | |||
Total per Schedule III | 12,025 | |||
Total real estate facilities gross amount per Schedule III | 12,897 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,951) | |||
Assets Not Under Construction | St. Louis, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,082 | |||
Initial Costs, Buildings and Improvements | 7,566 | |||
Costs Capitalized Subsequent to Acquisition | 1,950 | |||
Gross amount, Land | 2,198 | |||
Total per Schedule III | 9,400 | |||
Total real estate facilities gross amount per Schedule III | 11,598 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,079) | |||
Assets Not Under Construction | St. Paul, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,800 | |||
Initial Costs, Buildings and Improvements | 12,129 | |||
Costs Capitalized Subsequent to Acquisition | 658 | |||
Gross amount, Land | 1,800 | |||
Total per Schedule III | 12,787 | |||
Total real estate facilities gross amount per Schedule III | 14,587 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,148) | |||
Assets Not Under Construction | Strasburg, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,551 | |||
Initial Costs, Buildings and Improvements | 15,038 | |||
Costs Capitalized Subsequent to Acquisition | 1,526 | |||
Gross amount, Land | 1,592 | |||
Total per Schedule III | 16,523 | |||
Total real estate facilities gross amount per Schedule III | 18,115 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,554) | |||
Assets Not Under Construction | Sunter, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 530 | |||
Initial Costs, Buildings and Improvements | 8,738 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 530 | |||
Total per Schedule III | 8,738 | |||
Total real estate facilities gross amount per Schedule III | 9,268 | |||
Accumulated depreciation and depletion per Schedule III | $ (306) | |||
Assets Not Under Construction | Syracuse, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,177 | |||
Initial Costs, Buildings and Improvements | 20,056 | |||
Costs Capitalized Subsequent to Acquisition | 5,659 | |||
Gross amount, Land | 2,420 | |||
Total per Schedule III | 25,472 | |||
Total real estate facilities gross amount per Schedule III | 27,892 | |||
Accumulated depreciation and depletion per Schedule III | $ (9,581) | |||
Assets Not Under Construction | Tacoma, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 21,216 | |||
Costs Capitalized Subsequent to Acquisition | 2,443 | |||
Gross amount, Land | 27 | |||
Total per Schedule III | 23,632 | |||
Total real estate facilities gross amount per Schedule III | 23,659 | |||
Accumulated depreciation and depletion per Schedule III | $ (7,605) | |||
Assets Not Under Construction | Tampa Plant City, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,333 | |||
Initial Costs, Buildings and Improvements | 11,836 | |||
Costs Capitalized Subsequent to Acquisition | 696 | |||
Gross amount, Land | 1,380 | |||
Total per Schedule III | 12,485 | |||
Total real estate facilities gross amount per Schedule III | 13,865 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,350) | |||
Assets Not Under Construction | Tarboro, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 17,545 | |||
Initial Costs, Land | 1,078 | |||
Initial Costs, Buildings and Improvements | 9,586 | |||
Costs Capitalized Subsequent to Acquisition | 1,030 | |||
Gross amount, Land | 1,225 | |||
Total per Schedule III | 10,469 | |||
Total real estate facilities gross amount per Schedule III | 11,694 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,756) | |||
Assets Not Under Construction | Taunton, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,477 | |||
Initial Costs, Buildings and Improvements | 14,159 | |||
Costs Capitalized Subsequent to Acquisition | 1,032 | |||
Gross amount, Land | 1,695 | |||
Total per Schedule III | 14,973 | |||
Total real estate facilities gross amount per Schedule III | 16,668 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,914) | |||
Assets Not Under Construction | Texarkana, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 3,628 | |||
Initial Costs, Land | 842 | |||
Initial Costs, Buildings and Improvements | 11,169 | |||
Costs Capitalized Subsequent to Acquisition | 1,442 | |||
Gross amount, Land | 921 | |||
Total per Schedule III | 12,532 | |||
Total real estate facilities gross amount per Schedule III | 13,453 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,079) | |||
Assets Not Under Construction | Tomah, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 19,047 | |||
Initial Costs, Land | 886 | |||
Initial Costs, Buildings and Improvements | 10,715 | |||
Costs Capitalized Subsequent to Acquisition | 422 | |||
Gross amount, Land | 923 | |||
Total per Schedule III | 11,100 | |||
Total real estate facilities gross amount per Schedule III | 12,023 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,546) | |||
Assets Not Under Construction | Turlock, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 944 | |||
Initial Costs, Buildings and Improvements | 4,056 | |||
Costs Capitalized Subsequent to Acquisition | 290 | |||
Gross amount, Land | 967 | |||
Total per Schedule III | 4,323 | |||
Total real estate facilities gross amount per Schedule III | 5,290 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,970) | |||
Assets Not Under Construction | Turlock, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 3,091 | |||
Initial Costs, Buildings and Improvements | 7,004 | |||
Costs Capitalized Subsequent to Acquisition | 1,449 | |||
Gross amount, Land | 3,116 | |||
Total per Schedule III | 8,428 | |||
Total real estate facilities gross amount per Schedule III | 11,544 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,457) | |||
Assets Not Under Construction | Vernon 2, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 8,100 | |||
Initial Costs, Buildings and Improvements | 13,490 | |||
Costs Capitalized Subsequent to Acquisition | 3,181 | |||
Gross amount, Land | 8,112 | |||
Total per Schedule III | 16,659 | |||
Total real estate facilities gross amount per Schedule III | 24,771 | |||
Accumulated depreciation and depletion per Schedule III | $ (7,383) | |||
Assets Not Under Construction | Victorville, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,810 | |||
Initial Costs, Buildings and Improvements | 22,811 | |||
Costs Capitalized Subsequent to Acquisition | 1,075 | |||
Gross amount, Land | 2,810 | |||
Total per Schedule III | 23,886 | |||
Total real estate facilities gross amount per Schedule III | 26,696 | |||
Accumulated depreciation and depletion per Schedule III | $ (8,359) | |||
Assets Not Under Construction | Waco, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 0 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 3,003 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 504 | |||
Gross amount, Land | 3,507 | |||
Total per Schedule III | 0 | |||
Total real estate facilities gross amount per Schedule III | 3,507 | |||
Accumulated depreciation and depletion per Schedule III | $ 0 | |||
Assets Not Under Construction | Walla Walla, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 215 | |||
Initial Costs, Buildings and Improvements | 4,693 | |||
Costs Capitalized Subsequent to Acquisition | 610 | |||
Gross amount, Land | 159 | |||
Total per Schedule III | 5,359 | |||
Total real estate facilities gross amount per Schedule III | 5,518 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,107) | |||
Assets Not Under Construction | Wallula, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 690 | |||
Initial Costs, Buildings and Improvements | 2,645 | |||
Costs Capitalized Subsequent to Acquisition | 727 | |||
Gross amount, Land | 711 | |||
Total per Schedule III | 3,351 | |||
Total real estate facilities gross amount per Schedule III | 4,062 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,217) | |||
Assets Not Under Construction | Watsonville, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 8,138 | |||
Costs Capitalized Subsequent to Acquisition | 424 | |||
Gross amount, Land | 21 | |||
Total per Schedule III | 8,541 | |||
Total real estate facilities gross amount per Schedule III | 8,562 | |||
Accumulated depreciation and depletion per Schedule III | $ (7,477) | |||
Assets Not Under Construction | West Memphis, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,460 | |||
Initial Costs, Buildings and Improvements | 12,300 | |||
Costs Capitalized Subsequent to Acquisition | 2,766 | |||
Gross amount, Land | 2,284 | |||
Total per Schedule III | 14,242 | |||
Total real estate facilities gross amount per Schedule III | 16,526 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,857) | |||
Assets Not Under Construction | Wichita, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,297 | |||
Initial Costs, Buildings and Improvements | 4,717 | |||
Costs Capitalized Subsequent to Acquisition | 1,355 | |||
Gross amount, Land | 1,432 | |||
Total per Schedule III | 5,937 | |||
Total real estate facilities gross amount per Schedule III | 7,369 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,752) | |||
Assets Not Under Construction | Woodburn, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,552 | |||
Initial Costs, Buildings and Improvements | 9,860 | |||
Costs Capitalized Subsequent to Acquisition | 2,561 | |||
Gross amount, Land | 1,627 | |||
Total per Schedule III | 12,346 | |||
Total real estate facilities gross amount per Schedule III | 13,973 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,535) | |||
Assets Not Under Construction | York, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 3,838 | |||
Initial Costs, Buildings and Improvements | 36,621 | |||
Costs Capitalized Subsequent to Acquisition | 2,169 | |||
Gross amount, Land | 4,063 | |||
Total per Schedule III | 38,565 | |||
Total real estate facilities gross amount per Schedule III | 42,628 | |||
Accumulated depreciation and depletion per Schedule III | $ (14,487) | |||
Assets Not Under Construction | York-Willow Springs, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,300 | |||
Initial Costs, Buildings and Improvements | 7,351 | |||
Costs Capitalized Subsequent to Acquisition | 380 | |||
Gross amount, Land | 1,315 | |||
Total per Schedule III | 7,716 | |||
Total real estate facilities gross amount per Schedule III | 9,031 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,205) | |||
Assets Not Under Construction | Zumbrota, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 3 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 800 | |||
Initial Costs, Buildings and Improvements | 10,360 | |||
Costs Capitalized Subsequent to Acquisition | 1,572 | |||
Gross amount, Land | 800 | |||
Total per Schedule III | 11,932 | |||
Total real estate facilities gross amount per Schedule III | 12,732 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,926) | |||
Assets Not Under Construction | Cold Logic/Taber | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 0 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 12 | |||
Costs Capitalized Subsequent to Acquisition | 3,554 | |||
Gross amount, Land | 92 | |||
Total per Schedule III | 3,474 | |||
Total real estate facilities gross amount per Schedule III | 3,566 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,798) | |||
Assets Not Under Construction | Arndell Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 13,489 | |||
Initial Costs, Buildings and Improvements | 29,428 | |||
Costs Capitalized Subsequent to Acquisition | 397 | |||
Gross amount, Land | 11,783 | |||
Total per Schedule III | 31,531 | |||
Total real estate facilities gross amount per Schedule III | 43,314 | |||
Accumulated depreciation and depletion per Schedule III | $ (9,757) | |||
Assets Not Under Construction | BRIS CORPORATE-Acacia Ridge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 279 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 279 | |||
Total real estate facilities gross amount per Schedule III | 279 | |||
Accumulated depreciation and depletion per Schedule III | $ (279) | |||
Assets Not Under Construction | Laverton | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 13,689 | |||
Initial Costs, Buildings and Improvements | 28,252 | |||
Costs Capitalized Subsequent to Acquisition | 5,765 | |||
Gross amount, Land | 11,958 | |||
Total per Schedule III | 35,748 | |||
Total real estate facilities gross amount per Schedule III | 47,706 | |||
Accumulated depreciation and depletion per Schedule III | $ (11,116) | |||
Assets Not Under Construction | Murarrie | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 3 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 10,891 | |||
Initial Costs, Buildings and Improvements | 18,975 | |||
Costs Capitalized Subsequent to Acquisition | (2,995) | |||
Gross amount, Land | 9,514 | |||
Total per Schedule III | 17,357 | |||
Total real estate facilities gross amount per Schedule III | 26,871 | |||
Accumulated depreciation and depletion per Schedule III | $ (5,943) | |||
Assets Not Under Construction | Prospect/ASC Corporate | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 1,187 | |||
Costs Capitalized Subsequent to Acquisition | 19,126 | |||
Gross amount, Land | 7,475 | |||
Total per Schedule III | 12,838 | |||
Total real estate facilities gross amount per Schedule III | 20,313 | |||
Accumulated depreciation and depletion per Schedule III | $ (3,911) | |||
Assets Not Under Construction | Spearwood | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 7,194 | |||
Initial Costs, Buildings and Improvements | 10,990 | |||
Costs Capitalized Subsequent to Acquisition | (1,462) | |||
Gross amount, Land | 6,284 | |||
Total per Schedule III | 10,438 | |||
Total real estate facilities gross amount per Schedule III | 16,722 | |||
Accumulated depreciation and depletion per Schedule III | $ (4,134) | |||
Assets Not Under Construction | Wetherill Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 0 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 45,301 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 45,301 | |||
Total per Schedule III | 0 | |||
Total real estate facilities gross amount per Schedule III | 45,301 | |||
Accumulated depreciation and depletion per Schedule III | $ 0 | |||
Assets Not Under Construction | Dalgety | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 6,047 | |||
Initial Costs, Buildings and Improvements | 5,531 | |||
Costs Capitalized Subsequent to Acquisition | 777 | |||
Gross amount, Land | 6,303 | |||
Total per Schedule III | 6,052 | |||
Total real estate facilities gross amount per Schedule III | 12,355 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,882) | |||
Assets Not Under Construction | Diversey | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 2,357 | |||
Initial Costs, Buildings and Improvements | 5,966 | |||
Costs Capitalized Subsequent to Acquisition | 797 | |||
Gross amount, Land | 2,457 | |||
Total per Schedule III | 6,663 | |||
Total real estate facilities gross amount per Schedule III | 9,120 | |||
Accumulated depreciation and depletion per Schedule III | $ (2,132) | |||
Assets Not Under Construction | Halwyn Dr | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 5,227 | |||
Initial Costs, Buildings and Improvements | 3,399 | |||
Costs Capitalized Subsequent to Acquisition | 812 | |||
Gross amount, Land | 5,448 | |||
Total per Schedule III | 3,990 | |||
Total real estate facilities gross amount per Schedule III | 9,438 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,579) | |||
Assets Not Under Construction | Mako Mako | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 1,332 | |||
Initial Costs, Buildings and Improvements | 3,810 | |||
Costs Capitalized Subsequent to Acquisition | 249 | |||
Gross amount, Land | 1,389 | |||
Total per Schedule III | 4,002 | |||
Total real estate facilities gross amount per Schedule III | 5,391 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,225) | |||
Assets Not Under Construction | Manutapu/Barber Akld | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 343 | |||
Costs Capitalized Subsequent to Acquisition | 525 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 868 | |||
Total real estate facilities gross amount per Schedule III | 868 | |||
Accumulated depreciation and depletion per Schedule III | $ (783) | |||
Assets Not Under Construction | Paisley | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 2 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 185 | |||
Costs Capitalized Subsequent to Acquisition | 1,036 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 1,221 | |||
Total real estate facilities gross amount per Schedule III | 1,221 | |||
Accumulated depreciation and depletion per Schedule III | $ (915) | |||
Assets Not Under Construction | Smarts Rd | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 247 | |||
Costs Capitalized Subsequent to Acquisition | 962 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 1,209 | |||
Total real estate facilities gross amount per Schedule III | 1,209 | |||
Accumulated depreciation and depletion per Schedule III | $ (735) | |||
Assets Not Under Construction | Mercado Central - Buenos Aires, ARG | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 4,984 | |||
Costs Capitalized Subsequent to Acquisition | (2,625) | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 2,359 | |||
Total real estate facilities gross amount per Schedule III | 2,359 | |||
Accumulated depreciation and depletion per Schedule III | $ (1,202) | |||
Assets Not Under Construction | Pilar - Buenos Aires, ARG | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings | building | 1 | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 706 | |||
Initial Costs, Buildings and Improvements | 2,586 | |||
Costs Capitalized Subsequent to Acquisition | (2,216) | |||
Gross amount, Land | 667 | |||
Total per Schedule III | 409 | |||
Total real estate facilities gross amount per Schedule III | 1,076 | |||
Accumulated depreciation and depletion per Schedule III | $ (98) | |||
Assets Not Under Construction | Minimum | Albertville, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Allentown, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Amarillo, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Anaheim, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Appleton, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Atlanta - Lakewood, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Atlanta - Skygate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Atlanta - Southgate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Atlanta - Tradewater, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Atlanta - Westgate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Atlanta, GA - Corporate | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Augusta, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Babcock, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Bartow, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Belvidere-Imron, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Belvidere-Landmark, IL (Cross Dock) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Benson, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Birmingham, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Boston, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Brea, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Brooklyn Park, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Burley, ID | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Burlington, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Carson, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Cartersville, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Carthage Quarry, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Carthage Warehouse Dist, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Chambersburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | City of Industry, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Clearfield, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Clearfield 2, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Columbia, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Columbus, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Connell, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Dallas, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Delhi, LA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Denver-50th Street, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Dominguez Hills, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Douglas, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Eagan, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | East Dubuque, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | East Point, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Fairfield, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Fairmont, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Fort Dodge, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Fort Smith, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Fort Smith - Highway 45, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Fort Worth-Blue Mound, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Fort Worth-Samuels, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Fremont, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Ft. Worth, TX (Meacham) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Ft. Worth, TX (Railhead) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Gadsden, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Gaffney, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Gainesville, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Gainesville - Candler, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Garden City, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Gateway, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Geneva Lakes, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Gloucester - Rogers, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Gloucester - Rowe, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Gouldsboro, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Grand Island, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Green Bay, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Greenville, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Hatfield, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Henderson, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Hermiston, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Indianapolis, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Jefferson, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Johnson, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Lakeville, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Lancaster, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | LaPorte, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Le Mars, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Leesport, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Lowell, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Lula, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Lynden, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Marshall, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Massillon 17th, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Massillon Erie, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Memphis Chelsea , TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Middleboro, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Milwaukie, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Mobile, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Modesto, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Monmouth, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Montgomery, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Moses Lake, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Murfreesboro, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Nampa, ID | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Napoleon, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | New Ulm, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | North Little Rock, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Oklahoma City, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Ontario, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Ontario, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Pasco, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Pendergrass, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Perryville, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Piedmont, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Plover, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Portland, ME | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Rochelle, IL (Americold Drive) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Rochelle, IL (Caron) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Russellville, AR - Elmira | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Russellville, AR - Route 324 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Russellville, AR - Valley | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Salem, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Salinas, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Salt Lake City, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | San Antonio - HEB, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | San Antonio, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Sanford, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Savannah, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Sebree, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Sikeston, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Sioux City - 2640, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Sioux City - 2900, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Sioux Falls, SD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Springdale, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | St. Louis, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | St. Paul, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Strasburg, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Sunter, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Syracuse, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Tacoma, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Tampa Plant City, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Tarboro, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Taunton, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Texarkana, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Tomah, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Turlock, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Turlock, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Vernon 2, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Victorville, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Walla Walla, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Wallula, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Watsonville, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | West Memphis, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Wichita, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Woodburn, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | York, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | York-Willow Springs, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Zumbrota, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Cold Logic/Taber | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Arndell Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | BRIS CORPORATE-Acacia Ridge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Laverton | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Prospect/ASC Corporate | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Spearwood | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Dalgety | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Diversey | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Halwyn Dr | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Mako Mako | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Manutapu/Barber Akld | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Paisley | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Smarts Rd | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Mercado Central - Buenos Aires, ARG | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Minimum | Pilar - Buenos Aires, ARG | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 5 years | |||
Assets Not Under Construction | Maximum | Albertville, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Allentown, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Amarillo, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Anaheim, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Appleton, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Atlanta - Lakewood, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Atlanta - Skygate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Atlanta - Southgate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Atlanta - Tradewater, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Atlanta - Westgate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Atlanta, GA - Corporate | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Augusta, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Babcock, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Bartow, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Belvidere-Imron, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Belvidere-Landmark, IL (Cross Dock) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Benson, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Birmingham, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Boston, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Brea, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Brooklyn Park, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Burley, ID | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Burlington, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Carson, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Cartersville, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Carthage Quarry, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Carthage Warehouse Dist, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Chambersburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | City of Industry, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Clearfield, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Clearfield 2, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Columbia, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Columbus, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Connell, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Dallas, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Delhi, LA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Denver-50th Street, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Dominguez Hills, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Douglas, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Eagan, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | East Dubuque, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | East Point, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Fairfield, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Fairmont, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Fort Dodge, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Fort Smith, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Fort Smith - Highway 45, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Fort Worth-Blue Mound, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Fort Worth-Samuels, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Fremont, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Ft. Worth, TX (Meacham) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Ft. Worth, TX (Railhead) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Gadsden, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Gaffney, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Gainesville, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Gainesville - Candler, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Garden City, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Gateway, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Geneva Lakes, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Gloucester - Rogers, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Gloucester - Rowe, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Gouldsboro, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Grand Island, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Green Bay, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Greenville, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Hatfield, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Henderson, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Hermiston, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Indianapolis, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Jefferson, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Johnson, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Lakeville, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Lancaster, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | LaPorte, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Le Mars, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Leesport, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Lowell, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Lula, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Lynden, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Marshall, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Massillon 17th, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Massillon Erie, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Memphis Chelsea , TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Middleboro, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Milwaukie, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Mobile, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Modesto, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Monmouth, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Montgomery, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Moses Lake, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Murfreesboro, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Nampa, ID | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Napoleon, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | New Ulm, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | North Little Rock, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Oklahoma City, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Ontario, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Ontario, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Pasco, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Pendergrass, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Perryville, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Piedmont, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Plover, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Portland, ME | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Rochelle, IL (Americold Drive) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Rochelle, IL (Caron) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Russellville, AR - Elmira | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Russellville, AR - Route 324 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Russellville, AR - Valley | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Salem, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Salinas, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Salt Lake City, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | San Antonio - HEB, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | San Antonio, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Sanford, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Savannah, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Sebree, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Sikeston, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Sioux City - 2640, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Sioux City - 2900, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Sioux Falls, SD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Springdale, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | St. Louis, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | St. Paul, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Strasburg, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Sunter, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Syracuse, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Tacoma, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Tampa Plant City, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Tarboro, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Taunton, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Texarkana, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Tomah, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Turlock, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Turlock, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Vernon 2, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Victorville, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Walla Walla, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Wallula, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Watsonville, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | West Memphis, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Wichita, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Woodburn, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | York, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | York-Willow Springs, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Zumbrota, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Cold Logic/Taber | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Arndell Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | BRIS CORPORATE-Acacia Ridge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Laverton | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Murarrie | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Prospect/ASC Corporate | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Spearwood | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Dalgety | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Diversey | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Halwyn Dr | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Mako Mako | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Manutapu/Barber Akld | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Paisley | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Smarts Rd | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Mercado Central - Buenos Aires, ARG | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Not Under Construction | Maximum | Pilar - Buenos Aires, ARG | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation is Computed | 40 years | |||
Assets Under Construction | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 98,703 | |||
Total real estate facilities gross amount per Schedule III | 98,703 | |||
Assets Under Construction | Allentown, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 89 | |||
Total real estate facilities gross amount per Schedule III | 89 | |||
Assets Under Construction | Amarillo, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 8 | |||
Total real estate facilities gross amount per Schedule III | 8 | |||
Assets Under Construction | Anaheim, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 180 | |||
Total real estate facilities gross amount per Schedule III | 180 | |||
Assets Under Construction | Appleton, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 66 | |||
Total real estate facilities gross amount per Schedule III | 66 | |||
Assets Under Construction | Atlanta - Lakewood, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 6 | |||
Total real estate facilities gross amount per Schedule III | 6 | |||
Assets Under Construction | Atlanta - Skygate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 7 | |||
Total real estate facilities gross amount per Schedule III | 7 | |||
Assets Under Construction | Atlanta - Southgate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 161 | |||
Total real estate facilities gross amount per Schedule III | 161 | |||
Assets Under Construction | Atlanta - Tradewater, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 16,724 | |||
Total real estate facilities gross amount per Schedule III | 16,724 | |||
Assets Under Construction | Atlanta - Westgate, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 757 | |||
Total real estate facilities gross amount per Schedule III | 757 | |||
Assets Under Construction | Atlanta, GA - Corporate | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 620 | |||
Total real estate facilities gross amount per Schedule III | 620 | |||
Assets Under Construction | Benson, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 43 | |||
Total real estate facilities gross amount per Schedule III | 43 | |||
Assets Under Construction | Boston, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 392 | |||
Total real estate facilities gross amount per Schedule III | 392 | |||
Assets Under Construction | Brooklyn Park, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 3 | |||
Total real estate facilities gross amount per Schedule III | 3 | |||
Assets Under Construction | Cartersville, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 113 | |||
Total real estate facilities gross amount per Schedule III | 113 | |||
Assets Under Construction | City of Industry, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 430 | |||
Total real estate facilities gross amount per Schedule III | 430 | |||
Assets Under Construction | Columbia, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 8 | |||
Total real estate facilities gross amount per Schedule III | 8 | |||
Assets Under Construction | Columbus, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 502 | |||
Total real estate facilities gross amount per Schedule III | 502 | |||
Assets Under Construction | Dallas, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 186 | |||
Total real estate facilities gross amount per Schedule III | 186 | |||
Assets Under Construction | Dominguez Hills, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 7 | |||
Total real estate facilities gross amount per Schedule III | 7 | |||
Assets Under Construction | Eagan, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 70 | |||
Total real estate facilities gross amount per Schedule III | 70 | |||
Assets Under Construction | East Point, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 308 | |||
Total real estate facilities gross amount per Schedule III | 308 | |||
Assets Under Construction | Fairfield, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 48 | |||
Total real estate facilities gross amount per Schedule III | 48 | |||
Assets Under Construction | Fort Smith, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 31 | |||
Total real estate facilities gross amount per Schedule III | 31 | |||
Assets Under Construction | Fort Worth-Blue Mound, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 89 | |||
Total real estate facilities gross amount per Schedule III | 89 | |||
Assets Under Construction | Fort Worth-Samuels, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 754 | |||
Total real estate facilities gross amount per Schedule III | 754 | |||
Assets Under Construction | Fremont, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 16 | |||
Total real estate facilities gross amount per Schedule III | 16 | |||
Assets Under Construction | Ft. Worth, TX (Meacham) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 846 | |||
Total real estate facilities gross amount per Schedule III | 846 | |||
Assets Under Construction | Ft. Worth, TX (Railhead) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 23 | |||
Total real estate facilities gross amount per Schedule III | 23 | |||
Assets Under Construction | Gadsden, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 7 | |||
Total real estate facilities gross amount per Schedule III | 7 | |||
Assets Under Construction | Gainesville - Candler, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 320 | |||
Total real estate facilities gross amount per Schedule III | 320 | |||
Assets Under Construction | Gateway, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 13,145 | |||
Total real estate facilities gross amount per Schedule III | 13,145 | |||
Assets Under Construction | Geneva Lakes, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 22 | |||
Total real estate facilities gross amount per Schedule III | 22 | |||
Assets Under Construction | Gloucester - Rogers, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 1,682 | |||
Total real estate facilities gross amount per Schedule III | 1,682 | |||
Assets Under Construction | Gloucester - Rowe, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 1,400 | |||
Total real estate facilities gross amount per Schedule III | 1,400 | |||
Assets Under Construction | Gouldsboro, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 3 | |||
Total real estate facilities gross amount per Schedule III | 3 | |||
Assets Under Construction | Green Bay, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 40 | |||
Total real estate facilities gross amount per Schedule III | 40 | |||
Assets Under Construction | Hatfield, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 215 | |||
Total real estate facilities gross amount per Schedule III | 215 | |||
Assets Under Construction | Henderson, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 119 | |||
Total real estate facilities gross amount per Schedule III | 119 | |||
Assets Under Construction | Indianapolis, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 510 | |||
Total real estate facilities gross amount per Schedule III | 510 | |||
Assets Under Construction | Johnson, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 254 | |||
Total real estate facilities gross amount per Schedule III | 254 | |||
Assets Under Construction | Lakeville, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 51 | |||
Total real estate facilities gross amount per Schedule III | 51 | |||
Assets Under Construction | Lancaster, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 125 | |||
Total real estate facilities gross amount per Schedule III | 125 | |||
Assets Under Construction | LaPorte, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 594 | |||
Total real estate facilities gross amount per Schedule III | 594 | |||
Assets Under Construction | Le Mars, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 25 | |||
Total real estate facilities gross amount per Schedule III | 25 | |||
Assets Under Construction | Leesport, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 11 | |||
Total real estate facilities gross amount per Schedule III | 11 | |||
Assets Under Construction | Lynden, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 74 | |||
Total real estate facilities gross amount per Schedule III | 74 | |||
Assets Under Construction | Marshall, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 66 | |||
Total real estate facilities gross amount per Schedule III | 66 | |||
Assets Under Construction | Massillon 17th, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 19 | |||
Total real estate facilities gross amount per Schedule III | 19 | |||
Assets Under Construction | Middleboro, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 89 | |||
Total real estate facilities gross amount per Schedule III | 89 | |||
Assets Under Construction | Modesto, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 598 | |||
Total real estate facilities gross amount per Schedule III | 598 | |||
Assets Under Construction | Moses Lake, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 34 | |||
Total real estate facilities gross amount per Schedule III | 34 | |||
Assets Under Construction | Murfreesboro, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 121 | |||
Total real estate facilities gross amount per Schedule III | 121 | |||
Assets Under Construction | Nampa, ID | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 133 | |||
Total real estate facilities gross amount per Schedule III | 133 | |||
Assets Under Construction | New Ulm, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 56 | |||
Total real estate facilities gross amount per Schedule III | 56 | |||
Assets Under Construction | North Little Rock, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 236 | |||
Total real estate facilities gross amount per Schedule III | 236 | |||
Assets Under Construction | Oklahoma City, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 73 | |||
Total real estate facilities gross amount per Schedule III | 73 | |||
Assets Under Construction | Ontario, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 2,718 | |||
Total real estate facilities gross amount per Schedule III | 2,718 | |||
Assets Under Construction | Pasco, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 70 | |||
Total real estate facilities gross amount per Schedule III | 70 | |||
Assets Under Construction | Piedmont, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 5 | |||
Total real estate facilities gross amount per Schedule III | 5 | |||
Assets Under Construction | Plover, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 600 | |||
Total real estate facilities gross amount per Schedule III | 600 | |||
Assets Under Construction | Portland, ME | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 80 | |||
Total real estate facilities gross amount per Schedule III | 80 | |||
Assets Under Construction | Rochelle, IL (Americold Drive) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 29 | |||
Total real estate facilities gross amount per Schedule III | 29 | |||
Assets Under Construction | Rochelle, IL (Caron) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 10 | |||
Total real estate facilities gross amount per Schedule III | 10 | |||
Assets Under Construction | Salem, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 40 | |||
Total real estate facilities gross amount per Schedule III | 40 | |||
Assets Under Construction | Salinas, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 402 | |||
Total real estate facilities gross amount per Schedule III | 402 | |||
Assets Under Construction | San Antonio, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 250 | |||
Total real estate facilities gross amount per Schedule III | 250 | |||
Assets Under Construction | Sanford, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 50 | |||
Total real estate facilities gross amount per Schedule III | 50 | |||
Assets Under Construction | Savannah, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 41,720 | |||
Total real estate facilities gross amount per Schedule III | 41,720 | |||
Assets Under Construction | Sebree, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 564 | |||
Total real estate facilities gross amount per Schedule III | 564 | |||
Assets Under Construction | Sikeston, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 93 | |||
Total real estate facilities gross amount per Schedule III | 93 | |||
Assets Under Construction | Sioux City - 2640, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 160 | |||
Total real estate facilities gross amount per Schedule III | 160 | |||
Assets Under Construction | Sioux City - 2900, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 531 | |||
Total real estate facilities gross amount per Schedule III | 531 | |||
Assets Under Construction | Sioux Falls, SD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 174 | |||
Total real estate facilities gross amount per Schedule III | 174 | |||
Assets Under Construction | Springdale, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 19 | |||
Total real estate facilities gross amount per Schedule III | 19 | |||
Assets Under Construction | Strasburg, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 16 | |||
Total real estate facilities gross amount per Schedule III | 16 | |||
Assets Under Construction | Sunter, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 17 | |||
Total real estate facilities gross amount per Schedule III | 17 | |||
Assets Under Construction | Syracuse, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 29 | |||
Total real estate facilities gross amount per Schedule III | 29 | |||
Assets Under Construction | Tampa Plant City, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 309 | |||
Total real estate facilities gross amount per Schedule III | 309 | |||
Assets Under Construction | Tarboro, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 474 | |||
Total real estate facilities gross amount per Schedule III | 474 | |||
Assets Under Construction | Taunton, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 94 | |||
Total real estate facilities gross amount per Schedule III | 94 | |||
Assets Under Construction | Texarkana, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 41 | |||
Total real estate facilities gross amount per Schedule III | 41 | |||
Assets Under Construction | Turlock, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 146 | |||
Total real estate facilities gross amount per Schedule III | 146 | |||
Assets Under Construction | Vernon 2, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 71 | |||
Total real estate facilities gross amount per Schedule III | 71 | |||
Assets Under Construction | Woodburn, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 4 | |||
Total real estate facilities gross amount per Schedule III | 4 | |||
Assets Under Construction | York, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 523 | |||
Total real estate facilities gross amount per Schedule III | 523 | |||
Assets Under Construction | Arndell Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 1,218 | |||
Total real estate facilities gross amount per Schedule III | 1,218 | |||
Assets Under Construction | Laverton | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 379 | |||
Total real estate facilities gross amount per Schedule III | 379 | |||
Assets Under Construction | Murarrie | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 906 | |||
Total real estate facilities gross amount per Schedule III | 906 | |||
Assets Under Construction | Prospect/ASC Corporate | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 446 | |||
Total real estate facilities gross amount per Schedule III | 446 | |||
Assets Under Construction | Spearwood | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 476 | |||
Total real estate facilities gross amount per Schedule III | 476 | |||
Assets Under Construction | Wetherill Park - MIT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 24 | |||
Total real estate facilities gross amount per Schedule III | 24 | |||
Assets Under Construction | Heathwood - MIT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 954 | |||
Total real estate facilities gross amount per Schedule III | 954 | |||
Assets Under Construction | Dalgety | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 1,163 | |||
Total real estate facilities gross amount per Schedule III | 1,163 | |||
Assets Under Construction | Diversey | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 614 | |||
Total real estate facilities gross amount per Schedule III | 614 | |||
Assets Under Construction | Halwyn Dr | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 277 | |||
Total real estate facilities gross amount per Schedule III | 277 | |||
Assets Under Construction | Mako Mako | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 143 | |||
Total real estate facilities gross amount per Schedule III | 143 | |||
Assets Under Construction | Manutapu/Barber Akld | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 66 | |||
Total real estate facilities gross amount per Schedule III | 66 | |||
Assets Under Construction | Paisley | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 241 | |||
Total real estate facilities gross amount per Schedule III | 241 | |||
Assets Under Construction | Smarts Rd | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross amount, Land | 0 | |||
Total per Schedule III | 48 | |||
Total real estate facilities gross amount per Schedule III | 48 | |||
Assets Not Under Construction and Under Construction | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 283,443 | |||
Initial Costs, Land | 494,429 | |||
Initial Costs, Buildings and Improvements | 2,326,556 | |||
Costs Capitalized Subsequent to Acquisition | 413,200 | |||
Gross amount, Land | 526,226 | |||
Total per Schedule III | 2,806,662 | |||
Total real estate facilities gross amount per Schedule III | 3,332,888 | |||
Accumulated depreciation and depletion per Schedule III | $ (752,711) |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Footnotes (Details) $ in Thousands | Feb. 01, 2019USD ($) | Nov. 30, 2019facility | May 31, 2019USD ($)facility | Feb. 28, 2019facility | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)warehouse | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: | ||||||||||||||
Accumulated depreciation and depletion per Schedule III | $ (827,892) | $ (827,892) | $ (936,422) | $ (770,006) | $ (770,006) | $ (936,422) | $ (827,892) | $ (770,006) | ||||||
Total accumulated depreciation and depletion per consolidated balance sheet (property, buildings and equipment and capital leases) | (1,246,250) | |||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||
Property, plant, and equipment | 4,149,214 | 2,898,139 | ||||||||||||
Building and improvements capital leases per consolidated balance sheet | 88,038 | |||||||||||||
Reconciliation of total mortgage notes and term loans to consolidated balance sheet caption as of December 31, 2018: | ||||||||||||||
Unsecured | 1,425,000 | |||||||||||||
Deferred financing costs, net of amortization | (12,996) | (13,943) | ||||||||||||
Total mortgage notes, senior unsecured notes and term loan per consolidated balance sheet | 1,695,447 | 1,351,014 | ||||||||||||
Aggregate cost for federal tax purposes of real estate assets | 2,800,000 | |||||||||||||
Real Estate Facilities, at Cost: | ||||||||||||||
Beginning Balance | 2,575,367 | 2,575,367 | 2,506,656 | 2,382,343 | ||||||||||
Capital expenditures | 177,268 | 50,680 | 52,555 | |||||||||||
Acquisitions | 975,045 | 0 | 27,958 | |||||||||||
Newly developed warehouse facilities | 21,316 | 62,353 | 60,598 | |||||||||||
Disposition | (7,409) | (30,199) | (20,780) | |||||||||||
Impairment | (12,555) | (747) | (9,473) | |||||||||||
Conversion of leased assets to owned | 0 | 8,405 | 0 | |||||||||||
Impact of foreign exchange rate changes | 557 | (21,781) | 13,455 | |||||||||||
Ending Balance | 2,575,367 | 3,729,589 | 2,575,367 | 2,506,656 | ||||||||||
Accumulated Depreciation: | ||||||||||||||
Beginning balance | (827,892) | (827,892) | (770,006) | (692,390) | ||||||||||
Depreciation expense | (114,512) | (87,355) | (86,169) | |||||||||||
Dispositions | 6,679 | 24,672 | 11,143 | |||||||||||
Impact of foreign exchange rate changes | (697) | 4,797 | (2,590) | |||||||||||
Ending balance | (827,892) | (936,422) | (827,892) | (770,006) | ||||||||||
Total Real Estate Facilities, Net at December 31 | 2,793,167 | 1,747,475 | 1,736,650 | |||||||||||
Total sale-leaseback financing obligations | 115,759 | 118,920 | ||||||||||||
Impairment of long-lived assets | $ 2,900 | 13,485 | 747 | 9,473 | ||||||||||
Gain (loss) on disposition of property | (900) | $ 8,400 | (34) | 7,471 | 43 | |||||||||
Operating facilities purchased | 13,800 | |||||||||||||
Intangible assets acquired | 269,164 | 0 | ||||||||||||
Reconciliation of Real Estate Activity | ||||||||||||||
Real estate facilities, at cost | 3,729,589 | |||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption | ||||||||||||||
Accumulated depreciation and depletion per Schedule III | (827,892) | (827,892) | (936,422) | (770,006) | (770,006) | (936,422) | (827,892) | (770,006) | ||||||
Accumulated depreciation and depletion - ending balance | (1,246,250) | |||||||||||||
Non-real estate assets | ||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: | ||||||||||||||
Total accumulated depreciation and depletion per consolidated balance sheet (property, buildings and equipment and capital leases) | (493,539) | |||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption | ||||||||||||||
Accumulated depreciation and depletion - ending balance | (493,539) | |||||||||||||
Buildings and improvements | ||||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||
Property, plant, and equipment | 2,696,732 | 1,849,749 | ||||||||||||
Building and improvements capital leases per consolidated balance sheet | 11,227 | |||||||||||||
Assets under construction | ||||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||
Property, plant, and equipment | 108,639 | 85,983 | ||||||||||||
Personal property assets under construction | ||||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||
Property, plant, and equipment | 9,936 | |||||||||||||
Warehouses | ||||||||||||||
Accumulated Depreciation: | ||||||||||||||
Impairment of long-lived assets | $ 700 | |||||||||||||
Gain (loss) on disposition of property | $ 8,400 | (900) | ||||||||||||
Operating facilities purchased | 9,500 | |||||||||||||
New facility acquired | $ 13,800 | 31,900 | ||||||||||||
Operating facilities disposed | $ 9,200 | |||||||||||||
Idle Warehouse | ||||||||||||||
Accumulated Depreciation: | ||||||||||||||
Impairment of long-lived assets | $ 2,900 | |||||||||||||
Number of facilities disposed | warehouse | 2 | |||||||||||||
Operating Warehouses | ||||||||||||||
Accumulated Depreciation: | ||||||||||||||
Number of facilities disposed | warehouse | 1 | |||||||||||||
Refrigeration Equipment | ||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: | ||||||||||||||
Total accumulated depreciation and depletion per consolidated balance sheet (property, buildings and equipment and capital leases) | (186,799) | |||||||||||||
Reconciliation of Real Estate Activity | ||||||||||||||
Real estate facilities, at cost | 409,865 | |||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption | ||||||||||||||
Accumulated depreciation and depletion - ending balance | (186,799) | |||||||||||||
Quarry Assets | ||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: | ||||||||||||||
Total accumulated depreciation and depletion per consolidated balance sheet (property, buildings and equipment and capital leases) | (3,088) | |||||||||||||
Reconciliation of Real Estate Activity | ||||||||||||||
Real estate facilities, at cost | 13,164 | |||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption | ||||||||||||||
Accumulated depreciation and depletion - ending balance | (3,088) | |||||||||||||
Real Estate | ||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: | ||||||||||||||
Total accumulated depreciation and depletion per consolidated balance sheet (property, buildings and equipment and capital leases) | (936,422) | (827,892) | (770,006) | |||||||||||
Reconciliation of Real Estate Activity | ||||||||||||||
Real estate facilities, at cost | 3,729,589 | 2,575,367 | 2,506,656 | |||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption | ||||||||||||||
Accumulated depreciation and depletion - ending balance | (936,422) | (827,892) | (770,006) | |||||||||||
In-place and above market lease | ||||||||||||||
Accumulated Depreciation: | ||||||||||||||
Intangible assets acquired | $ 3,900 | |||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Idle Warehouse | ||||||||||||||
Accumulated Depreciation: | ||||||||||||||
Facility held for sale | 2,600 | |||||||||||||
Assets Not Under Construction and Under Construction | ||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: | ||||||||||||||
Accumulated depreciation and depletion per Schedule III | (752,711) | (752,711) | ||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||
Total per Schedule III | 2,806,662 | |||||||||||||
Reconciliation of total mortgage notes and term loans to consolidated balance sheet caption as of December 31, 2018: | ||||||||||||||
Total per Schedule III | 283,443 | |||||||||||||
Accumulated Depreciation: | ||||||||||||||
Ending balance | (752,711) | |||||||||||||
Reconciliation of Real Estate Activity | ||||||||||||||
Total real estate facilities gross amount per Schedule III | 3,332,888 | |||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption | ||||||||||||||
Accumulated depreciation and depletion per Schedule III | $ (752,711) | (752,711) | ||||||||||||
Assets Under Construction | ||||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||
Total per Schedule III | 2,806,662 | |||||||||||||
PortFresh Holdings, LLC | ||||||||||||||
Accumulated Depreciation: | ||||||||||||||
Number of operating facilities purchased | facility | 1 | |||||||||||||
Operating facilities purchased | $ 35,000 | |||||||||||||
Cloverleaf | ||||||||||||||
Accumulated Depreciation: | ||||||||||||||
Number of operating facilities purchased | facility | 21 | |||||||||||||
Operating facilities purchased | $ 891,300 | |||||||||||||
Lanier Cold Storage | ||||||||||||||
Accumulated Depreciation: | ||||||||||||||
Number of operating facilities purchased | facility | 2 | |||||||||||||
Operating facilities purchased | $ 60,000 | |||||||||||||
MHW Group Inc. | ||||||||||||||
Accumulated Depreciation: | ||||||||||||||
Number of operating facilities purchased | facility | 2 | |||||||||||||
Sale Leaseback Transaction Accounted for as a Financing Lease | ||||||||||||||
Accumulated Depreciation: | ||||||||||||||
Total sale-leaseback financing obligations | 76,800 | $ 80,300 | $ 90,500 | |||||||||||
Variable Interest Entity, Primary Beneficiary | ||||||||||||||
Reconciliation of total mortgage notes and term loans to consolidated balance sheet caption as of December 31, 2018: | ||||||||||||||
Secured notes related to Monmouth, IL | $ 4,900 |