Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 6.4 | ||
Entity Common Stock, Shares Outstanding | 252,366,476 | ||
Documents Incorporated by Reference [Text Block] | Part III incorporates by reference portions of Americold Realty Trust’s Proxy Statement for its 2021 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 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Property, plant, and equipment | $ 6,148,812 | $ 4,149,214 |
Accumulated depreciation | (1,382,298) | (1,216,553) |
Property, buildings and equipment – net | 4,766,514 | 2,932,661 |
Operating lease right-of-use assets | 291,797 | 77,723 |
Accumulated depreciation – operating leases | (24,483) | (18,110) |
Operating leases – net | 267,314 | 59,613 |
Financing leases: | ||
Property, plant and equipment - gross | 169,929 | 88,038 |
Accumulated depreciation – financing leases | (40,937) | (29,697) |
Financing leases – net | 128,992 | 58,341 |
Cash, cash equivalents, and restricted cash | 621,051 | 240,613 |
Accounts receivable – net of allowance of $12,286 and $6,927 at December 31, 2020 and 2019, respectively | 324,221 | 214,842 |
Identifiable intangible assets – net | 797,423 | 284,758 |
Goodwill | 794,335 | 318,483 |
Investments in partially owned entities | 44,907 | 0 |
Other assets | 86,394 | 61,372 |
Total assets | 7,831,151 | 4,170,683 |
Liabilities: | ||
Borrowings under revolving line of credit | 0 | 0 |
Accounts payable and accrued expenses | 552,547 | 350,963 |
Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $15,952 and $12,996 in the aggregate, at December 31, 2020 and 2019, respectively | 2,648,266 | 1,695,447 |
Sale-leaseback financing obligations | 185,060 | 115,759 |
Present value of net minimum payments | 125,926 | 58,170 |
Total future minimum lease payments less interest | 269,147 | 62,342 |
Unearned revenue | 19,209 | 16,423 |
Pension and postretirement benefits | 9,145 | 12,706 |
Deferred tax liability – net | 220,502 | 17,119 |
Multiemployer pension plan withdrawal liability | 8,528 | 8,736 |
Total liabilities | 4,038,330 | 2,337,665 |
Commitments and contingencies (see Commitments and Contingencies footnote 19 ) | ||
Shareholders’ equity: | ||
Common shares of beneficial interest, $0.01 par value – 325,000,000 and 250,000,000 authorized shares; 251,702,603 and 191,799,909 issued and outstanding at December 31, 2020 and 2019, respectively | 2,517 | 1,918 |
Paid-in capital | 4,687,823 | 2,582,087 |
Accumulated deficit and distributions in excess of net earnings | (895,521) | (736,861) |
Accumulated other comprehensive loss | (4,379) | (14,126) |
Total shareholders’ equity | 3,790,440 | 1,833,018 |
Noncontrolling interests: | ||
Noncontrolling interests in operating partnership | 2,381 | 0 |
Total equity | 3,792,821 | 1,833,018 |
Total liabilities and equity | 7,831,151 | 4,170,683 |
Land | ||
Assets | ||
Property, plant, and equipment | 662,885 | 526,226 |
Buildings and improvements | ||
Assets | ||
Property, plant, and equipment | 4,004,824 | 2,696,732 |
Financing leases: | ||
Property, plant and equipment - gross | 60,513 | 11,227 |
Machinery and equipment | ||
Assets | ||
Property, plant, and equipment | 1,177,572 | 817,617 |
Financing leases: | ||
Property, plant and equipment - gross | 109,416 | 76,811 |
Assets under construction | ||
Assets | ||
Property, plant, and equipment | $ 303,531 | $ 108,639 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 12,286 | $ 6,927 |
Discount and deferred financing costs | $ 15,952 | $ 12,996 |
Common shares, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 325,000,000 | 250,000,000 |
Common shares, shares issued (in shares) | 251,702,603 | 191,799,909 |
Common shares, shares outstanding (in shares) | 251,702,603 | 191,799,909 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Revenues | $ 1,987,727 | $ 1,783,705 | $ 1,603,635 |
Operating expenses: | |||
Depreciation and amortization | 215,891 | 163,348 | 117,653 |
Selling, general and administrative | 144,738 | 129,310 | 110,825 |
Acquisition, litigation and other | 36,306 | 40,614 | 3,935 |
Impairment of long-lived assets | 8,236 | 13,485 | 747 |
(Gain) loss from sale of real estate | (22,124) | 34 | (7,471) |
Total operating expenses | 1,819,276 | 1,652,239 | 1,423,675 |
Operating income | 168,451 | 131,466 | 179,960 |
Other (expense) income: | |||
Interest expense | (91,481) | (94,408) | (93,312) |
Interest income | 1,162 | 6,286 | 3,996 |
Bridge loan commitment fees | (2,438) | (2,665) | 0 |
Loss on debt extinguishment, modifications and termination of derivative instruments | (9,975) | 0 | (47,559) |
Foreign currency exchange (loss) gain, net | (45,278) | 10 | 2,882 |
Other expense, net | (2,563) | (1,870) | (532) |
Loss from partially owned entities | (250) | (111) | (1,069) |
Gain from sale of partially owned entities | 0 | 4,297 | 0 |
Income before income tax benefit | 17,628 | 43,005 | 44,366 |
Income tax benefit: | |||
Current | (6,805) | (5,544) | 467 |
Deferred | 13,732 | 10,701 | 3,152 |
Total income tax benefit | 6,927 | 5,157 | 3,619 |
Net income | 24,555 | 48,162 | 47,985 |
Net income attributable to noncontrolling interests | 15 | 0 | 0 |
Net income attributable to Americold Realty Trust | 24,540 | 48,162 | 47,985 |
Less distributions on preferred shares of beneficial interest - Series A | 0 | 0 | (1) |
Less distributions on preferred shares of beneficial interest - Series B | 0 | 0 | (1,817) |
Net income available to common shareholders of beneficial interest | $ 24,540 | $ 48,162 | $ 46,167 |
Weighted average common shares outstanding – basic (in shares) | 203,255,000 | 179,598,000 | 141,415,000 |
Weighted average common shares outstanding – diluted (in shares) | 206,940,000 | 183,950,000 | 144,338,000 |
Net income per common share of beneficial interest - basic (in USD per share) | $ 0.11 | $ 0.26 | $ 0.31 |
Net income per common share of beneficial interest - diluted (in USD per share) | $ 0.11 | $ 0.26 | $ 0.31 |
Transportation services | |||
Operating expenses: | |||
Impairment of long-lived assets | $ 900 | ||
Operating Segments | |||
Revenues: | |||
Revenues | $ 1,987,727 | 1,783,705 | $ 1,603,635 |
Operating expenses: | |||
Operating income | 551,498 | 478,257 | 405,649 |
Operating Segments | Rent, storage and warehouse services | |||
Revenues: | |||
Revenues | 1,549,314 | 1,377,217 | 1,176,912 |
Operating expenses: | |||
Cost of operations | 1,028,981 | 929,626 | 802,378 |
Operating income | 520,333 | 447,591 | 374,534 |
Operating Segments | Third-party managed services | |||
Revenues: | |||
Revenues | 291,751 | 252,939 | 259,034 |
Operating expenses: | |||
Cost of operations | 279,523 | 241,178 | 244,274 |
Operating income | 12,228 | 11,761 | 14,760 |
Operating Segments | Transportation services | |||
Revenues: | |||
Revenues | 142,203 | 144,844 | 158,790 |
Operating expenses: | |||
Cost of operations | 123,396 | 126,777 | 143,055 |
Operating income | 18,807 | 18,067 | 15,735 |
Operating Segments | Other | |||
Revenues: | |||
Revenues | 4,459 | 8,705 | 8,899 |
Operating expenses: | |||
Cost of operations | 4,329 | 7,867 | 8,279 |
Operating income | $ 130 | $ 838 | $ 620 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 24,555 | $ 48,162 | $ 47,985 |
Other comprehensive income (loss) - net of tax: | |||
Adjustment to accrued pension liability | 1,433 | 3,269 | (901) |
Change in unrealized net gain (loss) on foreign currency | 9,944 | (3,388) | (11,640) |
Unrealized (loss) gain on cash flow hedge | (1,630) | (1,492) | 256 |
Other comprehensive income (loss) - net of tax | 9,747 | (1,611) | (12,285) |
Other comprehensive income attributable to noncontrolling interests | 4 | 0 | 0 |
Total comprehensive income attributable to Americold Realty Trust | $ 34,306 | $ 46,551 | $ 35,700 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Series A | Series B | Preferred Shares of Beneficial Interest Series A | Preferred Shares of Beneficial Interest Series ASeries A | Common Shares of Beneficial Interest | Common Shares of Beneficial InterestCumulative Effect, Period of Adoption, Adjustment | Paid-in Capital | Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment | Paid-in CapitalSeries A | Accumulated Deficit and Distributions in Excess of Net Earnings | Accumulated Deficit and Distributions in Excess of Net EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit and Distributions in Excess of Net EarningsSeries A | Accumulated Deficit and Distributions in Excess of Net EarningsSeries B | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest | Noncontrolling InterestCumulative Effect, Period of Adoption, Adjustment |
Beginning balance (in shares) at Dec. 31, 2017 | 125 | 69,370,609 | |||||||||||||||||
Beginning balance at Dec. 31, 2017 | $ (186,924) | $ 0 | $ 694 | $ 394,082 | $ (581,470) | $ (230) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net (loss) income | 47,985 | 47,985 | |||||||||||||||||
Other comprehensive income (loss) | (9,492) | (9,492) | |||||||||||||||||
Distribution on preferred shares of beneficial interest - Series A | $ (134) | $ (133) | $ (1) | ||||||||||||||||
Distribution on preferred shares of beneficial interest - Series A (in shares) | (125) | ||||||||||||||||||
Distributions on preferred shares of beneficial interest - Series B | $ (1,817) | $ (1,817) | |||||||||||||||||
Distributions on common shares of beneficial interest | (104,976) | (104,976) | |||||||||||||||||
Share-based compensation expense | 8,556 | 8,556 | |||||||||||||||||
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) | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 0 | 148,234,959 | |||||||||||||||||
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 (loss) income | 48,162 | 48,162 | |||||||||||||||||
Other comprehensive income (loss) | (1,611) | (1,611) | |||||||||||||||||
Distributions on common shares of beneficial interest | (146,590) | (146,590) | |||||||||||||||||
Share-based compensation expense | 12,822 | 12,822 | |||||||||||||||||
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 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 191,799,909 | ||||||||||||||||||
Ending balance at Dec. 31, 2019 | 1,833,018 | $ (500) | $ 1,918 | $ 0 | 2,582,087 | $ 0 | (736,861) | $ (500) | (14,126) | $ 0 | $ 0 | $ 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net (loss) income | 24,555 | 24,540 | 15 | ||||||||||||||||
Other comprehensive income (loss) | 9,751 | 9,747 | 4 | ||||||||||||||||
Distributions on common shares of beneficial interest | (182,941) | (182,700) | (241) | ||||||||||||||||
Share-based compensation expense | 17,862 | 15,259 | 2,603 | ||||||||||||||||
Common share issuance related to share-based payment plans, net of shares withheld for employee taxes | 292 | $ 6 | 286 | ||||||||||||||||
Common stock issuance related to share-based payment plans, net of shares withheld for employee taxes (in shares) | 574,599 | ||||||||||||||||||
Issuance of common shares | 1,578,659 | $ 451 | 1,578,208 | ||||||||||||||||
Issuance of common shares (in shares) | 45,161,428 | ||||||||||||||||||
Issuance of common shares as consideration in the Agro acquisition | 512,125 | $ 142 | 511,983 | ||||||||||||||||
Issuance of common shares as consideration in the Argo acquisition (in shares) | 14,166,667 | ||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 251,702,603 | ||||||||||||||||||
Ending balance at Dec. 31, 2020 | $ 3,792,821 | $ 2,517 | $ 4,687,823 | $ (895,521) | $ (4,379) | $ 2,381 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating activities: | |||
Net income | $ 24,555 | $ 48,162 | $ 47,985 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 215,891 | 163,348 | 117,653 |
Amortization of deferred financing costs and pension withdrawal liability | 5,147 | 6,028 | 6,177 |
Amortization of above/below market leases | 152 | 151 | 151 |
Loss on debt extinguishment and modification | 1,995 | 0 | 28,446 |
Loss (gain) from foreign exchange | 45,278 | (10) | (2,882) |
Loss from investments in partially owned entities | 250 | 111 | 1,069 |
Gain from sale of partially owned entities | 0 | (4,297) | 0 |
Share-based compensation expense | 17,897 | 12,822 | 8,639 |
Share-based compensation expense (modification of restricted stock units) | 0 | 3,044 | 2,042 |
Deferred tax benefit | (13,732) | (10,701) | (3,152) |
(Gain) loss from sale of real estate | (22,124) | 34 | (7,471) |
Loss (gain) on other asset disposals | 2,494 | 870 | (152) |
Impairment of long-lived assets | 8,236 | 13,485 | 747 |
Provision for doubtful accounts receivable | 5,356 | 1,218 | 2,324 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (12,897) | (3,681) | (1,940) |
Accounts payable and accrued expenses | 19,471 | 841 | (5,219) |
Other | (4,289) | 4,764 | (6,246) |
Net cash provided by operating activities | 293,680 | 236,189 | 188,171 |
Investing activities: | |||
Return of investment in joint venture | 0 | 2,000 | 0 |
Proceeds from sale of investments in partially owned entities | 154 | 14,250 | 0 |
Proceeds from sale of property, buildings and equipment | 80,193 | 1,151 | 19,513 |
Business combinations, net of cash acquired | (1,858,937) | (1,319,905) | 0 |
Acquisitions of property, buildings and equipment, net of cash acquired | (25,538) | (85,216) | 0 |
Additions to property, buildings and equipment | (376,817) | (217,214) | (145,216) |
Cash paid for investment in joint venture | (26,229) | 0 | 0 |
Net cash used in investing activities | (2,249,125) | (1,604,934) | (125,703) |
Financing activities: | |||
Distributions paid on common shares and noncontrolling interests in operating partnership | (167,086) | (135,443) | (76,523) |
Proceeds from revolving line of credit | 636,753 | 100,000 | 0 |
Repayment of revolving line of credit | (627,075) | (100,000) | 0 |
Proceeds from stock options exercised | 6,748 | 10,204 | 14,842 |
Remittance of withholding taxes related to employee share-based transactions | (6,953) | (7,063) | (12,680) |
Payment of underwriters’ costs | 0 | 0 | (8,205) |
Reimbursement of underwriters’ costs | 0 | 0 | 8,952 |
Repayment of sale-leaseback financing obligations | (3,774) | (3,161) | (2,595) |
Repayment of financing lease obligations | (19,970) | (13,339) | |
Repayment of financing lease obligations | (10,360) | ||
Payment of debt issuance costs | (10,076) | (2,062) | (16,563) |
Repayment of term loans, mortgage notes, notes payable and construction loans | (156,750) | (10,392) | (1,522,347) |
Proceeds from senior unsecured notes | 922,350 | 350,000 | 600,000 |
Proceeds from term loans | 177,075 | 0 | 525,000 |
Proceeds from construction loans | 0 | 0 | 1,097 |
Net proceeds from issuance of common shares | 1,578,659 | 1,206,627 | 586,275 |
Net cash provided by financing activities | 2,329,901 | 1,395,371 | 84,942 |
Net increase in cash, cash equivalents and restricted cash | 374,456 | 26,626 | 147,410 |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | 5,982 | (110) | (3,276) |
Cash, cash equivalents and restricted cash: | |||
Beginning of period | 240,613 | 214,097 | 69,963 |
End of period | 621,051 | 240,613 | 214,097 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Common shares issued as consideration for Agro acquisition | 512,125 | 0 | 0 |
Deferred cash consideration for foreign investment in real property tax | 49,710 | 0 | 0 |
Addition of property, buildings and equipment on accrual | 51,115 | 51,335 | 18,799 |
Addition of fixed assets under financing lease obligations | 38,858 | 30,416 | 13,290 |
Addition of fixed assets under operating lease obligations | 44,919 | 12,492 | 0 |
Supplemental disclosures of cash flows information: | |||
Interest paid – net of amounts capitalized | 82,775 | 68,016 | 85,595 |
Income taxes paid – net of refunds | 1,485 | 2,207 | 5,509 |
Allocation of purchase price of property, buildings and equipment to: | |||
Property, plant and equipment | 2,062,780 | 1,287,491 | |
Identifiable intangible assets | 528,657 | 269,164 | |
Allocation of purchase price to business combinations: | |||
Goodwill | 794,335 | 318,483 | 186,095 |
Net Investment Hedging | |||
Investing activities: | |||
Proceeds from settlement of hedge | 3,034 | 0 | 0 |
Cash Flow Hedging | |||
Investing activities: | |||
Proceeds from settlement of hedge | 877,365 | 0 | 0 |
Payments for settlement of hedge | (922,350) | 0 | 0 |
Series A | |||
Financing activities: | |||
Distributions paid on beneficial interest shares – preferred – Series A | 0 | 0 | (134) |
Series B | |||
Financing activities: | |||
Distributions paid on beneficial interest shares – preferred – Series B | 0 | 0 | $ (1,817) |
Asset Acquisitions | |||
Allocation of purchase price of property, buildings and equipment to: | |||
Identifiable intangible assets | 140 | 854 | |
Other assets and liabilities, net | 303 | 1,577 | |
Cash paid for acquisition of property, buildings and equipment | 25,638 | 86,810 | |
Business Acquisitions | |||
Allocation of purchase price to business combinations: | |||
Land | 167,989 | 65,074 | |
Buildings and improvements | 1,176,924 | 706,795 | |
Machinery and equipment | 322,652 | 162,389 | |
Assets under construction | 308 | 16,974 | |
Operating and finance lease right-of-use assets | 268,633 | 1,336 | |
Cash and cash equivalents | 57,456 | 4,977 | |
Restricted cash | 0 | 526 | |
Accounts receivable | 96,992 | 22,959 | |
Goodwill | 470,987 | 132,527 | |
Investments in partially owned entities | 21,638 | 0 | |
Other assets | 20,405 | 7,127 | |
Accounts payable and accrued expenses | (97,964) | (45,000) | |
Notes payable | 0 | (3,878) | |
Sale-leaseback financing obligations | (73,075) | 0 | |
Operating and financing lease obligations | (268,500) | (1,336) | |
Unearned revenue | (1,068) | (3,536) | |
Deferred tax liability | (213,666) | (9,782) | |
Total consideration, including common shares issued and deferred consideration | 2,478,228 | 1,325,408 | |
Customer relationships | |||
Allocation of purchase price of property, buildings and equipment to: | |||
Identifiable intangible assets | 528,518 | 266,633 | |
Customer relationships | Business Acquisitions | |||
Allocation of purchase price to business combinations: | |||
Acquired identifiable intangibles | 528,517 | 266,633 | |
Trade names and trademarks | |||
Allocation of purchase price of property, buildings and equipment to: | |||
Identifiable intangible assets | 0 | 1,623 | |
Trade names and trademarks | Business Acquisitions | |||
Allocation of purchase price to business combinations: | |||
Acquired identifiable intangibles | 0 | 1,623 | |
Land | Asset Acquisitions | |||
Allocation of purchase price of property, buildings and equipment to: | |||
Property, plant and equipment | 3,233 | 23,439 | |
Buildings and improvements | Asset Acquisitions | |||
Allocation of purchase price of property, buildings and equipment to: | |||
Property, plant and equipment | 15,940 | 41,913 | |
Machinery and equipment | Asset Acquisitions | |||
Allocation of purchase price of property, buildings and equipment to: | |||
Property, plant and equipment | $ 6,022 | $ 19,027 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2020 | |
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. 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, 2020, we operated a global network of 238 temperature-controlled warehouses encompassing over 1.4 billion cubic feet, with 194 warehouses in North America, 26 in Europe, 15 warehouses in Asia-Pacific, and 3 warehouses in South America. 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, 2020. Americold Realty Operations, Inc., a Delaware corporation and wholly-owned subsidiary of the REIT, is a limited partner of the Operating Partnership, owning less than 1% of the common general partnership interests as of December 31, 2020. Additionally, the aggregate partnership interests of all other limited partners was less than 0.1% as of December 31, 2020. 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. 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. The terms “Americold,” the “Company,” “we,” “our” and “us” refer to Americold Realty Trust and all of its consolidated subsidiaries, including 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. The Company grants Operating Partnership Profit Units (OP Units) to certain members of the Board of Trustees and certain members of management of the Company, which are described further in Note 15. These units represent noncontrolling interests in the Operating Partnership that are not owned by Americold Realty Trust. On March 9, 2020, the Company filed Articles of Amendment to the Company’s Amended and Restated Declaration of Trust with the State Department of Assessments and Taxation of Maryland to increase the number of authorized common shares of beneficial interest, $0.01 par value per share, from 250,000,000 to 325,000,000. The Articles of Amendment were effective upon filing. The Company also has 25,000,000 authorized preferred shares of beneficial interest, $0.01 par value per share; however, none are issued or outstanding as of December 31, 2020. The Operating Partnership includes numerous disregarded entities (“DRE”). Additionally, the Operating Partnership conducts various business activities in North America, Europe, Asia-Pacific, and South America through several wholly-owned taxable REIT subsidiaries (TRSs). Recent Capital Markets Activity 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 an ATM Equity Program (“the 2019 ATM Equity Program”). Sales of our common shares made pursuant to the 2019 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. There were no common shares sold under the 2019 ATM Equity Program. On April 16, 2020, the 2019 ATM Equity Program was terminated and replaced with the 2020 ATM Equity Program. Under the 2020 ATM Equity Program, we may sell, from time to time, up to an aggregate sales price of $500.0 million of the Company’s common shares. We intend to use the net proceeds from sales of our common shares pursuant to the 2020 ATM Equity Program for general corporate purposes, which may include funding acquisitions and development projects. During the year ended December 31, 2020, there were 7,440,532 common shares sold under the 2020 ATM Equity Program, resulting in gross proceeds of $272.6 million. The proceeds were offset by equity issuance costs of $3.0 million. Included in the shares sold under the 2020 ATM Equity Program were forward sale agreements in connection with the 2020 ATM Equity Program to sell 4,346,101 common shares for gross proceeds of $162.2 million. During the year ended December 31, 2020, the Company settled 5,011,428 common shares for gross proceeds of $183.0 million under its ATM equity program. Pursuant to the respective forward sale agreements, the remaining 2,428,604 of shares must be settled by September 1, 2021 for gross proceeds of $89.6 million. After considering the common shares issued during 2020 and the shares subject to the forward sale agreements, the Company had approximately $227.4 million of availability remaining for distribution under the 2020 ATM Equity Program as of December 31, 2020. Universal Shelf Registration Statement In connection with filing the ATM Equity Offering Sales Agreement on April 16, 2020, the Company and the Operating Partnership filed with the SEC an automatic shelf registration statement on Form S-3 (Registration Nos. 333-237704 and 333-237704-01) (the “Registration Statement”), registering an indeterminate amount of (i) the Company’s common shares of beneficial interest, $0.01 par value per share, (ii) the Company’s preferred shares of beneficial interest, $0.01 par value per share, (iii) depositary shares representing entitlement to all rights and preferences of fractions of the Company’s preferred shares of a specified series and represented by depositary receipts, (iv) warrants to purchase the Company’s common shares or preferred shares or depositary shares and (v) debt securities of the Operating Partnership, which will be fully and unconditionally guaranteed by the Company. October 2020 Follow-On Public Offering On October 13, 2020, the Company completed an underwritten registered public offering pursuant to forward sale agreements in which the forward purchasers borrowed and sold to the underwriters in the public offering 31,900,000 common shares, as well as an option for the underwriters to purchase 4,785,000 additional common shares. The initial forward sale price was $36.67 per share, which is the public offering price per share, less the underwriting discount per share. On November 9, 2020, the underwriters exercised in full its option to purchase the additional 4,785,000 common shares. The initial forward for 31,900,000 common shares was settled on December 29, 2020, and the proceeds were used to fund the cash portion of the Agro Merchants Group (“Agro”) acquisition, which closed on December 30, 2020. The 4,785,000 forward shares remain outstanding as of December 31, 2020. Agro Acquisition Shares In the Agro transaction, the Company acquired 46 temperature-controlled facilities operated in the United States, Europe, Asia-Pacific, and South America, and a minority equity interest in a Brazilian joint venture. In addition to the cash portion of the purchase price of the Agro acquisition discussed above, at closing on December 30, 2020, the Company also issued 14,166,667 common shares (the “Acquisition Shares”) to Oaktree Capital Management L.P. (“Oaktree”) and Agro management. Recent Acquisitions and Investments in Joint Ventures On December 30, 2020, the Company completed the acquisition of privately-held Agro from an investor group led by funds managed by Oaktree for consideration of $1.59 billion , in cluding cash received of $47.5 million. This was comprised of cash consideration totaling $1.08 billion, of which $49.7 million was deferred, and the issuance of 14,166,667 common shares of beneficial interest to Oaktree and Agro management, with a fair value of $512.1 million based upon the closing share price on December 29, 2020 of $36.15. Financing lease and sale-leaseback obligations associated with the acquisition totaled $119.9 million and when added to the total consideration transferred brings the total transaction cost to approximately $1.7 billion. On November 2, 2020, the Company acquired Hall’s Warehouse Corporation (Hall’s) for $489.2 million. The acquisition was funded using proceeds from our 2020 ATM equity forward sale agreements combined with funds drawn on our 2020 Senior Unsecured Revolving Credit Facility. On August 31, 2020, the Company acquired AM-C Warehouses (AM-C) for approximately $82.7 million. The acquisition was funded using cash on hand. On August 31, 2020, the Company acquired Caspers Cold Storage (Caspers) for $25.6 million. The consideration paid by the company was funded using cash on hand. On March 6, 2020, the Company acquired a 14.99% ownership interest in Superfrio Armazéns Gerais S.A. (SuperFrio) for Brazil Reals of R$117.8 million, or approximately USD $25.7 million, inclusive of certain legal fees. The investment was funded using cash on hand. On January 2, 2020, the Company completed the purchase of all outstanding membership interests of Newport Cold for cash consideration of $57.7 million. The acquisition was funded using cash on hand. On January 2, 2020, the Company completed the purchase of all outstanding shares of Nova Cold for C$338.7 million ($260.6 million USD). 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 and cash on hand. On November 19, 2019, the Company acquired MHW Group Inc. (MHW). The Company paid aggregate cash consideration of approximately $51.6 million. The acquisition was funded using cash on hand. On May 1, 2019, the Company acquired Lanier Cold Storage (Lanier). The Company paid aggregate cash consideration of approximately $82.5 million. The acquisition was funded using cash on hand. 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. The acquisition 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 February 1, 2019, the Company acquired PortFresh Holdings, LLC (PortFresh). The Company paid aggregate cash consideration of $35.9 million. The acquisition was funded using cash on hand. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries where the Company exerts control. Investments in which the Company does not have control, and is not considered to be the primary beneficiary of a Variable Interest Entity (VIE), but where the Company exercises significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. Intercompany balances and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant Risks and Uncertainties The COVID-19 pandemic has caused, and is likely to continue to cause severe economic, market and other disruptions worldwide, which could lead to material impairments of our assets, increases in our allowance for credit losses and changes in judgments in determining the fair value of our assets. Conditions in the bank lending, capital and other financial markets may deteriorate, and our access to capital and other sources of funding may become constrained or more costly, which could materially and adversely affect the availability and terms of future borrowings, renewals, re-financings and other capital raises. The Company is closely monitoring the impact of the ongoing COVID-19 pandemic on all aspects of its business in all geographies, including how it will impact its customers and business partners. While the Company did not incur significant disruptions during the year ended December 31, 2020 from the COVID-19 pandemic, it continues to incur elevated labor related costs and incremental health and safety supplies costs but otherwise is unable to further predict the impact that the COVID-19 pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. The extent to which COVID-19 impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted with any degree of confidence, including the scope, severity, duration and geographies of the outbreak, the actions taken to contain the COVID-19 pandemic or mitigate its impact as requested or mandated by governmental authorities or otherwise voluntarily taken by individuals or businesses, and the direct and indirect economic effects of the illness and containment measures, among others. As a result, we cannot at this time predict the impact of the COVID-19 pandemic, but it could have a material adverse effect on our business, financial condition, liquidity, results of operations and prospects. 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, 2020, 2019 and 2018, the Company recorded depreciation expense of $198.8 million, $153.9 million and $116.0 million, respectively. 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 a component of operating expenses. 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 $7.3 million, $6.4 million and $5.2 million for 2020, 2019 and 2018, respectively, and is included in “Depreciation and amortization” on the accompanying Consolidated Statements of Operations. Activity in real estate facilities during the years ended December 31, 2020 and 2019 is as follows: 2020 2019 (In thousands) Operating facilities, at cost: Beginning balance $ 3,729,589 $ 2,575,367 Capital expenditures 287,220 177,268 Acquisitions 1,662,650 975,045 Newly developed warehouse facilities 58,807 21,316 Disposition (62,225) (7,409) Impairment (2,153) (12,555) Conversion of leased assets to owned 7,956 — Impact of foreign exchange rate changes 24,916 557 Ending balance 5,706,760 3,729,589 Accumulated depreciation: Beginning balance (936,422) (827,892) Depreciation expense (146,237) (114,512) Dispositions 8,731 6,679 Impact of foreign exchange rate changes (6,994) (697) Ending balance (1,080,922) (936,422) Total real estate facilities $ 4,625,838 $ 2,793,167 Non-real estate assets 296,212 197,835 Total property, buildings and equipment and finance leases, net $ 4,922,050 $ 2,991,002 The total real estate facilities amounts in the table above include $165.2 million and $76.8 million of assets under sale-leaseback agreements accounted for as a financing lease as of December 31, 2020 and 2019, respectively. The Company does not hold title in these assets under sale-leaseback agreements. The Company recognized an impairment charge of $3.7 million of Other segment assets related to the sale of the quarry completed on July 1, 2020, which resulted in a write-off of primarily “Land” on the accompanying Consolidated Balance Sheets. Additionally, the Company recognized an impairment charge of $2.1 million of Managed segment assets related to the exit of two Canadian facilities; the write-off was primarily related to “Machinery and equipment” on the accompanying Consolidated Balance Sheets. During the fourth quarter of 2020, the Company recognized an impairment charge of $1.2 million of Warehouse segment assets for costs incurred on a potential development project which the Company determined it would not move forward with; the write-off primarily related to “Assets under construction” on the accompanying Consolidated Balance Sheets. Additionally, during the fourth quarter of 2020, the Company recognized impairment of $0.5 million of Warehouse segment assets related to refrigeration that were subsequently deemed unusable following the sale and exit of the Boston warehouse, which primarily impacted “Machinery and equipment” on the accompanying Consolidated Balance Sheets. Finally, the Company recognized an impairment charge of $0.5 million of Warehouse segment assets primarily related to a development project with which the Company decided not to move forward, which was recorded under “Land” on the accompanying Consolidated Balance Sheets. The Boston facility was sold for a gain of $20.1 million, which was recorded to “Gain on sale of real estate” in the accompanying Consolidated Statement of Operations, and primarily related to “Buildings and improvements” with lesser amounts related to “Machinery and equipment” and “Land” on the accompanying Consolidated Balance Sheets. In January 2020, the Company acquired four facilities, one of which was leased, in connection with the Nova Cold Acquisition, with total property, buildings and equipment of $171.9 million. Additionally in January 2020, the Company acquired one facility in connection with the Newport Acquisition, with total property, buildings and equipment of $30.2 million. In August 2020, the Company acquired two facilities in connection with the AM-C Warehouse Acquisition, with total property, buildings and equipment of $53.2 million. Additionally in August 2020, the Company acquired a single facility in connection with the Caspers Acquisition, with total property, buildings and equipment of $25.2 million. During the third quarter of 2020, the Company purchased two international facilities that were previously operated under a lease agreement for $8.1 million. During November 2020, the Company acquired eight facilities in connection with the Hall’s Acquisition, three of which were leased, with total property, buildings and equipment of $332.7 million. On December 30, 2020, the Company completed the Agro Acquisition, with total property, buildings and equipment of $1.08 billion. In addition to selling and purchasing facilities, the Company also continued investing in development projects. During the first quarter of 2020, the Company commenced operations in a public facility in Columbus, OH which was acquired as part of the Cloverleaf acquisition, which cost approximately $7.0 million to construct. In addition, the Company commenced operations in a distribution facility in Savannah, GA, which was built on land that was acquired as part of the PortFresh acquisition, and cost approximately $69.5 million to construct. During the second quarter of 2020, the Company announced its agreement with Ahold Delhaize to build two fully automated build-to-suit warehouses in Lancaster, PA and Plainville, CT. Through December 31, 2020, the Company had invested $73.3 million and $74.8 million in these projects, respectively. During 2020, the Company commenced construction on its Auckland, New Zealand expansion. Through December 31, 2020, approximately $22.0 million was invested in this project. In addition, during the fourth quarter of 2020, the Company announced two additional expansion projects in Russellville, Arkansas and Calgary, Canada. Through December 31, 2020, the Company has invested approximately $11.7 million in the Russellville expansion and $1.5 million in the Calgary expansion. 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 $92.8 million as of December 31, 2020. During the fourth quarter of 2019, the Company completed expansion projects at two legacy Cloverleaf facilities, Chesapeake, Virginia which totaled $26.2 million and North Little Rock, Arkansas which totaled $19.2 million. 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 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, 2020, 2019 and 2018, the Company recorded charges of $8.2 million, $13.5 million and $0.7 million, respectively, as “Impairment of long-lived assets” on the accompanying Consolidated Statements of Operations. Reference the paragraph above within the properties discussion for further details on impairment charges for the year ended December 31, 2020. During the year ended December 31, 2019, the Company recorded impairment charges of $13.5 million, of which $12.6 million was related to Warehouse segment assets, and $0.9 million was related to Transportation segment assets. 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. 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 2020, 2019 and 2018, we capitalized interest of approximately $4.0 million, $3.3 million, and $3.2 million, respectively. During the years ended 2020, 2019 and 2018, we capitalized amounts relating to compensation and travel expense of associates direct and incremental to development of properties of approximately $0.9 million, $0.5 million, and $0.6 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. 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. Asset Acquisitions The Company acquired Caspers Warehouse in an asset acquisition on August 31, 2020 for $25.6 million. The cost incurred in connection with this asset acquisition was allocated primarily to property, buildings and equipment. The Company acquired MHW in an asset acquisition on November 19, 2019 for $51.6 million. The cost incurred in connection with this asset acquisition was allocated primarily to property, buildings and equipment. Additionally, the purchase agreement included a call option to purchase land from the holder of the ground lease for $4.1 million, which was exercised in January 2020. The Company acquired PortFresh in an asset acquisition on February 1, 2019 for $35.9 million. The cost incurred in connection with this asset acquisition was allocated primarily to property, buildings and equipment. Bridge Loan Commitment Fees During the fourth quarter of 2020, we incurred costs of $2.4 million related to unused bridge loan commitment fees in connection with the potential funding need to complete the Agro Acquisition which ultimately was not utilized. During the second quarter of 2019, we incurred costs of $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, 2020 and 2019, the Company held $88.6 million and $34.1 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 17 for further details of the New Market Tax Credit. Restricted cash balances as of December 31, 2020 and 2019 are as follows: 2020 2019 (In thousands) 2013 mortgage notes’ escrow accounts $ 1,157 $ 877 2013 mortgage notes’ cash managed accounts 2,393 2,343 Cash on deposit for workers’ compensation program in Australia 3,034 2,525 New market tax credit reserve accounts 584 565 Cash on deposit for workers’ compensation program in United States 1,390 — Agro Europe 2,956 — Total restricted cash $ 11,514 $ 6,310 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, 2018 $ 5,309 1,969 (1,572) $ 5,706 Year ended December 31, 2019 $ 5,706 3,608 (2,387) $ 6,927 Year ended December 31, 2020 $ 6,927 7,161 (1,802) $ 12,286 The Company records interest on delinquent billings within “Interest income” in the accompanying 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, 2020 and 2019, 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, 2020, 2019 and 2018. Finite-Lived Assets Customer relationship assets are the Company’s largest finite-lived assets and are amortized over 18 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, 2020, 2019 and 2018 was $15.3 million, $7.9 million and $0.8 million, respectively. The weighted-average remaining life of the customer relationship assets is 24.3 years as of December 31, 2020. 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, 2020, 2019 and 2018. 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, 2020, 2019 or 2018. 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 debt are offset against the related principal balance, 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 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 charge would be recorded for the difference in the fair value and carrying value. If the reporting unit carrying value exceeds the reporting unit fair value an impairment charge is recorded for the difference between fair value and carrying value, limited to the amount of goodwill in the reporting unit. There were no goodwill impairment charges for the years ended December 31, 2020, 2019 and 2018. 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). The Company made an accounting policy election to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (e.g., sales, use, value added, some excise taxes). 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, management fees, 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 f |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisitions Completed During 2020 Acquisition of Nova Cold The Company completed the acquisition of privately-held Nova Cold on January 2, 2020 for total cash consideration of approximately C$338.7 million, including cash received of C$1.3 million, or $260.6 million USD including cash received of $1.0 million based upon the exchange rate between the CAD and USD on the closing date of the transaction. The acquisition accounting related to the consideration transferred primarily included $34.8 million of land, $106.1 million of buildings and improvements, $30.6 million of machinery and equipment, $64.6 million of goodwill, $53.9 million of a customer relationship intangible asset and $33.0 million of deferred tax liabilities, all of which are allocated to the Warehouse segment. The customer relationship asset has been assigned a useful life of 25 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 expanded presence in the Canada market and leveraging integration experience to drive synergies. The Nova Cold acquisition was completed through the acquisition of stock in Canada; as a result, no tax basis in goodwill exists for Canadian tax purposes. Deferred taxes may not be recorded for deductible goodwill unless the tax basis exceeds the book basis; therefore, the Company recorded no deferred taxes for tax deductible goodwill for Canadian tax purposes. Deductible goodwill exists for U.S. federal income tax purposes and will be available to reduce taxable income at the REIT, including any Global Intangible Low-Taxed Income (“GILTI”) inclusion associated with the foreign TRS acquired. The acquisition accounting was finalized within one year from the date of acquisition and is reflected within the Consolidated Financial Statements for the year ended December 31, 2020. We have included the financial results of the acquired operations in our Warehouse segment since the date of the acquisition. During the year ended December 31, 2020, the Company recorded a measurement period adjustment of $9.0 million as a reduction to its opening deferred tax liability of $42.0 million originally recorded related to basis differences in fixed assets and net operating loss carryforwards. The adjustments recorded during the measurement period did not have a significant impact on our Consolidated Financial Statements for the year ended December 31, 2020. Acquisition of Newport The Company completed the acquisition of privately-held Newport on January 2, 2020 for total cash consideration of $57.7 million, including cash received of $1.0 million. The acquisition accounting related to the consideration transferred primarily included $30.2 million of property, buildings and equipment, $18.7 million of a customer relationship asset and $7.1 million of goodwill, each of which are allocated to the Warehouse segment. The customer relationship intangible asset has been assigned a useful life of 25 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 expanded presence in the Minneapolis-St. Paul market and leveraging integration experience to drive synergies. The Newport acquisition was completed through the acquisition of all of the membership interests of certain limited liability companies; the acquisition of all the membership interests 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; therefore, the Company recorded no deferred taxes for tax deductible goodwill as a result. Deductible goodwill will be available to reduce taxable income at both the REIT and its domestic TRS. The acquisition accounting was 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 acquisition. The adjustments recorded during the measurement period did not have a significant impact on our Consolidated Financial Statements for the year ended December 31, 2020. Acquisition of AM-C Warehouses The Company completed the acquisition of privately-held AM-C Warehouses on August 31, 2020 for total cash consideration of $82.7 million. The preliminary acquisition accounting related to the consideration transferred primarily included $53.2 million of property, buildings and equipment, $19.7 million of a customer relationship asset and $10.4 million of goodwill, each of which are allocated to the Warehouse segment. The customer relationship intangible asset has been preliminarily assigned a useful life of 25 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 expanded presence in the Dallas - Fort Worth market. The AM-C acquisition was completed through the acquisition of substantially all of the assets from the seller and the acquisition allowed 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; therefore, the Company recorded no deferred taxes for tax deductible goodwill as a result. Deductible goodwill will be available to reduce taxable income at both the REIT and its domestic TRS. 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 acquisition accounting 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 date. The preliminary acquisition accounting 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 acquisition. The adjustments recorded during the measurement period did not have a significant impact on our Consolidated Financial Statements for the year ended December 31, 2020. Acquisition of Hall’s Warehouses The Company completed the acquisition of Hall’s Warehouses on November 2, 2020 for total cash consideration of $489.2 million, including cash received of $7.9 million. A summary of the preliminary fair values of the assets acquired and liabilities assumed is as follows (in thousands): Preliminary Amounts Recognized as of the Assets Land $ 29,352 Buildings and improvements 239,708 Machinery and equipment 63,596 Operating lease right-of-use assets 26,400 Cash and cash equivalents 7,894 Accounts receivable 11,894 Goodwill 42,737 Acquired identifiable intangibles: Customer relationships 102,732 Other assets 303 Total assets 524,616 Liabilities Accounts payable and accrued expenses 4,006 Operating lease obligations 26,400 Deferred tax liability 5,012 Total liabilities 35,418 Total consideration for the Hall’s acquisition $ 489,198 The preliminary acquisition accounting is based upon the Company’s estimates of fair value. The estimated fair values of the assets acquired and liabilities assumed and the related preliminary acquisition accounting are based on management’s estimates and assumptions, as well as other information compiled by management, including the books and records of Hall’s. Our estimates and assumptions are subject to change during the measurement period, not to exceed one year from the acquisition date. The primary areas of the preliminary acquisition accounting that are not yet finalized relate to the following: (i) finalizing the review and valuation of land, land improvements, building and machinery and equipment (including the models, key assumptions, estimates and inputs used) and assignment of remaining useful lives associated with the depreciable assets, (ii) finalizing the review and valuation of customer related intangible assets (including key assumptions, inputs and estimates), (iii) finalizing the valuation of certain in-place contracts or contractual relationships (including but not limited to leases), including determining the appropriate amortization period, (iv) finalizing our review of certain assets acquired and liabilities assumed, (v) finalizing the evaluation and valuation of certain legal matters and/or other loss contingencies, including those that we may not yet be aware of but meet the requirement to quality as a pre-acquisition contingency, and (vi) finalizing our estimate of the impact of acquisition accounting on deferred income taxes or liabilities. As the initial acquisition accounting is based on our preliminary assessments, actual values may differ (possibly materially) when final information becomes available that differs from our current estimates. Additionally, the total consideration transferred is subject to certain post-close adjustments. We believe that the information gathered to date provides a reasonable basis for estimating the preliminary fair values of assets acquired and liabilities assumed. We will continue to evaluate these items until they are satisfactorily resolved and adjust our acquisition accounting accordingly, within the allowable measurement period (not to exceed one year from the date of acquisition), as defined by ASC 805. The customer relationship intangible asset has been preliminarily assigned a preliminary useful life of 25 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 expanded presence in the New Jersey market. We have included the financial results of the acquired operations in our Warehouse and Transportation segments since the date of the acquisition. This transaction will allow us to grow our market share with key customers while diversifying our overall customer base. All of the acquired facilities are located within 15 miles of each other and 30 miles of Newark Port. The Hall’s acquisition was completed through the acquisition of the outstanding stock of certain Hall’s entities and the direct purchase of real estate assets from the sellers. The acquisition allowed a portion of the goodwill recorded to be deductible for federal income tax purposes. Deductible goodwill will be available to reduce taxable income at both the REIT and potentially the domestic TRS. Acquisition of Agro The Company completed the acquisition of Agro on December 30, 2020 for total consideration of $1.59 billion , including cash received of $47.5 million. This was comprised of cash consideration totaling $1.08 billion, of which $49.7 million was deferred, and the issuance of 14,166,667 common shares of beneficial interest to Oaktree, with a fair value of $512.1 million based upon the closing share price on December 29, 2020 of $36.15. Financing lease and sale-leaseback obligations associated with the acquisition totaled $119.9 million, as indicated in the table below, and when added to the total consideration transferred brings the total transaction cost to approximately $1.7 billion. A summary of the preliminary fair values of the assets acquired and liabilities assumed is as follows (in thousands): Preliminary Amounts Recognized as of the Assets Land $ 95,286 Buildings and improvements 778,170 Machinery and equipment 206,453 Operating lease right-of-use assets 191,229 Financing lease asset 46,845 Cash and cash equivalents 47,534 Accounts receivable 78,423 Goodwill 346,673 Acquired identifiable intangibles: Customer relationships 333,501 Investment in partially owned entities 21,638 Other assets 20,038 Total assets 2,165,790 Liabilities Accounts payable and accrued expenses 90,860 Operating lease obligations 191,229 Financing lease obligations 46,845 Sale-leaseback obligations 73,075 Deferred tax liability 175,719 Total liabilities 577,728 Total consideration for the Agro acquisition $ 1,588,062 The fair values of the assets acquired and liabilities assumed and the related preliminary acquisition accounting are based on management’s estimates and assumptions, as well as other information compiled by management, including information from prior valuations of similar entities and the books and records of Agro. Our estimates and assumptions are subject to change during the measurement period, not to exceed one year from the acquisition date. The primary areas of the acquisition accounting that are not yet finalized relate to the following: (i) finalizing the review and valuation of land, land improvements, building and machinery and equipment (including the models, key assumptions, estimates and inputs used) and assignment of remaining useful lives associated with the depreciable assets, (ii) finalizing the review and valuation of customer related intangible assets (including key assumptions, inputs and estimates), (iii) finalizing our review of certain assets acquired and liabilities assumed, (iv) finalizing the valuation of certain in-place contracts or contractual relationships (including but not limited to leases), including determining the appropriate amortization period, (v) finalizing the evaluation and valuation of certain legal matters and/or other loss contingencies, including those that we may not yet be aware of but meet the requirement to quality as a pre-acquisition contingency, and (vi) finalizing our estimate of the impact of acquisition accounting on deferred income taxes or liabilities. To the extent possible, estimates or amounts recorded in Agro’s books have been considered and recorded, as appropriate, for the items above based on the information available as of December 31, 2020. As the initial acquisition accounting is based on our preliminary assessments, actual values may differ (possibly materially) when final information becomes available. We believe that the information gathered to date provides a reasonable basis for estimating the preliminary fair values of assets acquired and liabilities assumed. We will continue to evaluate these items until they are satisfactorily resolved and adjust our acquisition accounting accordingly, within the allowable measurement period (not to exceed one year from the date of acquisition), as defined by ASC 805. As shown above, the Company recorded approximately $346.7 million of goodwill related to the Agro Acquisition. There are several strategic benefits of the acquisition. It allows the Company to establish a strategic footprint in Europe, which enhances its ability to serve their multinational customers on a global scale. It also adds depth to the existing networks in North America, Australia and South America. Additionally, the portfolio comes with significant growth opportunities through potential future acquisitions, given Europe's fragmented temperature controlled storage industry. These factors contributed to the goodwill that was recorded upon consummation of the transaction. The Agro Acquisition was completed through the acquisition of stock of various Agro entities in the U.S. and foreign jurisdictions; as a result, no tax basis exists in each of these jurisdictions for tax purposes, except for minimal tax basis that existed prior to the acquisition. Goodwill for the Agro Acquisition has not yet been assigned to reporting units as of December 31, 2020 given the short period of time between the acquisition date, December 30, 2020, and year-end; however, we expect that the goodwill will be assigned to the Warehouse and Transportation segments during the measurement period. The Company’s deemed asset elections for the foreign operations under IRC section 338 will reduce the US income taxability of future foreign profits under the Global Intangible Low-Taxed Income (“GILTI”) regime. Also shown above, in connection with the Agro Acquisition the Company recorded an intangible asset of approximately $333.5 million for customer relationships which has been assigned a preliminary useful life of 25 years and will be amortized on a straight-line basis. Based on the discussion under goodwill above, the Agro Acquisition resulted in federal income tax deductibility for a minimal portion of the intangible assets. The deductible intangible assets will be available to reduce taxable income for the REIT and reduce any GILTI inclusion in the US associated with foreign entities acquired. Acquisitions Completed During 2019 Acquisition of Cloverleaf The Company completed the acquisition of privately-held Cloverleaf on May 1, 2019. A summary of the final fair values of the assets acquired and liabilities assumed for total cash consideration of $1.24 billion, as well as adjustments made during the measurement period, is as follows (in thousands): Amounts Recognized as of the Measurement Period Adjustments (1) Final 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 18,453 126,096 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 (5,572) 1,304,073 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 (39) 9,024 Total liabilities 63,957 (2,762) 61,195 Total consideration for Cloverleaf acquisition $ 1,245,688 $ (2,810) $ 1,242,878 (1) The adjustments recorded during the measurement period did not have a significant impact on our Consolidated Financial Statements for the year ended December 31, 2020. The measurement period ended one year after the Cloverleaf Acquisition, on April 30, 2020. (2) The measurement period adjustments were primarily due to refinements to third party appraisals and refinements in 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. All adjustments recorded during the measurement period were not material to the Consolidated Financial Statements. The final purchase price allocation is presented within the table above. As shown above, the Company recorded approximately $126.1 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 were developed in 2020, and leverage integration experience to drive synergies. 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. Acquisition of Lanier The Company completed the acquisition of privately-held Lanier on May 1, 2019 for total cash consideration of $82.5 million, inclusive of cash received of $0.6 million. 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. 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. All adjustments recorded subsequent to the acquisition date were not material to the Consolidated Financial Statements. The final purchase price allocation was completed within one year from the date of acquisition and is reflected within our Consolidated Financial Statements as of December 31, 2020. We have included the financial results of the acquired operations in our Warehouse segment since the date of the acquisition. Pro Forma Consolidated Results (Unaudited) The following table presents the unaudited pro forma financial results as if the 2020 acquisition of Agro and Cloverleaf had occurred on January 1, 2019. 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 acquisitions of Cloverleaf and Agro. 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 AM-C, Halls and Lanier acquisitions, which were deemed immaterial individually and in the aggregate based on quantitative and qualitative considerations. Additionally, the Company has not presented pro forma combined results of operations for the acquisitions of Nova Cold and Newport, because the results of operations as reported in the accompanying Consolidated Statements of Operations would not have been materially different. These statements are provided for illustrative purposes only and do not purport to represent what the actual Consolidated Statements of Operations of the Company would have been had the Agro and Cloverleaf acquisitions occurred on the dates assumed, nor are they necessarily indicative of what the results of operations would be for any future periods. Pro forma (unaudited) (in thousands, except per share data) Year Ended December 31, 2020 2019 Total revenue $ 2,517,351 $ 2,380,458 Net income $ 8,831 $ 79,671 Net income per share, diluted (2) $ 0.04 $ 0.33 (1) Pro forma net income available to common shareholders was adjusted to exclude $22.7 million of acquisition related costs incurred by the Company in connection with the Agro Acquisition during the year ended December 31, 2020, and to include these charges in pro forma net income for the year ended December 31, 2019. Pro forma net income available to common shareholders was adjusted to exclude $36.8 million of acquisition related costs incurred by Agro in connection with the Agro Acquisition during the year ended December 31, 2020. Pro forma net income available to common shareholders was adjusted to exclude $26.6 million of acquisition related costs incurred by the Company in connection with the Cloverleaf Acquisition during the year ended December 31, 2019. (2) Adjusted to give effect to the issuance of 46.1 million common shares in connection with the Agro Acquisition and 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. The revenues and net income associated with properties and operations acquired in the Agro Acquisition included in the Consolidated Statements of Operations for the year ended December 31, 2020 was immaterial as the acquisition closed on December 30, 2020. |
Investments in Partially Owned
Investments in Partially Owned Entities | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Partially Owned Entities | Investments in Partially Owned Entities As of December 31, 2020, our investment in partially owned entities accounted for under the equity method of accounting presented in our Consolidated Balance Sheets consists of the following (in thousands): Joint Venture Location % Ownership December 31, 2020 Superfrio Brazil 14.99% $23,269 Comfrio Brazil 22.12% $21,638 Superfrio Joint Venture During the first quarter of 2020, the Company purchased a 14.99% equity interest in a joint venture with Superfrio Armazéns Gerais S.A. (“SuperFrio” or “Brazil JV”) for Brazil reals of R$117.8 million. Including certain transaction costs, the Company recorded an initial investment of USD $25.7 million in the joint venture. SuperFrio is a Brazilian-based company that provides temperature-controlled storage and logistics services including storage, warehouse services, and transportation. The debt of the unconsolidated joint venture is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations. Comfrio Joint Venture As a result of the Agro acquisition which closed on December 30, 2020, the Company acquired Agro’s 22.12% share of ownership in Agrofundo Brazil II Fundode Investimento em Participações (“FIP”) or the “Comfrio” joint venture. The FIP owns all the issued and outstanding shares of common stock of Agro Improvement Participações S.A. (“Agro Improvement”), a sociedade anônima, duly organized and existing under the laws of Brazil. The Company has a call right that enables it to purchase all the issued and outstanding shares of Agro Improvement starting on January 1, 2019 through January 7, 2023. The FIP has a put right that requires the Company when exercised to purchase from it all the issued and outstanding shares of Agro Improvement starting on July 1, 2019 through January 7, 2023. The fair value of the call and put rights will be recorded through acquisition accounting finalization during the measurement period, and was not included in the preliminary acquisition accounting as of December 31, 2020. The debt of the unconsolidated joint venture is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations. China Joint Venture 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. 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) 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, 2020 | |
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, 2020, 2019 and 2018 are as follows: Warehouse Third-party managed Transportation Unallocated Acquisitions Total (In thousands) 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 Goodwill acquired 116,275 — 8,546 346,673 471,494 Purchase price allocation adjustments 1,115 — — — 1,115 Impact of foreign currency translation 2,513 379 351 — 3,243 December 31, 2020 $ 421,727 $ 3,261 $ 22,674 $ 346,673 $ 794,335 The goodwill acquired in 2019 primarily related to the Cloverleaf and Lanier acquisitions in the Warehouse segment. The goodwill acquired in 2020 related to the AM-C, Newport and Nova Cold acquisitions and was allocated to the Warehouse segment. The goodwill resulting from the Hall’s acquisition in 2020 was allocated between the Warehouse and Transportation segments. The goodwill acquired in 2020 related to the Agro acquisition is reflected in the table above within the column titled ‘Unallocated Acquisitions’ and has not yet been assigned to reporting units as of December 31, 2020 given the short period of time between the acquisition date, December 30, 2020 and year-end. We expect that the goodwill will be assigned to the Warehouse and Transportation segments during the measurement period. The 2020 acquisitions did not include any operations categorized as Third-party managed or Other. Refer to Note 3 for additional information. Intangible assets subject to amortization as of December 31, 2020 and 2019 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 $ 300,421 $ 143 $ 3,778 $ 9,126 $ 908 $ 1,623 $ 315,999 Additions 528,518 — — — 139 — 528,657 Foreign currency translation 1,260 — — — — — 1,260 Accumulated amortization (53,321) (81) (2,152) (5,945) (447) (1,623) (63,569) Net definite lived intangible assets $ 776,878 $ 62 $ 1,626 $ 3,181 $ 600 $ — 782,347 Indefinite lived intangible asset (Trade name) 15,076 Identifiable intangible assets – net, December 31, 2020 $ 797,423 Weighted-average remaining useful life at December 31, 2020 24.3 2.8 2.8 32.2 1.9 N/A 24.3 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 Additions in 2019 relate to the Cloverleaf, Lanier, MHW and PortFresh acquisitions. Additions in 2020 relate to the Agro, AM-C, Caspers, Hall’s, Newport and Nova Cold 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 and 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 Estimated Amortization of Assembled Workforce Assets (In thousands) Years Ending December 31: 2021 $ 32,999 $ 22 $ 151 $ 349 2022 32,910 22 151 221 2023 32,726 18 106 30 2024 32,159 — 102 — 2025 32,070 — 102 — Thereafter 615,640 — 2,569 — Total $ 778,504 $ 62 $ 3,181 $ 600 |
Other Assets Other Assets
Other Assets Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets as of December 31, 2020 and 2019 are as follows: 2020 2019 (In thousands) Prepaid accounts $ 24,324 $ 11,345 Inventory and supplies 21,514 9,371 Various insurance and workers’ compensation receivables 14,421 12,143 Marketable securities - (deferred compensation plan) 6,579 4,895 Deferred financing costs 5,811 2,767 Utility, workers’ compensation escrow and lease deposits 4,630 4,222 Other receivables 7,292 7,528 Income taxes receivable 997 885 Deferred tax assets 826 418 Fair value of derivatives — 6,886 Deferred registration statement costs — 912 $ 86,394 $ 61,372 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses as of December 31, 2020 and 2019 are as follows: 2020 2019 (In thousands) Trade payables $ 179,028 $ 109,222 Accrued workers’ compensation liabilities 34,775 30,642 Accrued payroll 26,706 17,104 Accrued bonus 26,320 20,729 Accrued vacation and long service leave 17,466 16,403 Accrued health benefits 14,938 13,020 Accrued property taxes 22,372 20,370 Accrued utilities 9,373 7,854 New market tax credit deferred contribution liability 4,721 4,882 Income taxes payable 6,424 997 Dividends payable 56,189 39,753 Accrued interest 28,422 24,872 Fair value of derivative financial instruments 9,611 6,097 Other accrued expenses 66,492 39,018 Deferred consideration - Agro 49,710 — $ 552,547 $ 350,963 |
Acquisitions, Litigation, and O
Acquisitions, Litigation, and Other Charges | 12 Months Ended |
Dec. 31, 2020 | |
Acquisition, Litigation and Other Special Charges [Abstract] | |
Acquisitions, Litigation, and Other Charges | 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 2020 2019 2018 Acquisition related costs $ 26,466 $ 24,284 $ 671 Litigation 310 4,553 — Severance, equity award modifications and acceleration 1,089 9,789 2,053 Non-offering related equity issuance expenses — 1,356 1,813 Terminated site operations costs 124 632 (1,804) Non-recurring public company implementation costs — — 1,202 Cyber incident related costs 7,908 — — Other 409 — — Total acquisition, litigation and other $ 36,306 $ 40,614 $ 3,935 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. 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. 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. Refer to Note 15 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. The Company received no proceeds from the secondary offering. 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. Additionally, terminated site operations costs include those incurred to wind down operations at recently sold facilities. These terminations were part of our strategic efforts to exit or sell non-strategic warehouses as opposed to ordinary course lease expirations. Repair and maintenance expenses associated with our ordinary course operations are reflected as operating expenses on our Condensed 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. Cyber incident related costs include third-party fees incurred in connection with the cyber incident that occurred in November 2020, as well as any incremental costs, internal and external, incurred to restore operations at our facilities and damage claims. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s outstanding indebtedness as of December 31, 2020 and 2019 is as follows (in thousands): Contractual Interest Rate Effective Interest Rate as of December 31, 2020 December 31, 2020 December 31, 2019 Indebtedness Stated Maturity Date Carrying Amount Estimated Fair Carrying Amount Estimated Fair 2013 Mortgage Loans Senior note 5/2023 3.81% 4.14% $ 174,693 $ 180,807 $ 181,443 $ 184,618 Mezzanine A 5/2023 7.38% 7.55% 70,000 71,925 70,000 70,525 Mezzanine B 5/2023 11.50% 11.75% 32,000 33,040 32,000 32,320 Total 2013 Mortgage Loans 276,693 285,772 283,443 287,463 Senior Unsecured Notes Series A notes 1/2026 4.68% 4.77% 200,000 231,000 200,000 217,750 Series B notes 1/2029 4.86% 4.92% 400,000 475,000 400,000 439,000 Series C notes 1/2030 4.10% 4.15% 350,000 400,750 350,000 366,625 Series D notes (7) 1/2031 1.62% 1.66% 488,640 488,640 — — Series E notes (8) 1/2033 1.65% 1.69% 427,560 427,560 — — Total Senior Unsecured Notes 1,866,200 2,022,950 950,000 1,023,375 2020 Senior Unsecured Term loan Tranche A-1 (1) 3/2025 L+0.95% 1.45% 325,000 323,375 — — 2020 Senior Unsecured Term loan Tranche A-2 (2)(6) 3/2025 C+0.95% 1.55% 196,325 195,343 — — Total 2020 Senior Unsecured Term Loan A Facility (4) 521,325 518,718 — — 2018 Senior Unsecured Term Loan A Facility (1) 1/2023 L+1.00% 3.14% — — 475,000 472,625 Total principal amount of indebtedness 2,664,218 2,827,440 1,708,443 1,783,463 Less deferred financing costs (15,952) n/a (12,996) n/a Total indebtedness, net of unamortized deferred financing costs (3) $ 2,648,266 $ 2,827,440 $ 1,695,447 $ 1,783,463 2020 Senior Unsecured Revolving Credit Facility (3)(5) 3/2024 L+0.85% 0.23% $ — $ — N/A N/A 2018 Senior Unsecured Revolving Credit Facility (1)(3) 1/2021 L+0.90% 0.36% N/A N/A $ — $ — (1) L = one-month LIBOR (2) C = one-month CDOR (3) During the first quarter of 2020, the Company refinanced its Senior Unsecured Credit Facility. As such, the 2020 Senior Unsecured Revolving Credit Facility was in effect as of December 31, 2020 and the 2018 Senior Unsecured Revolving Credit Facility was in effect as of December 31, 2019. The above disclosure reflects N/A for the reporting date that the respective instrument was not in effect. (4) During the first quarter of 2020, the Company refinanced its Senior Unsecured Term Loan A. As such, the 2020 Senior Unsecured Term Loan A Facility was in effect as of December 31, 2020 and the 2018 Senior Unsecured Term Loan A Facility was in effect as of December 31, 2019. (5) The Company has the option to extend the 2020 Senior Unsecured Revolving Credit Facility up to two times for a six-month period each. (6) The 2020 Senior Unsecured Term Loan Tranche A-2 is denominated in Canadian dollars and aggregates to CAD 250.0 million. The carrying value in the table above is the US dollar equivalent as of December 31, 2020. (7) The Senior Unsecured Notes Series D is denominated in Euros and aggregates to €400.0 million. The carrying value in the table above is the US dollar equivalent as of December 31, 2020. (8) The Senior Unsecured Notes Series E is denominated in Euros and aggregates to €350.0 million. The carrying value in the table above is the US dollar equivalent as of December 31, 2020. 2020 Senior Unsecured Credit Facility On March 26, 2020, we entered into a five-year Senior Unsecured Term Loan A Facility and a four-year $800 million Senior Unsecured Revolving Credit Facility, which we refer to as the 2020 Senior Unsecured Credit Facility. The proceeds were used to refinance the existing $800 million 2018 Senior Unsecured Revolving Credit Facility maturing January 23, 2021 and USD denominated $475 million 2018 Senior Unsecured Term Loan maturing January 23, 2023. The total borrowing capacity of the 2020 Senior Unsecured Credit Facility was approximately $1.4 billion USD prior to the partial debt repayment which occurred in December 2020 and that is discussed further below. Additionally on March 26, 2020, the Company reduced the margin on the 2020 Senior Unsecured Term Loan A Facility and 2020 Senior Unsecured Revolving Credit Facility by five basis points. The 2020 Senior Unsecured Term Loan A Facility was broken into two tranches. Tranche A-1 was comprised of a $425.0 million USD term loan and Tranche A-2 was comprised of a CAD $250.0 million term loan, both were five-year loans maturing in 2025. Tranche A-2 provides a natural hedge to the Company’s investment in Canada. We refer to Tranches A-1 and A-2 in aggregate as the 2020 Senior Unsecured Term Loan Facility. In connection with entering into the agreement, we incurred approximately $3.2 million of debt issuance costs related to the term loan, which we amortize as interest expense under the effective interest method. As of December 31, 2020, $5.6 million of unamortized debt issuance costs related to the 2020 Senior Unsecured Term Loan A Facility are included in “Mortgage notes, senior unsecured notes and term loans” in the accompanying Consolidated Balance Sheets. The maturity of the 2020 Senior Unsecured Revolving Credit Facility is March 26, 2024; however, the Company has the option to extend the maturity up to two times, each for a six-month period. The Company must meet certain criteria in order to extend the maturity. All representations and warranties must be in effect, it must obtain updated resolutions from loan parties, and an additional 6.25 basis points extension fee must be paid. In connection with entering into the agreement, we incurred approximately $5.2 million of debt issuance costs for the 2020 Senior Unsecured Revolving Credit Facility, which we amortize as interest expense under the straight-line method. Unamortized deferred financing costs as of December 31, 2019 of $2.8 million will continue to be amortized over the life of the 2020 Senior Unsecured Revolving Credit Facility. As of December 31, 2020, $5.8 million of unamortized debt issuance costs related to the revolving credit facility are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets. On December 30, 2020, we repaid $100.0 million of the 425000000 USD Tranche A-1 2020 Senior Unsecured Term Loan A. This was funded using the Series D and E debt private placement issuance, more details on this debt issuance can be found under the “Series A, B, C, D, and E Senior Unsecured Notes” section below. In connection with this repayment, approximately $1.5 million of unamortized deferred financing costs associated with the 2020 Senior Unsecured Credit Facility were written off. In addition, the interest rate swaps associated with the 2020 Senior Unsecured Term Loan A were terminated, resulting in an extinguishment fee of $16.4 million. After accounting for the refinance, the total borrowing capacity of the 2020 Senior Unsecured Credit Facility is approximately $1.3 billion USD as of December 31, 2020. Our 2020 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. Following a material acquisition, leverage ratio shall not exceed 65%; • a maximum unencumbered leverage ratio of less than or equal to 60% to unencumbered asset value. Following a material acquisition, unencumbered leverage ratio shall not exceed 65%; • a maximum secured leverage ratio of less than or equal to 40% to total asset value. Following a material acquisition, secured leverage ratio shall not exceed 45%; • a minimum fixed charge coverage ratio of greater than or equal to 1.50x; and • a minimum unsecured interest coverage ratio of greater than or equal to 1.75x. Material Acquisition in our 2020 Senior Unsecured Credit Facility is defined as one in which assets acquired exceeds an amount equal to 5% of total asset value as of the last day of the most recently ended fiscal quarter publicly available. Obligations under our 2020 Senior Unsecured Credit Facility are general unsecured obligations of our Operating Partnership and are guaranteed by the Company and certain subsidiaries of the Company. As of December 31, 2020, the Company was in compliance with all debt covenants. There were $21.7 million letters of credit issued on the Company’s 2020 Senior Unsecured Revolving Credit Facility as of December 31, 2020. 2018 Senior Unsecured Credit Facility On December 4, 2018, we entered into the 2018 Senior Unsecured Credit Facility to, among other things, (i) increase the revolver borrowing capacity from $450.0 million to $800.0 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 incurred approximately $8.9 million of debt issuance costs, which we amortize as interest expense under the effective interest method. As of December 31, 2019, the unamortized balance of Term Loan A debt issuance costs was $6.1 million and was included in “Mortgage notes, senior unsecured notes and term loans” on the accompanying Condensed Consolidated Balance Sheets. On September 24, 2019, we reduced our interest rate margins from 1.45% to 1.00% and decreased the fee on unused borrowing capacity by five basis points for usage greater than 50% of the total commitment and 15 basis points for usage less than 50% of commitment. The fee for unused borrowing capacity was 20 basis points regardless of the percentage of total commitment used. During the third quarter of 2019, the Company received a favorable credit rating. This rating, when combined with existing ratings, allowed the Company to transition to a favorable ratings-based pricing grid during the third quarter of 2019. There were $23.0 million letters of credit issued on the Company’s 2018 Senior Unsecured Revolving Credit Facility as of December 31, 2019. During the first quarter of 2020, the 2018 Senior Unsecured Revolving Credit Facility was refinanced and is no longer outstanding as of December 31, 2020. Series A, B, C, D, and E Senior Unsecured Notes On April 26, 2019, we completed a debt private placement transaction consisting of $350.0 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 included interest accrued since May 7, 2019. The notes are general unsecured obligations of the Operating Partnership and are guaranteed by the Company and certain 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. On November 6, 2018, we completed a debt private placement transaction consisting of (i) $200.0 million senior unsecured notes with a coupon of 4.68% due January 8, 2026 (“Series A”) and (ii) $400.0 million senior unsecured notes with a coupon of 4.86% due January 8, 2029 (“Series B”). The transaction closed on December 4, 2018. Interest is payable 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 Operating Partnership and are guaranteed by the Company and certain subsidiaries of the Company. The Company used a portion of the proceeds of the private placement transaction to repay the outstanding balances of the $600.0 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). On December 30, 2020 we completed a debt private placement transaction consisting of (i) €400.00 million senior unsecured notes with a coupon of 1.62% due January 7, 2031 (“Series D”) and (ii) €350.00 million senior unsecured notes with a coupon of 1.65% due January 7, 2033 (“Series E”). Interest is payable on January 7 and July 7 of each year until maturity, with the first payment occurring July 7, 2021. The notes are general unsecured senior obligations of the Operating Partnership and are guaranteed by the Company and certain subsidiaries of the Company. In connection with entering into the agreement, we incurred approximately $4.5 million of debt issuance costs related to the issuance, which we amortize as interest expense under the effective interest method. The proceeds of the Series D and Series E issuance were used to provide long-term financing for the Halls acquisition, general corporate purposes and to repay a portion of the 2020 Senior Unsecured Term Loan Tranche A-1. The Series A, B, C, D, and E senior notes (collectively referred to as 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 days 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 Company is required to maintain at all times an investment grade debt rating for each series of notes from a nationally recognized statistical rating organization. In addition, the Senior Unsecured Notes contain certain financial covenants required on a quarterly or occurrence basis, as defined in the credit agreement, including: • 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 maximum total secured indebtedness ratio of less than 0.40 to 1.00; • a minimum fixed charge coverage ratio of greater than or equal to 1.50 to 1.00; and • a minimum unsecured debt service ratio of greater than or equal to 2.00 to 1.00. As of December 31, 2020, 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, 2020, the amount of restricted cash associated with the 2013 Mortgage Loans was $3.6 million . Additionally, if we do not maintain certain financial thresholds, including a debt service coverage ratio of 1.10x, the cash generated will further be temporarily restricted and limited to the use for scheduled debt service and operating costs. 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, 2020, the Company was in compliance with all debt covenants. Debt Covenants Our Senior Unsecured Credit Facilities, the Senior Unsecured Notes and 2013 Mortgage Loans all require financial statement reporting, periodic reporting of compliance with financial covenants, other established thresholds and performance measurements, and compliance with affirmative and negative covenants that govern our allowable business practices. The affirmative and negative covenants include, among others, continuation of insurance, maintenance of collateral (in the case of the 2013 Mortgage Loans), the maintenance of REIT status, and restrictions on our ability to enter into certain types of transactions or take on certain exposures. As of December 31, 2020, we were in compliance with all debt covenants. Loss on debt extinguishment, modifications and termination of derivative instruments In connection with the early repayment of a portion of the 2020 Senior Unsecured Credit Facility during the fourth quarter of 2020, the Company recorded $1.5 million to “Loss on debt extinguishment, modifications and termination of derivative instruments” in the accompanying Consolidated Statements of Operations, representing the write-off of the proportionate unamortized deferred financing costs from the 2020 Senior Unsecured Credit Facility. In addition, the Company terminated the two interest rate swaps related to the 2020 Senior Unsecured Credit Facility for a fee of $16.4 million. Approximately $8.7 million of this fee will remain in “Accumulated Other Comprehensive Income” and will be amortized to expense through 2024, while $7.7 million was expensed as interest and included within “Loss on debt extinguishment, modifications, and termination of derivative instruments” in the accompanying Consolidated Statements of Operations during the year ended December 31, 2020. In connection with the refinancing of the 2018 Senior Unsecured Credit Facility during the first quarter of 2020, the Company recorded $0.8 million to “Loss on debt extinguishment, modifications and termination of derivative instruments” in the accompanying Consolidated Statements of Operations, representing the write-off of unamortized deferred financing costs from the 2018 Senior Unsecured Credit Facility. These write-offs were a result of two lenders in the 2018 Senior Unsecured Term Loan A Facility that did not participate in the 2020 Senior Unsecured Term Loan A Facility, accordingly those lenders’ portion of unamortized deferred financing costs were written off. Similarly, two lenders in the 2018 Senior Unsecured Revolving Credit Facility did not participate in the 2020 Senior Unsecured Revolving Credit Facility, and those lender’s portions of unamortized deferred financing costs were written off. 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. Aggregate future repayments of indebtedness The aggregate maturities of indebtedness as of December 31, 2020, 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) 2021 $ 7,034 2022 7,312 2023 262,347 2024 — 2025 521,325 Thereafter 1,866,200 Aggregate principal amount of debt 2,664,218 Less unamortized deferred financing costs (15,952) Total debt net of deferred financing costs $ 2,648,266 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 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Designated Nonderivative Financial Instruments As of December 31, 2020, the Company has designated €750 million debt and accrued interest as a hedge of our net investment in the international subsidiaries resulting from the Agro Acquisition. The remeasurement of these instruments is recorded in “Change in unrealized net gain (loss) on foreign currency” on the accompanying Consolidated Statements of Comprehensive Income. Derivative Financial Instruments The Company is subject to volatility in interest rates due to variable-rate debt. To manage this risk, the Company entered into multiple interest rate swap agreements. The January 2019 agreement hedged $100 million of variable interest-rate debt, and the August 2019 agreement hedged $225 million of variable interest-rate debt. Each agreement converted the Company’s variable-rate debt to a fixed-rate basis for five years, thus reducing the impact of interest rate changes on future interest expense. These agreements involved 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 was to reduce its exposure to fluctuations in cash flows due to changes in interest rates. Both of these interest rate swaps were terminated during the fourth quarter of 2020. The Company accelerated the reclassification in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming not probable to occur resulting in a charge to “Loss on debt extinguishment, modification, and termination of derivative instruments” of $7.7 million on the accompanying Consolidated Statement of Operations for the year ended Dec ember 31, 2020. Additionally, during the next twelve months, the Company estimates that an additional $2.7 million will be reclassified as an increase to “Loss on debt extinguishment, modification, and termination of derivative instruments”. The Company classifies cash inflow and outflows from derivatives that hedge interest rate risk within operating activities on the Condensed 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, 2020 and 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 $0.5 million will be reclassified as an increase to gain/loss on foreign exchange. 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 exchange rates. While these derivatives are hedging the fluctuations in foreign currencies, they do not meet the requirements to be accounted for as hedging instruments. As a result, the changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. During 2019, in conjunction with the funding of the Nova Cold Acquisition, the Company entered into a foreign exchange forward with a notional to purchase CAD 217.0 million and sell USD with a maturity date of January 2, 2020. The Company simultaneously entered into a second contract with a notional to sell CAD 217.0 million and purchase USD with a maturity of January 31, 2020. These forwards were not designated as hedges in a qualifying hedging relationships. During the year ended December 31, 2019, the net unrealized loss on the change in fair value of the foreign exchange forward contracts included within “Foreign currency exchange gain (loss), net” on the accompanying Consolidated Statement of Operations was less than $0.1 million. During the first quarter of 2020, the Company’s previous two outstanding foreign exchange forward contracts matured. The first contract with a notional to purchase CAD $217.0 million and sell USD, matured on January 2, 2020 and settled for a gain of $2.1 million. The second contract with a notional to sell CAD $217.0 million and purchase USD maturing on January 31, 2020 was subsequently designated as a net investment hedge on January 2, 2020. The net realized loss on these 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, 2020 was $0.1 million. During the fourth quarter of 2020, the Company entered into an undesignated foreign currency forward contract to lock in the expected proceeds from the issuance of the Series D & E Senior Unsecured Notes, which would convert the Euro denominated debt issuance to USD. The notional amount was €750 million which settled on December 30, 2020. The realized loss on the foreign currency forward contract was $45 million and was reflected in “Foreign currency exchange (loss) gain, net” on the accompanying Consolidated Statements of Operations. As of December 31, 2020, the Company did not have any foreign currency forwards that were not designated in hedging relationships outstanding. The Company is also exposed to fluctuations in foreign exchange rates on property investments it holds in foreign countries. The Company uses forward currency forwards to hedge its exposure to changes in exchange rates on certain of its foreign investments as well. For derivatives designated as net investment hedges, the changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. Amounts are reclassified out of accumulated other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated. On January 2, 2020, the Company designated the above noted forward currency contract with a notional to sell CAD $217.0 million and purchase USD maturing on January 31, 2020 as a net investment hedge. This contract was then settled for a gain of $0.2 million and a new contract was entered into with same notional to sell CAD $217.0 million and purchase USD which matured on February 28, 2020. The second contract was settled for a gain of $2.8 million upon the maturity date of February 28, 2020. As of December 31, 2020 and December 31, 2019, the Company did not have any foreign currency forwards that were designated as net investment hedges outstanding. The Company determines the fair value of its 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, 2020 and 2019 (in thousands): Derivative Assets Derivative Liabilities As of December 31, As of December 31, 2020 2019 2020 2019 Designated derivatives Foreign exchange contracts $ — $ 1,376 $ 9,611 $ — Interest rate contracts — 2,933 — 3,505 Undesignated derivatives Foreign exchange forwards — 2,546 — 2,589 Total fair value of derivatives $ — $ 6,855 $ 9,611 $ 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, 2020, 2019 and 2018, 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, 2020 2019 2018 2020 2019 2018 Interest rate contracts $ (11,465) $ (571) $ (1,422) Interest expense $ (3,368) $ 248 $ (1,191) Interest rate contracts (7,688) — — Loss on debt extinguishment, modifications and termination of derivative instruments (1) (7,688) — — Foreign exchange contracts (11,015) (879) 2,283 Foreign currency exchange (loss) gain, net (12,158) (264) 3,449 Foreign exchange contracts — — — Interest expense (74) 58 — Foreign exchange forwards 5,250 — — — — — Total designated cash flow hedges $ (24,918) $ (1,450) $ 861 $ (23,288) $ 42 $ 2,258 (1) The Company accelerated the reclassification in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming not probable to occur resulting in a charge to “Loss on debt extinguishment, modification, and termination of derivative instruments” on the accompanying Consolidated Statement of Operations for the year ended December 31, 2020. Total interest expense recorded in the Consolidated Statements of Operations was $91.5 million, $94.4 million and $93.3 million during the years ended December 31, 2020, 2019 and 2018, respectively. Total “Foreign currency exchange (loss) gain, net”, recorded in the accompanying Consolidated Statements of Operations was a loss of $45.3 million, nominal, and a gain of $2.9 million during the years ended December 31, 2020 , 2019, and 2018, 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, 2020 and 2019, 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, 2020 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 $ — $ — $ — $ — $ — $ — 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 $ 9,611 $ — $ 9,611 $ — $ — $ 9,611 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) As of December 31, 2020, 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 $10.1 million. As of December 31, 2020, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2020, it could have been required to settle its obligations under the agreements at their termination value of $10.3 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 20 for additional details regarding the impact of the Company’s derivatives on AOCI for the years ended December 31, 2020, 2019 and 2018, respectively. |
Sale-Leasebacks of Real Estate
Sale-Leasebacks of Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019 are as follows: Maturity Interest Rate as of December 31, 2020 2020 2019 (In thousands) 1 warehouse – 2010 7/2030 10.34% $ 18,669 $ 18,994 11 warehouses – 2007 9/2027 7.00%-19.59% 93,316 96,765 3 facilities - 2007 (Agro) 7/2031 10% 67,229 — 1 facility - 2013 (Agro) 12/2033 10% 5,846 — Total sale-leaseback financing obligations $ 185,060 $ 115,759 In connection with the Agro acquisition, the Company assumed four sale-leaseback facilities. Agro completed a sale-leaseback transaction for three of its warehouse facilities in 2007 that was accounted for as financing. The initial term of the agreement is 20 years and rent payments increase every five years. The rent payments increase by the lesser of 125% of the cumulative increase in the Consumer Price Index over the related five-year period or 9%. The agreement’s termination date is July 31, 2031 and has an implicit interest rate of 10%. The long-lived assets are being depreciated on a straight-line basis over their remaining economic useful life. Agro also completed a sale-leaseback transaction for one of its warehouse facilities that was accounted for as financing. The initial term of the agreement is 20 years and includes six 5-year renewal periods. The rent payments increase every five years by the lesser of the cumulative increase in the Consumer Price Index over the related five-year period or 12%. The agreement’s termination date is December 31, 2033 and has an implicit interest rate of 10%. The long-lived assets are being depreciated on a straight-line basis over their remaining economic useful life. 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 2020 and 2019, 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 connection with an acquisition completed in 2010, the Company assumed sale leaseback agreements for 11 warehouses, and received gross proceeds of $170.7 million. The acquired company originally completed the sale-leaseback agreements in September 2007. The agreements for the leases of these properties had 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, 2020, 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) 2021 $ 26,184 2022 27,065 2023 27,460 2024 27,787 2025 28,075 Thereafter 182,553 Total minimum payments 319,124 Interest portion (134,064) Present value of net minimum payments $ 185,060 |
Lease Accounting (Notes)
Lease Accounting (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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 32 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, 2020, 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): Years Ended December 31, 2020 2019 Components of lease expense: Operating lease cost (a) $ 23,931 $ 29,205 Financing lease cost: Depreciation 16,504 11,252 Interest on lease liabilities 2,969 2,941 Sublease income (b) (551) (499) Net lease expense $ 42,853 $ 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 year ended December 31, 2018, rent expense of $36.7 million, was recorded pursuant to ASC 840, Leases. Other information related to leases is as follows: Years Ended December 31, 2020 2019 Supplemental Cash Flow Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (20,070) $ (24,992) Operating cash flows from finance leases $ (2,969) $ (2,941) Financing cash flows from finance leases $ (19,970) $ (13,339) Right-of-use assets obtained in exchange for lease obligations Operating leases $ 44,919 $ 12,492 Finance leases $ 38,858 $ 30,416 Weighted-average remaining lease term (years) Operating leases 10.5 6.1 Finance leases 4.8 4.4 Weighted-average discount rate Operating leases 2.9 % 4.1 % Finance leases 3.6 % 5.5 % Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows (in thousands): Years ending December 31, Operating Lease Payments Finance Lease Payments Total Lease Payments 2021 $ 41,821 $ 41,671 $ 83,492 2022 36,000 32,118 68,118 2023 32,809 25,943 58,752 2024 28,185 16,752 44,937 2025 23,923 6,108 30,031 Thereafter 154,991 10,723 165,714 Total future minimum lease payments 317,729 133,315 451,044 Less: Interest (48,582) (7,389) (55,971) Total future minimum lease payments less interest $ 269,147 $ 125,926 $ 395,073 Reported as of December 31, 2020 Accounts payable and accrued expenses $ 174 $ 120 $ 294 Operating lease obligations 268,973 — 268,973 Finance lease obligations — 125,806 125,806 Total lease obligations $ 269,147 $ 125,926 $ 395,073 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 12 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 24 “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 $854.2 million and $615.7 million, for Land and Buildings and improvements, respectively, as of December 31, 2020. These amounts for 2020 exclude values attributable to Land and Buildings and improvements acquired from Agro as the relevant acquisition accounting is preliminary and will be finalized during the measurement period. 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 $29.5 million and $23.1 million for the years ended December 31, 2020 and 2019. Future minimum lease payments due from our customers on leases as of December 31, 2020 were as follows (in thousands): Operating Leases Year ending December 31, 2021 $ 26,903 2022 21,884 2023 18,914 2024 14,201 2025 10,169 Thereafter 21,491 Total $ 113,562 |
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 32 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, 2020, 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): Years Ended December 31, 2020 2019 Components of lease expense: Operating lease cost (a) $ 23,931 $ 29,205 Financing lease cost: Depreciation 16,504 11,252 Interest on lease liabilities 2,969 2,941 Sublease income (b) (551) (499) Net lease expense $ 42,853 $ 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 year ended December 31, 2018, rent expense of $36.7 million, was recorded pursuant to ASC 840, Leases. Other information related to leases is as follows: Years Ended December 31, 2020 2019 Supplemental Cash Flow Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (20,070) $ (24,992) Operating cash flows from finance leases $ (2,969) $ (2,941) Financing cash flows from finance leases $ (19,970) $ (13,339) Right-of-use assets obtained in exchange for lease obligations Operating leases $ 44,919 $ 12,492 Finance leases $ 38,858 $ 30,416 Weighted-average remaining lease term (years) Operating leases 10.5 6.1 Finance leases 4.8 4.4 Weighted-average discount rate Operating leases 2.9 % 4.1 % Finance leases 3.6 % 5.5 % Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows (in thousands): Years ending December 31, Operating Lease Payments Finance Lease Payments Total Lease Payments 2021 $ 41,821 $ 41,671 $ 83,492 2022 36,000 32,118 68,118 2023 32,809 25,943 58,752 2024 28,185 16,752 44,937 2025 23,923 6,108 30,031 Thereafter 154,991 10,723 165,714 Total future minimum lease payments 317,729 133,315 451,044 Less: Interest (48,582) (7,389) (55,971) Total future minimum lease payments less interest $ 269,147 $ 125,926 $ 395,073 Reported as of December 31, 2020 Accounts payable and accrued expenses $ 174 $ 120 $ 294 Operating lease obligations 268,973 — 268,973 Finance lease obligations — 125,806 125,806 Total lease obligations $ 269,147 $ 125,926 $ 395,073 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 12 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 24 “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 $854.2 million and $615.7 million, for Land and Buildings and improvements, respectively, as of December 31, 2020. These amounts for 2020 exclude values attributable to Land and Buildings and improvements acquired from Agro as the relevant acquisition accounting is preliminary and will be finalized during the measurement period. 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 $29.5 million and $23.1 million for the years ended December 31, 2020 and 2019. Future minimum lease payments due from our customers on leases as of December 31, 2020 were as follows (in thousands): Operating Leases Year ending December 31, 2021 $ 26,903 2022 21,884 2023 18,914 2024 14,201 2025 10,169 Thereafter 21,491 Total $ 113,562 |
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 32 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, 2020, 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): Years Ended December 31, 2020 2019 Components of lease expense: Operating lease cost (a) $ 23,931 $ 29,205 Financing lease cost: Depreciation 16,504 11,252 Interest on lease liabilities 2,969 2,941 Sublease income (b) (551) (499) Net lease expense $ 42,853 $ 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 year ended December 31, 2018, rent expense of $36.7 million, was recorded pursuant to ASC 840, Leases. Other information related to leases is as follows: Years Ended December 31, 2020 2019 Supplemental Cash Flow Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (20,070) $ (24,992) Operating cash flows from finance leases $ (2,969) $ (2,941) Financing cash flows from finance leases $ (19,970) $ (13,339) Right-of-use assets obtained in exchange for lease obligations Operating leases $ 44,919 $ 12,492 Finance leases $ 38,858 $ 30,416 Weighted-average remaining lease term (years) Operating leases 10.5 6.1 Finance leases 4.8 4.4 Weighted-average discount rate Operating leases 2.9 % 4.1 % Finance leases 3.6 % 5.5 % Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows (in thousands): Years ending December 31, Operating Lease Payments Finance Lease Payments Total Lease Payments 2021 $ 41,821 $ 41,671 $ 83,492 2022 36,000 32,118 68,118 2023 32,809 25,943 58,752 2024 28,185 16,752 44,937 2025 23,923 6,108 30,031 Thereafter 154,991 10,723 165,714 Total future minimum lease payments 317,729 133,315 451,044 Less: Interest (48,582) (7,389) (55,971) Total future minimum lease payments less interest $ 269,147 $ 125,926 $ 395,073 Reported as of December 31, 2020 Accounts payable and accrued expenses $ 174 $ 120 $ 294 Operating lease obligations 268,973 — 268,973 Finance lease obligations — 125,806 125,806 Total lease obligations $ 269,147 $ 125,926 $ 395,073 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 12 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 24 “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 $854.2 million and $615.7 million, for Land and Buildings and improvements, respectively, as of December 31, 2020. These amounts for 2020 exclude values attributable to Land and Buildings and improvements acquired from Agro as the relevant acquisition accounting is preliminary and will be finalized during the measurement period. 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 $29.5 million and $23.1 million for the years ended December 31, 2020 and 2019. Future minimum lease payments due from our customers on leases as of December 31, 2020 were as follows (in thousands): Operating Leases Year ending December 31, 2021 $ 26,903 2022 21,884 2023 18,914 2024 14,201 2025 10,169 Thereafter 21,491 Total $ 113,562 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
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 loans 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 loans 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, and foreign currency forward contracts designated as net investment 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 18 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, 2020 and 2019, respectively. 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. 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, 2020 2019 (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 Cross-currency swap liability Level 2 9,611 — 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 41,009 35,317 Level 2 37,652 33,991 Disclosed at fair value: Mortgage notes, senior unsecured notes and term loans (1) Level 3 $ 2,827,440 $ 1,783,463 (1) The carrying value of mortgage notes, senior unsecured notes and term loans is disclosed in Note 9 . |
Dividends and Distributions
Dividends and Distributions | 12 Months Ended |
Dec. 31, 2020 | |
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 2020, 2019 and 2018: 2020 (Common Shares) Month Declared/Paid Dividend Per Share Distributions Declared Distributions Paid Common Shares Common Shares (In thousands, except per share amounts) December (2019)/January $ 0.2000 $ — $ 38,796 December (a) — (169) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. December (2019)/January — 4 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). March/April 0.2100 42,568 42,568 March (b) — (233) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. March/April — 10 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). May/July 0.2100 43,271 43,271 May (c) — (232) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. May/July — 10 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). September/October 0.2100 43,282 43,282 October (d) — (231) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. September/October — 10 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). December $ 0.210 53,820 — $ 182,941 $ 167,086 (a) Declared in December 2019 and included in the $38.8 million declared, see description to the right regarding timing of payment. (b) Declared in March and included in the $42.6 million declared, see description to the right regarding timing of payment. (c) Declared in May and included in the $43.3 million declared, see description to the right regarding timing of payment. (d) Declared in September and included in the $43.3 million declared, see description to the right regarding timing of payment. 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. The dividends declared and paid to holders of Series A Preferred Shares were $0.001 for the year ended December 31, 2018. 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 2020 2019 2018 Ordinary income 35 % 83 % 66 % Capital gains 0 % 0 % 0 % Return of capital 65 % 17 % 34 % 100 % 100 % 100 % Preferred Shares 2020 2019 2018 Ordinary income N/A N/A 100 % Capital gains N/A N/A 0 % Return of capital N/A N/A 0 % N/A N/A 100 % |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
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 associates’ 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 $17.9 million, $15.9 million and $10.7 million during the years ended December 31, 2020, 2019 and 2018, respectively. Routine share-based compensation expense is included as a component of “Selling, general and administrative” expense on the accompanying Consolidated Statements of Operations. 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, 2020, there was $23.0 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 1.7 years. Americold Realty Trust 2010 Equity Incentive Plans 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, 2020, 2019 and 2018, respectively, the Company accrued $2.5 million, $1.1 million and $0.4 million, respectively, of dividend equivalents on unvested units payable to associates and non-employee trustees. All awards granted under the 2017 Plan dated on March 8, 2020 and thereafter include a retirement provision. The retirement provision allows that if a participant has either attained the age of 65, or has attained the age of 55 and has ten full years of service with the Company, and there are no facts, circumstances or events exist which would give the Company a basis to effect a termination of service for cause, then the award recipient is entitled to continued vesting of any outstanding equity-based awards which include the retirement provision. Should the participant choose to retire from the Company, the awards with the retirement provision would continue to vest. Accordingly, grants of time-based awards to an employee who has met the retirement criteria on or before the date of grant will be expensed at the date of grant. In addition, grants of time-based awards to associates who will meet the retirement criteria during the awards normal vesting period will be expensed between the date of grant and the date upon which the award recipient meets the retirement criteria. Time-based awards granted to recipients who meet the retirement criteria, and decide to retire, will continue vesting on the original vesting schedule as determined at grant date. A pro-rated portion of market-performance based awards granted to recipients who meet the retirement criteria will remain outstanding and eligible to vest based on actual performance through the last day of the performance period based on the number of days during the performance period that the recipient was employed. 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 shares on the grant date. Performance-based and market performance-based restricted stock unit awards cliff 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, 2020, 2019 and 2018: Year Ended Grantee Type Number of Vesting Grant Date 2020 Trustees 8,517 1 year $ 300 2020 Associates 295,274 1-3 years $ 9,137 2019 Trustees 18,267 1 year $ 575 2019 Associates 504,984 1-3 years $ 16,843 2018 Trustees 373,438 1-3 years $ 5,975 2018 Associates 1,263,751 1-4 years $ 22,196 Of the restricted stock units granted for the year ended December 31, 2020, (i) 8,517 were time-based restricted stock units with a one-year vesting period issued to non-employee trustees as part of their annual compensation (ii) 186,464 were time-based graded vesting restricted stock units with various vesting periods ranging from one 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 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 The following table provides a summary of restricted stock awards activity under the 2010 and 2017 Plans as of December 31, 2020: Year Ended December 31, 2020 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, 2019 714,063 $ 25.0 57,142 $ 2.0 779,188 $ 27.3 Granted (2) 194,981 — 108,810 Vested (1) (334,131) (14,286) — Forfeited (11,689) 0 (14,417) Non-vested as of December 31, 2020 563,224 $ 21.0 42,856 $ 1.6 873,581 $ 42.6 Shares vested, but not released (1) 615,643 23.0 28,572 1.1 — — Total outstanding restricted stock units 1,178,867 $ 44.0 71,428 $ 2.7 873,581 $ 42.6 (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 dividends, but are not entitled to vote the shares until common shares are issued. The weighted average grant date fair value of these units is $9.38 per unit. During 2020 an additional 14,286 of these restricted stock units vested. Of the total restricted stock units vested, but not yet released, 615,643 time-based restricted stock units and 14,286 performance-based restricted stock units vested prior to January 1, 2020. (2) The number of market performance-based restricted stock units are reflected within this table based upon the number of shares issuable upon achievement of the performance metric at target. The weighted average grant date fair value of restricted stock units granted during years 2020, 2019, and 2018 was $31.06 , $33.29 and $17.21 per unit, respectively. During the year ended December 31, 2020 the weighted average grant date fair value of vested and converted restricted stock units was $21.72 and forfeited restricted stock units was $26.13. The weighted average grant date fair value of non-vested restricted stock units was $24.27 and $22.50 per unit as of December 31, 2020 and 2019, respectively. Market Performance-Based Restricted Stock Units During the year ended December 31, 2020, the Compensation Committee of the Board of Trustees approved the annual grant of market performance-based restricted stock units under the 2017 Plan to associates 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 2020 23% 0.52% 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 Activity During 2019, upon recommendation by the Compensation Committee, the Board of Trustees approved the grant of OP units in connection with the annual grant to the Board of Trustees. The trustees have the option to elect their annual grant in the form of either time-vested restricted stock units or time-vested OP units. Additionally, the Board of Trustees approved the future award of grants for certain members of management to receive their awards in the form of either OP units or restricted stock units (applicable to time-vested and market-performance based awards). The terms of the OP units mirror the terms of the restricted stock units granted in the respective period. The following table summarizes OP unit grants under the 2017 Plan during the years ended December 31, 2020 and 2019 (none were issued during the year ended December 31, 2018): Year Ended December 31, Grantee Type Number of Vesting Grant Date 2020 Trustees 16,325 1 year $ 575 2020 Associates 255,720 1-3 years $ 7,719 2019 Trustees 20,190 1 year $ 675 The following table provides a summary of the OP unit awards activity under the 2017 Plan as of December 31, 2020: Year Ended December 31, 2020 OP Units Number of Time-Based OP Units Aggregate Intrinsic Value (in millions) Number of Market Performance-Based OP Units Aggregate Intrinsic Value (in millions) Non-vested as of December 31, 2019 20,190 $ 0.7 — $ — Granted 93,180 178,865 Vested (20,190) — Forfeited — — Non-vested as of December 31, 2020 93,180 $ 3.5 178,865 $ 6.7 Shares vested, but not released 17,199 0.6 — — Total outstanding OP units 110,379 $ 4.1 178,865 $ 6.7 The OP units granted for the years ended December 31, 2020 and 2019 had an aggregate grant date fair value of $8.3 million and $0.7 million, respectively. Stock Options Activity The following table provides a summary of option activity for the year ended December 31, 2020: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Terms (Years) Outstanding as of December 31, 2019 794,498 $ 9.81 5.8 Granted — — Exercised (321,000) 9.81 Forfeited or expired (8,000) 9.81 Outstanding as of December 31, 2020 465,498 $ 9.81 4.7 Exercisable as of December 31, 2020 232,500 $ 9.81 3.9 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
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 also meet certain 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. The Company recorded an opening deferred tax liability of $213.8 million as part of its acquisition accounting on the 2020 acquisitions discussed in Note 3. 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. Acquisition accounting related to the deferred income tax assets and liabilities acquired in the acquisitions is preliminary for Hall’s and Agro and are subject to change as additional information is obtained. The Company continues to assert that the undistributed earnings of its Argentine subsidiary are permanently reinvested. Undistributed earnings of the Argentine subsidiary amounted to approximately $13.7 million at December 31, 2020. 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 a deferred tax liability for the outside basis difference of $0.4 million in its Canadian subsidiaries that remains unchanged in 2020. The Company intends to liquidate its Hong Kong subsidiaries in 2021 and is no longer asserting permanent reinvestment although that did not result in the recognition of deferred taxes. No additional income taxes have been provided for any additional outside basis differences in selected foreign entities that are indefinitely reinvested. No income tax has been accrued for the investment in foreign Agro subsidiaries acquired in 2020 because the Company has elected to be indefinitely reinvested with regard to outside basis only in the investment of the foreign subsidiaries. The 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 2020 and 2019 tax year. The 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 before income taxes in the U.S. and foreign operations: 2020 2019 2018 (In thousands) U.S. $ 5,673 $ 33,417 $ 37,060 Foreign 11,955 9,588 7,306 Pre-tax income $ 17,628 $ 43,005 $ 44,366 The benefit (expense) for income taxes for the years ended December 31, 2020, 2019 and 2018 is as follows: 2020 2019 2018 (In thousands) Current U.S. federal $ 1,085 $ (20) $ 4,424 State (447) (670) (353) Foreign (7,443) (4,854) (3,604) Total current portion (6,805) (5,544) 467 Deferred U.S. federal 8,588 7,701 2,094 State 2,929 2,217 494 Foreign 2,215 783 564 Total deferred portion 13,732 10,701 3,152 Total income tax benefit $ 6,927 $ 5,157 $ 3,619 Income tax benefit attributable to income before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate of 21% to income before income taxes. The reconciliation between the statutory rate and reported amount is as follows: 2020 2019 2018 (In thousands) Income taxes at statutory rates $ (3,702) $ (9,031) $ (9,317) Earnings from REIT - not subject to tax 2,681 9,526 9,015 State income taxes, net of federal income tax benefit (446) (542) (187) Provision to return (4) 2 360 Rate and permanent differences on non-U.S. earnings (1,175) (971) (1,228) Change in valuation allowance 9,506 2,761 (2,227) Non-deductible expenses 387 3,462 4,021 Change in uncertain tax positions (367) 347 Income withholding tax (1,191) (212) (301) Effect of Tax Cuts and Jobs Act — — 3,797 Other 871 529 (661) Total $ 6,927 $ 5,157 $ 3,619 The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are as follows: 2020 2019 (In thousands) Deferred tax assets: Net operating loss and credits carryforwards $ 21,347 $ 11,806 Accrued expenses 28,707 26,911 Share-based compensation 6,042 4,618 Lease obligations 10,382 9,674 Other assets 1,361 4,420 Total gross deferred tax assets 67,839 57,429 Less: valuation allowance (9,158) (16,043) Total net deferred tax assets 58,681 41,386 Deferred tax liabilities: Intangible assets and goodwill (80,015) (8,739) Property, buildings and equipment (187,114) (38,358) Lease right-of-use assets (10,301) (9,674) Other liabilities (927) (1,316) Total gross deferred tax liabilities (278,357) (58,087) Net deferred tax liability $ (219,676) $ (16,701) As of December 31, 2020, the U.S. TRS has gross U.S. federal net operating loss carryforwards of approximately $44.7 million, of which $15.3 million was generated prior to 2018 and will expire between 2032 and 2036. The remaining $29.4 million in losses have no expiration, but can only be used to offset up to 80% of future taxable income annually. These losses are subject to an annual limitation under IRC section 382 as a result of our IPO and a subsequent ownership change that occurred in March of 2019; however, the limitation should not impair the Company’s ability to utilize the losses. The Company has $87.1 million in REIT U.S. federal net operating loss carryforwards which were obtained through acquisitions. These losses are also subject to an annual limitation under IRC section 382; no deferred tax value has been recorded as they can only be used to reduce required distributions to shareholders, of which none has been used for this purpose. The Company has gross state net operating loss carryforwards of approximately $40.3 million from its TRSs, of which $32.6 million will expire at various times between 2021 and 2040. The remaining $7.7 million was generated after 2017 and have no expiration. The Company received $2.2 million of its remaining outstanding alternative minimum tax credit refund in 2020. Additionally, the Company has a federal research and experimentation credit of approximately $1.2 million that will expire between 2036 and 2040. 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. As of December 31, 2020, we recorded a valuation allowance of $9.2 million for the portion of the deferred tax asset that we do not expect to be realized. The valuation allowance on our net deferred taxes decreased by $6.8 million from $16.0 million in 2019 to $9.2 million in 2020. The changes in valuation allowance are primarily due to certain deferred tax liabilities totaling $11.5 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. The $11.5 million reduction in valuation allowance was offset by a $4.7 million increase of valuation allowance of which $2.0 million impacted income tax expense. The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018: Tax Interest Penalties Total (In thousands) 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 Decreases due to settlement with tax authority (211) (211) Balance at December 31, 2020* $ 156 $ — $ — $ 156 *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, 2020. Due to a settlement with a taxing authority during 2020, the Company reduced its unrecognized tax benefits related to a foreign exposure to $0.2 million at the end of 2020. In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates. The Company accrues interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2020, the Company is generally no longer subject to U.S. federal, state, local, or foreign examinations by tax authorities for years before 2017. 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. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
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 arising from 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, 2020 and 2019, the balance of the deferred contribution liability was $4.7 million and $4.9 million, respectively, which is included in “Accounts payable and accrued expenses” on the Consolidated Balance Sheets. The VIE does not materially impact the Consolidated Statements of Cash Flows. 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, 2020 | |
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 associates 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 associates (collectively, with the defined benefit plans, the U.S. Plans). The Company froze benefit accruals for the U.S. Plans for nonunion associates effective April 1, 2005, and these associates no longer earn additional pension benefits. The Company also has a defined benefit plan that covers certain associates 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: 2020 Retirement National Other Superannuation Total Change in benefit obligation: (In thousands) Benefit obligation – January 1, 2020 $ (45,215) $ (35,036) $ (611) $ (1,152) $ (82,014) Service cost — — — (66) (66) Interest cost (1,261) (1,117) (14) (28) (2,420) Actuarial loss (3,657) (3,147) (27) (72) (6,903) Benefits paid 1,358 1,073 5 23 2,459 Plan participants’ contributions — — — (19) (19) Foreign currency translation loss — — — (109) (109) Effect of settlement 1,266 — — — 1,266 Benefit obligation – end of year (47,509) (38,227) (647) (1,423) (87,806) Change in plan assets: Fair value of plan assets – January 1, 2020 40,111 27,841 — 1,356 69,308 Actual return on plan assets 5,903 4,034 — 44 9,981 Employer contributions 1,640 1,259 5 45 2,949 Benefits paid (1,358) (1,073) (5) (23) (2,459) Effect of settlement (1,266) — — — (1,266) Plan participants’ contributions — — — 19 19 Foreign currency translation gain — — — 129 129 Fair value of plan assets – end of year 45,030 32,061 — 1,570 78,661 Funded status $ (2,479) $ (6,166) $ (647) $ 147 $ (9,145) Amounts recognized on the consolidated balance sheet as of December 31, 2020: Pension and post-retirement liability $ (2,479) $ (6,166) $ (647) $ 147 $ (9,145) Accumulated other comprehensive loss (income) 5,021 4,473 6 86 9,586 Amounts in accumulated other comprehensive loss consist of: Net loss $ 5,021 $ 4,473 $ 6 $ 86 $ 9,586 Prior service cost $ — $ — $ — $ 53 $ 53 Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net (gain) loss $ (244) $ 578 $ (94) $ 102 $ 342 Amortization of net gain (1,017) (607) — — (1,624) Amortization of prior service cost — — — (31) (31) Amount recognized due to special event (134) — — — (134) Foreign currency translation loss — — — 14 14 Total recognized in other comprehensive (income) loss $ (1,395) $ (29) $ (94) $ 85 $ (1,433) Information for plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 47,509 $ 38,227 $ 647 $ 1,423 $ 87,806 Accumulated benefit obligation $ 47,508 $ 38,227 $ 647 $ 1,297 $ 87,679 Fair value of plan assets $ 45,030 $ 32,061 $ — $ 1,570 $ 78,661 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 gain — — — 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 gain — — — (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 The components of net period benefit cost for the years ended December 31, 2020, 2019 and 2018 are as follows: December 31, 2020 Retirement Income Plan National Service-Related Pension Plan Other Superannuation Total Components of net periodic benefit cost: (In thousands) Service cost $ — $ — $ — $ 59 $ 59 Interest cost 1,261 1,117 14 25 2,417 Expected return on plan assets (2,002) (1,465) — (66) (3,533) Amortization of net loss 1,017 607 — — 1,624 Amortization of prior service cost — — — 27 27 Effect of settlement 134 — — — 134 Net pension benefit cost $ 410 $ 259 $ 14 $ 45 $ 728 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 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 5.8 years for the Retirement Income Plan, 6.9 years for the National Service-Related Pension Plan, 4.7 years for Other Post-Retirement Benefits, and 5.1 years for Superannuation as of December 31, 2020. The weighted average assumptions used to determine benefit obligations and net period benefit costs for the years ended December 31, 2020, 2019 and 2018 are as follows: December 31, 2020 Retirement Income National Service-Related Pension Other Superan- Weighted-average assumptions used to determine obligations (balance sheet): Discount rate 2.10% 2.49% 1.41% 1.50% 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 3.00% 3.25% 2.55% 2.30% Expected return on plan assets 6.50% 6.50% N/A 5.00% Rate of compensation increase N/A N/A N/A 3.25% December 31, 2019 Retirement Income National Service-Related Pension Other Superan- 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- 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% 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 2021 is $1.5 million. There is no estimated prior service cost associated with this plan to be amortized from accumulated other comprehensive income during 2021. 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 2021. The estimated prior service cost associated with this plan to be amortized from accumulated other comprehensive income during 2021 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, 2020 and 2019 are as follows: U.S. Plans Offshore Plan Actual Target Allocation Actual Target Allocation 2020 2019 2020 2019 U.S. equities 37% 35% 25%–55% 18% 20% 19% Non-U.S. equities 27% 25% 15%–45% 39% 42% 39% Fixed-income securities 32% 35% 15%–40% 9% 8% 15% Real estate 4% 5% 0–5% 10% 8% 8% Cash and other —% —% —% 24% 22% 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 2021, the Company expects to receive a long-term rate of return of 6.0% 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, 2020, by category, are as follow: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Balance as of December 31, 2020 Assets (In thousands) U.S. equities: Large cap (1) $ — $ 20,960 $ — $ 20,960 Medium cap (1) — 4,024 — 4,024 Small cap (1) 1,365 1,936 — 3,301 Non-U.S. equities: Large cap (2) 16,183 — — 16,183 Emerging markets (3) 4,759 — — 4,759 Fixed-income securities: Money markets (4) — 2,163 — 2,163 U.S. bonds (5) 11,067 3,581 — 14,648 Non-U.S. bonds (5) 7,635 — — 7,635 Real estate (6) — 3,417 — 3,417 Common/collective trusts — 1,571 — 1,571 Total assets $ 41,009 $ 37,652 $ — $ 78,661 The fair values of the Company’s pension plan assets as of December 31, 2019, by category, are as follows: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs 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 (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, 2020 and 2019, 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 2021. 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, 2020: Years Ending December 31: (In thousands) 2021 $ 6,357 2022 5,688 2023 5,286 2024 5,286 2025 5,028 Thereafter 23,244 $ 50,889 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 associates. These plans generally provide for retirement, death, and/or termination benefits for eligible associates 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 associates 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, 2020, 2019 and 2018, 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, 2020, 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 2020, 2019 and 2018. The Company contributes to multi-employer plans that cover approximately 46% of union associates. The amounts charged to expense within the Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 were $18.1 million, $18.0 million and $17.4 million , respectively. Projected minimum contributions required for the upcoming fiscal year are approximately $18.3 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 2020 2019 2020 2019 2018 (In thousands) Central Pension Fund of the International Union of Operating Engineers and Participating Employers (2) 36-6052390 Green Green No $ 11 $ 6 $ 6 No Central States SE & SW Areas Health and Welfare Pension Plans (1) 36-6044243 Red Red Yes/ Implemented 9,132 9,238 8,424 No New England Teamsters & Trucking Industry Pension Plan (3) 04-6372430 Red Red Yes/ Implemented 456 456 456 No Alternative New England Teamsters & Trucking Industry Pension Plan 04-6372430 Red Red No 404 449 493 No I.U.O.E Stationary Engineers Local 39 Pension Fund (1) 94-6118939 Green Green No 119 194 160 No United Food & Commercial Workers International Union-Industry Pension Fund (4) 51-6055922 Green Green No 126 105 90 No Western Conference of Teamsters Pension Fund (1) 91-6145047 Green Green No 7,727 7,398 7,632 No Minneapolis Food Distributing Industry Pension Plan (1) 41-6047047 Green Green Yes/ Implemented 146 116 180 No Total Contributions $ 18,121 $ 17,962 $ 17,441 (1) The status information is for the plans’ year end at December 31, 2020 and 2019. (2) The status information is for the plans’ year end at January 31, 2020 and 2019. (3) The status information is for the plans’ year end at September 30, 2020 and 2019. 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, 2020 and 2019. 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, 2020, 2019 and 2018 were $6.1 million, $5.8 million and $5.7 million, respectively. Defined Contribution Plan The Company has defined contribution employee benefit plans, which cover all eligible associates. 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, 2020, 2019 and 2018 was $5.7 million, $4.2 million and $3.9 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, 2020, 2019 and 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Letters of Credit As of December 31, 2020 and 2019, there were $21.7 million and $23.0 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 $10.1 million and $4.3 million as of December 31, 2020 and 2019, respectively. These bonds were issued primarily in connection with insurance requirements, special real estate assessments and construction obligations. The increase relates to subdivision bonds required for the construction of a new site in Pennsylvania. Construction Commitments As of December 31, 2020, 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 Atlanta, GA $ 66,554 Q2 2021 Plainville, CT 86,681 Q3 2022 Lancaster, PA 80,500 Q3 2022 Russellville, AR 71,375 Q4 2022 Auckland, New Zealand 24,827 Q2 2021 Calgary, Canada 9,728 Q4 2021 Total construction commitments $ 339,665 Collective Bargaining Agreements As of December 31, 2020, worldwide we employed approximately 16,300people. Currently, 47% of the Company’s labor force is covered by collective bargaining agreements, and 84 of our 238 warehouses have unionized associates that are governed by 73 different collective bargaining agreements. During 2020, we have successfully negotiated and renewed 19 agreements. During 2021, the Company will be renegotiating 11 collective bargaining agreements, which make up approximately 3.3% of our employee population, covering all or parts of 13 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. As a part of the 1994 settlement 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. The court granted the Company’s motion and dismissed the case.. 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 appealed this decision to the United States Supreme Court and 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. 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, the Company believes it has strong defenses to the claims. At this time, 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 (the “PFS Action”)/ 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 sought compensatory, consequential and/or punitive damages. The Company 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 granted Americold’s request for an award of legal fees from PFS but declined to stay the case pending payment of that award. As to the amount of the award, the Company and PFS have entered into a stipulation that PFS will pay Americold $550,000 to reimburse the Company for its legal fees upon conclusion of the case. PFS has since amended its complaint, and Americold has filed a motion to dismiss that amended complaint. On June 25, 2020, Fenway Polar Representative (“Fenway”), an entity alleging to represent the interests of the former shareholders of PFS, filed a lawsuit in the Supreme Court of the State of New York, New York County making similar factual allegations as those made in the PFS Action and seeking damages in excess of $400 hundred million due to the Company’s alleged fraudulent and tortious interference in the sale of PFS (the “Fenway Action”). The Company denies the allegations and believes PFS’s claims are without merit and intends to vigorously defend itself against the allegations. 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. 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, 2020 and 2019. 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, 2020, and any liabilities associated with these considerations are considered remote and not estimable. 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) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2020 | |
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 investments in partially owned entities, unrealized gains and losses on designated derivatives, and minimum pension liability adjustments (net of tax). The activity in AOCI for the years ended December 31, 2020, 2019 and 2018 is as follows: 2020 2019 2018 Pension and other postretirement benefits: (In thousands) Balance at beginning of period, net of tax $ (4,758) $ (8,027) $ (7,126) (Loss) gain arising during the period (317) 1,180 (2,926) Less: Tax expense 25 3 27 Net (loss) gain arising during the period (342) 1,177 (2,953) Amortization of net loss and prior service cost (1) 1,775 2,092 2,052 Net amount reclassified from AOCI to net income (loss) 1,775 2,092 2,052 Other comprehensive (loss) income , net of tax 1,433 3,269 (901) Balance at end of period, net of tax (3,325) (4,758) (8,027) Foreign currency translation adjustments: Balance at beginning of period, net of tax (6,710) (3,322) 8,318 Gain (loss) on foreign currency translation 9,944 (783) (11,640) Derecognition of cumulative foreign currency translation gain upon sale of partially owned entities (2) — (2,605) — Net gain (loss) on foreign currency translation 9,944 (3,388) (11,640) Balance at end of period, net of tax 3,234 (6,710) (3,322) Designated derivatives: Balance at beginning of period, net of tax (2,658) (1,166) (1,422) Unrealized (loss) gain on cash flow hedge derivatives (30,168) (1,450) 862 Unrealized gain on net investment hedge derivative 5,250 — — Less: Tax expense — — 173 Net (loss) gain designated derivatives (24,918) (1,450) 689 Net amount reclassified from AOCI to net income (loss) (interest expense) 3,442 (306) 1,191 Net amount reclassified from AOCI to net income (loss) (loss on debt extinguishment, modifications and termination of derivative instruments) 7,688 — 1,825 Net amount reclassified from AOCI to net income (loss) (foreign exchange loss (gain), net) 12,158 264 (3,449) Balance at end of period, net of tax (4,288) (2,658) (1,166) Accumulated other comprehensive loss $ (4,379) $ (14,126) $ (12,515) (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
Geographic Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018, and total assets as of December 31, 2020 and 2019: Total Revenues Total Assets 2020 2019 2018 2020 2019 (In thousands) North America $ 1,729,657 $ 1,527,270 $ 1,332,146 $ 6,067,809 $ 3,821,555 Europe — — — 1,329,755 — Asia-Pacific 248,494 246,788 259,737 375,082 341,334 South America 9,576 9,647 11,752 58,505 7,794 $ 1,987,727 $ 1,783,705 $ 1,603,635 $ 7,831,151 $ 4,170,683 The following table provides long-lived assets by geography for the years ended December 31, 2020 and 2019: Long-Lived Assets 2020 2019 (In thousands) North America $ 4,133,145 $ 2,815,567 Europe 785,813 — Asia-Pacific 246,162 245,453 South America 50,975 4,301 $ 5,216,095 $ 3,065,321 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 owned a limestone quarry in Carthage, Missouri. Revenues were generated from the sale of limestone mined at our quarry. Cost of operations for our quarry consisted primarily of labor, equipment, fuel and explosives. We do not view the operation of the quarry as an integral part of our business, and as a result this business segment was subsequently sold on July 1, 2020. 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 for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 (In thousands) Segment revenues: Warehouse $ 1,549,314 $ 1,377,217 $ 1,176,912 Third-party managed 291,751 252,939 259,034 Transportation 142,203 144,844 158,790 Other 4,459 8,705 8,899 Total revenues 1,987,727 1,783,705 1,603,635 Segment contribution: Warehouse 520,333 447,591 374,534 Third-party managed 12,228 11,761 14,760 Transportation 18,807 18,067 15,735 Other 130 838 620 Total segment contribution 551,498 478,257 405,649 Reconciling items: Depreciation and amortization (215,891) (163,348) (117,653) Selling, general and administrative (144,738) (129,310) (110,825) Acquisition, litigation and other (36,306) (40,614) (3,935) Impairment of long-lived assets (8,236) (13,485) (747) Gain (loss) from sale of real estate 22,124 (34) 7,471 Interest expense (91,481) (94,408) (93,312) Interest income 1,162 6,286 3,996 Bridge loan commitment fees (2,438) (2,665) — Loss on debt extinguishment, modifications and termination of derivative instruments (9,975) — (47,559) Foreign currency exchange (loss) gain, net (45,278) 10 2,882 Other expense, net (2,563) (1,870) (532) Loss from partially owned entities (250) (111) (1,069) Gain from sale of partially owned entities — 4,297 — Income before income tax benefit $ 17,628 $ 43,005 $ 44,366 The following table details our 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, 2020 2019 (In thousands) Assets: Warehouse $ 4,815,587 $ 3,684,391 Third-party managed 52,818 47,867 Transportation 151,872 50,666 Other 35 13,467 Total segments assets 5,020,312 3,796,391 Reconciling items: Corporate assets 621,836 374,292 Unallocated acquisitions (1) 2,144,096 — Investments in partially owned entities 44,907 — Total reconciling items 2,810,839 374,292 Total assets $ 7,831,151 $ 4,170,683 The following table details our additions to long-lived assets by segment. December 31, 2020 Warehouse Managed Transportation Unallocated acquisitions (1) Total (In thousands) Property, buildings and equipment $ 916,334 $ — $ 66,536 $ 1,079,910 $ 2,062,780 Financing leases 37,469 1,389 — 46,845 85,703 Operating lease right-of-use assets 39,656 — 5,280 191,229 236,165 Total $ 993,459 $ 1,389 $ 71,816 $ 1,317,984 $ 2,384,648 December 31, 2019 Warehouse Managed Quarry Transportation Total (In thousands) Property, buildings and equipment $ 1,277,162 $ 32 $ 405 $ 9,892 $ 1,287,491 Financing leases 30,653 — 161 — 30,814 Operating lease right-of-use assets 12,467 12 13 — 12,492 Total $ 1,320,282 $ 44 $ 579 $ 9,892 $ 1,330,797 (1) The assets acquired in 2020 related to the Agro acquisition are reflected in the tables above within the row titled ‘Unallocated Acquisitions’ as the acquired assets have not yet been assigned to the respective segments as of December 31, 2020 given the short period of time between the acquisition date, December 30, 2020, and year-end. We expect the assets will be assigned to the Warehouse and Transportation segments during the measurement period. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018, and total assets as of December 31, 2020 and 2019: Total Revenues Total Assets 2020 2019 2018 2020 2019 (In thousands) North America $ 1,729,657 $ 1,527,270 $ 1,332,146 $ 6,067,809 $ 3,821,555 Europe — — — 1,329,755 — Asia-Pacific 248,494 246,788 259,737 375,082 341,334 South America 9,576 9,647 11,752 58,505 7,794 $ 1,987,727 $ 1,783,705 $ 1,603,635 $ 7,831,151 $ 4,170,683 The following table provides long-lived assets by geography for the years ended December 31, 2020 and 2019: Long-Lived Assets 2020 2019 (In thousands) North America $ 4,133,145 $ 2,815,567 Europe 785,813 — Asia-Pacific 246,162 245,453 South America 50,975 4,301 $ 5,216,095 $ 3,065,321 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 owned a limestone quarry in Carthage, Missouri. Revenues were generated from the sale of limestone mined at our quarry. Cost of operations for our quarry consisted primarily of labor, equipment, fuel and explosives. We do not view the operation of the quarry as an integral part of our business, and as a result this business segment was subsequently sold on July 1, 2020. 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 for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 (In thousands) Segment revenues: Warehouse $ 1,549,314 $ 1,377,217 $ 1,176,912 Third-party managed 291,751 252,939 259,034 Transportation 142,203 144,844 158,790 Other 4,459 8,705 8,899 Total revenues 1,987,727 1,783,705 1,603,635 Segment contribution: Warehouse 520,333 447,591 374,534 Third-party managed 12,228 11,761 14,760 Transportation 18,807 18,067 15,735 Other 130 838 620 Total segment contribution 551,498 478,257 405,649 Reconciling items: Depreciation and amortization (215,891) (163,348) (117,653) Selling, general and administrative (144,738) (129,310) (110,825) Acquisition, litigation and other (36,306) (40,614) (3,935) Impairment of long-lived assets (8,236) (13,485) (747) Gain (loss) from sale of real estate 22,124 (34) 7,471 Interest expense (91,481) (94,408) (93,312) Interest income 1,162 6,286 3,996 Bridge loan commitment fees (2,438) (2,665) — Loss on debt extinguishment, modifications and termination of derivative instruments (9,975) — (47,559) Foreign currency exchange (loss) gain, net (45,278) 10 2,882 Other expense, net (2,563) (1,870) (532) Loss from partially owned entities (250) (111) (1,069) Gain from sale of partially owned entities — 4,297 — Income before income tax benefit $ 17,628 $ 43,005 $ 44,366 The following table details our 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, 2020 2019 (In thousands) Assets: Warehouse $ 4,815,587 $ 3,684,391 Third-party managed 52,818 47,867 Transportation 151,872 50,666 Other 35 13,467 Total segments assets 5,020,312 3,796,391 Reconciling items: Corporate assets 621,836 374,292 Unallocated acquisitions (1) 2,144,096 — Investments in partially owned entities 44,907 — Total reconciling items 2,810,839 374,292 Total assets $ 7,831,151 $ 4,170,683 The following table details our additions to long-lived assets by segment. December 31, 2020 Warehouse Managed Transportation Unallocated acquisitions (1) Total (In thousands) Property, buildings and equipment $ 916,334 $ — $ 66,536 $ 1,079,910 $ 2,062,780 Financing leases 37,469 1,389 — 46,845 85,703 Operating lease right-of-use assets 39,656 — 5,280 191,229 236,165 Total $ 993,459 $ 1,389 $ 71,816 $ 1,317,984 $ 2,384,648 December 31, 2019 Warehouse Managed Quarry Transportation Total (In thousands) Property, buildings and equipment $ 1,277,162 $ 32 $ 405 $ 9,892 $ 1,287,491 Financing leases 30,653 — 161 — 30,814 Operating lease right-of-use assets 12,467 12 13 — 12,492 Total $ 1,320,282 $ 44 $ 579 $ 9,892 $ 1,330,797 (1) The assets acquired in 2020 related to the Agro acquisition are reflected in the tables above within the row titled ‘Unallocated Acquisitions’ as the acquired assets have not yet been assigned to the respective segments as of December 31, 2020 given the short period of time between the acquisition date, December 30, 2020, and year-end. We expect the assets will be assigned to the Warehouse and Transportation segments during the measurement period. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
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 and OP units granted to certain associates and non-employee trustees who have the right to participate in the distribution of common dividends while the restricted stock units and OP units are unvested. The shares issuable upon settlement of forward sale agreements 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 forward sale agreements 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 the forward sale agreements, the delivery of common shares would result in an increase in the number of shares outstanding and dilution to earnings per share. A reconciliation of the basic and diluted weighted-average number of common shares outstanding for the years ended December 31, 2020, 2019 and 2018 is as follows: Year ended December 31, 2020 2019 2018 (In thousands) Weighted average common shares outstanding – basic 203,255 179,598 141,415 Dilutive effect of share-based awards 1,532 1,660 2,662 Equity forward contracts 2,153 2,692 261 Weighted average common shares outstanding – diluted 206,940 183,950 144,338 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, 2020 2019 2018 (In thousands) Employee stock options — — — Restricted stock units 170 250 — OP units — — — Equity forward contracts 2,231 — — 2,401 250 — |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 by segment and geographic region: December 31, 2020 North America Asia-Pacific South America Total (In thousands) Warehouse rent and storage $ 581,421 $ 53,860 $ 5,120 $ 640,401 Warehouse services 727,994 152,561 2,610 883,165 Third-party managed 273,465 18,286 — 291,751 Transportation 116,570 23,787 1,846 142,203 Other 4,448 — — 4,448 Total revenues (1) 1,703,898 248,494 9,576 1,961,968 Lease revenue (2) 25,759 — — 25,759 Total revenues from contracts with all customers $ 1,729,657 $ 248,494 $ 9,576 $ 1,987,727 December 31, 2019 North America Asia-Pacific South America Total (In thousands) Warehouse rent and storage $ 502,674 $ 53,114 $ 4,749 $ 560,537 Warehouse services 653,890 137,746 3,072 794,708 Third-party managed 238,034 14,886 — 252,920 Transportation 101,976 41,042 1,826 144,844 Other 8,683 — — 8,683 Total revenues (1) 1,505,257 246,788 9,647 1,761,692 Lease revenue (2) 22,013 — — 22,013 Total revenues from contracts with all customers $ 1,527,270 $ 246,788 $ 9,647 $ 1,783,705 December 31, 2018 North America Asia-Pacific South America Total (In thousands) Warehouse rent and storage $ 433,131 $ 54,591 $ 5,694 $ 493,416 Warehouse services 522,748 136,299 3,109 662,156 Third-party managed 246,092 12,742 — 258,834 Transportation 99,736 56,105 2,949 158,790 Other 8,877 — — 8,877 Total revenues (1) 1,310,584 259,737 11,752 1,582,073 Lease revenue (2) 21,562 — — 21,562 Total revenues from contracts with all customers $ 1,332,146 $ 259,737 $ 11,752 $ 1,603,635 (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, 2020, the Company had $614.5 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 32% of these remaining performance obligations as revenue in 2021, and the remaining 68% to be recognized over a weighted average period of 12.1 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, 2020, were not materially impacted by any other factors. Opening and closing receivables balances related to contracts with customers accounted for under ASC 606 were $321.5 million and $213.2 million at December 31, 2020 and 2019, respectively. All other trade receivable balances relate to contracts accounted for under ASC 842 or 840, for the applicable period. |
Balance Sheet of the Operating
Balance Sheet of the Operating Partnership | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet of the Operating Partnership | Balance Sheet of the Operating Partnership The following table reflects the Consolidated Balance Sheets of the Operating Partnership as of December 31, 2020 and 2019: Americold Realty Operating Partnership, L.P. and Subsidiaries Consolidated Balance Sheets (In thousands, except shares and per share amounts) December 31, 2020 2019 Assets Property, buildings and equipment: Land $ 662,885 $ 526,226 Buildings and improvements 4,004,824 2,696,732 Machinery and equipment 1,177,572 817,617 Assets under construction 303,531 108,639 6,148,812 4,149,214 Accumulated depreciation (1,382,298) (1,216,553) Property, buildings and equipment – net 4,766,514 2,932,661 Operating lease right-of-use assets 291,797 77,723 Accumulated depreciation – operating leases (24,483) (18,110) Operating leases – net 267,314 59,613 Financing leases: Buildings and improvements 60,513 11,227 Machinery and equipment 109,416 76,811 169,929 88,038 Accumulated depreciation – financing leases (40,937) (29,697) Financing leases – net 128,992 58,341 Cash, cash equivalents, and restricted cash 621,051 240,613 Accounts receivable – net of allowance of $12,286 and $6,927 at December 31, 2020 and 2019, respectively 324,221 214,842 Identifiable intangible assets – net 797,423 284,758 Goodwill 794,335 318,483 Investments in partially owned entities 44,907 — Other assets 86,394 61,372 Total assets $ 7,831,151 $ 4,170,683 Liabilities and equity Liabilities: Borrowings under revolving line of credit $ — $ — Accounts payable and accrued expenses 552,547 350,963 Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $15,952 and $12,996 in the aggregate, at December 31, 2020 and 2019, respectively 2,648,266 1,695,447 Sale-leaseback financing obligations 185,060 115,759 Financing lease obligations 125,926 58,170 Operating lease obligations 269,147 62,342 Unearned revenue 19,209 16,423 Pension and postretirement benefits 9,145 12,706 Deferred tax liability – net 220,502 17,119 Multiemployer pension plan withdrawal liability 8,528 8,736 Total liabilities 4,038,330 2,337,665 Partner’s capital: General partner – 249,185,577 and 189,881,910 units issued and outstanding as of December 31, 2020 and 2019, respectively 3,753,240 1,828,673 Limited partner – 2,517,026 and 1,917,999 units issued and outstanding as of December 31, 2020 and 2019, respectively 43,960 18,471 Accumulated other comprehensive loss (4,379) (14,126) Total partners’ capital 3,792,821 1,833,018 Total liabilities and partners’ capital 7,831,151 4,170,683 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events (Unaudited)On January 29, 2021, the Company expanded its 2020 Senior Unsecured Revolving Credit Facility by $200 million. In addition, the Company repaid $200 million of principal on Tranche A-1 of the 2020 Senior Unsecured Term Loan. The maturity, margin, and other terms of the 2020 Senior Unsecured Credit Facility remain unchanged. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 Property Buildings Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (2) Total Accumulated Depreciation and Depletion (1) (6) (5) Date of Construction Date of Acquisition US Albertville, AL 1 $ — $ 1,251 $ 12,385 $ 1,264 $ 1,381 $ 13,519 $ 14,900 $ (6,224) 1993 2008 Allentown, PA 2 — 5,780 47,807 8,032 6,791 54,828 61,619 (26,018) 1976 2008 Amarillo, TX 1 — 871 4,473 1,545 932 5,957 6,889 (2,759) 1973 2008 Anaheim, CA 1 — 9,509 16,810 1,666 9,510 18,475 27,985 (9,180) 1965 2009 Appleton, WI 1 — 200 5,022 10,977 916 15,283 16,199 (5,008) 1989 2009 Atlanta - Lakewood, GA 1 — 4,297 3,369 (1,460) 639 5,567 6,206 (2,397) 1963 2008 Atlanta - Skygate, GA 1 — 1,851 12,731 1,549 2,417 13,714 16,131 (4,796) 2001 2008 Atlanta - Southgate, GA 1 — 1,623 17,652 3,154 2,468 19,961 22,429 (7,397) 1996 2008 Atlanta - Tradewater, GA 1 — — 36,966 10,043 8,129 38,880 47,009 (7,989) 2004 2008 Atlanta - Westgate, GA 1 — 2,270 24,659 (1,373) 2,090 23,466 25,556 (11,023) 1990 2008 Atlanta, GA - Corporate — — — 365 18,318 — 18,683 18,683 (5,702) 1999/2014 2008 Augusta, GA 1 — 2,678 1,943 1,160 2,843 2,938 5,781 (1,778) 1971 2008 Babcock, WI 1 — 852 8,916 174 895 9,047 9,942 (3,174) 1999 2008 Bartow, FL 1 — — 2,451 732 10 3,173 3,183 (2,546) 1962 2008 Belvidere-Imron, IL 1 — 2,000 11,989 3,857 2,413 15,433 17,846 (6,798) 1991 2009 Belvidere-Landmark, IL (Cross Dock) 1 — 1 2,117 1,974 — 4,092 4,092 (4,014) 1991 2009 Benson, NC (1) 1 — 3,660 35,825 37 3,660 35,862 39,522 (2,146) 1997 2019 Birmingham, AL 1 941 1,002 957 2,175 1,269 2,865 4,134 (1,055) 1963 2008 Brea, CA 1 — 4,645 5,891 1,002 4,724 6,814 11,538 (2,995) 1975 2009 Brooklyn Park, MN 1 — 1,600 8,951 1,741 1,600 10,692 12,292 (4,788) 1986 2009 Burley, ID 2 — — 16,136 3,841 146 19,831 19,977 (14,514) 1959 2008 Burlington, WA 3 13,724 694 6,108 2,531 711 8,622 9,333 (4,392) 1965 2008 Carson, CA 1 — 9,100 13,731 1,146 9,133 14,844 23,977 (5,346) 2002 2009 Cartersville, GA 1 — 1,500 8,505 908 1,571 9,342 10,913 (3,967) 1996 2009 Carthage Warehouse Dist, MO 1 — 61,445 33,880 7,871 62,613 40,583 103,196 (22,329) 1972 2008 Chambersburg, PA (4) 1 — 1,368 15,868 (4) 1,368 15,864 17,232 (777) 1994 2019 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) (5) Date of Construction Date of Acquisition Cherokee, IA (1) 1 — 580 8,343 26 594 8,355 8,949 (559) 1965 2019 Chesapeake, VA (1) 1 — 2,740 13,452 19,734 2,805 33,121 35,926 (1,465) 1991 2019 Chillicothe, MO (1) 1 — 670 44,905 140 670 45,045 45,715 (2,444) 1999 2019 City of Industry, CA 2 — — 1,455 1,923 230 3,148 3,378 (2,729) 1962 2009 Clearfield, UT 1 — 2,881 14,945 5,645 2,307 21,164 23,471 (9,248) 1973 2008 Clearfield 2, UT 1 — 806 21,569 1,359 1,131 22,603 23,734 (2,734) 2017 2017 Columbia, SC 1 — 768 1,429 1,146 860 2,483 3,343 (1,241) 1971 2008 Columbus, OH (1) 1 — 2,440 38,939 5,953 2,838 44,494 47,332 (2,056) 1996 2019 Connell, WA 1 — 497 8,728 1,231 558 9,898 10,456 (4,518) 1969 2008 Dallas, TX 1 — 1,468 14,385 13,668 2,929 26,592 29,521 (8,325) 1994 2009 Delhi, LA 1 15,495 539 12,228 587 587 12,767 13,354 (7,319) 2010 2010 Denver-50th Street, CO 1 — — 1,724 592 — 2,316 2,316 (2,162) 1974 2008 Dominguez Hills, CA 1 — 11,149 10,894 1,288 11,162 12,169 23,331 (5,350) 1989 2009 Douglas, GA 1 — 400 2,080 2,139 401 4,218 4,619 (1,524) 1969 2009 Eagan, MN (1) 1 — 6,050 49,441 98 6,050 49,539 55,589 (2,712) 1964 2019 East Dubuque, IL 1 — 722 13,764 656 753 14,389 15,142 (5,140) 1993 2008 East Point, GA 1 — 1,884 3,621 3,850 2,020 7,335 9,355 (2,853) 1959 2016 Fairfield, OH (1) 1 — 1,880 20,849 118 1,880 20,967 22,847 (1,286) 1993 2019 Fairmont, MN (1) 1 — 1,650 13,738 41 1,650 13,779 15,429 (783) 1968 2019 Fort Dodge, IA 1 — 1,022 7,162 1,300 1,226 8,258 9,484 (3,685) 1979 2008 Fort Smith, AR 2 — 308 2,231 2,302 342 4,499 4,841 (1,547) 1958 2008 Fort Smith - Highway 45, AR (1) 1 — 2,245 51,998 22 2,245 52,020 54,265 (2,968) 1987 2019 Fort Worth-Blue Mound, TX 1 — 1,700 5,055 1,829 1,700 6,884 8,584 (2,139) 1995 2009 Fort Worth-Samuels, TX 2 — 1,985 13,447 4,528 2,124 17,836 19,960 (7,344) 1977 2009 Fremont, NE 1 26,341 629 3,109 6,083 691 9,130 9,821 (4,804) 1968 2008 Ft. Worth, TX (Meacham) 1 — 5,610 24,686 4,557 5,873 28,980 34,853 (11,471) 2005 2008 Ft. Worth, TX (Railhead) 1 — 1,857 8,536 773 1,978 9,188 11,166 (4,071) 1998 2008 Gadsden, AL 1 22,827 100 9,820 (607) 388 8,925 9,313 (3,325) 1991 2013 Gaffney, SC 1 — 1,000 3,263 164 1,000 3,427 4,427 (1,455) 1995 2008 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) (5) Date of Construction Date of Acquisition Gainesville, GA 1 — 400 5,704 1,271 434 6,941 7,375 (2,780) 1989 2009 Gainesville - Candler, GA (2) 1 — 716 3,258 952 770 4,156 4,926 (354) 1995 2019 Garden City, KS 1 — 446 4,721 1,893 446 6,614 7,060 (2,542) 1980 2008 Gateway, GA 2 — 3,271 19,693 (7,196) 3,197 12,571 15,768 (8,666) 1972 2008 Geneva Lakes, WI 1 — 1,579 36,020 3,387 2,513 38,473 40,986 (13,555) 1991 2009 Gloucester - Rogers, MA 1 — 1,683 3,675 4,786 1,827 8,317 10,144 (2,402) 1967 2008 Gloucester - Rowe, MA 1 — 1,146 2,833 10,823 1,272 13,530 14,802 (3,877) 1955 2008 Gouldsboro, PA 1 — 4,224 29,473 3,065 5,036 31,726 36,762 (10,399) 2006 2009 Grand Island, NE 1 — 430 6,542 (2,269) 479 4,224 4,703 (2,130) 1995 2008 Green Bay, WI 2 — — 2,028 3,225 125 5,128 5,253 (2,952) 1935 2009 Greenville, SC 1 — 200 1,108 403 203 1,508 1,711 (1,246) 1962 2009 Hatfield, PA 2 — 5,002 28,286 9,788 5,800 37,276 43,076 (14,878) 1983 2009 Henderson, NV 2 — 9,043 14,415 1,247 9,056 15,649 24,705 (5,707) 1988 2009 Hermiston, OR 1 32,069 1,322 7,107 435 1,388 7,476 8,864 (3,252) 1975 2008 Houston, TX 1 — 1,454 10,084 1,323 1,531 11,330 12,861 (4,054) 1990 2009 Indianapolis, IN 4 — 1,897 18,991 21,352 4,088 38,152 42,240 (14,406) 1975 2008 Jefferson, WI 2 — 1,553 19,805 1,944 1,887 21,415 23,302 (9,319) 1975 2009 Johnson, AR (1) 1 — 6,159 24,802 — 6,159 24,802 30,961 (2,017) 1955 2019 Lakeville, MN (1) 1 — 4,000 47,790 122 4,013 47,899 51,912 (2,715) 1970 2019 Lancaster, PA 1 — 2,203 15,670 1,031 2,371 16,533 18,904 (5,801) 1993 2009 LaPorte, TX 1 — 2,945 19,263 3,378 3,440 22,146 25,586 (8,350) 1990 2009 Le Mars, IA (1) 1 — 1,000 12,596 195 1,100 12,691 13,791 (872) 1991 2019 Leesport, PA 1 — 1,206 14,112 12,195 1,796 25,717 27,513 (8,217) 1993 2008 Lowell, AR (1) 1 — 2,610 31,984 188 2,748 32,034 34,782 (2,090) 1992 2019 Lula, GA (2) 1 — 3,864 35,382 386 3,925 35,707 39,632 (2,392) 1996 2019 Lynden, WA 5 — 1,420 8,590 1,639 1,430 10,219 11,649 (4,179) 1946 2009 Marshall, MO 1 10,293 741 10,304 563 840 10,768 11,608 (4,506) 1985 2008 Massillon 17th, OH 1 — 175 15,322 700 423 15,774 16,197 (6,165) 2000 2008 Massillon Erie, OH 1 — — 1,988 521 — 2,509 2,509 (2,477) 1984 2008 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) (5) Date of Construction Date of Acquisition Memphis Chelsea , TN — — 80 2 (81) — 1 1 (1) 1972 2008 Middleboro, MA 1 — 404 15,031 161 441 15,155 15,596 (900) 2018 2018 Milwaukie, OR 2 — 2,473 8,112 1,797 2,523 9,859 12,382 (6,112) 1958 2008 Mobile, AL 1 — 10 3,203 1,129 24 4,318 4,342 (1,638) 1976 2009 Modesto, CA 6 — 2,428 19,594 5,822 3,025 24,819 27,844 (11,326) 1945 2009 Monmouth, IL (1) 1 — 2,660 48,348 23 2,683 48,348 51,031 (2,276) 2014 2019 Montgomery, AL 1 6,530 850 7,746 (395) 1,157 7,044 8,201 (2,858) 1989 2013 Moses Lake, WA 1 29,634 575 11,046 2,771 1,140 13,252 14,392 (5,735) 1967 2008 Murfreesboro, TN 1 — 1,094 10,936 3,753 1,332 14,451 15,783 (7,116) 1982 2008 Nampa, ID 4 — 1,588 11,864 2,253 1,719 13,986 15,705 (8,053) 1946 2008 Napoleon, OH (1) 1 — 2,340 57,677 111 2,340 57,788 60,128 (3,214) 1974 2019 New Ulm, MN 7 — 725 10,405 1,457 822 11,765 12,587 (4,430) 1984 2009 North Little Rock, AR (1) 1 — 1,680 12,841 14,898 2,226 27,193 29,419 (1,371) 1996 2019 Oklahoma City, OK 1 — 742 2,411 1,859 742 4,270 5,012 (1,845) 1968 2008 Ontario, CA 3 — 14,673 3,632 27,388 14,747 30,946 45,693 (13,372) 1987(1)/1984(2)/1983(3) 2008 Ontario, OR 4 — — 13,791 9,476 1,264 22,003 23,267 (14,152) 1962 2008 Pasco, WA 1 — 557 15,809 441 598 16,209 16,807 (5,803) 1984 2008 Pendergrass, GA 1 — 500 12,810 2,820 580 15,550 16,130 (6,826) 1993 2009 Perryville, MD (4) 1 — 1,626 19,083 5,104 5,820 19,993 25,813 (784) 2007 2019 Phoenix2, AZ 1 — 3,182 11,312 34 3,182 11,346 14,528 (2,626) 2014 2014 Piedmont, SC 1 — 500 9,883 1,524 506 11,401 11,907 (5,149) 1981 2009 Plover, WI 1 33,480 1,390 18,298 5,857 2,016 23,529 25,545 (10,723) 1981 2008 Portland, ME 1 — 305 2,402 1,213 316 3,604 3,920 (1,181) 1952 2008 Rochelle, IL (Americold Drive) 1 — 1,860 18,178 48,173 4,326 63,885 68,211 (11,323) 1995 2008 Rochelle, IL (Caron) 1 — 2,071 36,658 963 2,257 37,435 39,692 (15,531) 2004 2008 Russellville, AR - Elmira 1 — 1,261 9,910 3,275 1,376 13,070 14,446 (6,795) 1986 2008 Russellville, AR - Route 324 (1) 1 — 2,467 29,179 (53) 2,499 29,094 31,593 (1,828) 1993 2019 Russellville, AR - Valley 1 — 708 15,832 4,049 759 19,830 20,589 (6,504) 1995 2008 Salem, OR 4 38,433 3,055 21,096 3,721 3,261 24,611 27,872 (12,201) 1963 2008 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) (5) Date of Construction Date of Acquisition Salinas, CA 5 — 7,244 7,181 10,637 8,130 16,932 25,062 (7,071) 1958 2009 Salt Lake City, UT 1 — — 22,481 8,799 374 30,906 31,280 (16,037) 1998 2010 San Antonio - HEB, TX 1 — 2,014 22,902 — 2,014 22,902 24,916 (4,578) 1982 2017 San Antonio, TX 3 — 1,894 11,101 3,254 2,138 14,111 16,249 (8,385) 1913 2009 Sanford, NC (1) 1 — 3,110 34,104 81 3,110 34,185 37,295 (1,988) 1996 2019 Savannah, GA (3) 1 — 20,715 10,456 1,252 21,833 10,590 32,423 (938) 2015 2019 Savannah 2, GA 1 — 3,002 37,571 — 3,002 37,571 40,573 (969) 2020 2020 Sebree, KY 1 — 638 7,895 1,681 638 9,576 10,214 (3,004) 1998 2008 Sikeston, MO 1 — 258 11,936 3,126 2,350 12,970 15,320 (4,952) 1998 2009 Sioux City - 2640, IA (1) 1 — 5,950 28,391 623 5,909 29,055 34,964 (2,281) 1990 2019 Sioux City - 2900, IA (1) 1 — 3,070 56,336 193 3,101 56,498 59,599 (3,475) 1995 2019 Sioux Falls, SD 1 — 856 4,780 4,141 1,044 8,733 9,777 (4,578) 1972 2008 Springdale, AR 1 7,664 844 10,754 1,742 872 12,468 13,340 (5,416) 1982 2008 St. Louis, MO 2 — 2,082 7,566 2,071 2,198 9,521 11,719 (3,404) 1956 2009 St. Paul, MN 2 — 1,800 12,129 699 1,800 12,828 14,628 (5,577) 1970 2009 Strasburg, VA 1 — 1,551 15,038 1,779 1,600 16,768 18,368 (6,037) 1999 2008 Sumter, SC (1) 1 — 530 8,738 32 548 8,752 9,300 (767) 1979 2019 Syracuse, NY 2 — 2,177 20,056 5,833 2,420 25,646 28,066 (10,349) 1960 2008 Tacoma, WA 1 — — 21,216 2,518 27 23,707 23,734 (8,266) 2010 2010 Tampa Plant City, FL 2 — 1,333 11,836 1,507 1,380 13,296 14,676 (4,782) 1987 2009 Tarboro, NC 1 17,127 1,078 9,586 1,175 1,225 10,614 11,839 (4,061) 1988 2008 Taunton, MA 1 — 1,477 14,159 1,394 1,703 15,327 17,030 (5,381) 1999 2009 Texarkana, AR 1 3,542 842 11,169 1,655 921 12,745 13,666 (4,508) 1992 2008 Tomah, WI 1 18,593 886 10,715 438 923 11,116 12,039 (4,853) 1989 2008 Turlock, CA (#1) 2 — 944 4,056 586 967 4,619 5,586 (2,119) 1995 2008 Turlock, CA (#2) 1 — 3,091 7,004 1,530 3,116 8,509 11,625 (3,744) 1985 2008 Vernon 2, CA 1 — 8,100 13,490 3,402 8,112 16,880 24,992 (8,188) 1965 2009 Victorville, CA 1 — 2,810 22,811 1,090 2,820 23,891 26,711 (8,985) 2004 2008 Walla Walla, WA 2 — 215 4,693 610 159 5,372 5,518 (3,269) 1960 2008 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) (5) Date of Construction Date of Acquisition Wallula, WA 1 — 690 2,645 806 753 3,388 4,141 (1,326) 1982 2008 Watsonville, CA 1 — — 8,138 533 21 8,650 8,671 (8,045) 1984 2008 West Memphis, AR 1 — 1,460 12,300 3,340 2,784 14,316 17,100 (6,383) 1985 2008 Wichita, KS 1 — 1,297 4,717 2,063 1,432 6,645 8,077 (2,977) 1972 2008 Woodburn, OR 1 — 1,552 9,860 3,864 1,627 13,649 15,276 (4,967) 1952 2008 York, PA 1 — 3,838 36,621 2,407 4,099 38,767 42,866 (15,525) 1994 2008 York-Willow Springs, PA 1 — 1,300 7,351 745 1,416 7,980 9,396 (3,482) 1987 2009 Zumbrota, MN 3 — 800 10,360 1,727 934 11,953 12,887 (4,347) 1996 2009 Newport, MN 1 — 3,383 19,877 292 3,638 19,914 23,552 (1,015) 1964 2020 Tampa Maple, FL 1 — 3,233 15,940 — 3,233 15,940 19,173 (195) 2017 2020 Grand Prairie, TX 1 — — 22 — — 22 22 (3) 1981 2020 Mansfield, TX 1 — 5,670 33,222 — 5,670 33,222 38,892 (399) 2018 2020 Hall’s (9) 8 — 29,351 239,697 3 29,352 239,699 269,051 (1,325) Various 2020 Canada Cold Logic/Taber — — — 12 (1) — 11 11 (11) 1999 2009 Brampton 1 — 27,522 53,367 3,278 28,544 55,623 84,167 (2,135) 2004 2020 Calgary 1 — 5,240 36,392 1,545 5,434 37,743 43,177 (1,231) 2009 2020 Halifax Dartmouth 1 — 2,052 14,904 629 2,128 15,457 17,585 (484) 2013 2020 Halifax Thornhill 1 — — 1,044 39 — 1,083 1,083 (498) 1971 2020 Australia Arndell Park 2 — 13,489 29,428 5,600 12,896 35,621 48,517 (11,962) 1989/1994 2009 BRIS CORPORATE-Acacia Ridge 1 — — — 324 — 324 324 (306) Managed Managed Laverton 2 — 13,689 28,252 10,515 13,087 39,369 52,456 (13,385) 1997/1998 2009 Murarrie 3 — 10,891 18,975 351 10,413 19,804 30,217 (7,224) 1972/2003 2009 Prospect/ASC Corporate 2 — — 1,187 21,564 8,181 14,570 22,751 (5,098) 1985 2009 Spearwood 1 — 7,194 10,990 622 6,878 11,928 18,806 (5,011) 1978 2009 New Zealand Dalgety 1 — 6,047 5,531 7,387 12,815 6,150 18,965 (2,098) 1988 2009 Diversey 1 — 2,357 5,966 1,595 2,617 7,301 9,918 (2,493) 1988 2009 Halwyn Dr 1 — 5,227 3,399 1,568 5,803 4,391 10,194 (1,851) 1992 2009 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) (5) Date of Construction Date of Acquisition Mako Mako 1 — 1,332 3,810 660 1,479 4,323 5,802 (1,433) 2000 2009 Manutapu/Barber Akld 1 — — 343 358 — 701 701 (646) 2004 2009 Paisley 2 — — 185 3,010 — 3,195 3,195 (543) 1984 2009 Smarts Rd 1 — — 247 1,060 — 1,307 1,307 (856) 1984 2009 Argentina Mercado Central - Buenos Aires, ARG 1 — — 4,984 (2,008) — 2,976 2,976 (2,168) 1996/1999 2009 Pilar - Buenos Aires, ARG 1 — 706 2,586 (2,252) 732 308 1,040 (86) 2000 2009 Agro (U.S., Europe, Asia-Pacific, South America) (8) Agro 23 — 95,286 825,015 — 95,286 825,015 920,301 — Various 2020 Total 276,693 606,387 3,597,455 524,380 662,885 4,065,337 4,728,222 (857,812) 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) (5) Date of Construction Date of Acquisition Land, buildings, and improvements in the assets under construction balance as of December 31, 2020. US Allentown, PA — — — — — 73 73 Anaheim, CA — — — — — 1,222 1,222 Atlanta - Lakewood, GA — — — — — 257 257 Atlanta - Skygate, GA — — — — — 840 840 Atlanta - Southgate, GA — — — — — 391 391 Atlanta - Tradewater, GA — — — — — 2,730 2,730 Atlanta - Westgate, GA — — — — — 1,952 1,952 Augusta, GA — — — — — 12 12 Cartersville, GA — — — — — 38 38 Carthage Warehouse Dist, MO — — — — — 75 75 Chesapeake, VA — — — — — 20 20 Columbia, SC — — — — — 70 70 Columbus, OH — — — — — 949 949 Dallas, TX — — — — — 40 40 Denver-50th Street, CO — — — — — 1 1 Dominguez Hills, CA — — — — — 40 40 Eagan, MN — — — — — 24 24 Fairfield, OH — — — — — 45 45 Fremont, NE — — — — — 47 47 Ft. Worth, TX (Meacham) — — — — — 83 83 Ft. Worth, TX (Railhead) — — — — — 686 686 Gainesville Candler, GA — — — — — 54 54 Gainesville, GA — — — — — 50 50 Gateway, GA — — — — — 70,606 70,606 Gloucester - Rogers, MA — — — — — 42 42 Gloucester - Rowe, MA — — — — — 47 47 Gouldsboro, PA — — — — — 15 15 Green Bay, WI — — — — — 62 62 Hatfield, PA — — — — — 362 362 Henderson, NV — — — — — 308 308 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) (5) Date of Construction Date of Acquisition Indianapolis, IN — — — — — 565 565 Johnson, AR — — — — — 178 178 Lancaster, PA — — — — — 595 595 LaPorte, TX — — — — — 665 665 Leesport, PA — — — — — 164 164 Marshall, MO — — — — — 11 11 Milwaukie, OR — — — — — 13 13 Modesto, CA — — — — — 994 994 Monmouth, IL — — — — — 461 461 Mountville, PA — — — — — 72,009 72,009 Murfreesboro, TN — — — — — 121 121 Napoleon, OH — — — — — 4 4 New Ulm, MN — — — — — 17 17 Ontario, CA — — — — — 2,542 2,542 Perryville, MD — — — — — 179 179 Phoenix2, AZ — — — — — 67 67 Plainville, CT — — — — — 72,939 72,939 Plover, WI — — — — — 200 200 Portland, ME — — — — — 31 31 Rochelle, IL (Americold Drive) — — — — — 5,493 5,493 Russellville, AR - Elmira — — — — — 11,756 11,756 Russellville, AR - Valley — — — — — 432 432 Salinas, CA — — — — — 2,225 2,225 Salt Lake City, UT — — — — — 605 605 Sanford, NC — — — — — 24 24 Savannah, GA — — — — — 233 233 Savannah 2, GA — — — — — 377 377 Sikeston, MO — — — — — 3 3 Springdale, AR — — — — — 39 39 Strasburg, VA — — — — — 279 279 Syracuse, NY — — — — — 30 30 Tarboro, NC — — — — — 520 520 Turlock, CA (#2) — — — — — 1,445 1,445 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) (5) Date of Construction Date of Acquisition Wallula, WA — — — — — 17 17 Watsonville, CA — — — — — 1,422 1,422 York, PA — — — — — 112 112 Canada Brampton — — — — — 353 353 Calgary — — — — — 1,573 1,573 Australia Arndell Park — — — — — 898 898 Laverton — — — — — 1,884 1,884 Murarrie — — — — — 618 618 Prospect — — — — — 452 452 Spearwood — — — — — 333 333 New Zealand Dalgety — — — — — 22,678 22,678 Diversey — — — — — 782 782 Halwyn Dr — — — — — 34 34 Mako Mako — — — — — 54 54 Manutapu — — — — — 4 4 Paisley — — — — — 223 223 Smarts Rd — — — — — 112 112 Total in assets under construction — — — — — 287,906 287,906 — Total assets $ 276,693 $ 606,387 $ 3,597,455 $ 524,380 $ 662,885 $ 4,353,243 $ 5,016,126 $ (857,812) Schedule III – Footnotes (1) Reconciliation of total accumulated depreciation to consolidated balance sheet caption as of December 31, 2020: Total per Schedule III $ (857,812) Accumulated depreciation on investments in non-real estate assets (565,423) Total accumulated depreciation per consolidated balance sheet (property, buildings and equipment and financing leases) $ (1,423,235) (2) Reconciliation of total Buildings and improvements to consolidated balance sheet as of December 31, 2020: Building and improvements per consolidated balance sheet $ 4,004,824 Building and improvements financing leases per consolidated balance sheet 60,513 Assets under construction per consolidated balance sheet 303,531 Less: personal property assets under construction (15,625) Total per Schedule III $ 4,353,243 (3) Reconciliation of total mortgage notes, senior unsecured notes and term loan to consolidated balance sheet caption as of December 31, 2020: Total per Schedule III $ 276,693 Unsecured 2,387,525 Deferred financing costs, net of amortization (15,952) Total mortgage notes, senior unsecured notes and term loan per consolidated balance sheet* $ 2,648,266 *Total mortgage notes, senior unsecured notes, and term loan does not include $4.7M of secured notes related to the Monmouth, IL facility. Refer to footnote 17 for additional details. (4) The aggregate cost for Federal tax purposes at December 31, 2020 of our real estate assets was approximately $3.4 billion. (5) The life on which depreciation is computed ranges from 5 to 43 years. (6) The following table summarizes the Company’s real estate activity and accumulated depreciation for the years ended December 31: 2020 2019 2018 Real Estate Facilities, at Cost: Beginning Balance $ 3,729,589 $ 2,575,367 $ 2,506,656 Capital expenditures 287,220 177,268 50,680 Acquisitions 1,662,650 975,045 — Newly developed warehouse facilities 58,807 21,316 62,353 Disposition (62,225) (7,409) (30,199) Impairment (2,153) (12,555) (747) Conversion of leased assets to owned 7,956 — 8,405 Impact of foreign exchange rate changes 24,916 557 (21,781) Ending Balance 5,706,760 3,729,589 2,575,367 Accumulated Depreciation: Beginning Balance (936,422) (827,892) (770,006) Depreciation expense (146,237) (114,512) (87,355) Dispositions 8,731 6,679 24,672 Impact of foreign exchange rate changes (6,994) (697) 4,797 Ending Balance (1,080,922) (936,422) (827,892) Total Real Estate Facilities, Net at December 31 $ 4,625,838 $ 2,793,167 $ 1,747,475 The total real estate facilities amounts in the table above include $165.2 million, $76.8 million, and $80.3 million of assets under sale-leaseback agreements accounted for as a financing as of December 31, 2020, 2019 and 2018, respectively. The Company does not hold title in these assets under sale-leaseback agreements. As of December 31, 2020 and 2019, the Company has no facilities classified as held for sale. In 2020, t he Company recognized real estate impairment charges of $2.2 million, which included, $1.2 million for costs incurred on a potential development project which the Company determined it would not move forward with, the write-off primarily related to “Assets Under Construction” on the accompanying Consolidated Balance Sheets; $0.5 million related to refrigeration assets that were subsequently deemed unusable following the sale and exit of the Boston warehouse, which primarily impacted “Machinery & Equipment” on the accompanying Consolidated Balance Sheets. The Boston facility was sold for a gain of $20.1 million, which was recorded to “gain on sale of real estate” in the accompanying Consolidated Statement of Operations, and primarily related to buildings with lesser amounts related to machinery, handling, & equipment and land; and $0.5 million related to the sale of vacant land in Waco, TX. During the first quarter of 2019, the company wrote down 75% of a facility to be partially demolished and reconstructed resulting in an impairment of $9.6 million. 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 January 2020, the Company acquired four facilities in connection with the Nova Cold Acquisition, with total property, buildings and equipment of $171.9 million. Additionally in January 2020, the Company acquired one facility in connection with the Newport Acquisition, with total property, buildings and equipment of $30.2 million. In August 2020, the Company acquired 2 facilities in connection with the AM-C Warehouse Acquisition, with total property, buildings and equipment of $53.2 million. Additionally in August 2020, the Company acquired a single facility in connection with the Caspers Acquisition, with total property, buildings and equipment of $25.2 million. During the third quarter of 2020, the Company purchased two international facilities that were previously operated under a lease agreement for $8.1 million. During November 2020, the Company acquired eight facilities in connection with the Hall’s Acquisition, with total property, buildings and equipment of $332.7 million. On December 30, 2020, the Company completed the Agro Acquisition, with total property, buildings and equipment of $1.08 billion. 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 $50.1 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. (7) Reconciliation of the Company’s real estate activity and accumulated depreciation for the years ended December 31, 2020 to Schedule III: Total real estate facilities gross amount per Schedule III $ 5,016,126 Plus: Refrigeration equipment 690,625 Less: Quarry CIP 9 Real estate facilities, at cost - ending balance $ 5,706,760 Accumulated depreciation per Schedule III $ (857,812) Plus: Refrigeration equipment (223,110) Accumulated depreciation - ending balance $ (1,080,922) (8) The Agro acquisition closed on December 30, 2020. As a result, the acquisition accounting was preliminary as of December 31, 2020, and was not allocated to individual warehouses. The Company will make allocations to individual sites during the measurement period in 2021 and update accordingly in our Annual Form on 10-K for the year ended December 31, 2021. Refer to Note 3 of the Consolidated Financial Statements for further details. (9) The Hall’s acquisition closed on November 2, 2020. As a result, the acquisition accounting was preliminary as of December 31, 2020, and was not allocated to individual warehouses. The Company will make allocations to individual sites during the measurement period in 2021 and update accordingly in our Annual Form on 10-K for the year ended December 31, 2021. Refer to Note 3 of the Consolidated Financial Statements for further details. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries where the Company exerts control. Investments in which the Company does not have control, and is not considered to be the primary beneficiary of a Variable Interest Entity (VIE), but where the Company exercises significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. Intercompany balances and transactions have been eliminated. |
Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. 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, 2020, 2019 and 2018, the Company recorded depreciation expense of $198.8 million, $153.9 million and $116.0 million, respectively. 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 a component of operating expenses. 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 $7.3 million, $6.4 million and $5.2 million for 2020, 2019 and 2018, respectively, and is included in “Depreciation and amortization” 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 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. |
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 . |
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. |
Revenue Recognition | 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. 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). The Company made an accounting policy election to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (e.g., sales, use, value added, some excise taxes). 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, management fees, 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. We do not view the operation of the quarry as an integral part of our business, and as a result this business segment was subsequently sold on July 1, 2020. 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. |
Business Combinations and Asset Acquisitions | 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. 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. Asset Acquisitions The Company acquired Caspers Warehouse in an asset acquisition on August 31, 2020 for $25.6 million. The cost incurred in connection with this asset acquisition was allocated primarily to property, buildings and equipment. The Company acquired MHW in an asset acquisition on November 19, 2019 for $51.6 million. The cost incurred in connection with this asset acquisition was allocated primarily to property, buildings and equipment. Additionally, the purchase agreement included a call option to purchase land from the holder of the ground lease for $4.1 million, which was exercised in January 2020. |
Bridge Loan Commitment Fees and Deferred Financing Costs | Bridge Loan Commitment Fees During the fourth quarter of 2020, we incurred costs of $2.4 million related to unused bridge loan commitment fees in connection with the potential funding need to complete the Agro Acquisition which ultimately was not utilized. During the second quarter of 2019, we incurred costs of $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 EquivalentsCash 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, 2020 and 2019, the Company held $88.6 million and $34.1 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 17 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, 2018 $ 5,309 1,969 (1,572) $ 5,706 Year ended December 31, 2019 $ 5,706 3,608 (2,387) $ 6,927 Year ended December 31, 2020 $ 6,927 7,161 (1,802) $ 12,286 |
Indefinite-Lived Asset | Indefinite-Lived Asset The trade name asset, with a carrying amount of $15.1 million as of December 31, 2020 and 2019, 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, 2020, 2019 and 2018. |
Finite-Lived Assets | Finite-Lived Assets Customer relationship assets are the Company’s largest finite-lived assets and are amortized over 18 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, 2020, 2019 and 2018 was $15.3 million, $7.9 million and $0.8 million, respectively. The weighted-average remaining life of the customer relationship assets is 24.3 years as of December 31, 2020. 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, 2020, 2019 and 2018. 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, 2020, 2019 or |
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 charge would be recorded for the difference in the fair value and carrying value. If the reporting unit carrying value exceeds the reporting unit fair value an impairment charge is recorded for the difference between fair value and carrying value, limited to the amount of goodwill in the reporting unit. There were no goodwill impairment charges for the years ended December 31, 2020, 2019 and 2018. |
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, 2020, 2019 and 2018. 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, 2020, 2019 and 2018, except as needed for the Company’s U.S. Taxable REIT Subsidiaries (TRSs), and for the Company’s foreign entities. 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, 2020. 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 unremitted earnings of certain foreign 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 was no longer permanently reinvested as of 2019 with regards to its investment in Hong Kong. The Company has elected to be indefinitely reinvested with regard to basis only in the investment of the foreign subsidiaries in the Agro acquisition. If our plans change in the future or if we elect to repatriate the unremitted earnings of our foreign subsidiaries, we would be subject to additional income taxes which could result in a higher effective tax rate. The Company has provided |
Pension and Post-Retirement Benefits | Pension and Post-Retirement BenefitsThe Company has defined benefit pension plans that cover certain union and nonunion associates. The Company also participates in multi-employer union defined benefit pension plans under collective bargaining agreements for certain union associates. The Company also has a post-retirement benefit plan to provide life insurance coverage to eligible retired associates. The Company also offers defined contribution plans to all of its eligible associates. Contributions to multi-employer union defined benefit pension plans are expensed as incurred, as are the Company’s contributions to the defined contribution plans. For the defined benefit pension plans and the post-retirement benefit plan, an asset or a liability is recorded in the consolidated balance sheet equal to the funded status of the plan, which represents the difference between the fair value of the plan assets and the projected benefit obligation at the consolidated balance sheet date. The Company utilizes the services of a third-party actuary to assist in the assessment of the fair value of the plan assets and the projected benefit obligation at each measurement date. Certain changes in the value of plan assets and the projected benefit obligation are not recognized immediately in earnings but instead are deferred as a component of accumulated other comprehensive income (loss) and amortized to earnings in future periods. |
Foreign Currency Gain and Losses | Foreign Currency Gains and Losses The local currency is the functional currency for the Company’s operations in Australia, Canada, Chile, Europe and New Zealand. 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 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, 2020 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 (loss) gain, 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 |
Recently Adopted Accounting Standards and Future Adoption of Accounting Standards | Recently Adopted 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 adopted this standard effective January 1, 2020 on a prospective basis, and it did not have a material impact on its consolidated financial statements. Credit Losses Effective January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (also referred to as current expected credit losses, or “CECL”), using the modified retrospective transition method. This ASU amends the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables, and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimated expected credit losses, which may result in earlier recognition of losses. Upon adoption of the new standard, the Company recorded a non-cash cumulative effect adjustment to the opening accumulated deficit and distributions in excess of net earnings of $0.5 million as of January 1, 2020. As of December 31, 2020, we had $975.5 million of assets in the scope of the credit loss standard. These assets consist primarily of cash equivalents measured at amortized cost and trade and other receivables. Counterparties associated with these assets are generally highly rated. The substantial majority of the allowance recorded on the aforementioned in-scope assets relates to our trade receivables and totaled $12.3 million as of December 31, 2020. Financial Instruments In March 2020, FASB issued ASU 2020-03, Codification Improvements to Financial Instruments . This ASU improves and clarifies various financial instruments topics, including the current expected credit losses standard issued in 2016. The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments have different effective dates. The Company adopted this standard effective January 1, 2020, and it did not have a material impact on its consolidated financial statements. Future Adoption of Accounting Standards 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. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) . This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Investments - equity securities; Investments—Equity Method and Joint Ventures; Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) . The amendments in this ASU clarify the interaction between the accounting for investments in equity securities, equity method investments and certain derivatives instruments. The ASU is expected to reduce diversity in practice and increase comparability of the accounting for these interactions. This ASU is effective for fiscal years beginning after December 15, 2020. The adoption of this ASU is not expected to have any impact on the Company's 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 Equity. The Consolidated Statements of Equity reflects the reclassification required in the prior period to condense the amount previously classified within ‘Other’ to be classified within ‘Other comprehensive loss’, both of which are a component of Accumulated Other Comprehensive Income (Loss). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Activity in Real Estate Facilities | Activity in real estate facilities during the years ended December 31, 2020 and 2019 is as follows: 2020 2019 (In thousands) Operating facilities, at cost: Beginning balance $ 3,729,589 $ 2,575,367 Capital expenditures 287,220 177,268 Acquisitions 1,662,650 975,045 Newly developed warehouse facilities 58,807 21,316 Disposition (62,225) (7,409) Impairment (2,153) (12,555) Conversion of leased assets to owned 7,956 — Impact of foreign exchange rate changes 24,916 557 Ending balance 5,706,760 3,729,589 Accumulated depreciation: Beginning balance (936,422) (827,892) Depreciation expense (146,237) (114,512) Dispositions 8,731 6,679 Impact of foreign exchange rate changes (6,994) (697) Ending balance (1,080,922) (936,422) Total real estate facilities $ 4,625,838 $ 2,793,167 Non-real estate assets 296,212 197,835 Total property, buildings and equipment and finance leases, net $ 4,922,050 $ 2,991,002 |
Restricted Cash Balances | Restricted cash balances as of December 31, 2020 and 2019 are as follows: 2020 2019 (In thousands) 2013 mortgage notes’ escrow accounts $ 1,157 $ 877 2013 mortgage notes’ cash managed accounts 2,393 2,343 Cash on deposit for workers’ compensation program in Australia 3,034 2,525 New market tax credit reserve accounts 584 565 Cash on deposit for workers’ compensation program in United States 1,390 — Agro Europe 2,956 — Total restricted cash $ 11,514 $ 6,310 |
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, 2018 $ 5,309 1,969 (1,572) $ 5,706 Year ended December 31, 2019 $ 5,706 3,608 (2,387) $ 6,927 Year ended December 31, 2020 $ 6,927 7,161 (1,802) $ 12,286 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | A summary of the preliminary fair values of the assets acquired and liabilities assumed is as follows (in thousands): Preliminary Amounts Recognized as of the Assets Land $ 29,352 Buildings and improvements 239,708 Machinery and equipment 63,596 Operating lease right-of-use assets 26,400 Cash and cash equivalents 7,894 Accounts receivable 11,894 Goodwill 42,737 Acquired identifiable intangibles: Customer relationships 102,732 Other assets 303 Total assets 524,616 Liabilities Accounts payable and accrued expenses 4,006 Operating lease obligations 26,400 Deferred tax liability 5,012 Total liabilities 35,418 Total consideration for the Hall’s acquisition $ 489,198 The Company completed the acquisition of Agro on December 30, 2020 for total consideration of $1.59 billion , including cash received of $47.5 million. This was comprised of cash consideration totaling $1.08 billion, of which $49.7 million was deferred, and the issuance of 14,166,667 common shares of beneficial interest to Oaktree, with a fair value of $512.1 million based upon the closing share price on December 29, 2020 of $36.15. Financing lease and sale-leaseback obligations associated with the acquisition totaled $119.9 million, as indicated in the table below, and when added to the total consideration transferred brings the total transaction cost to approximately $1.7 billion. A summary of the preliminary fair values of the assets acquired and liabilities assumed is as follows (in thousands): Preliminary Amounts Recognized as of the Assets Land $ 95,286 Buildings and improvements 778,170 Machinery and equipment 206,453 Operating lease right-of-use assets 191,229 Financing lease asset 46,845 Cash and cash equivalents 47,534 Accounts receivable 78,423 Goodwill 346,673 Acquired identifiable intangibles: Customer relationships 333,501 Investment in partially owned entities 21,638 Other assets 20,038 Total assets 2,165,790 Liabilities Accounts payable and accrued expenses 90,860 Operating lease obligations 191,229 Financing lease obligations 46,845 Sale-leaseback obligations 73,075 Deferred tax liability 175,719 Total liabilities 577,728 Total consideration for the Agro acquisition $ 1,588,062 Amounts Recognized as of the Measurement Period Adjustments (1) Final 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 18,453 126,096 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 (5,572) 1,304,073 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 (39) 9,024 Total liabilities 63,957 (2,762) 61,195 Total consideration for Cloverleaf acquisition $ 1,245,688 $ (2,810) $ 1,242,878 (1) The adjustments recorded during the measurement period did not have a significant impact on our Consolidated Financial Statements for the year ended December 31, 2020. The measurement period ended one year after the Cloverleaf Acquisition, on April 30, 2020. (2) The measurement period adjustments were primarily due to refinements to third party appraisals and refinements in 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 AM-C, Halls and Lanier acquisitions, which were deemed immaterial individually and in the aggregate based on quantitative and qualitative considerations. Additionally, the Company has not presented pro forma combined results of operations for the acquisitions of Nova Cold and Newport, because the results of operations as reported in the accompanying Consolidated Statements of Operations would not have been materially different. These statements are provided for illustrative purposes only and do not purport to represent what the actual Consolidated Statements of Operations of the Company would have been had the Agro and Cloverleaf acquisitions occurred on the dates assumed, nor are they necessarily indicative of what the results of operations would be for any future periods. Pro forma (unaudited) (in thousands, except per share data) Year Ended December 31, 2020 2019 Total revenue $ 2,517,351 $ 2,380,458 Net income $ 8,831 $ 79,671 Net income per share, diluted (2) $ 0.04 $ 0.33 (1) Pro forma net income available to common shareholders was adjusted to exclude $22.7 million of acquisition related costs incurred by the Company in connection with the Agro Acquisition during the year ended December 31, 2020, and to include these charges in pro forma net income for the year ended December 31, 2019. Pro forma net income available to common shareholders was adjusted to exclude $36.8 million of acquisition related costs incurred by Agro in connection with the Agro Acquisition during the year ended December 31, 2020. Pro forma net income available to common shareholders was adjusted to exclude $26.6 million of acquisition related costs incurred by the Company in connection with the Cloverleaf Acquisition during the year ended December 31, 2019. (2) Adjusted to give effect to the issuance of 46.1 million common shares in connection with the Agro Acquisition and 42.1 million common shares in connection with the Cloverleaf Acquisition. |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Partially Owned Entities | As of December 31, 2020, our investment in partially owned entities accounted for under the equity method of accounting presented in our Consolidated Balance Sheets consists of the following (in thousands): Joint Venture Location % Ownership December 31, 2020 Superfrio Brazil 14.99% $23,269 Comfrio Brazil 22.12% $21,638 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) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 are as follows: Warehouse Third-party managed Transportation Unallocated Acquisitions Total (In thousands) 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 Goodwill acquired 116,275 — 8,546 346,673 471,494 Purchase price allocation adjustments 1,115 — — — 1,115 Impact of foreign currency translation 2,513 379 351 — 3,243 December 31, 2020 $ 421,727 $ 3,261 $ 22,674 $ 346,673 $ 794,335 |
Schedule of Intangible Assets Not Subject to Amortization | Intangible assets subject to amortization as of December 31, 2020 and 2019 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 $ 300,421 $ 143 $ 3,778 $ 9,126 $ 908 $ 1,623 $ 315,999 Additions 528,518 — — — 139 — 528,657 Foreign currency translation 1,260 — — — — — 1,260 Accumulated amortization (53,321) (81) (2,152) (5,945) (447) (1,623) (63,569) Net definite lived intangible assets $ 776,878 $ 62 $ 1,626 $ 3,181 $ 600 $ — 782,347 Indefinite lived intangible asset (Trade name) 15,076 Identifiable intangible assets – net, December 31, 2020 $ 797,423 Weighted-average remaining useful life at December 31, 2020 24.3 2.8 2.8 32.2 1.9 N/A 24.3 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 |
Schedule of Intangible Assets Subject to Amortization | Intangible assets subject to amortization as of December 31, 2020 and 2019 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 $ 300,421 $ 143 $ 3,778 $ 9,126 $ 908 $ 1,623 $ 315,999 Additions 528,518 — — — 139 — 528,657 Foreign currency translation 1,260 — — — — — 1,260 Accumulated amortization (53,321) (81) (2,152) (5,945) (447) (1,623) (63,569) Net definite lived intangible assets $ 776,878 $ 62 $ 1,626 $ 3,181 $ 600 $ — 782,347 Indefinite lived intangible asset (Trade name) 15,076 Identifiable intangible assets – net, December 31, 2020 $ 797,423 Weighted-average remaining useful life at December 31, 2020 24.3 2.8 2.8 32.2 1.9 N/A 24.3 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 |
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 and 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 Estimated Amortization of Assembled Workforce Assets (In thousands) Years Ending December 31: 2021 $ 32,999 $ 22 $ 151 $ 349 2022 32,910 22 151 221 2023 32,726 18 106 30 2024 32,159 — 102 — 2025 32,070 — 102 — Thereafter 615,640 — 2,569 — Total $ 778,504 $ 62 $ 3,181 $ 600 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets as of December 31, 2020 and 2019 are as follows: 2020 2019 (In thousands) Prepaid accounts $ 24,324 $ 11,345 Inventory and supplies 21,514 9,371 Various insurance and workers’ compensation receivables 14,421 12,143 Marketable securities - (deferred compensation plan) 6,579 4,895 Deferred financing costs 5,811 2,767 Utility, workers’ compensation escrow and lease deposits 4,630 4,222 Other receivables 7,292 7,528 Income taxes receivable 997 885 Deferred tax assets 826 418 Fair value of derivatives — 6,886 Deferred registration statement costs — 912 $ 86,394 $ 61,372 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued expenses as of December 31, 2020 and 2019 are as follows: 2020 2019 (In thousands) Trade payables $ 179,028 $ 109,222 Accrued workers’ compensation liabilities 34,775 30,642 Accrued payroll 26,706 17,104 Accrued bonus 26,320 20,729 Accrued vacation and long service leave 17,466 16,403 Accrued health benefits 14,938 13,020 Accrued property taxes 22,372 20,370 Accrued utilities 9,373 7,854 New market tax credit deferred contribution liability 4,721 4,882 Income taxes payable 6,424 997 Dividends payable 56,189 39,753 Accrued interest 28,422 24,872 Fair value of derivative financial instruments 9,611 6,097 Other accrued expenses 66,492 39,018 Deferred consideration - Agro 49,710 — $ 552,547 $ 350,963 |
Acquisitions, Litigation, and_2
Acquisitions, Litigation, and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Acquisition, Litigation and Other Special Charges [Abstract] | |
Schedule of Acquisition, Litigation and Other Special 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 2020 2019 2018 Acquisition related costs $ 26,466 $ 24,284 $ 671 Litigation 310 4,553 — Severance, equity award modifications and acceleration 1,089 9,789 2,053 Non-offering related equity issuance expenses — 1,356 1,813 Terminated site operations costs 124 632 (1,804) Non-recurring public company implementation costs — — 1,202 Cyber incident related costs 7,908 — — Other 409 — — Total acquisition, litigation and other $ 36,306 $ 40,614 $ 3,935 |
Debt of the Operating Partnersh
Debt of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding borrowings | The Company’s outstanding indebtedness as of December 31, 2020 and 2019 is as follows (in thousands): Contractual Interest Rate Effective Interest Rate as of December 31, 2020 December 31, 2020 December 31, 2019 Indebtedness Stated Maturity Date Carrying Amount Estimated Fair Carrying Amount Estimated Fair 2013 Mortgage Loans Senior note 5/2023 3.81% 4.14% $ 174,693 $ 180,807 $ 181,443 $ 184,618 Mezzanine A 5/2023 7.38% 7.55% 70,000 71,925 70,000 70,525 Mezzanine B 5/2023 11.50% 11.75% 32,000 33,040 32,000 32,320 Total 2013 Mortgage Loans 276,693 285,772 283,443 287,463 Senior Unsecured Notes Series A notes 1/2026 4.68% 4.77% 200,000 231,000 200,000 217,750 Series B notes 1/2029 4.86% 4.92% 400,000 475,000 400,000 439,000 Series C notes 1/2030 4.10% 4.15% 350,000 400,750 350,000 366,625 Series D notes (7) 1/2031 1.62% 1.66% 488,640 488,640 — — Series E notes (8) 1/2033 1.65% 1.69% 427,560 427,560 — — Total Senior Unsecured Notes 1,866,200 2,022,950 950,000 1,023,375 2020 Senior Unsecured Term loan Tranche A-1 (1) 3/2025 L+0.95% 1.45% 325,000 323,375 — — 2020 Senior Unsecured Term loan Tranche A-2 (2)(6) 3/2025 C+0.95% 1.55% 196,325 195,343 — — Total 2020 Senior Unsecured Term Loan A Facility (4) 521,325 518,718 — — 2018 Senior Unsecured Term Loan A Facility (1) 1/2023 L+1.00% 3.14% — — 475,000 472,625 Total principal amount of indebtedness 2,664,218 2,827,440 1,708,443 1,783,463 Less deferred financing costs (15,952) n/a (12,996) n/a Total indebtedness, net of unamortized deferred financing costs (3) $ 2,648,266 $ 2,827,440 $ 1,695,447 $ 1,783,463 2020 Senior Unsecured Revolving Credit Facility (3)(5) 3/2024 L+0.85% 0.23% $ — $ — N/A N/A 2018 Senior Unsecured Revolving Credit Facility (1)(3) 1/2021 L+0.90% 0.36% N/A N/A $ — $ — (1) L = one-month LIBOR (2) C = one-month CDOR (3) During the first quarter of 2020, the Company refinanced its Senior Unsecured Credit Facility. As such, the 2020 Senior Unsecured Revolving Credit Facility was in effect as of December 31, 2020 and the 2018 Senior Unsecured Revolving Credit Facility was in effect as of December 31, 2019. The above disclosure reflects N/A for the reporting date that the respective instrument was not in effect. (4) During the first quarter of 2020, the Company refinanced its Senior Unsecured Term Loan A. As such, the 2020 Senior Unsecured Term Loan A Facility was in effect as of December 31, 2020 and the 2018 Senior Unsecured Term Loan A Facility was in effect as of December 31, 2019. (5) The Company has the option to extend the 2020 Senior Unsecured Revolving Credit Facility up to two times for a six-month period each. (6) The 2020 Senior Unsecured Term Loan Tranche A-2 is denominated in Canadian dollars and aggregates to CAD 250.0 million. The carrying value in the table above is the US dollar equivalent as of December 31, 2020. (7) The Senior Unsecured Notes Series D is denominated in Euros and aggregates to €400.0 million. The carrying value in the table above is the US dollar equivalent as of December 31, 2020. (8) The Senior Unsecured Notes Series E is denominated in Euros and aggregates to €350.0 million. The carrying value in the table above is the US dollar equivalent as of December 31, 2020. |
Schedule of aggregate maturities of total indebtedness | The aggregate maturities of indebtedness as of December 31, 2020, 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) 2021 $ 7,034 2022 7,312 2023 262,347 2024 — 2025 521,325 Thereafter 1,866,200 Aggregate principal amount of debt 2,664,218 Less unamortized deferred financing costs (15,952) Total debt net of deferred financing costs $ 2,648,266 |
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, 2020 | |
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, 2020 and 2019 (in thousands): Derivative Assets Derivative Liabilities As of December 31, As of December 31, 2020 2019 2020 2019 Designated derivatives Foreign exchange contracts $ — $ 1,376 $ 9,611 $ — Interest rate contracts — 2,933 — 3,505 Undesignated derivatives Foreign exchange forwards — 2,546 — 2,589 Total fair value of derivatives $ — $ 6,855 $ 9,611 $ 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, 2020, 2019 and 2018, 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, 2020 2019 2018 2020 2019 2018 Interest rate contracts $ (11,465) $ (571) $ (1,422) Interest expense $ (3,368) $ 248 $ (1,191) Interest rate contracts (7,688) — — Loss on debt extinguishment, modifications and termination of derivative instruments (1) (7,688) — — Foreign exchange contracts (11,015) (879) 2,283 Foreign currency exchange (loss) gain, net (12,158) (264) 3,449 Foreign exchange contracts — — — Interest expense (74) 58 — Foreign exchange forwards 5,250 — — — — — Total designated cash flow hedges $ (24,918) $ (1,450) $ 861 $ (23,288) $ 42 $ 2,258 (1) The Company accelerated the reclassification in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming not probable to occur resulting in a charge to “Loss on debt extinguishment, modification, and termination of derivative instruments” on the accompanying Consolidated Statement of Operations for the year ended December 31, 2020. |
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, 2020 and 2019, 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, 2020 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 $ — $ — $ — $ — $ — $ — 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 $ 9,611 $ — $ 9,611 $ — $ — $ 9,611 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) |
Sale-Leasebacks of Real Estate
Sale-Leasebacks of Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019 are as follows: Maturity Interest Rate as of December 31, 2020 2020 2019 (In thousands) 1 warehouse – 2010 7/2030 10.34% $ 18,669 $ 18,994 11 warehouses – 2007 9/2027 7.00%-19.59% 93,316 96,765 3 facilities - 2007 (Agro) 7/2031 10% 67,229 — 1 facility - 2013 (Agro) 12/2033 10% 5,846 — Total sale-leaseback financing obligations $ 185,060 $ 115,759 As of December 31, 2020, 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) 2021 $ 26,184 2022 27,065 2023 27,460 2024 27,787 2025 28,075 Thereafter 182,553 Total minimum payments 319,124 Interest portion (134,064) Present value of net minimum payments $ 185,060 |
Lease Accounting (Tables)
Lease Accounting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense were as follows (in thousands): Years Ended December 31, 2020 2019 Components of lease expense: Operating lease cost (a) $ 23,931 $ 29,205 Financing lease cost: Depreciation 16,504 11,252 Interest on lease liabilities 2,969 2,941 Sublease income (b) (551) (499) Net lease expense $ 42,853 $ 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. Other information related to leases is as follows: Years Ended December 31, 2020 2019 Supplemental Cash Flow Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (20,070) $ (24,992) Operating cash flows from finance leases $ (2,969) $ (2,941) Financing cash flows from finance leases $ (19,970) $ (13,339) Right-of-use assets obtained in exchange for lease obligations Operating leases $ 44,919 $ 12,492 Finance leases $ 38,858 $ 30,416 Weighted-average remaining lease term (years) Operating leases 10.5 6.1 Finance leases 4.8 4.4 Weighted-average discount rate Operating leases 2.9 % 4.1 % Finance leases 3.6 % 5.5 % |
Finance Lease, Liability, Maturity | Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows (in thousands): Years ending December 31, Operating Lease Payments Finance Lease Payments Total Lease Payments 2021 $ 41,821 $ 41,671 $ 83,492 2022 36,000 32,118 68,118 2023 32,809 25,943 58,752 2024 28,185 16,752 44,937 2025 23,923 6,108 30,031 Thereafter 154,991 10,723 165,714 Total future minimum lease payments 317,729 133,315 451,044 Less: Interest (48,582) (7,389) (55,971) Total future minimum lease payments less interest $ 269,147 $ 125,926 $ 395,073 Reported as of December 31, 2020 Accounts payable and accrued expenses $ 174 $ 120 $ 294 Operating lease obligations 268,973 — 268,973 Finance lease obligations — 125,806 125,806 Total lease obligations $ 269,147 $ 125,926 $ 395,073 |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows (in thousands): Years ending December 31, Operating Lease Payments Finance Lease Payments Total Lease Payments 2021 $ 41,821 $ 41,671 $ 83,492 2022 36,000 32,118 68,118 2023 32,809 25,943 58,752 2024 28,185 16,752 44,937 2025 23,923 6,108 30,031 Thereafter 154,991 10,723 165,714 Total future minimum lease payments 317,729 133,315 451,044 Less: Interest (48,582) (7,389) (55,971) Total future minimum lease payments less interest $ 269,147 $ 125,926 $ 395,073 Reported as of December 31, 2020 Accounts payable and accrued expenses $ 174 $ 120 $ 294 Operating lease obligations 268,973 — 268,973 Finance lease obligations — 125,806 125,806 Total lease obligations $ 269,147 $ 125,926 $ 395,073 |
Lessor, Operating Lease, Payments to be Received, Maturity | Future minimum lease payments due from our customers on leases as of December 31, 2020 were as follows (in thousands): Operating Leases Year ending December 31, 2021 $ 26,903 2022 21,884 2023 18,914 2024 14,201 2025 10,169 Thereafter 21,491 Total $ 113,562 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 (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 Cross-currency swap liability Level 2 9,611 — 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 41,009 35,317 Level 2 37,652 33,991 Disclosed at fair value: Mortgage notes, senior unsecured notes and term loans (1) Level 3 $ 2,827,440 $ 1,783,463 (1) The carrying value of mortgage notes, senior unsecured notes and term loans is disclosed in Note 9 . |
Dividends and Distributions (Ta
Dividends and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020, 2019 and 2018: 2020 (Common Shares) Month Declared/Paid Dividend Per Share Distributions Declared Distributions Paid Common Shares Common Shares (In thousands, except per share amounts) December (2019)/January $ 0.2000 $ — $ 38,796 December (a) — (169) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. December (2019)/January — 4 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). March/April 0.2100 42,568 42,568 March (b) — (233) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. March/April — 10 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). May/July 0.2100 43,271 43,271 May (c) — (232) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. May/July — 10 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). September/October 0.2100 43,282 43,282 October (d) — (231) Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest. September/October — 10 Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation). December $ 0.210 53,820 — $ 182,941 $ 167,086 (a) Declared in December 2019 and included in the $38.8 million declared, see description to the right regarding timing of payment. (b) Declared in March and included in the $42.6 million declared, see description to the right regarding timing of payment. (c) Declared in May and included in the $43.3 million declared, see description to the right regarding timing of payment. (d) Declared in September and included in the $43.3 million declared, see description to the right regarding timing of payment. 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. |
Schedule of distribution type | The composition of the Company’s distributions per common share and per preferred share is as follows: Common Shares 2020 2019 2018 Ordinary income 35 % 83 % 66 % Capital gains 0 % 0 % 0 % Return of capital 65 % 17 % 34 % 100 % 100 % 100 % Preferred Shares 2020 2019 2018 Ordinary income N/A N/A 100 % Capital gains N/A N/A 0 % Return of capital N/A N/A 0 % N/A N/A 100 % |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of restricted stock units activity | The following table summarizes restricted stock unit grants by grantee type during the years ended December 31, 2020, 2019 and 2018: Year Ended Grantee Type Number of Vesting Grant Date 2020 Trustees 8,517 1 year $ 300 2020 Associates 295,274 1-3 years $ 9,137 2019 Trustees 18,267 1 year $ 575 2019 Associates 504,984 1-3 years $ 16,843 2018 Trustees 373,438 1-3 years $ 5,975 2018 Associates 1,263,751 1-4 years $ 22,196 The following table provides a summary of restricted stock awards activity under the 2010 and 2017 Plans as of December 31, 2020: Year Ended December 31, 2020 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, 2019 714,063 $ 25.0 57,142 $ 2.0 779,188 $ 27.3 Granted (2) 194,981 — 108,810 Vested (1) (334,131) (14,286) — Forfeited (11,689) 0 (14,417) Non-vested as of December 31, 2020 563,224 $ 21.0 42,856 $ 1.6 873,581 $ 42.6 Shares vested, but not released (1) 615,643 23.0 28,572 1.1 — — Total outstanding restricted stock units 1,178,867 $ 44.0 71,428 $ 2.7 873,581 $ 42.6 (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 dividends, but are not entitled to vote the shares until common shares are issued. The weighted average grant date fair value of these units is $9.38 per unit. During 2020 an additional 14,286 of these restricted stock units vested. Of the total restricted stock units vested, but not yet released, 615,643 time-based restricted stock units and 14,286 performance-based restricted stock units vested prior to January 1, 2020. (2) The number of market performance-based restricted stock units are reflected within this table based upon the number of shares issuable upon achievement of the performance metric at target. |
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 | 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 2020 23% 0.52% N/A (1) Dividends are assumed to be reinvested and therefore not applicable. Award Date Expected Stock Price Volatility Risk-Free Interest Rate Dividend Yield 4/10/2017 30% 1.63% 2% |
Schedule of OP units activity | The following table summarizes OP unit grants under the 2017 Plan during the years ended December 31, 2020 and 2019 (none were issued during the year ended December 31, 2018): Year Ended December 31, Grantee Type Number of Vesting Grant Date 2020 Trustees 16,325 1 year $ 575 2020 Associates 255,720 1-3 years $ 7,719 2019 Trustees 20,190 1 year $ 675 The following table provides a summary of the OP unit awards activity under the 2017 Plan as of December 31, 2020: Year Ended December 31, 2020 OP Units Number of Time-Based OP Units Aggregate Intrinsic Value (in millions) Number of Market Performance-Based OP Units Aggregate Intrinsic Value (in millions) Non-vested as of December 31, 2019 20,190 $ 0.7 — $ — Granted 93,180 178,865 Vested (20,190) — Forfeited — — Non-vested as of December 31, 2020 93,180 $ 3.5 178,865 $ 6.7 Shares vested, but not released 17,199 0.6 — — Total outstanding OP units 110,379 $ 4.1 178,865 $ 6.7 |
Schedule of stock option activity | The following table provides a summary of option activity for the year ended December 31, 2020: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Terms (Years) Outstanding as of December 31, 2019 794,498 $ 9.81 5.8 Granted — — Exercised (321,000) 9.81 Forfeited or expired (8,000) 9.81 Outstanding as of December 31, 2020 465,498 $ 9.81 4.7 Exercisable as of December 31, 2020 232,500 $ 9.81 3.9 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Following is a summary of the income before income taxes in the U.S. and foreign operations: 2020 2019 2018 (In thousands) U.S. $ 5,673 $ 33,417 $ 37,060 Foreign 11,955 9,588 7,306 Pre-tax income $ 17,628 $ 43,005 $ 44,366 |
Schedule of Components of Income Tax Expense (Benefit) | The benefit (expense) for income taxes for the years ended December 31, 2020, 2019 and 2018 is as follows: 2020 2019 2018 (In thousands) Current U.S. federal $ 1,085 $ (20) $ 4,424 State (447) (670) (353) Foreign (7,443) (4,854) (3,604) Total current portion (6,805) (5,544) 467 Deferred U.S. federal 8,588 7,701 2,094 State 2,929 2,217 494 Foreign 2,215 783 564 Total deferred portion 13,732 10,701 3,152 Total income tax benefit $ 6,927 $ 5,157 $ 3,619 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between the statutory rate and reported amount is as follows: 2020 2019 2018 (In thousands) Income taxes at statutory rates $ (3,702) $ (9,031) $ (9,317) Earnings from REIT - not subject to tax 2,681 9,526 9,015 State income taxes, net of federal income tax benefit (446) (542) (187) Provision to return (4) 2 360 Rate and permanent differences on non-U.S. earnings (1,175) (971) (1,228) Change in valuation allowance 9,506 2,761 (2,227) Non-deductible expenses 387 3,462 4,021 Change in uncertain tax positions (367) 347 Income withholding tax (1,191) (212) (301) Effect of Tax Cuts and Jobs Act — — 3,797 Other 871 529 (661) Total $ 6,927 $ 5,157 $ 3,619 |
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, 2020 and 2019 are as follows: 2020 2019 (In thousands) Deferred tax assets: Net operating loss and credits carryforwards $ 21,347 $ 11,806 Accrued expenses 28,707 26,911 Share-based compensation 6,042 4,618 Lease obligations 10,382 9,674 Other assets 1,361 4,420 Total gross deferred tax assets 67,839 57,429 Less: valuation allowance (9,158) (16,043) Total net deferred tax assets 58,681 41,386 Deferred tax liabilities: Intangible assets and goodwill (80,015) (8,739) Property, buildings and equipment (187,114) (38,358) Lease right-of-use assets (10,301) (9,674) Other liabilities (927) (1,316) Total gross deferred tax liabilities (278,357) (58,087) Net deferred tax liability $ (219,676) $ (16,701) |
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, 2020, 2019 and 2018: Tax Interest Penalties Total (In thousands) 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 Decreases due to settlement with tax authority (211) (211) Balance at December 31, 2020* $ 156 $ — $ — $ 156 *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, 2020 | |
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: 2020 Retirement National Other Superannuation Total Change in benefit obligation: (In thousands) Benefit obligation – January 1, 2020 $ (45,215) $ (35,036) $ (611) $ (1,152) $ (82,014) Service cost — — — (66) (66) Interest cost (1,261) (1,117) (14) (28) (2,420) Actuarial loss (3,657) (3,147) (27) (72) (6,903) Benefits paid 1,358 1,073 5 23 2,459 Plan participants’ contributions — — — (19) (19) Foreign currency translation loss — — — (109) (109) Effect of settlement 1,266 — — — 1,266 Benefit obligation – end of year (47,509) (38,227) (647) (1,423) (87,806) Change in plan assets: Fair value of plan assets – January 1, 2020 40,111 27,841 — 1,356 69,308 Actual return on plan assets 5,903 4,034 — 44 9,981 Employer contributions 1,640 1,259 5 45 2,949 Benefits paid (1,358) (1,073) (5) (23) (2,459) Effect of settlement (1,266) — — — (1,266) Plan participants’ contributions — — — 19 19 Foreign currency translation gain — — — 129 129 Fair value of plan assets – end of year 45,030 32,061 — 1,570 78,661 Funded status $ (2,479) $ (6,166) $ (647) $ 147 $ (9,145) Amounts recognized on the consolidated balance sheet as of December 31, 2020: Pension and post-retirement liability $ (2,479) $ (6,166) $ (647) $ 147 $ (9,145) Accumulated other comprehensive loss (income) 5,021 4,473 6 86 9,586 Amounts in accumulated other comprehensive loss consist of: Net loss $ 5,021 $ 4,473 $ 6 $ 86 $ 9,586 Prior service cost $ — $ — $ — $ 53 $ 53 Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net (gain) loss $ (244) $ 578 $ (94) $ 102 $ 342 Amortization of net gain (1,017) (607) — — (1,624) Amortization of prior service cost — — — (31) (31) Amount recognized due to special event (134) — — — (134) Foreign currency translation loss — — — 14 14 Total recognized in other comprehensive (income) loss $ (1,395) $ (29) $ (94) $ 85 $ (1,433) Information for plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 47,509 $ 38,227 $ 647 $ 1,423 $ 87,806 Accumulated benefit obligation $ 47,508 $ 38,227 $ 647 $ 1,297 $ 87,679 Fair value of plan assets $ 45,030 $ 32,061 $ — $ 1,570 $ 78,661 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 gain — — — 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 gain — — — (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 |
Schedule of Net Periodic Benefit Costs | The components of net period benefit cost for the years ended December 31, 2020, 2019 and 2018 are as follows: December 31, 2020 Retirement Income Plan National Service-Related Pension Plan Other Superannuation Total Components of net periodic benefit cost: (In thousands) Service cost $ — $ — $ — $ 59 $ 59 Interest cost 1,261 1,117 14 25 2,417 Expected return on plan assets (2,002) (1,465) — (66) (3,533) Amortization of net loss 1,017 607 — — 1,624 Amortization of prior service cost — — — 27 27 Effect of settlement 134 — — — 134 Net pension benefit cost $ 410 $ 259 $ 14 $ 45 $ 728 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 |
Schedule of Assumptions Used | The weighted average assumptions used to determine benefit obligations and net period benefit costs for the years ended December 31, 2020, 2019 and 2018 are as follows: December 31, 2020 Retirement Income National Service-Related Pension Other Superan- Weighted-average assumptions used to determine obligations (balance sheet): Discount rate 2.10% 2.49% 1.41% 1.50% 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 3.00% 3.25% 2.55% 2.30% Expected return on plan assets 6.50% 6.50% N/A 5.00% Rate of compensation increase N/A N/A N/A 3.25% December 31, 2019 Retirement Income National Service-Related Pension Other Superan- 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- 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% |
Schedule of Allocation of Plan Assets | The allocations of the U.S. Plans’ and the Offshore Plan’s investments by fair value as of December 31, 2020 and 2019 are as follows: U.S. Plans Offshore Plan Actual Target Allocation Actual Target Allocation 2020 2019 2020 2019 U.S. equities 37% 35% 25%–55% 18% 20% 19% Non-U.S. equities 27% 25% 15%–45% 39% 42% 39% Fixed-income securities 32% 35% 15%–40% 9% 8% 15% Real estate 4% 5% 0–5% 10% 8% 8% Cash and other —% —% —% 24% 22% 19% The fair values of the Company’s pension plan assets as of December 31, 2020, by category, are as follow: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Balance as of December 31, 2020 Assets (In thousands) U.S. equities: Large cap (1) $ — $ 20,960 $ — $ 20,960 Medium cap (1) — 4,024 — 4,024 Small cap (1) 1,365 1,936 — 3,301 Non-U.S. equities: Large cap (2) 16,183 — — 16,183 Emerging markets (3) 4,759 — — 4,759 Fixed-income securities: Money markets (4) — 2,163 — 2,163 U.S. bonds (5) 11,067 3,581 — 14,648 Non-U.S. bonds (5) 7,635 — — 7,635 Real estate (6) — 3,417 — 3,417 Common/collective trusts — 1,571 — 1,571 Total assets $ 41,009 $ 37,652 $ — $ 78,661 The fair values of the Company’s pension plan assets as of December 31, 2019, by category, are as follows: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs 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 (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. |
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, 2020: Years Ending December 31: (In thousands) 2021 $ 6,357 2022 5,688 2023 5,286 2024 5,286 2025 5,028 Thereafter 23,244 $ 50,889 |
Schedule of Multiemployer Plans | Pension Fund EIN/Pension Pension Protection FIP/RP Status Pending/ Americold Contributions Surcharge Imposed 2020 2019 2020 2019 2018 (In thousands) Central Pension Fund of the International Union of Operating Engineers and Participating Employers (2) 36-6052390 Green Green No $ 11 $ 6 $ 6 No Central States SE & SW Areas Health and Welfare Pension Plans (1) 36-6044243 Red Red Yes/ Implemented 9,132 9,238 8,424 No New England Teamsters & Trucking Industry Pension Plan (3) 04-6372430 Red Red Yes/ Implemented 456 456 456 No Alternative New England Teamsters & Trucking Industry Pension Plan 04-6372430 Red Red No 404 449 493 No I.U.O.E Stationary Engineers Local 39 Pension Fund (1) 94-6118939 Green Green No 119 194 160 No United Food & Commercial Workers International Union-Industry Pension Fund (4) 51-6055922 Green Green No 126 105 90 No Western Conference of Teamsters Pension Fund (1) 91-6145047 Green Green No 7,727 7,398 7,632 No Minneapolis Food Distributing Industry Pension Plan (1) 41-6047047 Green Green Yes/ Implemented 146 116 180 No Total Contributions $ 18,121 $ 17,962 $ 17,441 (1) The status information is for the plans’ year end at December 31, 2020 and 2019. (2) The status information is for the plans’ year end at January 31, 2020 and 2019. (3) The status information is for the plans’ year end at September 30, 2020 and 2019. 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, 2020 and 2019. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Construction Commitments | As of December 31, 2020, 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 Atlanta, GA $ 66,554 Q2 2021 Plainville, CT 86,681 Q3 2022 Lancaster, PA 80,500 Q3 2022 Russellville, AR 71,375 Q4 2022 Auckland, New Zealand 24,827 Q2 2021 Calgary, Canada 9,728 Q4 2021 Total construction commitments $ 339,665 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The activity in AOCI for the years ended December 31, 2020, 2019 and 2018 is as follows: 2020 2019 2018 Pension and other postretirement benefits: (In thousands) Balance at beginning of period, net of tax $ (4,758) $ (8,027) $ (7,126) (Loss) gain arising during the period (317) 1,180 (2,926) Less: Tax expense 25 3 27 Net (loss) gain arising during the period (342) 1,177 (2,953) Amortization of net loss and prior service cost (1) 1,775 2,092 2,052 Net amount reclassified from AOCI to net income (loss) 1,775 2,092 2,052 Other comprehensive (loss) income , net of tax 1,433 3,269 (901) Balance at end of period, net of tax (3,325) (4,758) (8,027) Foreign currency translation adjustments: Balance at beginning of period, net of tax (6,710) (3,322) 8,318 Gain (loss) on foreign currency translation 9,944 (783) (11,640) Derecognition of cumulative foreign currency translation gain upon sale of partially owned entities (2) — (2,605) — Net gain (loss) on foreign currency translation 9,944 (3,388) (11,640) Balance at end of period, net of tax 3,234 (6,710) (3,322) Designated derivatives: Balance at beginning of period, net of tax (2,658) (1,166) (1,422) Unrealized (loss) gain on cash flow hedge derivatives (30,168) (1,450) 862 Unrealized gain on net investment hedge derivative 5,250 — — Less: Tax expense — — 173 Net (loss) gain designated derivatives (24,918) (1,450) 689 Net amount reclassified from AOCI to net income (loss) (interest expense) 3,442 (306) 1,191 Net amount reclassified from AOCI to net income (loss) (loss on debt extinguishment, modifications and termination of derivative instruments) 7,688 — 1,825 Net amount reclassified from AOCI to net income (loss) (foreign exchange loss (gain), net) 12,158 264 (3,449) Balance at end of period, net of tax (4,288) (2,658) (1,166) Accumulated other comprehensive loss $ (4,379) $ (14,126) $ (12,515) (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, 2020 | |
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, 2020, 2019 and 2018, and total assets as of December 31, 2020 and 2019: Total Revenues Total Assets 2020 2019 2018 2020 2019 (In thousands) North America $ 1,729,657 $ 1,527,270 $ 1,332,146 $ 6,067,809 $ 3,821,555 Europe — — — 1,329,755 — Asia-Pacific 248,494 246,788 259,737 375,082 341,334 South America 9,576 9,647 11,752 58,505 7,794 $ 1,987,727 $ 1,783,705 $ 1,603,635 $ 7,831,151 $ 4,170,683 The following table provides long-lived assets by geography for the years ended December 31, 2020 and 2019: Long-Lived Assets 2020 2019 (In thousands) North America $ 4,133,145 $ 2,815,567 Europe 785,813 — Asia-Pacific 246,162 245,453 South America 50,975 4,301 $ 5,216,095 $ 3,065,321 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 (In thousands) Segment revenues: Warehouse $ 1,549,314 $ 1,377,217 $ 1,176,912 Third-party managed 291,751 252,939 259,034 Transportation 142,203 144,844 158,790 Other 4,459 8,705 8,899 Total revenues 1,987,727 1,783,705 1,603,635 Segment contribution: Warehouse 520,333 447,591 374,534 Third-party managed 12,228 11,761 14,760 Transportation 18,807 18,067 15,735 Other 130 838 620 Total segment contribution 551,498 478,257 405,649 Reconciling items: Depreciation and amortization (215,891) (163,348) (117,653) Selling, general and administrative (144,738) (129,310) (110,825) Acquisition, litigation and other (36,306) (40,614) (3,935) Impairment of long-lived assets (8,236) (13,485) (747) Gain (loss) from sale of real estate 22,124 (34) 7,471 Interest expense (91,481) (94,408) (93,312) Interest income 1,162 6,286 3,996 Bridge loan commitment fees (2,438) (2,665) — Loss on debt extinguishment, modifications and termination of derivative instruments (9,975) — (47,559) Foreign currency exchange (loss) gain, net (45,278) 10 2,882 Other expense, net (2,563) (1,870) (532) Loss from partially owned entities (250) (111) (1,069) Gain from sale of partially owned entities — 4,297 — Income before income tax benefit $ 17,628 $ 43,005 $ 44,366 The following table details our 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, 2020 2019 (In thousands) Assets: Warehouse $ 4,815,587 $ 3,684,391 Third-party managed 52,818 47,867 Transportation 151,872 50,666 Other 35 13,467 Total segments assets 5,020,312 3,796,391 Reconciling items: Corporate assets 621,836 374,292 Unallocated acquisitions (1) 2,144,096 — Investments in partially owned entities 44,907 — Total reconciling items 2,810,839 374,292 Total assets $ 7,831,151 $ 4,170,683 The following table details our additions to long-lived assets by segment. December 31, 2020 Warehouse Managed Transportation Unallocated acquisitions (1) Total (In thousands) Property, buildings and equipment $ 916,334 $ — $ 66,536 $ 1,079,910 $ 2,062,780 Financing leases 37,469 1,389 — 46,845 85,703 Operating lease right-of-use assets 39,656 — 5,280 191,229 236,165 Total $ 993,459 $ 1,389 $ 71,816 $ 1,317,984 $ 2,384,648 December 31, 2019 Warehouse Managed Quarry Transportation Total (In thousands) Property, buildings and equipment $ 1,277,162 $ 32 $ 405 $ 9,892 $ 1,287,491 Financing leases 30,653 — 161 — 30,814 Operating lease right-of-use assets 12,467 12 13 — 12,492 Total $ 1,320,282 $ 44 $ 579 $ 9,892 $ 1,330,797 (1) The assets acquired in 2020 related to the Agro acquisition are reflected in the tables above within the row titled ‘Unallocated Acquisitions’ as the acquired assets have not yet been assigned to the respective segments as of December 31, 2020 given the short period of time between the acquisition date, December 30, 2020, and year-end. We expect the assets will be assigned to the Warehouse and Transportation segments during the measurement period. |
Earning per Common Share (Table
Earning per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 is as follows: Year ended December 31, 2020 2019 2018 (In thousands) Weighted average common shares outstanding – basic 203,255 179,598 141,415 Dilutive effect of share-based awards 1,532 1,660 2,662 Equity forward contracts 2,153 2,692 261 Weighted average common shares outstanding – diluted 206,940 183,950 144,338 |
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, 2020 2019 2018 (In thousands) Employee stock options — — — Restricted stock units 170 250 — OP units — — — Equity forward contracts 2,231 — — 2,401 250 — |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 by segment and geographic region: December 31, 2020 North America Asia-Pacific South America Total (In thousands) Warehouse rent and storage $ 581,421 $ 53,860 $ 5,120 $ 640,401 Warehouse services 727,994 152,561 2,610 883,165 Third-party managed 273,465 18,286 — 291,751 Transportation 116,570 23,787 1,846 142,203 Other 4,448 — — 4,448 Total revenues (1) 1,703,898 248,494 9,576 1,961,968 Lease revenue (2) 25,759 — — 25,759 Total revenues from contracts with all customers $ 1,729,657 $ 248,494 $ 9,576 $ 1,987,727 December 31, 2019 North America Asia-Pacific South America Total (In thousands) Warehouse rent and storage $ 502,674 $ 53,114 $ 4,749 $ 560,537 Warehouse services 653,890 137,746 3,072 794,708 Third-party managed 238,034 14,886 — 252,920 Transportation 101,976 41,042 1,826 144,844 Other 8,683 — — 8,683 Total revenues (1) 1,505,257 246,788 9,647 1,761,692 Lease revenue (2) 22,013 — — 22,013 Total revenues from contracts with all customers $ 1,527,270 $ 246,788 $ 9,647 $ 1,783,705 December 31, 2018 North America Asia-Pacific South America Total (In thousands) Warehouse rent and storage $ 433,131 $ 54,591 $ 5,694 $ 493,416 Warehouse services 522,748 136,299 3,109 662,156 Third-party managed 246,092 12,742 — 258,834 Transportation 99,736 56,105 2,949 158,790 Other 8,877 — — 8,877 Total revenues (1) 1,310,584 259,737 11,752 1,582,073 Lease revenue (2) 21,562 — — 21,562 Total revenues from contracts with all customers $ 1,332,146 $ 259,737 $ 11,752 $ 1,603,635 (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. |
Balance Sheet of the Operatin_2
Balance Sheet of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Balance Sheet of the Operating Partnership | The following table reflects the Consolidated Balance Sheets of the Operating Partnership as of December 31, 2020 and 2019: Americold Realty Operating Partnership, L.P. and Subsidiaries Consolidated Balance Sheets (In thousands, except shares and per share amounts) December 31, 2020 2019 Assets Property, buildings and equipment: Land $ 662,885 $ 526,226 Buildings and improvements 4,004,824 2,696,732 Machinery and equipment 1,177,572 817,617 Assets under construction 303,531 108,639 6,148,812 4,149,214 Accumulated depreciation (1,382,298) (1,216,553) Property, buildings and equipment – net 4,766,514 2,932,661 Operating lease right-of-use assets 291,797 77,723 Accumulated depreciation – operating leases (24,483) (18,110) Operating leases – net 267,314 59,613 Financing leases: Buildings and improvements 60,513 11,227 Machinery and equipment 109,416 76,811 169,929 88,038 Accumulated depreciation – financing leases (40,937) (29,697) Financing leases – net 128,992 58,341 Cash, cash equivalents, and restricted cash 621,051 240,613 Accounts receivable – net of allowance of $12,286 and $6,927 at December 31, 2020 and 2019, respectively 324,221 214,842 Identifiable intangible assets – net 797,423 284,758 Goodwill 794,335 318,483 Investments in partially owned entities 44,907 — Other assets 86,394 61,372 Total assets $ 7,831,151 $ 4,170,683 Liabilities and equity Liabilities: Borrowings under revolving line of credit $ — $ — Accounts payable and accrued expenses 552,547 350,963 Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $15,952 and $12,996 in the aggregate, at December 31, 2020 and 2019, respectively 2,648,266 1,695,447 Sale-leaseback financing obligations 185,060 115,759 Financing lease obligations 125,926 58,170 Operating lease obligations 269,147 62,342 Unearned revenue 19,209 16,423 Pension and postretirement benefits 9,145 12,706 Deferred tax liability – net 220,502 17,119 Multiemployer pension plan withdrawal liability 8,528 8,736 Total liabilities 4,038,330 2,337,665 Partner’s capital: General partner – 249,185,577 and 189,881,910 units issued and outstanding as of December 31, 2020 and 2019, respectively 3,753,240 1,828,673 Limited partner – 2,517,026 and 1,917,999 units issued and outstanding as of December 31, 2020 and 2019, respectively 43,960 18,471 Accumulated other comprehensive loss (4,379) (14,126) Total partners’ capital 3,792,821 1,833,018 Total liabilities and partners’ capital 7,831,151 4,170,683 |
Description of the Business - N
Description of the Business - Narrative (Details) $ / shares in Units, $ in Thousands, R$ in Millions, ft³ in Billions | Dec. 30, 2020USD ($)facilityshares | Dec. 29, 2020$ / sharesshares | Nov. 09, 2020shares | Nov. 02, 2020USD ($) | Oct. 16, 2020$ / sharesshares | Aug. 31, 2020USD ($) | Mar. 06, 2020USD ($) | Mar. 06, 2020BRL (R$) | Jan. 02, 2020USD ($) | Jan. 02, 2020CAD ($) | Nov. 19, 2019USD ($) | May 01, 2019USD ($) | Feb. 01, 2019USD ($) | Mar. 31, 2020BRL (R$) | Apr. 16, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)warehouse$ / sharessharesft³ | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Mar. 09, 2020$ / sharesshares | Mar. 08, 2020shares | Aug. 26, 2019USD ($) |
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Warehouse volume | ft³ | 1.4 | ||||||||||||||||||||
Number of warehouses | warehouse | 238 | ||||||||||||||||||||
Common shares, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Common shares, shares authorized (in shares) | shares | 325,000,000 | 250,000,000 | 325,000,000 | 250,000,000 | |||||||||||||||||
Preferred shares, shares authorized (in shares) | shares | 25,000,000 | ||||||||||||||||||||
Preferred shares, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||||
Preferred shares, issued (in shares) | shares | 0 | ||||||||||||||||||||
Preferred shares, outstanding (in shares) | shares | 0 | ||||||||||||||||||||
Underwriting fees and other offering costs | $ 0 | $ 0 | $ 8,205,000 | ||||||||||||||||||
Share price (in usd per share) | $ / shares | $ 36.15 | ||||||||||||||||||||
Aggregate cash consideration | 1,858,937,000 | 1,319,905,000 | 0 | ||||||||||||||||||
Aggregate cash consideration | 25,538,000 | 85,216,000 | 0 | ||||||||||||||||||
Cash investments in joint venture | $ 26,229,000 | $ 0 | $ 0 | ||||||||||||||||||
Superfrio | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Equity interest | 14.99% | 14.99% | 14.99% | 14.99% | |||||||||||||||||
Cash investments in joint venture | $ 25,700,000 | R$ 117.8 | R$ 117.8 | ||||||||||||||||||
Caspers Cold Storage | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Aggregate cash consideration | $ 25,600,000 | ||||||||||||||||||||
MHW Group Inc. | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Aggregate cash consideration | $ 51,600,000 | ||||||||||||||||||||
PortFresh Holdings, LLC | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Aggregate cash consideration | $ 35,900,000 | ||||||||||||||||||||
Agro Merchants Group | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Shares issued for acquisition (in shares) | shares | 14,166,667 | 46,100,000 | |||||||||||||||||||
Number of facilities acquired | facility | 46 | ||||||||||||||||||||
Consideration | $ 1,590,000,000 | ||||||||||||||||||||
Cash received | 47,500,000 | ||||||||||||||||||||
Deferred consideration | 49,700,000 | ||||||||||||||||||||
Shares issued for acquisition | 512,100,000 | ||||||||||||||||||||
Aggregate cash consideration | 1,080,000,000 | ||||||||||||||||||||
Financing lease and sale-leaseback obligations | 119,900,000 | ||||||||||||||||||||
Consideration, including financing and sale-leaseback obligations | $ 1,700,000,000 | ||||||||||||||||||||
Hall's Warehouse Corporation | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Cash received | $ 7,900,000 | ||||||||||||||||||||
Aggregate cash consideration | $ 489,200,000 | ||||||||||||||||||||
AM-C Warehouses | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Aggregate cash consideration | $ 82,700,000 | ||||||||||||||||||||
Cloverleaf | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Shares issued for acquisition (in shares) | shares | 42,100,000 | ||||||||||||||||||||
Aggregate cash consideration | $ 1,240,000,000 | ||||||||||||||||||||
Lanier Cold Storage | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Cash received | 600,000 | ||||||||||||||||||||
Aggregate cash consideration | $ 82,500,000 | ||||||||||||||||||||
Nova Cold Logistics | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Cash received | $ 1,000,000 | $ 1,300 | |||||||||||||||||||
Aggregate cash consideration | 260,600,000 | $ 338,700 | |||||||||||||||||||
Newport Cold | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Cash received | 1,000,000 | ||||||||||||||||||||
Aggregate cash consideration | $ 57,700,000 | ||||||||||||||||||||
At the Market Equity Program | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Authorized equity program | $ 500,000,000 | ||||||||||||||||||||
Number of shares sold (in shares) | shares | 0 | ||||||||||||||||||||
2020 At the Market Offering | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Authorized equity program | $ 500,000,000 | ||||||||||||||||||||
Number of shares sold (in shares) | shares | 7,440,532 | ||||||||||||||||||||
Net proceeds from offering | $ 272,600,000 | ||||||||||||||||||||
Underwriting fees and other offering costs | $ 3,000,000 | ||||||||||||||||||||
Number of shares subject to forward sale agreement (in shares) | shares | 4,346,101 | ||||||||||||||||||||
Gross proceeds for shares subject to forward sale agreement | $ 162,200,000 | ||||||||||||||||||||
Availability under equity program | $ 227,400,000 | ||||||||||||||||||||
2020 At the Market Offering, Forward Sale Agreement | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of shares sold (in shares) | shares | 5,011,428 | ||||||||||||||||||||
Net proceeds from offering | $ 183,000,000 | ||||||||||||||||||||
Outstanding shares subject to forward sale agreement (in shares) | shares | 2,428,604 | ||||||||||||||||||||
Outstanding shares subject to forward sale agreement | $ 89,600,000 | ||||||||||||||||||||
Public Offering | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of shares sold (in shares) | shares | 31,900,000 | ||||||||||||||||||||
Number of shares subject to forward sale agreement (in shares) | shares | 31,900,000 | ||||||||||||||||||||
Outstanding shares subject to forward sale agreement (in shares) | shares | 4,785,000 | ||||||||||||||||||||
Offering price (in USD per share) | $ / shares | $ 36.67 | ||||||||||||||||||||
Underwriters' Option | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of shares subject to forward sale agreement (in shares) | shares | 4,785,000 | ||||||||||||||||||||
North America | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warehouses | warehouse | 194 | ||||||||||||||||||||
Europe | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warehouses | warehouse | 26 | ||||||||||||||||||||
Asia-Pacific | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warehouses | warehouse | 15 | ||||||||||||||||||||
South America | |||||||||||||||||||||
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% | ||||||||||||||||||||
Americold Realty Operating Partnership, L.P.. | Other limited partners | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Ownership of partnership | 0.10% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions, $ in Millions | Dec. 30, 2020USD ($) | Aug. 31, 2020USD ($)facility | Jan. 02, 2020USD ($)facility | Nov. 19, 2019USD ($) | Feb. 01, 2019USD ($)facility | Nov. 30, 2020USD ($)facility | Dec. 31, 2020USD ($)facility | Sep. 30, 2020USD ($)facility | Jun. 30, 2020USD ($)facility | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)facility | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)agreement | Jun. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020AUD ($) | Dec. 31, 2020NZD ($) | Dec. 31, 2017USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Depreciation | $ 198,800,000 | $ 153,900,000 | $ 116,000,000 | ||||||||||||||||||||
Total sale-leaseback financing obligations | $ 185,060,000 | $ 115,759,000 | $ 185,060,000 | 185,060,000 | 115,759,000 | $ 185,060,000 | |||||||||||||||||
Impairment of long-lived assets | 2,200,000 | $ 2,900,000 | $ 9,600,000 | 8,236,000 | 13,485,000 | 747,000 | |||||||||||||||||
Gain (loss) from sale of real estate | $ (900,000) | $ 8,400,000 | 22,124,000 | (34,000) | 7,471,000 | ||||||||||||||||||
Operating facilities purchased | 2,062,780,000 | 1,287,491,000 | |||||||||||||||||||||
Capitalized interest | 4,000,000 | 3,300,000 | 3,200,000 | ||||||||||||||||||||
Capitalized amounts relating to compensation and travel expense of employees | 900,000 | 500,000 | 600,000 | ||||||||||||||||||||
Cash consideration, net of cash acquired | 25,538,000 | 85,216,000 | 0 | ||||||||||||||||||||
Bridge loan commitment fees | 2,400,000 | $ 2,700,000 | 2,438,000 | 2,665,000 | 0 | ||||||||||||||||||
Impairment of indefinite lived intangible asset | $ 0 | $ 0 | 0 | ||||||||||||||||||||
Remaining lives of finite-lived intangible assets | 24 years 3 months 18 days | 23 years 10 months 24 days | |||||||||||||||||||||
Goodwill impairment | $ 0 | $ 0 | 0 | ||||||||||||||||||||
Equity | 3,790,440,000 | 1,833,018,000 | 3,790,440,000 | 3,790,440,000 | 1,833,018,000 | 3,790,440,000 | |||||||||||||||||
Assets under scope of credit loss standard | 975,500,000 | 975,500,000 | 975,500,000 | 975,500,000 | |||||||||||||||||||
Accounts receivable, allowance | 12,286,000 | 6,927,000 | $ 5,706,000 | 12,286,000 | 12,286,000 | 6,927,000 | 5,706,000 | 12,286,000 | $ 5,309,000 | ||||||||||||||
Customer relationships | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Amortization of finite-lived intangible assets | $ 15,300,000 | $ 7,900,000 | 800,000 | ||||||||||||||||||||
Remaining lives of finite-lived intangible assets | 24 years 3 months 18 days | 24 years 2 months 12 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 | 18 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 | ||||||||||||||||||||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit and Distributions in Excess of Net Earnings | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Equity | (500,000) | (500,000) | |||||||||||||||||||||
Intercompany Loan | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Number of loan receivables | agreement | 2 | ||||||||||||||||||||||
Australian Subsidiary | Intercompany Loan | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Loan receivable | $ 153.5 | ||||||||||||||||||||||
New Zealand Subsidiary | Intercompany Loan | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Loan receivable | $ 37.5 | ||||||||||||||||||||||
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 | 15,076,000 | 15,076,000 | |||||||||||||||||
International | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Cash, cash equivalents, and restricted cash | $ 88,600,000 | $ 34,100,000 | 88,600,000 | 88,600,000 | 34,100,000 | 88,600,000 | |||||||||||||||||
Columbus, OH | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Costs to construct for facilities | $ 7,000,000 | ||||||||||||||||||||||
Savannah, GA | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Costs to construct for facilities | $ 69,500,000 | ||||||||||||||||||||||
Lancaster, PA and Plainville, CT | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Number of facilities where costs are incurred | facility | 2 | ||||||||||||||||||||||
Lancaster, PA | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Costs to construct for facilities | 73,300,000 | ||||||||||||||||||||||
Plainville, CT | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Costs to construct for facilities | 74,800,000 | ||||||||||||||||||||||
Auckland, New Zealand | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Costs to construct for facilities | 22,000,000 | ||||||||||||||||||||||
Russellville, AK and Calgary, CN | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Number of facilities where costs are incurred | facility | 2 | ||||||||||||||||||||||
Russellville, AR | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Costs to construct for facilities | $ 11,700,000 | ||||||||||||||||||||||
Calgary | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Costs to construct for facilities | 1,500,000 | ||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Costs to construct for facilities | 92,800,000 | ||||||||||||||||||||||
Chesapeake, VA and North Little Rock, AK | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Number of facilities where costs are incurred | facility | 2 | ||||||||||||||||||||||
Chesapeake, VA | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Costs to construct for facilities | $ 26,200,000 | ||||||||||||||||||||||
North Little Rock, AK | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Costs to construct for facilities | 19,200,000 | ||||||||||||||||||||||
Sale Leaseback Transaction Accounted for as a Financing Lease | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Total sale-leaseback financing obligations | 165,200,000 | $ 76,800,000 | $ 80,300,000 | $ 165,200,000 | $ 165,200,000 | 76,800,000 | 80,300,000 | $ 165,200,000 | |||||||||||||||
Other | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Impairment of long-lived assets | $ 3,700,000 | ||||||||||||||||||||||
Third-party managed | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Impairment of long-lived assets | $ 2,100,000 | ||||||||||||||||||||||
Number of properties to be impaired | facility | 2 | ||||||||||||||||||||||
Transportation | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Impairment of long-lived assets | 900,000 | ||||||||||||||||||||||
Nova Cold Logistics | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Number of operating facilities purchased | facility | 4 | ||||||||||||||||||||||
Number of leased operating facilities purchased | facility | 1 | ||||||||||||||||||||||
Operating facilities purchased | $ 171,900,000 | ||||||||||||||||||||||
Newport Cold | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Number of operating facilities purchased | facility | 1 | ||||||||||||||||||||||
Operating facilities purchased | $ 30,200,000 | ||||||||||||||||||||||
AM-C Warehouses | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Number of operating facilities purchased | facility | 2 | ||||||||||||||||||||||
Operating facilities purchased | $ 53,200,000 | ||||||||||||||||||||||
Hall's Warehouse Corporation | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Number of operating facilities purchased | facility | 8 | ||||||||||||||||||||||
Number of leased operating facilities purchased | facility | 3 | ||||||||||||||||||||||
Operating facilities purchased | $ 332,700,000 | ||||||||||||||||||||||
Agro Merchants Group | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Operating facilities purchased | $ 1,080,000,000 | ||||||||||||||||||||||
Caspers Cold Storage | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Operating facilities purchased | 25,200,000 | ||||||||||||||||||||||
Cash consideration, net of cash acquired | $ 25,600,000 | ||||||||||||||||||||||
International Facilities Previously Operated Under Lease Agreement | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Number of operating facilities purchased | facility | 2 | ||||||||||||||||||||||
Operating facilities purchased | $ 8,100,000 | ||||||||||||||||||||||
MHW Group Inc. | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Cash consideration, net of cash acquired | $ 51,600,000 | ||||||||||||||||||||||
Call option to purchase land | $ 4,100,000 | ||||||||||||||||||||||
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 consideration, net of cash acquired | $ 35,900,000 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Impairment of long-lived assets | 500,000 | ||||||||||||||||||||||
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] | |||||||||||||||||||||||
Depreciation | $ 7,300,000 | 6,400,000 | 5,200,000 | ||||||||||||||||||||
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 | ||||||||||||||||||||||
Assets under construction | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Impairment of long-lived assets | 1,200,000 | ||||||||||||||||||||||
Partially Used Warehouse | Warehouse | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Impairment of long-lived assets | $ 12,600,000 | ||||||||||||||||||||||
Idle Warehouse | Warehouse | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Impairment of long-lived assets | $ 700,000 | ||||||||||||||||||||||
Land | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||
Impairment of long-lived assets | $ 500,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Activity in Real Estate Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating facilities, at cost: | |||
Ending balance | $ 5,706,760 | ||
Accumulated depreciation: | |||
Depreciation expense | (198,800) | $ (153,900) | $ (116,000) |
Ending balance | (1,423,235) | ||
Total property, buildings and equipment and finance leases, net | 4,922,050 | 2,991,002 | |
Total real estate facilities | |||
Operating facilities, at cost: | |||
Beginning balance | 3,729,589 | 2,575,367 | |
Capital expenditures | 287,220 | 177,268 | |
Acquisitions | 1,662,650 | 975,045 | |
Newly developed warehouse facilities | 58,807 | 21,316 | |
Disposition | (62,225) | (7,409) | |
Impairment | (2,153) | (12,555) | |
Conversion of leased assets to owned | 7,956 | 0 | |
Impact of foreign exchange rate changes | 24,916 | 557 | |
Ending balance | 5,706,760 | 3,729,589 | 2,575,367 |
Accumulated depreciation: | |||
Beginning balance | (936,422) | (827,892) | |
Depreciation expense | (146,237) | (114,512) | |
Capital expenditures | 8,731 | 6,679 | |
Impact of foreign exchange rate changes | (6,994) | (697) | |
Ending balance | (1,080,922) | (936,422) | $ (827,892) |
Total property, buildings and equipment and finance leases, net | 4,625,838 | 2,793,167 | |
Non-real estate assets | |||
Accumulated depreciation: | |||
Ending balance | (565,423) | ||
Total property, buildings and equipment and finance leases, net | $ 296,212 | $ 197,835 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Restricted Cash Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | $ 11,514 | $ 6,310 |
2013 mortgage notes’ escrow accounts | 2013 Mortgage Loans | Mortgage Loans | ||
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | 1,157 | 877 |
2013 mortgage notes’ cash managed accounts | 2013 Mortgage Loans | Mortgage Loans | ||
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | 2,393 | 2,343 |
Cash on deposit for workers’ compensation program | Europe | ||
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | 3,034 | 2,525 |
Cash on deposit for workers’ compensation program | North America | ||
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | 1,390 | 0 |
New market tax credit reserve accounts | ||
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | 584 | 565 |
Agro Europe | ||
Cash and Cash Equivalents [Line Items] | ||
Total restricted cash | $ 2,956 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 6,927 | $ 5,706 | $ 5,309 |
Charged to expense/against revenue | 7,161 | 3,608 | 1,969 |
Amounts written off, net of recoveries | (1,802) | (2,387) | (1,572) |
Balance at end of year | $ 12,286 | $ 6,927 | $ 5,706 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ / shares in Units, $ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 30, 2020USD ($)shares | Nov. 02, 2020USD ($) | Aug. 31, 2020USD ($) | Jan. 02, 2020USD ($) | Jan. 02, 2020CAD ($) | May 01, 2019USD ($)expansion_opportunity | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 29, 2020$ / shares | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||||||||||
Aggregate cash consideration | $ 1,858,937 | $ 1,319,905 | $ 0 | ||||||||||
Goodwill | $ 794,335 | 794,335 | $ 318,483 | $ 186,095 | $ 794,335 | $ 188,169 | |||||||
Share price (in usd per share) | $ / shares | $ 36.15 | ||||||||||||
Nova Cold Logistics | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate cash consideration | $ 260,600 | $ 338,700 | |||||||||||
Cash received | 1,000 | $ 1,300 | |||||||||||
Land | 34,800 | 34,800 | 34,800 | ||||||||||
Buildings | 106,100 | 106,100 | 106,100 | ||||||||||
Machinery and equipment | 30,600 | 30,600 | 30,600 | ||||||||||
Deferred tax liability | 33,000 | 42,000 | 33,000 | 33,000 | |||||||||
Goodwill | 64,600 | 64,600 | 64,600 | ||||||||||
Deferred tax liability, change | 9,000 | ||||||||||||
Newport Cold | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate cash consideration | 57,700 | ||||||||||||
Cash received | 1,000 | ||||||||||||
Goodwill | 7,100 | ||||||||||||
Property, buildings and equipment | $ 30,200 | ||||||||||||
AM-C Warehouses | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate cash consideration | $ 82,700 | ||||||||||||
Goodwill | 10,400 | ||||||||||||
Property, buildings and equipment | 53,200 | ||||||||||||
Hall's Warehouse Corporation | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate cash consideration | $ 489,200 | ||||||||||||
Cash received | 7,900 | ||||||||||||
Land | 29,352 | ||||||||||||
Machinery and equipment | 63,596 | ||||||||||||
Deferred tax liability | 5,012 | ||||||||||||
Goodwill | 42,737 | ||||||||||||
Agro Merchants Group | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate cash consideration | $ 1,080,000 | ||||||||||||
Cash received | 47,500 | ||||||||||||
Land | 95,286 | ||||||||||||
Machinery and equipment | 206,453 | ||||||||||||
Deferred tax liability | 175,719 | ||||||||||||
Goodwill | 346,700 | 346,673 | $ 346,700 | 346,700 | |||||||||
Deferred consideration | $ 49,700 | ||||||||||||
Shares issued for acquisition (in shares) | shares | 14,166,667 | 46,100,000 | |||||||||||
Shares issued for acquisition | $ 512,100 | ||||||||||||
Financing lease and sale-leaseback obligations | 119,900 | ||||||||||||
Consideration, including financing and sale-leaseback obligations | 1,700,000 | ||||||||||||
Consideration | 1,590,000 | ||||||||||||
Cloverleaf | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate cash consideration | $ 1,240,000 | ||||||||||||
Land | 60,494 | 59,363 | $ 60,494 | 60,494 | |||||||||
Machinery and equipment | 145,647 | 144,825 | 145,647 | 145,647 | |||||||||
Deferred tax liability | 9,024 | 9,063 | 9,024 | 9,024 | |||||||||
Goodwill | 126,096 | $ 107,643 | 126,096 | 126,096 | |||||||||
Shares issued for acquisition (in shares) | shares | 42,100,000 | ||||||||||||
Deferred tax liability, change | (39) | ||||||||||||
Number of expansion opportunities | expansion_opportunity | 3 | ||||||||||||
Revenue since date of acquisition | $ 152,800 | ||||||||||||
Net income since date of acquisition | $ 9,000 | ||||||||||||
Lanier Cold Storage | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate cash consideration | $ 82,500 | ||||||||||||
Cash received | 600 | ||||||||||||
Goodwill | 6,400 | ||||||||||||
Property, buildings and equipment | 60,000 | ||||||||||||
Customer relationships | Nova Cold Logistics | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired identifiable intangibles | 53,900 | 53,900 | 53,900 | ||||||||||
Weighted average remaining intangible amortization life (in months) | 25 years | 25 years | |||||||||||
Customer relationships | Newport Cold | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired identifiable intangibles | $ 18,700 | ||||||||||||
Weighted average remaining intangible amortization life (in months) | 25 years | 25 years | |||||||||||
Customer relationships | AM-C Warehouses | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired identifiable intangibles | $ 19,700 | ||||||||||||
Weighted average remaining intangible amortization life (in months) | 25 years | ||||||||||||
Customer relationships | Hall's Warehouse Corporation | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired identifiable intangibles | $ 102,732 | ||||||||||||
Weighted average remaining intangible amortization life (in months) | 25 years | ||||||||||||
Customer relationships | Agro Merchants Group | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired identifiable intangibles | $ 333,500 | $ 333,501 | 333,500 | 333,500 | |||||||||
Weighted average remaining intangible amortization life (in months) | 25 years | ||||||||||||
Customer relationships | Cloverleaf | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired identifiable intangibles | $ 250,346 | $ 241,738 | 250,346 | 250,346 | |||||||||
Weighted average remaining intangible amortization life (in months) | 25 years | ||||||||||||
Customer relationships | Lanier Cold Storage | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired identifiable intangibles | $ 16,300 | ||||||||||||
Weighted average remaining intangible amortization life (in months) | 25 years | ||||||||||||
Trade names and trademarks | Cloverleaf | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired identifiable intangibles | $ 1,623 | $ 1,623 | $ 1,623 | $ 1,623 | |||||||||
Weighted average remaining intangible amortization life (in months) | 1 year 6 months |
Business Combinations - Acquisi
Business Combinations - Acquisition of Hall's Warehouses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Nov. 02, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | |||||
Goodwill | $ 794,335 | $ 318,483 | $ 186,095 | $ 188,169 | |
Hall's Warehouse Corporation | |||||
Assets | |||||
Land | $ 29,352 | ||||
Buildings and improvements | 239,708 | ||||
Machinery and equipment | 63,596 | ||||
Operating lease right-of-use assets | 26,400 | ||||
Cash and cash equivalents | 7,894 | ||||
Accounts receivable | 11,894 | ||||
Goodwill | 42,737 | ||||
Acquired identifiable intangibles: | |||||
Other assets | 303 | ||||
Total assets | 524,616 | ||||
Liabilities | |||||
Accounts payable and accrued expenses | 4,006 | ||||
Operating lease obligations | 26,400 | ||||
Deferred tax liability | 5,012 | ||||
Total liabilities | 35,418 | ||||
Total consideration, including common shares issued and deferred consideration | 489,198 | ||||
Customer relationships | Hall's Warehouse Corporation | |||||
Acquired identifiable intangibles: | |||||
Acquired identifiable intangibles | $ 102,732 |
Business Combinations - Acqui_2
Business Combinations - Acquisition of Agro (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | |||||
Goodwill | $ 794,335 | $ 318,483 | $ 186,095 | $ 188,169 | |
Agro Merchants Group | |||||
Assets | |||||
Land | $ 95,286 | ||||
Buildings and improvements | 778,170 | ||||
Machinery and equipment | 206,453 | ||||
Operating lease right-of-use assets | 191,229 | ||||
Financing lease asset | 46,845 | ||||
Cash and cash equivalents | 47,534 | ||||
Accounts receivable | 78,423 | ||||
Goodwill | 346,700 | 346,673 | |||
Acquired identifiable intangibles: | |||||
Investments in partially owned entities | 21,638 | ||||
Other assets | 20,038 | ||||
Total assets | 2,165,790 | ||||
Liabilities | |||||
Accounts payable and accrued expenses | 90,860 | ||||
Operating lease obligations | 191,229 | ||||
Financing lease obligations | 46,845 | ||||
Sale-leaseback obligations | 73,075 | ||||
Deferred tax liability | 175,719 | ||||
Total liabilities | 577,728 | ||||
Total consideration, including common shares issued and deferred consideration | 1,588,062 | ||||
Customer relationships | Agro Merchants Group | |||||
Acquired identifiable intangibles: | |||||
Acquired identifiable intangibles | $ 333,500 | $ 333,501 |
Business Combinations Business
Business Combinations Business Combinations - Agro Pro Forma Information (Details) - Agro Merchants Group - USD ($) $ in Millions | Dec. 30, 2020 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||
Acquisition related costs | $ 22.7 | |
Shares issued for acquisition (in shares) | 14,166,667 | 46,100,000 |
Business Combinations - Acqui_3
Business Combinations - Acquisition of Cloverleaf (Details) - USD ($) $ in Thousands | 12 Months Ended | 20 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | May 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | ||||||
Goodwill | $ 794,335 | $ 794,335 | $ 318,483 | $ 186,095 | $ 188,169 | |
Goodwill | 1,115 | |||||
Cloverleaf | ||||||
Assets | ||||||
Land | 60,494 | 60,494 | $ 59,363 | |||
Land | 1,131 | |||||
Buildings and improvements | 668,151 | 668,151 | 687,821 | |||
Buildings and improvements | (19,670) | |||||
Machinery and equipment | 145,647 | 145,647 | 144,825 | |||
Machinery and equipment | 822 | |||||
Assets under construction | 16,974 | 16,974 | 20,968 | |||
Assets under construction | (3,994) | |||||
Operating lease right-of-use assets | 1,254 | 1,254 | 1,254 | |||
Operating lease right-of-use assets | 0 | |||||
Cash and cash equivalents | 4,332 | 4,332 | 4,332 | |||
Cash and cash equivalents | 0 | |||||
Restricted cash | 526 | 526 | 0 | |||
Restricted cash | 526 | |||||
Accounts receivable | 21,578 | 21,578 | 21,358 | |||
Accounts receivable | 220 | |||||
Goodwill | 126,096 | 126,096 | 107,643 | |||
Goodwill | 18,453 | |||||
Acquired identifiable intangibles: | ||||||
Other assets | 7,052 | 7,052 | 18,720 | |||
Other assets | (11,668) | |||||
Total assets | 1,304,073 | 1,304,073 | 1,309,645 | |||
Total assets | (5,572) | |||||
Liabilities | ||||||
Accounts payable and accrued expenses | 43,503 | 43,503 | 30,905 | |||
Accounts payable and accrued expenses | 12,598 | |||||
Notes payable | 3,878 | 3,878 | 17,179 | |||
Notes payable | (13,301) | |||||
Operating lease obligations | 1,254 | 1,254 | 1,254 | |||
Operating lease obligations | 0 | |||||
Unearned revenue | 3,536 | 3,536 | 3,536 | |||
Unearned revenue | 0 | |||||
Pension and postretirement benefits | 0 | 0 | 2,020 | |||
Pension and postretirement benefits | (2,020) | |||||
Deferred tax liability | 9,024 | 9,024 | 9,063 | |||
Deferred tax liability | (39) | |||||
Total liabilities | 61,195 | 61,195 | 63,957 | |||
Total liabilities | (2,762) | |||||
Total consideration, including common shares issued and deferred consideration | 1,242,878 | 1,242,878 | 1,245,688 | |||
Total consideration for Cloverleaf acquisition | (2,810) | |||||
Customer relationships | Cloverleaf | ||||||
Acquired identifiable intangibles: | ||||||
Acquired identifiable intangibles | 250,346 | 250,346 | 241,738 | |||
Acquired identifiable intangibles | 8,608 | |||||
Trade names and trademarks | Cloverleaf | ||||||
Acquired identifiable intangibles: | ||||||
Acquired identifiable intangibles | $ 1,623 | 1,623 | $ 1,623 | |||
Acquired identifiable intangibles | $ 0 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Agro Merchants Group | |||
Business Acquisition [Line Items] | |||
Acquisition related costs | $ 22,700 | ||
Shares issued for acquisition (in shares) | 14,166,667 | 46,100,000 | |
Agro Merchants Group | Agro | |||
Business Acquisition [Line Items] | |||
Acquisition related costs | $ 36,800 | ||
Cloverleaf | |||
Business Acquisition [Line Items] | |||
Total revenue | 2,517,351 | $ 2,380,458 | |
Net income | $ 8,831 | $ 79,671 | |
Net income per share, diluted (in USD per share) | $ 0.04 | $ 0.33 | |
Acquisition related costs | $ 26,600 | ||
Shares issued for acquisition (in shares) | 42,100,000 |
Investment in Partially Owned E
Investment in Partially Owned Entities - Schedule of Unconsolidated Joint Venture (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 30, 2020 | Mar. 31, 2020 | Mar. 06, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in partially owned entities | $ 44,907 | $ 0 | |||
Superfrio | |||||
Schedule of Equity Method Investments [Line Items] | |||||
% Ownership | 14.99% | 14.99% | 14.99% | ||
Investments in partially owned entities | $ 23,269 | $ 25,700 | |||
Comfrio | |||||
Schedule of Equity Method Investments [Line Items] | |||||
% Ownership | 22.12% | 22.12% | |||
Investments in partially owned entities | $ 21,638 |
Investments in Partially Owne_3
Investments in Partially Owned Entities - Additional Information (Details) $ in Thousands, R$ in Millions | Mar. 06, 2020USD ($) | Mar. 06, 2020BRL (R$) | Mar. 31, 2020BRL (R$) | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2010USD ($)investment | Dec. 30, 2020 | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Cash investments in joint venture | $ 26,229 | $ 0 | $ 0 | ||||||||
Proceeds from sale of investments in partially owned entities | 154 | 14,250 | 0 | ||||||||
Equity method investment, realized gain (loss) on disposal | 0 | 4,297 | $ 0 | ||||||||
Equity method investment | $ 44,907 | $ 0 | |||||||||
Superfrio | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity interest | 14.99% | 14.99% | 14.99% | 14.99% | |||||||
Cash investments in joint venture | $ 25,700 | R$ 117.8 | R$ 117.8 | ||||||||
Equity method investment | $ 23,269 | $ 25,700 | |||||||||
Comfrio | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity interest | 22.12% | 22.12% | |||||||||
Equity method investment | $ 21,638 | ||||||||||
China JV | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity interest | 49.00% | ||||||||||
Cash investments in joint venture | $ 46,200 | ||||||||||
Number of newly formed investments | investment | 2 | ||||||||||
Equity interest by CMHI | 51.00% | ||||||||||
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 |
Investments in Partially Owne_4
Investments in Partially Owned Entities - Schedule of Condensed Results of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 1,987,727 | $ 1,783,705 | $ 1,603,635 |
Operating (loss) income | 168,451 | 131,466 | 179,960 |
Net (loss) income | 24,555 | 48,162 | 47,985 |
Company’s (loss) income from partially owned entities | $ (250) | (111) | (1,069) |
CMAL | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 28,334 | 37,458 | |
Operating (loss) income | (348) | (1,748) | |
Net (loss) income | (507) | (1,960) | |
Company’s (loss) income from partially owned entities | (429) | (1,419) | |
CMAH | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 10,907 | 13,621 | |
Operating (loss) income | 1,920 | 2,432 | |
Net (loss) income | 1,018 | 1,651 | |
Company’s (loss) income from partially owned entities | 318 | 350 | |
Total | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 39,241 | 51,079 | |
Operating (loss) income | 1,572 | 684 | |
Net (loss) income | 511 | (309) | |
Company’s (loss) income from partially owned entities | $ (111) | $ (1,069) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 318,483 | $ 186,095 | $ 188,169 |
Goodwill acquired | 471,494 | 132,371 | |
Purchase price allocation adjustments | 1,115 | ||
Impact of foreign currency translation | 3,243 | 17 | (2,074) |
Ending balance | 794,335 | 318,483 | 186,095 |
Segment Reconciling Items | |||
Goodwill [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Goodwill acquired | 346,673 | 0 | |
Purchase price allocation adjustments | 0 | ||
Impact of foreign currency translation | 0 | 0 | 0 |
Ending balance | 346,673 | 0 | 0 |
Warehouse | Operating Segments | |||
Goodwill [Roll Forward] | |||
Beginning balance | 301,824 | 170,896 | 172,554 |
Goodwill acquired | 116,275 | 130,919 | |
Purchase price allocation adjustments | 1,115 | ||
Impact of foreign currency translation | 2,513 | 9 | (1,658) |
Ending balance | 421,727 | 301,824 | 170,896 |
Third-party managed | Operating Segments | |||
Goodwill [Roll Forward] | |||
Beginning balance | 2,882 | 2,890 | 3,064 |
Goodwill acquired | 0 | 0 | |
Purchase price allocation adjustments | 0 | ||
Impact of foreign currency translation | 379 | (8) | (174) |
Ending balance | 3,261 | 2,882 | 2,890 |
Transportation | Operating Segments | |||
Goodwill [Roll Forward] | |||
Beginning balance | 13,777 | 12,309 | 12,551 |
Goodwill acquired | 8,546 | 1,452 | |
Purchase price allocation adjustments | 0 | ||
Impact of foreign currency translation | 351 | 16 | (242) |
Ending balance | $ 22,674 | $ 13,777 | $ 12,309 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 315,999 | $ 46,835 | |
Additions | $ 528,657 | 269,164 | |
Foreign currency translation | 1,260 | ||
Accumulated amortization | (63,569) | (46,317) | |
Net definite lived intangible assets | 782,347 | 269,682 | |
Identifiable intangible assets – net | $ 797,423 | $ 284,758 | |
Remaining useful life | 24 years 3 months 18 days | 23 years 10 months 24 days | |
Customer relationships | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 300,421 | 33,788 | |
Additions | $ 528,518 | 266,633 | |
Foreign currency translation | 1,260 | ||
Accumulated amortization | (53,321) | (38,036) | |
Net definite lived intangible assets | $ 776,878 | $ 262,385 | |
Remaining useful life | 24 years 3 months 18 days | 24 years 2 months 12 days | |
Above-market leases | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 143 | 143 | |
Additions | $ 0 | 0 | |
Foreign currency translation | 0 | ||
Accumulated amortization | (81) | (60) | |
Net definite lived intangible assets | $ 62 | $ 83 | |
Remaining useful life | 2 years 9 months 18 days | 3 years 9 months 18 days | |
In-place lease | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 3,778 | 3,778 | |
Additions | $ 0 | 0 | |
Foreign currency translation | 0 | ||
Accumulated amortization | (2,152) | (1,578) | |
Net definite lived intangible assets | $ 1,626 | $ 2,200 | |
Remaining useful life | 2 years 9 months 18 days | 3 years 9 months 18 days | |
Below-market leases | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 9,126 | 9,126 | |
Additions | $ 0 | 0 | |
Foreign currency translation | 0 | ||
Accumulated amortization | (5,945) | (5,794) | |
Net definite lived intangible assets | $ 3,181 | $ 3,332 | |
Remaining useful life | 32 years 2 months 12 days | 32 years 7 months 6 days | |
Assembled Workforce | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 908 | 0 | |
Additions | $ 139 | 908 | |
Foreign currency translation | 0 | ||
Accumulated amortization | (447) | (128) | |
Net definite lived intangible assets | $ 600 | $ 780 | |
Remaining useful life | 1 year 10 months 24 days | 2 years 8 months 12 days | |
Trade names and trademarks | |||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross | $ 1,623 | $ 0 | |
Additions | $ 0 | 1,623 | |
Foreign currency translation | 0 | ||
Accumulated amortization | (1,623) | (721) | |
Net definite lived intangible assets | 0 | $ 902 | |
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, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 782,347 | $ 269,682 |
Estimated Amortization of Customer Relationships and In-Place Lease Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 | 32,999 | |
2022 | 32,910 | |
2023 | 32,726 | |
2024 | 32,159 | |
2025 | 32,070 | |
Thereafter | 615,640 | |
Total | 778,504 | |
Estimated Net Decrease to Lease Revenue Related to Amortization of Above-Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 | 22 | |
2022 | 22 | |
2023 | 18 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Total | 62 | 83 |
Estimated Net Increase to Lease Expense Related to Amortization of Below-Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 | 151 | |
2022 | 151 | |
2023 | 106 | |
2024 | 102 | |
2025 | 102 | |
Thereafter | 2,569 | |
Total | 3,181 | 3,332 |
Estimated Amortization of Assembled Workforce Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 | 349 | |
2022 | 221 | |
2023 | 30 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Total | $ 600 | $ 780 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid accounts | $ 24,324 | $ 11,345 |
Inventory and supplies | 21,514 | 9,371 |
Various insurance and workers’ compensation receivables | 14,421 | 12,143 |
Marketable securities - (deferred compensation plan) | 6,579 | 4,895 |
Deferred financing costs | 5,811 | 2,767 |
Utility, workers’ compensation escrow and lease deposits | 4,630 | 4,222 |
Other receivables | 7,292 | 7,528 |
Income taxes receivable | 997 | 885 |
Deferred tax assets | 826 | 418 |
Fair value of derivatives | 0 | 6,886 |
Deferred registration statement costs | 0 | 912 |
Other assets | $ 86,394 | $ 61,372 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 179,028 | $ 109,222 |
Accrued workers’ compensation liabilities | 34,775 | 30,642 |
Accrued payroll | 26,706 | 17,104 |
Accrued bonus | 26,320 | 20,729 |
Accrued vacation and long service leave | 17,466 | 16,403 |
Accrued health benefits | 14,938 | 13,020 |
Accrued property taxes | 22,372 | 20,370 |
Accrued utilities | 9,373 | 7,854 |
New market tax credit deferred contribution liability | 4,721 | 4,882 |
Income taxes payable | 6,424 | 997 |
Dividends payable | 56,189 | 39,753 |
Accrued interest | 28,422 | 24,872 |
Derivative liability | 9,611 | 6,097 |
Other accrued expenses | 66,492 | 39,018 |
Deferred consideration - Agro | 49,710 | 0 |
Accounts payable and accrued expenses | $ 552,547 | $ 350,963 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquisition, Litigation and Other Special Charges [Abstract] | |||
Acquisition related costs | $ 26,466 | $ 24,284 | $ 671 |
Litigation | 310 | 4,553 | 0 |
Severance, equity award modifications and acceleration | 1,089 | 9,789 | 2,053 |
Non-offering related equity issuance expenses | 0 | 1,356 | 1,813 |
Terminated site operations costs | 124 | 632 | (1,804) |
Non-recurring public company implementation costs | 0 | 0 | 1,202 |
Cyber incident related costs | 7,908 | 0 | 0 |
Other | 409 | 0 | 0 |
Acquisition, litigation and other | $ 36,306 | $ 40,614 | $ 3,935 |
Debt (Details)
Debt (Details) | Mar. 26, 2020USD ($)extension | Sep. 24, 2019 | Sep. 23, 2019 | Dec. 04, 2018 | Dec. 03, 2018 | Dec. 31, 2020USD ($)extension | Dec. 31, 2020CAD ($)extension | Dec. 31, 2020EUR (€)extension | Nov. 03, 2020EUR (€) | Mar. 26, 2020CAD ($)extension | Dec. 31, 2019USD ($) | Apr. 26, 2019USD ($) | Nov. 06, 2018USD ($) | May 01, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Carrying Amount | $ 2,664,218,000 | |||||||||||||
Less deferred financing costs | (15,952,000) | $ (12,996,000) | ||||||||||||
Total indebtedness, net of unamortized deferred financing costs | 2,648,266,000 | |||||||||||||
Mortgages, Senior Notes and Term Loans | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying Amount | 2,664,218,000 | 1,708,443,000 | ||||||||||||
Estimated Fair Value | 2,827,440,000 | 1,783,463,000 | ||||||||||||
Less deferred financing costs | (15,952,000) | (12,996,000) | ||||||||||||
Mortgages, Senior Notes and Term Loans | 2018 Senior Unsecured Term Loan A Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Estimated Fair Value | 2,827,440,000 | 1,783,463,000 | ||||||||||||
Total indebtedness, net of unamortized deferred financing costs | 2,648,266,000 | 1,695,447,000 | ||||||||||||
Mortgage Loans | 2013 Mortgage Loans | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying Amount | 276,693,000 | 283,443,000 | ||||||||||||
Estimated Fair Value | $ 285,772,000 | 287,463,000 | ||||||||||||
Face amount of debt | $ 322,000,000 | |||||||||||||
Mortgage Loans | Senior note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 3.81% | 3.81% | 3.81% | |||||||||||
Effective Interest Rate as of December 31, 2020 | 4.14% | 4.14% | 4.14% | |||||||||||
Carrying Amount | $ 174,693,000 | 181,443,000 | ||||||||||||
Estimated Fair Value | $ 180,807,000 | 184,618,000 | ||||||||||||
Mortgage Loans | Mezzanine A | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 7.38% | 7.38% | 7.38% | |||||||||||
Effective Interest Rate as of December 31, 2020 | 7.55% | 7.55% | 7.55% | |||||||||||
Carrying Amount | $ 70,000,000 | 70,000,000 | ||||||||||||
Estimated Fair Value | $ 71,925,000 | 70,525,000 | ||||||||||||
Mortgage Loans | Mezzanine B | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 11.50% | 11.50% | 11.50% | |||||||||||
Effective Interest Rate as of December 31, 2020 | 11.75% | 11.75% | 11.75% | |||||||||||
Carrying Amount | $ 32,000,000 | 32,000,000 | ||||||||||||
Estimated Fair Value | 33,040,000 | 32,320,000 | ||||||||||||
Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying Amount | 1,866,200,000 | 950,000,000 | ||||||||||||
Estimated Fair Value | $ 2,022,950,000 | 1,023,375,000 | ||||||||||||
Senior Notes | Series A notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 4.68% | 4.68% | 4.68% | 4.68% | ||||||||||
Effective Interest Rate as of December 31, 2020 | 4.77% | 4.77% | 4.77% | |||||||||||
Carrying Amount | $ 200,000,000 | 200,000,000 | ||||||||||||
Estimated Fair Value | $ 231,000,000 | 217,750,000 | ||||||||||||
Face amount of debt | $ 200,000,000 | |||||||||||||
Senior Notes | Series B notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 4.86% | 4.86% | 4.86% | 4.86% | ||||||||||
Effective Interest Rate as of December 31, 2020 | 4.92% | 4.92% | 4.92% | |||||||||||
Carrying Amount | $ 400,000,000 | 400,000,000 | ||||||||||||
Estimated Fair Value | $ 475,000,000 | 439,000,000 | ||||||||||||
Face amount of debt | $ 400,000,000 | |||||||||||||
Senior Notes | Series C notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 4.10% | 4.10% | 4.10% | 4.10% | ||||||||||
Effective Interest Rate as of December 31, 2020 | 4.15% | 4.15% | 4.15% | |||||||||||
Carrying Amount | $ 350,000,000 | 350,000,000 | ||||||||||||
Estimated Fair Value | $ 400,750,000 | 366,625,000 | ||||||||||||
Face amount of debt | $ 350,000,000 | |||||||||||||
Senior Notes | Series D notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 1.62% | 1.62% | 1.62% | 1.62% | ||||||||||
Effective Interest Rate as of December 31, 2020 | 1.66% | 1.66% | 1.66% | |||||||||||
Carrying Amount | $ 488,640,000 | 0 | ||||||||||||
Estimated Fair Value | $ 488,640,000 | 0 | ||||||||||||
Face amount of debt | € | € 400,000,000 | € 400,000,000 | ||||||||||||
Senior Notes | Series E notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 1.65% | 1.65% | 1.65% | 1.65% | ||||||||||
Effective Interest Rate as of December 31, 2020 | 1.69% | 1.69% | 1.69% | |||||||||||
Carrying Amount | $ 427,560,000 | 0 | ||||||||||||
Estimated Fair Value | 427,560,000 | 0 | ||||||||||||
Face amount of debt | € | € 350,000,000 | € 350,000,000 | ||||||||||||
Term Loans | Total 2020 Senior Unsecured Term Loan A Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying Amount | 521,325,000 | 0 | ||||||||||||
Estimated Fair Value | $ 518,718,000 | 0 | ||||||||||||
Term Loans | 2020 Senior Unsecured Term Loan Tranche A-1 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective Interest Rate as of December 31, 2020 | 1.45% | 1.45% | 1.45% | |||||||||||
Carrying Amount | $ 325,000,000 | 0 | ||||||||||||
Estimated Fair Value | 323,375,000 | 0 | ||||||||||||
Face amount of debt | $ 425,000,000 | $ 425,000,000,000,000 | ||||||||||||
Term Loans | 2020 Senior Unsecured Term Loan Tranche A-1 | LIBOR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 0.95% | |||||||||||||
Term Loans | 2020 Senior Unsecured Term Loan Tranche A-2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective Interest Rate as of December 31, 2020 | 1.55% | 1.55% | 1.55% | |||||||||||
Carrying Amount | $ 196,325,000 | 0 | ||||||||||||
Estimated Fair Value | $ 195,343,000 | 0 | ||||||||||||
Face amount of debt | $ 250,000,000 | $ 250,000,000 | ||||||||||||
Term Loans | 2020 Senior Unsecured Term Loan Tranche A-2 | CDOR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 0.95% | |||||||||||||
Term Loans | 2018 Senior Unsecured Term Loan A Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective Interest Rate as of December 31, 2020 | 3.14% | 3.14% | 3.14% | |||||||||||
Carrying Amount | $ 0 | 475,000,000 | ||||||||||||
Estimated Fair Value | $ 0 | 472,625,000 | ||||||||||||
Face amount of debt | $ 475,000,000 | |||||||||||||
Term Loans | 2018 Senior Unsecured Term Loan A Facility | LIBOR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 1.00% | |||||||||||||
Revolving Credit Facility | Line of Credit | 2018 Senior Unsecured Term Loan A Facility | LIBOR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 1.00% | 1.45% | 1.45% | 2.35% | ||||||||||
Revolving Credit Facility | Line of Credit | 2020 Senior Unsecured Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective Interest Rate as of December 31, 2020 | 0.23% | 0.23% | 0.23% | |||||||||||
Carrying Amount | $ 0 | |||||||||||||
Estimated Fair Value | $ 0 | |||||||||||||
Number of extensions | extension | 2 | 2 | 2 | 2 | 2 | |||||||||
Extension term | 6 months | 6 months | ||||||||||||
Revolving Credit Facility | Line of Credit | 2020 Senior Unsecured Revolving Credit Facility | LIBOR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 0.85% | |||||||||||||
Revolving Credit Facility | Line of Credit | 2018 Senior Unsecured Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective Interest Rate as of December 31, 2020 | 0.36% | 0.36% | 0.36% | |||||||||||
Carrying Amount | 0 | |||||||||||||
Estimated Fair Value | $ 0 | |||||||||||||
Total indebtedness, net of unamortized deferred financing costs | $ 0 | |||||||||||||
Revolving Credit Facility | Line of Credit | 2018 Senior Unsecured Revolving Credit Facility | LIBOR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contractual Interest Rate | 0.90% |
Debt - Additional Information (
Debt - Additional Information (Details) | Dec. 31, 2020USD ($)extension | Mar. 26, 2020USD ($)extensiontranche | Sep. 24, 2019 | Dec. 04, 2018USD ($) | Nov. 06, 2018USD ($) | May 01, 2013USD ($)instrumentwarehouse | Dec. 31, 2020USD ($)instrumentextension | Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2020USD ($)extension | Dec. 31, 2018USD ($) | Dec. 31, 2020CAD ($)extension | Dec. 31, 2020EUR (€)extension | Nov. 03, 2020USD ($) | Nov. 03, 2020EUR (€) | Mar. 26, 2020CAD ($)extensiontranche | Dec. 31, 2019USD ($) | Apr. 26, 2019USD ($) | Dec. 03, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||
Letter of credit amount outstanding | $ 21,700,000 | $ 21,700,000 | $ 21,700,000 | $ 23,000,000 | ||||||||||||||||
Outstanding borrowings | 2,648,266,000 | $ 2,648,266,000 | 2,648,266,000 | |||||||||||||||||
Number of instruments terminated | instrument | 2 | |||||||||||||||||||
Loss on debt extinguishment | $ 47,600,000 | |||||||||||||||||||
Term Loans | 2018 Senior Unsecured Term Loan A Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Face amount of debt | $ 475,000,000 | |||||||||||||||||||
Term Loans | Total 2020 Senior Unsecured Term Loan A Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term of debt | 5 years | |||||||||||||||||||
Number of tranches | tranche | 2 | 2 | ||||||||||||||||||
Unamortized debt issuance cost | 5,600,000 | $ 3,200,000 | $ 5,600,000 | 5,600,000 | ||||||||||||||||
Term Loans | 2020 Senior Unsecured Term Loan Tranche A-1 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Face amount of debt | 425,000,000,000,000 | $ 425,000,000 | 425,000,000,000,000 | 425,000,000,000,000 | ||||||||||||||||
Indebtedness repaid | 100,000,000 | |||||||||||||||||||
Write-off of unamortized deferred financing costs | 1,500,000 | |||||||||||||||||||
Termination fee on derivatives | (16,400,000) | |||||||||||||||||||
Term Loans | 2020 Senior Unsecured Term Loan Tranche A-2 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Face amount of debt | $ 250,000,000 | $ 250,000,000 | ||||||||||||||||||
Term Loans | 2010 CMBS Financing | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loss on debt extinguishment | $ 21,400,000 | |||||||||||||||||||
Term Loans | ANZ Loans | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Write-off of unamortized deferred financing costs | $ 2,200,000 | |||||||||||||||||||
Termination fee on derivatives | (1,800,000) | |||||||||||||||||||
Line of Credit | Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Unamortized debt issuance cost | $ 5,800,000 | $ 5,800,000 | $ 5,800,000 | 2,800,000 | ||||||||||||||||
Line of Credit | Revolving Credit Facility | 2020 Senior Unsecured Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term of debt | 4 years | |||||||||||||||||||
Revolver borrowing capacity | $ 800,000,000 | |||||||||||||||||||
Unamortized debt issuance cost | $ 5,200,000 | |||||||||||||||||||
Number of extensions | extension | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |||||||||||||
Extension term | 6 months | 6 months | ||||||||||||||||||
Extension fee | 0.0625% | 0.0625% | ||||||||||||||||||
Letter of credit amount outstanding | $ 21,700,000 | $ 21,700,000 | $ 21,700,000 | |||||||||||||||||
Loss on debt extinguishment | 1,500,000 | |||||||||||||||||||
Payments for settlement of hedge | 16,400,000 | |||||||||||||||||||
Fee for termination of derivative instruments remaining in Accumulated Other Comprehensive Income | 8,700,000 | 8,700,000 | 8,700,000 | |||||||||||||||||
Fee on termination for derivative instruments recognized as interest | 7,700,000 | |||||||||||||||||||
Line of Credit | Revolving Credit Facility | 2018 Senior Unsecured Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Revolver borrowing capacity | $ 800,000,000 | $ 800,000,000 | $ 450,000,000 | |||||||||||||||||
Letter of credit amount outstanding | 23,000,000 | |||||||||||||||||||
Revolver borrowing capacity, foreign currencies | $ 400,000,000 | |||||||||||||||||||
Fee on unused borrowing capacity | 0.20% | |||||||||||||||||||
Outstanding borrowings | 0 | 0 | 0 | |||||||||||||||||
Loss on debt extinguishment | $ 800,000 | |||||||||||||||||||
Line of Credit | Revolving Credit Facility | 2018 Senior Unsecured Term Loan A Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Change in applicable interest rate | (0.05%) | |||||||||||||||||||
Unamortized debt issuance cost | $ 8,900,000 | $ 6,100,000 | ||||||||||||||||||
Threshold for fee on unused borrowing capacity | 50.00% | |||||||||||||||||||
Line of Credit | Revolving Credit Facility | 2020 Senior Unsecured Term Loan A Facility and Senior Unsecured Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Change in applicable interest rate | (0.05%) | |||||||||||||||||||
Term Loans and Credit Facility | 2020 Senior Unsecured Term Loan A Facility and Senior Unsecured Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate commitments under credit agreements | $ 1,300,000,000 | $ 1,400,000,000 | $ 1,300,000,000 | $ 1,300,000,000 | ||||||||||||||||
Maximum leverage ratio | 60.00% | 60.00% | ||||||||||||||||||
Maximum leverage ratio after material acquisition | 65.00% | 65.00% | ||||||||||||||||||
Maximum unencumbered leverage ratio | 60.00% | 60.00% | ||||||||||||||||||
Minimum unencumbered leverage ratio after material acquisition | 65.00% | 65.00% | ||||||||||||||||||
Maximum secured leverage ratio | 40.00% | 40.00% | ||||||||||||||||||
Maximum secured leverage ratio after material acquisition | 45.00% | 45.00% | ||||||||||||||||||
Minimum fixed charge coverage ratio | 1.50 | 1.50 | ||||||||||||||||||
Minimum unsecured interest coverage ratio | 1.75 | 1.75 | ||||||||||||||||||
Material acquisition threshold | 5.00% | 5.00% | ||||||||||||||||||
Senior Notes | Senior Unsecured Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum leverage ratio | 60.00% | 60.00% | 60.00% | 60.00% | 60.00% | |||||||||||||||
Maximum unencumbered leverage ratio | 60.00% | 60.00% | 60.00% | 60.00% | 60.00% | |||||||||||||||
Maximum secured leverage ratio | 40.00% | 40.00% | 40.00% | 40.00% | 40.00% | |||||||||||||||
Minimum fixed charge coverage ratio | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 | |||||||||||||||
Minimum principal for repayment of debt | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||||
Notice period for repayment of debt | 10 days | |||||||||||||||||||
Principal repayment if change in control occurs | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||
Minimum unsecured debt service ratio | 2 | 2 | 2 | 2 | 2 | |||||||||||||||
Senior Notes | Series C notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Face amount of debt | $ 350,000,000 | |||||||||||||||||||
Fixed interest rate | 4.10% | 4.10% | 4.10% | 4.10% | 4.10% | 4.10% | ||||||||||||||
Senior Notes | Series A notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Face amount of debt | $ 200,000,000 | |||||||||||||||||||
Fixed interest rate | 4.68% | 4.68% | 4.68% | 4.68% | 4.68% | 4.68% | ||||||||||||||
Senior Notes | Series B notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Face amount of debt | $ 400,000,000 | |||||||||||||||||||
Fixed interest rate | 4.86% | 4.86% | 4.86% | 4.86% | 4.86% | 4.86% | ||||||||||||||
Senior Notes | Series D notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Face amount of debt | € | € 400,000,000 | € 400,000,000 | ||||||||||||||||||
Fixed interest rate | 1.62% | 1.62% | 1.62% | 1.62% | 1.62% | 1.62% | 1.62% | |||||||||||||
Senior Notes | Series E notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Face amount of debt | € | € 350,000,000 | € 350,000,000 | ||||||||||||||||||
Fixed interest rate | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% | |||||||||||||
Senior Notes | Series D and Series E Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Unamortized debt issuance cost | $ 4,500,000 | |||||||||||||||||||
Senior Notes | Discount Rate | Senior Unsecured Notes | Valuation Technique, Discounted Cash Flow | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Discount rate | 0.0050 | 0.0050 | 0.0050 | 0.0050 | 0.0050 | |||||||||||||||
Mortgage Loans | 2013 Mortgage Loans | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Face amount of debt | $ 322,000,000 | |||||||||||||||||||
Number of properties | warehouse | 15 | |||||||||||||||||||
Restricted cash associated with debt | $ 3,600,000 | $ 3,600,000 | $ 3,600,000 | |||||||||||||||||
Minimum borrowing base debt service coverage ratio | 1.10 | |||||||||||||||||||
Mortgage Loans | 2010 CMBS Financing | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Indebtedness repaid | $ 600,000,000 | |||||||||||||||||||
Mortgage Loans | 2010 Mortgage Loans | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Write-off of unamortized deferred financing costs | 3,400,000 | |||||||||||||||||||
Defeasance fee | $ 18,500,000 | |||||||||||||||||||
Mezzanine Notes | 2013 Mortgage Loans | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of notes | instrument | 2 | |||||||||||||||||||
Number of warehouses acquired | warehouse | 2 | |||||||||||||||||||
Minimum | Line of Credit | Revolving Credit Facility | 2018 Senior Unsecured Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Change in fee on unused borrowing capacity | 0.05% | |||||||||||||||||||
Minimum | Mortgage Loans | 2013 Mortgage Loans | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Fixed interest rate | 3.81% | |||||||||||||||||||
Maximum | Line of Credit | Revolving Credit Facility | 2018 Senior Unsecured Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Change in fee on unused borrowing capacity | 0.15% | |||||||||||||||||||
Maximum | Mortgage Loans | 2013 Mortgage Loans | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Fixed interest rate | 11.50% |
Debt - Schedule of Aggregate Ma
Debt - Schedule of Aggregate Maturities of Total Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Aggregate principal amount of debt | $ 2,664,218 | |
Less deferred financing costs | (15,952) | $ (12,996) |
Total indebtedness, net of unamortized deferred financing costs | 2,648,266 | |
Mortgages, Senior Notes and Term Loans | ||
Debt Instrument [Line Items] | ||
2021 | 7,034 | |
2022 | 7,312 | |
2023 | 262,347 | |
2024 | 0 | |
2025 | 521,325 | |
Thereafter | 1,866,200 | |
Aggregate principal amount of debt | 2,664,218 | 1,708,443 |
Less deferred financing costs | $ (15,952) | $ (12,996) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) $ in Millions, $ in Millions | Feb. 28, 2020USD ($) | Jan. 31, 2020USD ($) | Jan. 02, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020AUD ($) | Dec. 31, 2020NZD ($) | Mar. 31, 2020instrument | Jan. 31, 2020CAD ($) | Jan. 02, 2020CAD ($) | Dec. 31, 2019CAD ($) |
Derivative [Line Items] | |||||||||||||
Interest expense | $ 91,481,000 | $ 94,408,000 | $ 93,312,000 | ||||||||||
Foreign currency exchange (loss) gain, net | (45,278,000) | 10,000 | $ 2,882,000 | ||||||||||
Derivative liability | $ 10,100,000 | 10,100,000 | |||||||||||
Termination value | 10,300,000 | 10,300,000 | |||||||||||
Credit Facility | 2020 Senior Unsecured Revolving Credit Facility | Revolving Credit Facility | |||||||||||||
Derivative [Line Items] | |||||||||||||
Fee on termination for derivative instruments recognized as interest | 7,700,000 | ||||||||||||
Gain (loss) to be reclassified in next twelve months | 2,700,000 | ||||||||||||
Senior Notes | Series D and Series E Notes | |||||||||||||
Derivative [Line Items] | |||||||||||||
Amount of hedged loan | 750,000,000 | $ 750,000,000 | |||||||||||
Gain (loss) on settlement | (45,000,000) | ||||||||||||
Interest Rate Swap | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative agreement term | 5 years | ||||||||||||
Foreign exchange forwards | |||||||||||||
Derivative [Line Items] | |||||||||||||
Gain (loss) to be reclassified in next twelve months | $ 500,000 | ||||||||||||
Foreign exchange forwards | Intercompany Loan | Australian Intercompany Loan | |||||||||||||
Derivative [Line Items] | |||||||||||||
Amount of hedged loan | $ 153.5 | ||||||||||||
Foreign exchange forwards | 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 | 100,000,000 | |||||||||||
August 2019 Agreement | Interest Rate Swap | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notational amount | $ 225,000,000 | 225,000,000 | |||||||||||
December 2019 Agreement | Foreign exchange forwards | |||||||||||||
Derivative [Line Items] | |||||||||||||
Gain (loss) on settlement | $ (100,000) | ||||||||||||
January 2020 Agreement, Maturing February 28, 2020 | Foreign exchange forwards | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notational amount | $ 217,000,000 | ||||||||||||
Gain (loss) on settlement | $ 2,800,000 | ||||||||||||
Nova Cold Logistics | Foreign exchange forwards | |||||||||||||
Derivative [Line Items] | |||||||||||||
Number of derivative instruments | instrument | 2 | ||||||||||||
Unrealized gain (loss) | $ 100,000 | ||||||||||||
Nova Cold Logistics | December 2019 Agreement, Maturing January 2, 2020 | Foreign exchange forwards | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notational amount | $ 217,000,000 | ||||||||||||
Gain (loss) on settlement | $ 2,100,000 | ||||||||||||
Nova Cold Logistics | December 2019 Agreement, Maturing January 31, 2020 | Foreign exchange forwards | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notational amount | $ 217,000,000 | $ 217,000,000 | |||||||||||
Gain (loss) on settlement | $ 200,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative Assets | $ 0 | $ 6,855 |
Derivative Liabilities | 9,611 | 6,094 |
Designated derivatives | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Assets | 0 | 1,376 |
Derivative Liabilities | 9,611 | 0 |
Designated derivatives | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative Assets | 0 | 2,933 |
Derivative Liabilities | 0 | 3,505 |
Undesignated derivatives | Foreign exchange forwards | ||
Derivative [Line Items] | ||
Derivative Assets | 0 | 2,546 |
Derivative Liabilities | $ 0 | $ 2,589 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (24,918) | $ (1,450) | $ 861 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (23,288) | 42 | 2,258 |
Interest rate contracts | Interest expense | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (11,465) | (571) | (1,422) |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (3,368) | 248 | (1,191) |
Interest rate contracts | Loss on debt extinguishment, modifications and termination of derivative instruments | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (7,688) | 0 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (7,688) | 0 | 0 |
Foreign exchange contracts | Interest expense | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 0 | 0 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (74) | 58 | 0 |
Foreign exchange contracts | Foreign currency exchange (loss) gain, net | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (11,015) | (879) | 2,283 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (12,158) | (264) | 3,449 |
Foreign exchange forwards | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 5,250 | 0 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting of Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 0 | $ 6,855 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 0 | 6,855 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments | 0 | 3,966 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amount | 0 | 2,889 |
Offsetting of Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 9,611 | 6,094 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 9,611 | 6,094 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments | 0 | 3,966 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amount | $ 9,611 | $ 2,128 |
Sale-Leasebacks of Real Estat_2
Sale-Leasebacks of Real Estate (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)facilitywarehouse | Dec. 31, 2019USD ($) | Dec. 31, 2013facility | Jul. 31, 2013warehouse | Sep. 30, 2010USD ($) | Dec. 31, 2007facility | Sep. 30, 2007warehouse | |
Sale Leaseback Transaction [Line Items] | |||||||
Total sale-leaseback financing obligations | $ 185,060 | $ 115,759 | |||||
1 warehouse – 2010 | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Number of warehouses | warehouse | 1 | ||||||
Interest Rate as of December 31, 2020 | 10.34% | ||||||
Total sale-leaseback financing obligations | $ 18,669 | 18,994 | $ 18,200 | ||||
11 warehouses – 2007 | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Number of warehouses | warehouse | 11 | 11 | 11 | ||||
Total sale-leaseback financing obligations | $ 93,316 | 96,765 | |||||
11 warehouses – 2007 | Minimum | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Interest Rate as of December 31, 2020 | 7.00% | ||||||
11 warehouses – 2007 | Maximum | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Interest Rate as of December 31, 2020 | 1959.00% | ||||||
3 facilities - 2007 (Agro) | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Number of warehouses | facility | 3 | 3 | |||||
Interest Rate as of December 31, 2020 | 10.00% | ||||||
Total sale-leaseback financing obligations | $ 67,229 | 0 | |||||
1 facility - 2013 (Agro) | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Number of warehouses | facility | 1 | 1 | |||||
Interest Rate as of December 31, 2020 | 10.00% | ||||||
Total sale-leaseback financing obligations | $ 5,846 | $ 0 |
Sale-Leasebacks of Real Estat_3
Sale-Leasebacks of Real Estate - Narrative (Details) $ in Thousands | Dec. 31, 2020USD ($)warehousefacility | Jul. 31, 2013warehouse | Sep. 30, 2010USD ($) | Sep. 30, 2007USD ($)extensionwarehouse | Dec. 31, 2013facility | Dec. 31, 2007facility | Dec. 31, 2019USD ($) |
Sale Leaseback Transaction [Line Items] | |||||||
Total sale-leaseback financing obligations | $ 185,060 | $ 115,759 | |||||
1 warehouse – 2010 | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Number of warehouses | warehouse | 1 | ||||||
Lease agreement term | 20 years | ||||||
Purchase option transferred | $ 18,300 | ||||||
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 | $ 18,669 | $ 18,200 | 18,994 | ||||
Receivable for improvements | 1,000 | ||||||
Sale-leaseback financing obligations | $ 19,200 | ||||||
11 warehouses – 2007 | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Number of warehouses | warehouse | 11 | 11 | 11 | ||||
Percentage of useful life where control maintained | 90.00% | ||||||
Total sale-leaseback financing obligations | $ 93,316 | 96,765 | |||||
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 | ||||||
3 facilities - 2007 (Agro) | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Number of warehouses | facility | 3 | 3 | |||||
Lease agreement term | 20 years | ||||||
Rent increase term | 5 years | ||||||
Rent increase as a percentage of Consumer Price Index | 125.00% | ||||||
Rent increase percentage | 9.00% | ||||||
Implicit interest rate | 10.00% | ||||||
Total sale-leaseback financing obligations | $ 67,229 | 0 | |||||
3 facilities - 2007 (Agro) | Agro Merchants Group | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Number of warehouses acquired | facility | 4 | ||||||
1 facility - 2013 (Agro) | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Number of warehouses | facility | 1 | 1 | |||||
Lease agreement term | 20 years | ||||||
Rent increase term | 5 years | ||||||
Rent increase percentage | 12.00% | ||||||
Implicit interest rate | 10.00% | ||||||
Total sale-leaseback financing obligations | $ 5,846 | $ 0 | |||||
Number of extensions under sale-leaseback transaction | facility | 6 | ||||||
Extension period under sale-leaseback transaction | 5 years | ||||||
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 |
Sale-Leasebacks of Real Estat_4
Sale-Leasebacks of Real Estate - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
2021 | $ 41,671 | |
2022 | 32,118 | |
2023 | 25,943 | |
2024 | 16,752 | |
2025 | 6,108 | |
Thereafter | 10,723 | |
Total minimum payments | 133,315 | |
Interest portion | (7,389) | |
Present value of net minimum payments | 125,926 | $ 58,170 |
Warehouses Under Sale Leaseback Transactions | ||
Lessee, Lease, Description [Line Items] | ||
2021 | 26,184 | |
2022 | 27,065 | |
2023 | 27,460 | |
2024 | 27,787 | |
2025 | 28,075 | |
Thereafter | 182,553 | |
Total minimum payments | 319,124 | |
Interest portion | (134,064) | |
Present value of net minimum payments | $ 185,060 |
Lease Accounting - Lessee Narra
Lease Accounting - Lessee Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Rent expense | $ 36.7 | |
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 | 32 years | |
Extended lease term | 10 years |
Lease Accounting - Lessee, Leas
Lease Accounting - Lessee, Lease Expenses (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)warehouse | Dec. 31, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease cost | $ 23,931 | $ 29,205 |
Financing lease cost: | ||
Depreciation | 16,504 | 11,252 |
Interest on lease liabilities | 2,969 | 2,941 |
Sublease income | (551) | (499) |
Net lease expense | $ 42,853 | 42,899 |
Number of properties subleased | warehouse | 2 | |
Rent expense | $ 36,700 |
Lease Accounting - Lessee, Othe
Lease Accounting - Lessee, Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ (20,070) | $ (24,992) | |
Operating cash flows from finance leases | (2,969) | (2,941) | |
Operating cash flows from finance leases | (19,970) | (13,339) | |
Right-of-use assets obtained in exchange for lease obligations | |||
Operating leases | 44,919 | 12,492 | $ 0 |
Finance leases | $ 38,858 | $ 30,416 | $ 13,290 |
Weighted-average remaining lease term (years) | |||
Operating leases | 10 years 6 months | 6 years 1 month 6 days | |
Finance leases | 4 years 9 months 18 days | 4 years 4 months 24 days | |
Weighted-average discount rate | |||
Operating leases | 2.90% | 4.10% | |
Finance leases | 3.60% | 5.50% |
Lease Accounting - Lessee, Mini
Lease Accounting - Lessee, Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Lease Payments | ||
2021 | $ 41,821 | |
2022 | 36,000 | |
2023 | 32,809 | |
2024 | 28,185 | |
2025 | 23,923 | |
Thereafter | 154,991 | |
Total future minimum lease payments | 317,729 | |
Less: Interest | (48,582) | |
Total future minimum lease payments less interest | 269,147 | $ 62,342 |
Finance Lease Payments | ||
2021 | 41,671 | |
2022 | 32,118 | |
2023 | 25,943 | |
2024 | 16,752 | |
2025 | 6,108 | |
Thereafter | 10,723 | |
Total minimum payments | 133,315 | |
Less: Interest | (7,389) | |
Present value of net minimum payments | 125,926 | $ 58,170 |
Total Lease Payments | ||
2021 | 83,492 | |
2022 | 68,118 | |
2023 | 58,752 | |
2024 | 44,937 | |
2025 | 30,031 | |
Thereafter | 165,714 | |
Total future minimum lease payments | 451,044 | |
Less: Interest | (55,971) | |
Total future minimum lease payments less interest | 395,073 | |
Accounts payable and accrued expenses | ||
Operating Lease Payments | ||
Total future minimum lease payments less interest | 174 | |
Finance Lease Payments | ||
Present value of net minimum payments | 120 | |
Total Lease Payments | ||
Total future minimum lease payments less interest | 294 | |
Operating lease obligations | ||
Operating Lease Payments | ||
Total future minimum lease payments less interest | 268,973 | |
Finance Lease Payments | ||
Present value of net minimum payments | 0 | |
Total Lease Payments | ||
Total future minimum lease payments less interest | 268,973 | |
Finance lease obligations | ||
Operating Lease Payments | ||
Total future minimum lease payments less interest | 0 | |
Finance Lease Payments | ||
Present value of net minimum payments | 125,806 | |
Total Lease Payments | ||
Total future minimum lease payments less interest | $ 125,806 |
Lease Accounting - Lessor, Narr
Lease Accounting - Lessor, Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||||
Depreciation | $ 198.8 | $ 153.9 | $ 116 | |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining term | 1 year | 1 year | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining term | 12 years | 12 years | ||
Equipment Leased to Other Party | ||||
Lessee, Lease, Description [Line Items] | ||||
Land and buildings and improvements, gross value | $ 854.2 | $ 854.2 | 786.4 | |
Land and buildings and improvements, net value | 615.7 | $ 615.7 | 600.1 | |
Depreciation | $ 29.5 | $ 23.1 |
Lease Accounting - Future Minim
Lease Accounting - Future Minimum Payments to be Received (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 26,903 |
2022 | 21,884 |
2023 | 18,914 |
2024 | 14,201 |
2025 | 10,169 |
Thereafter | 21,491 |
Total | $ 113,562 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Measured at fair value on a recurring basis: | ||
Derivative Assets | $ 0 | $ 6,855 |
Derivative Liabilities | 9,611 | 6,094 |
Significant Observable Inputs (Level 2) | Cross-currency swap | ||
Measured at fair value on a recurring basis: | ||
Derivative Liabilities | 9,611 | 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 | 0 | 2,936 |
Derivative Liabilities | 0 | 3,507 |
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 | 0 | 1,404 |
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 | 0 | 2,546 |
Derivative Liabilities | 0 | 2,589 |
Disclose at fair value | Significant Unobservable Inputs (Level 3) | ||
Disclosed at fair value: | ||
Mortgage notes, senior unsecured notes and term loans | 2,827,440 | 1,783,463 |
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: | ||
Assets | 41,009 | 35,317 |
Pension | Measured at fair value on a recurring basis | Significant Observable Inputs (Level 2) | ||
Measured at fair value on a recurring basis: | ||
Assets | $ 37,652 | $ 33,991 |
Dividends and Distributions - S
Dividends and Distributions - Summary of Dividends Declared and Distributions Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 13 Months Ended | 14 Months Ended | |||||||||||||||||||||||
Dec. 31, 2020 | Oct. 31, 2020 | May 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2019 | May 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jan. 31, 2018 | Oct. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Dec. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | |
Participating Dividend | ||||||||||||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||||||||||||
Dividend Per Share (in usd per share) | $ 0.210 | $ 0.0186 | $ 0.2100 | $ 0.2100 | $ 0.2000 | $ 0.2000 | $ 0.2000 | $ 0.1875 | $ 0.1875 | $ 0.1875 | $ 0.1396 | $ 0.2100 | $ 0.2000 | |||||||||||||||
Common Shares | ||||||||||||||||||||||||||||
Distributions Declared | $ 53,820 | $ 1,291 | $ 43,282 | $ 42,568 | $ 38,796 | $ 38,795 | $ 30,235 | $ 28,218 | $ 28,072 | $ 27,250 | $ 20,145 | $ 43,271 | $ 38,764 | $ 182,941 | $ 104,976 | $ 146,590 | ||||||||||||
Distributions Paid | $ 0 | 1,291 | 43,282 | 42,568 | 38,796 | 38,795 | $ 38,800 | 30,235 | 28,218 | 28,072 | 27,250 | 20,145 | 43,271 | 38,764 | $ 167,086 | $ 135,443 | ||||||||||||
Participating Dividend | Series B Preferred Shares | ||||||||||||||||||||||||||||
Series B Preferred Shares | ||||||||||||||||||||||||||||
Distributions Declared | 619 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Distributions Paid | 619 | 0 | ||||||||||||||||||||||||||
Series B Preferred Shares - Fixed Dividend | Series B Preferred Shares | ||||||||||||||||||||||||||||
Series B Preferred Shares | ||||||||||||||||||||||||||||
Distributions Declared | 1,198 | 1,817 | ||||||||||||||||||||||||||
Distributions Paid | $ 1,198 | 1,817 | ||||||||||||||||||||||||||
Restricted Stock Units, Expected to Vest | Participating Dividend | ||||||||||||||||||||||||||||
Common Shares | ||||||||||||||||||||||||||||
Distributions Declared | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Distributions Paid | $ 231 | $ 232 | $ 233 | $ 169 | $ 170 | $ 172 | $ 142 | $ 127 | 114 | 118 | 79 | |||||||||||||||||
Restricted Stock Units, Expected to Vest | Participating Dividend | Series B Preferred Shares | ||||||||||||||||||||||||||||
Series B Preferred Shares | ||||||||||||||||||||||||||||
Distributions Declared | 0 | 0 | 0 | |||||||||||||||||||||||||
Distributions Paid | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||
Restricted Stock Units, Not Expected to Vest | Participating Dividend | ||||||||||||||||||||||||||||
Common Shares | ||||||||||||||||||||||||||||
Distributions Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Distributions Paid | $ 10 | $ 10 | $ 4 | $ 7 | $ 15 | $ 7 | 28 | 28 | 20 | $ 10 | $ 13 | $ 76,523 | ||||||||||||||||
Restricted Stock Units, Not Expected to Vest | Participating Dividend | Series B Preferred Shares | ||||||||||||||||||||||||||||
Series B Preferred Shares | ||||||||||||||||||||||||||||
Distributions Declared | 0 | 0 | 0 | |||||||||||||||||||||||||
Distributions Paid | $ 0 | $ 0 | $ 0 |
Dividends and Distributions - N
Dividends and Distributions - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Series A Preferred Shares | |
Dividends Payable [Line Items] | |
Preferred stock, dividends declared (in usd per share) | $ 0.001 |
Dividends and Distributions - D
Dividends and Distributions - Distribution Type (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Shares | |||
Ordinary income | 35.00% | 83.00% | 66.00% |
Capital gains | 0.00% | 0.00% | 0.00% |
Return of capital | 65.00% | 17.00% | 34.00% |
Total | 100.00% | 100.00% | 100.00% |
Preferred Shares | |||
Ordinary income | 100.00% | ||
Capital gains | 0.00% | ||
Return of capital | 0.00% | ||
Total | 100.00% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2008 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation charges | $ 17,900 | $ 15,900 | |||||
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 | 0 | 3,044 | $ 2,042 | ||
Unrecognized stock-based compensation expense | $ 23,000 | ||||||
Unrecognized stock-based compensation expense, period for recognition | 1 year 8 months 12 days | ||||||
Amount accrued for dividend equivalents | 400 | ||||||
Accelerated vesting (in shares) | 100,000 | ||||||
Accelerated share-based compensation expense upon termination of former executives | $ 200 | ||||||
Market performance percentage, minimum | 50.00% | ||||||
Market performance percentage, target | 100.00% | ||||||
Market performance percentage, maximum | 200.00% | ||||||
Aggregate grant date fair value of awards | $ 8,300 | 700 | |||||
Fair value at grant date of stock option awards that vested | 700 | 900 | 1,500 | ||||
Intrinsic value of options exercised | $ 8,200 | $ 27,800 | 38,800 | ||||
Selling, General and Administrative Expenses | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation charges | $ 10,700 | ||||||
Time-based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (in shares) | 194,981 | ||||||
Market-Based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (in shares) | 108,810 | ||||||
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% | |||||
Market performance percentage, target | 100.00% | 100.00% | |||||
Market performance percentage, maximum | 150.00% | 150.00% | |||||
Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted, grant date fair value (in USD per share) | $ 31.06 | $ 33.29 | $ 17.21 | ||||
Vested, grant date fair value (in USD per share) | 21.72 | ||||||
Forfeited, grant date fair value (in USD per share) | 26.13 | ||||||
Outstanding, grant date fair value (in USD per share) | $ 24.27 | $ 22.50 | |||||
OP Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (in shares) | 0 | ||||||
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 | $ 2,500 | $ 1,100 | |||||
Trustees | Time-based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (in shares) | 8,517 | ||||||
Vesting period | 1 year | ||||||
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 | |||||
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) | 8,517 | 18,267 | 373,438 | ||||
Vesting period | 1 year | 1 year | |||||
Trustees | OP Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (in shares) | 16,325 | 20,190 | |||||
Vesting period | 1 year | 1 year | |||||
Trustees | Minimum | Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year | ||||||
Trustees | Maximum | Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Associates | Time-based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (in shares) | 186,464 | 261,816 | 659,751 | ||||
Associates | Market-Based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (in shares) | 108,810 | 243,168 | 604,000 | ||||
Vesting period | 3 years | 3 years | 3 years | ||||
Associates | Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (in shares) | 295,274 | 504,984 | 1,263,751 | ||||
Associates | OP Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (in shares) | 255,720 | ||||||
Associates | Minimum | Time-based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year | 1 year | 1 year | ||||
Associates | Minimum | Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year | 1 year | 1 year | ||||
Associates | Minimum | OP Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year | ||||||
Associates | Maximum | Time-based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | 3 years | 4 years | ||||
Associates | Maximum | Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | 3 years | 4 years | ||||
Associates | Maximum | OP Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units Grants (Details) - Restricted Stock Units - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Trustees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted (in shares) | 8,517 | 18,267 | 373,438 |
Vesting Period | 1 year | 1 year | |
Grant Date Fair Value (in thousands) | $ 300 | $ 575 | $ 5,975 |
Associates | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted (in shares) | 295,274 | 504,984 | 1,263,751 |
Grant Date Fair Value (in thousands) | $ 9,137 | $ 16,843 | $ 22,196 |
Minimum | Trustees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 1 year | ||
Minimum | Associates | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 1 year | 1 year | 1 year |
Maximum | Trustees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 3 years | ||
Maximum | Associates | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 3 years | 3 years | 4 years |
Share-Based Compensation - Re_2
Share-Based Compensation - Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Time-based Restricted Stock Units | ||
Units (In thousands) | ||
Beginning balance (in shares) | 714,063 | |
Granted (in shares) | 194,981 | |
Vested (in shares) | (334,131) | |
Forfeited (in shares) | (11,689) | |
Ending balance (in shares) | 563,224 | 714,063 |
Aggregate intrinsic value, nonvested | $ 21 | $ 25 |
Shares vested, but not released (in shares) | 615,643 | |
Aggregate intrinsic value, shares vested but not released | $ 23 | |
Total outstanding restricted stock units (in shares) | 1,178,867 | |
Aggregate intrinsic value, total outstanding restricted stock units | $ 44 | |
Performance-Based Restricted Stock Units | ||
Units (In thousands) | ||
Beginning balance (in shares) | 57,142 | |
Granted (in shares) | 0 | |
Vested (in shares) | (14,286) | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 42,856 | 57,142 |
Aggregate intrinsic value, nonvested | $ 1.6 | $ 2 |
Shares vested, but not released (in shares) | 28,572 | |
Aggregate intrinsic value, shares vested but not released | $ 1.1 | |
Total outstanding restricted stock units (in shares) | 71,428 | |
Aggregate intrinsic value, total outstanding restricted stock units | $ 2.7 | |
Market-Based Restricted Stock Units | ||
Units (In thousands) | ||
Beginning balance (in shares) | 779,188 | |
Granted (in shares) | 108,810 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | (14,417) | |
Ending balance (in shares) | 873,581 | 779,188 |
Aggregate intrinsic value, nonvested | $ 42.6 | $ 27.3 |
Shares vested, but not released (in shares) | 0 | |
Aggregate intrinsic value, shares vested but not released | $ 0 | |
Total outstanding restricted stock units (in shares) | 873,581 | |
Aggregate intrinsic value, total outstanding restricted stock units | $ 42.6 | |
Former Director | Time-Based Restricted Stock Units, Vested Before January 1, 2020 | ||
Units (In thousands) | ||
Shares vested, but not released (in shares) | 615,643 | |
Former Director | Performance-Based Restricted Stock Units, Vested Before January 1, 2020 | ||
Units (In thousands) | ||
Shares vested, but not released (in shares) | 14,286 | |
Former Director | Restricted Stock Units | ||
Units (In thousands) | ||
Vested (in shares) | (14,286) | |
Shares vested, but not released (in shares) | 568,753 | |
Vested awards, weighted average grant date fair value (in USD per share) | $ 9.38 |
Share-Based Compensation - Perf
Share-Based Compensation - Performance Thresholds (Details) | Dec. 31, 2020 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Market performance percentage, maximum | 200.00% | |
Market performance percentage, target | 100.00% | |
Market performance percentage, minimum | 50.00% | |
Market-Based Restricted Stock Units | ||
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% | |
RMS relative market performance, below threshold | 30.00% | |
TSR, maximum | 12.00% | 12.00% |
TSR, target | 10.00% | 10.00% |
TSR, minimum | 8.00% | 8.00% |
Market performance percentage, maximum | 150.00% | 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, 2020 | 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 | 23.00% | 22.00% | ||
Risk-Free Interest Rate | 0.52% | |||
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 - OP U
Share-Based Compensation - OP Units Grants (Details) - OP Units - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted (in shares) | 0 | ||
Trustees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted (in shares) | 16,325 | 20,190 | |
Vesting Period | 1 year | 1 year | |
Grant Date Fair Value (in thousands) | $ 575 | $ 675 | |
Associates | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted (in shares) | 255,720 | ||
Grant Date Fair Value (in thousands) | $ 7,719 | ||
Minimum | Associates | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 1 year | ||
Maximum | Associates | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 3 years |
Share-Based Compensation - OP_2
Share-Based Compensation - OP Units Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Time-Based OP Units | ||
Units (In thousands) | ||
Beginning balance (in shares) | 20,190 | |
Granted (in shares) | 93,180 | |
Vested (in shares) | (20,190) | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 93,180 | 20,190 |
Aggregate intrinsic value, nonvested | $ 3,500 | $ 700 |
Shares vested, but not released (in shares) | 17,199 | |
Aggregate intrinsic value, shares vested but not released | $ 600 | |
Total outstanding restricted stock units (in shares) | 110,379 | |
Aggregate intrinsic value, total outstanding restricted stock units | $ 4,100 | |
Market-Based OP Units | ||
Units (In thousands) | ||
Beginning balance (in shares) | 0 | |
Granted (in shares) | 178,865 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 178,865 | 0 |
Aggregate intrinsic value, nonvested | $ 6,700 | $ 0 |
Shares vested, but not released (in shares) | 0 | |
Aggregate intrinsic value, shares vested but not released | $ 0 | |
Total outstanding restricted stock units (in shares) | 178,865 | |
Aggregate intrinsic value, total outstanding restricted stock units | $ 6,700 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Shares (In thousands) | ||
Outstanding (in shares) | 794,498 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (321,000) | |
Forfeited or expired (in shares) | (8,000) | |
Outstanding (in shares) | 465,498 | 794,498 |
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 | 4 years 8 months 12 days | 5 years 9 months 18 days |
Exercisable | ||
Shares (in shares) | 232,500 | |
Weighted-Average Exercise Price (in USD per share) | $ 9.81 | |
Weighted-Average Remaining Contractual Terms (Years) | 3 years 10 months 24 days |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Undistributed earnings of foreign subsidiaries | $ 13,700 | ||
Deferred tax liability from outside basis difference | $ 400 | ||
GILTI | $ 200 | ||
Operating loss carryforwards, subject to expiration | 15,300 | ||
Operating loss carryforwards, not subject to expiration | 29,400 | ||
Valuation allowance | 9,158 | 16,043 | |
Change in valuation allowance | (6,800) | ||
Change in deferred tax assets valuation allowance from acqusitions | (11,500) | ||
Increase in deferred tax assets valuation allowance | 4,700 | ||
Change in income tax expense from decrease in valuation allowance from acquisitions | $ 2,000 | ||
Decreases due to lapse in statute of limitations | 211 | $ 431 | |
North America | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards obtained through acquisitions | 87,100 | ||
Operating loss carryforwards | 44,700 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 40,300 | ||
Operating loss carryforwards, subject to expiration | 32,600 | ||
Operating loss carryforwards, not subject to expiration | 7,700 | ||
Alternative Minimum Tax Credit Carryforward | |||
Operating Loss Carryforwards [Line Items] | |||
Refund from tax credit carryforward | 2,200 | ||
Research Tax Credit Carryforward | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward | 1,200 | ||
2020 Acquisitions | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax liability | $ 213,800 |
Income Taxes - Income_(loss) be
Income Taxes - Income/(loss) before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 5,673 | $ 33,417 | $ 37,060 |
Foreign | 11,955 | 9,588 | 7,306 |
Income before income tax benefit | $ 17,628 | $ 43,005 | $ 44,366 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
U.S. federal | $ 1,085 | $ (20) | $ 4,424 |
State | (447) | (670) | (353) |
Foreign | (7,443) | (4,854) | (3,604) |
Total current portion | (6,805) | (5,544) | 467 |
Deferred | |||
U.S. federal | 8,588 | 7,701 | 2,094 |
State | 2,929 | 2,217 | 494 |
Foreign | 2,215 | 783 | 564 |
Total deferred portion | 13,732 | 10,701 | 3,152 |
Total income tax benefit | $ 6,927 | $ 5,157 | $ 3,619 |
Income Taxes - Reconciliation S
Income Taxes - Reconciliation Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory rates | $ (3,702) | $ (9,031) | $ (9,317) |
Earnings from REIT - not subject to tax | 2,681 | 9,526 | 9,015 |
State income taxes, net of federal income tax benefit | (446) | (542) | (187) |
Provision to return | (4) | 2 | 360 |
Rate and permanent differences on non-U.S. earnings | (1,175) | (971) | (1,228) |
Change in valuation allowance | 9,506 | 2,761 | (2,227) |
Non-deductible expenses | 387 | 3,462 | 4,021 |
Change in uncertain tax positions | (367) | 347 | |
Income withholding tax | (1,191) | (212) | (301) |
Effect of Tax Cuts and Jobs Act | 0 | 0 | 3,797 |
Other | 871 | 529 | (661) |
Total income tax benefit | $ 6,927 | $ 5,157 | $ 3,619 |
Income Taxes - Temporary Differ
Income Taxes - Temporary Difference (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss and credits carryforwards | $ 21,347 | $ 11,806 |
Accrued expenses | 28,707 | 26,911 |
Share-based compensation | 6,042 | 4,618 |
Lease obligations | 10,382 | 9,674 |
Other assets | 1,361 | 4,420 |
Total gross deferred tax assets | 67,839 | 57,429 |
Less: valuation allowance | (9,158) | (16,043) |
Total net deferred tax assets | 58,681 | 41,386 |
Deferred tax liabilities: | ||
Intangible assets and goodwill | (80,015) | (8,739) |
Property, buildings and equipment | (187,114) | (38,358) |
Lease right-of-use assets | (10,301) | (9,674) |
Other liabilities | (927) | (1,316) |
Total gross deferred tax liabilities | (278,357) | (58,087) |
Net deferred tax liability | $ (219,676) | $ (16,701) |
Income Taxes - Unrecognized ben
Income Taxes - Unrecognized benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Tax | ||
Beginning balance | $ 367 | $ 431 |
Increase related to current-year tax positions | 367 | |
Decreases due to lapse in statute of limitations | (211) | (431) |
Ending balance | 156 | 367 |
Interest | ||
Beginning balance | 0 | 0 |
Increase related to current-year tax positions | 0 | |
Decreases due to lapse in statute of limitations | 0 | |
Ending balance | 0 | 0 |
Penalties | ||
Beginning balance | 0 | 0 |
Increase related to current-year tax positions | 0 | |
Decreases due to lapse in statute of limitations | 0 | |
Ending balance | 0 | 0 |
Total | ||
Beginning balance | 367 | 431 |
Increase related to current-year tax positions | 367 | |
Decreases due to lapse in statute of limitations | (211) | (431) |
Ending balance | $ 156 | $ 367 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | |||
Original benefit of contribution by tax credit investors | $ (4,721) | $ (4,882) | |
Liabilities | 4,038,330 | 2,337,665 | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Liabilities | $ 4,700 | $ 4,900 | |
Cloverleaf | |||
Variable Interest Entity [Line Items] | |||
Original benefit of contribution by tax credit investors | $ 5,600 |
Employee Benefit Plans - Actuar
Employee Benefit Plans - Actuarial Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in benefit obligation: | |||
Beginning balance | $ (82,014) | $ (76,054) | |
Service cost | (66) | (78) | |
Interest cost | (2,420) | (2,907) | |
Actuarial gain (loss) | (6,903) | (7,557) | |
Benefits paid | 2,459 | 4,440 | |
Plan participants’ contributions | (19) | (12) | |
Foreign currency translation loss (gain) | (109) | 2 | |
Effect of settlement | 1,266 | 152 | |
Ending balance | (87,806) | (82,014) | $ (76,054) |
Change in plan assets: | |||
Beginning balance | 69,308 | 59,737 | |
Actual return on plan assets | 9,981 | 11,597 | |
Employer contributions | 2,949 | 2,560 | |
Benefits paid | (2,459) | (4,440) | |
Effect of settlement | (1,266) | (152) | |
Plan participants’ contributions | 19 | 12 | |
Foreign currency translation gain | 129 | (6) | |
Ending balance | 78,661 | 69,308 | 59,737 |
Funded status | (9,145) | (12,706) | |
Amounts recognized on the consolidated balance sheet: | |||
Pension and post-retirement liability | (9,145) | (12,706) | |
Accumulated other comprehensive loss (income) | 9,586 | 10,959 | |
Amounts in accumulated other comprehensive loss consist of: | |||
Net loss | 9,586 | 10,882 | |
Prior service cost | 53 | 77 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: | |||
Net (gain) loss | 342 | (1,177) | |
Amortization of net gain | (1,624) | (2,069) | |
Amortization of prior service cost | (31) | (28) | |
Amount recognized due to special event | (134) | 10 | |
Foreign currency translation loss | 14 | (5) | |
Total recognized in other comprehensive (income) loss | (1,433) | (3,269) | 901 |
Information for plans with accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 87,806 | 82,014 | |
Accumulated benefit obligation | 87,679,000 | 81,900 | |
Fair value of plan assets | 78,661 | 69,308 | |
Pension | |||
Change in plan assets: | |||
Beginning balance | 69,308 | ||
Ending balance | 78,661 | 69,308 | |
Other Post-Retirement Benefits | |||
Change in benefit obligation: | |||
Beginning balance | (611) | (678) | |
Service cost | 0 | 0 | |
Interest cost | (14) | (23) | |
Actuarial gain (loss) | (27) | (62) | |
Benefits paid | 5 | 0 | |
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation loss (gain) | 0 | 0 | |
Effect of settlement | 0 | 152 | |
Ending balance | (647) | (611) | (678) |
Change in plan assets: | |||
Beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 5 | 152 | |
Benefits paid | (5) | 0 | |
Effect of settlement | 0 | (152) | |
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation gain | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Funded status | (647) | (611) | |
Amounts recognized on the consolidated balance sheet: | |||
Pension and post-retirement liability | (647) | (611) | |
Accumulated other comprehensive loss (income) | 6 | (21) | |
Amounts in accumulated other comprehensive loss consist of: | |||
Net loss | 6 | (21) | |
Prior service cost | 0 | 0 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: | |||
Net (gain) loss | (94) | (94) | |
Amortization of net gain | 0 | 4 | |
Amortization of prior service cost | 0 | 0 | |
Amount recognized due to special event | 0 | 5 | |
Foreign currency translation loss | 0 | 0 | |
Total recognized in other comprehensive (income) loss | (94) | (85) | |
Information for plans with accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 647 | 611 | |
Accumulated benefit obligation | 647,000 | 611 | |
Fair value of plan assets | 0 | 0 | |
Retirement Income Plan | Pension | |||
Change in benefit obligation: | |||
Beginning balance | (45,215) | (43,364) | |
Service cost | 0 | 0 | |
Interest cost | (1,261) | (1,590) | |
Actuarial gain (loss) | (3,657) | (3,251) | |
Benefits paid | 1,358 | 2,990 | |
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation loss (gain) | 0 | 0 | |
Effect of settlement | 1,266 | 0 | |
Ending balance | (47,509) | (45,215) | (43,364) |
Change in plan assets: | |||
Beginning balance | 40,111 | 34,958 | |
Actual return on plan assets | 5,903 | 6,804 | |
Employer contributions | 1,640 | 1,339 | |
Benefits paid | (1,358) | (2,990) | |
Effect of settlement | (1,266) | 0 | |
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation gain | 0 | 0 | |
Ending balance | 45,030 | 40,111 | 34,958 |
Funded status | (2,479) | (5,104) | |
Amounts recognized on the consolidated balance sheet: | |||
Pension and post-retirement liability | (2,479) | (5,104) | |
Accumulated other comprehensive loss (income) | 5,021 | 6,417 | |
Amounts in accumulated other comprehensive loss consist of: | |||
Net loss | 5,021 | 6,417 | |
Prior service cost | 0 | 0 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: | |||
Net (gain) loss | (244) | (1,793) | |
Amortization of net gain | (1,017) | (1,509) | |
Amortization of prior service cost | 0 | 0 | |
Amount recognized due to special event | (134) | 0 | |
Foreign currency translation loss | 0 | 0 | |
Total recognized in other comprehensive (income) loss | (1,395) | (3,302) | |
Information for plans with accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 47,509 | 45,215 | |
Accumulated benefit obligation | 47,508,000 | 45,215 | |
Fair value of plan assets | 45,030 | 40,111 | |
National Service-Related Pension Plan | Pension | |||
Change in benefit obligation: | |||
Beginning balance | (35,036) | (30,627) | |
Service cost | 0 | 0 | |
Interest cost | (1,117) | (1,245) | |
Actuarial gain (loss) | (3,147) | (4,167) | |
Benefits paid | 1,073 | 1,003 | |
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation loss (gain) | 0 | 0 | |
Effect of settlement | 0 | 0 | |
Ending balance | (38,227) | (35,036) | (30,627) |
Change in plan assets: | |||
Beginning balance | 27,841 | 23,277 | |
Actual return on plan assets | 4,034 | 4,556 | |
Employer contributions | 1,259 | 1,011 | |
Benefits paid | (1,073) | (1,003) | |
Effect of settlement | 0 | 0 | |
Plan participants’ contributions | 0 | 0 | |
Foreign currency translation gain | 0 | 0 | |
Ending balance | 32,061 | 27,841 | 23,277 |
Funded status | (6,166) | (7,195) | |
Amounts recognized on the consolidated balance sheet: | |||
Pension and post-retirement liability | (6,166) | (7,195) | |
Accumulated other comprehensive loss (income) | 4,473 | 4,501 | |
Amounts in accumulated other comprehensive loss consist of: | |||
Net loss | 4,473 | 4,501 | |
Prior service cost | 0 | 0 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: | |||
Net (gain) loss | 578 | 788 | |
Amortization of net gain | (607) | (564) | |
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 (income) loss | (29) | 224 | |
Information for plans with accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 38,227 | 35,036 | |
Accumulated benefit obligation | 38,227,000 | 35,036 | |
Fair value of plan assets | 32,061 | 27,841 | |
Superannuation | Pension | |||
Change in benefit obligation: | |||
Beginning balance | (1,152) | (1,385) | |
Service cost | (66) | (78) | |
Interest cost | (28) | (49) | |
Actuarial gain (loss) | (72) | (77) | |
Benefits paid | 23 | 447 | |
Plan participants’ contributions | (19) | (12) | |
Foreign currency translation loss (gain) | (109) | 2 | |
Effect of settlement | 0 | 0 | |
Ending balance | (1,423) | (1,152) | (1,385) |
Change in plan assets: | |||
Beginning balance | 1,356 | 1,502 | |
Actual return on plan assets | 44 | 237 | |
Employer contributions | 45 | 58 | |
Benefits paid | (23) | (447) | |
Effect of settlement | 0 | 0 | |
Plan participants’ contributions | 19 | 12 | |
Foreign currency translation gain | 129 | (6) | |
Ending balance | 1,570 | 1,356 | $ 1,502 |
Funded status | 147 | 204 | |
Amounts recognized on the consolidated balance sheet: | |||
Pension and post-retirement liability | 147 | 204 | |
Accumulated other comprehensive loss (income) | 86 | 62 | |
Amounts in accumulated other comprehensive loss consist of: | |||
Net loss | 86 | (15) | |
Prior service cost | 53 | 77 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: | |||
Net (gain) loss | 102 | (78) | |
Amortization of net gain | 0 | 0 | |
Amortization of prior service cost | (31) | (28) | |
Amount recognized due to special event | 0 | 5 | |
Foreign currency translation loss | 14 | (5) | |
Total recognized in other comprehensive (income) loss | 85 | (106) | |
Information for plans with accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 1,423 | 1,152 | |
Accumulated benefit obligation | 1,297,000 | 1,038 | |
Fair value of plan assets | $ 1,570 | $ 1,356 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Period Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 59 | $ 78 | $ 246 |
Interest cost | 2,417 | 2,907 | 2,741 |
Expected return on plan assets | (3,533) | (3,010) | (3,588) |
Amortization of net loss | 1,624 | 2,069 | 1,959 |
Amortization of prior service cost | 27 | 28 | 30 |
Effect of settlement | 134 | (10) | 68 |
Net pension benefit cost | 728 | 2,062 | 1,456 |
Pension | Retirement Income Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 31 |
Interest cost | 1,261 | 1,590 | 1,418 |
Expected return on plan assets | (2,002) | (1,760) | (2,047) |
Amortization of net loss | 1,017 | 1,509 | 1,244 |
Amortization of prior service cost | 0 | 0 | 0 |
Effect of settlement | 134 | 0 | 0 |
Net pension benefit cost | 410 | 1,339 | 646 |
Pension | National Service-Related Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 78 |
Interest cost | 1,117 | 1,245 | 1,199 |
Expected return on plan assets | (1,465) | (1,176) | (1,369) |
Amortization of net loss | 607 | 564 | 715 |
Amortization of prior service cost | 0 | 0 | 0 |
Effect of settlement | 0 | 0 | 0 |
Net pension benefit cost | 259 | 633 | 623 |
Pension | Superannuation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 59 | 78 | 137 |
Interest cost | 25 | 49 | 104 |
Expected return on plan assets | (66) | (74) | (172) |
Amortization of net loss | 0 | 0 | 0 |
Amortization of prior service cost | 27 | 28 | 30 |
Effect of settlement | 0 | (5) | 68 |
Net pension benefit cost | 45 | 76 | 167 |
Other Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 14 | 23 | 20 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net loss | 0 | (4) | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Effect of settlement | 0 | (5) | 0 |
Net pension benefit cost | $ 14 | $ 14 | $ 20 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected contributions to all plans in 2021 | $ 2,500,000 | |||
Percentage of union employees covered | 46.00% | |||
Multiemployer plan expense | $ 18,121,000 | $ 17,962,000 | $ 17,441,000 | |
Minimum contribution to multiemployer plan | 18,300,000 | |||
Multi-employer pension plan withdrawal expense | $ 9,200,000 | |||
Contributions to government sponsored plan | 6,100,000 | 5,800,000 | 5,700,000 | |
Defined contribution plan expense | 5,700,000 | 4,200,000 | 3,900,000 | |
New England Teamsters & Trucking Industry Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Multiemployer plan expense | 456,000 | $ 456,000 | $ 456,000 | |
Unfunded liability on multiemployer plan | 13,700,000 | |||
Monthly installments on multiemployer plan | $ 40,000 | |||
Contribution term of multiemployer plan | 30 years | |||
U.S. Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected amortization of estimated net gain (loss) | $ 1,500,000 | |||
Expected return on plan assets | 6.00% | |||
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 | 5 years 9 months 18 days | |||
Expected return on plan assets | 6.50% | 6.50% | 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 | 6 years 10 months 24 days | |||
Expected return on plan assets | 6.50% | 6.50% | 7.00% | |
Pension | Superannuation | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Average future service period | 5 years 1 month 6 days | |||
Expected return on plan assets | 5.00% | 5.00% | 6.00% | |
Other Post-Retirement Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Average future service period | 4 years 8 months 12 days |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions used (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension | Retirement Income Plan | |||
Weighted-average assumptions used to determine obligations (balance sheet): | |||
Discount rate | 2.10% | 3.00% | 3.95% |
Rate of compensation increase | 3.50% | ||
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | |||
Discount rate | 3.00% | 3.95% | 3.35% |
Expected return on plan assets | 6.50% | 6.50% | 7.00% |
Rate of compensation increase | 3.50% | 3.50% | |
Pension | National Service-Related Pension Plan | |||
Weighted-average assumptions used to determine obligations (balance sheet): | |||
Discount rate | 2.49% | 3.25% | 4.15% |
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | |||
Discount rate | 3.25% | 4.15% | 3.65% |
Expected return on plan assets | 6.50% | 6.50% | 7.00% |
Pension | Superannuation | |||
Weighted-average assumptions used to determine obligations (balance sheet): | |||
Discount rate | 1.50% | 2.30% | 3.70% |
Rate of compensation increase | 3.25% | 3.25% | 3.25% |
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | |||
Discount rate | 2.30% | 3.70% | 3.70% |
Expected return on plan assets | 5.00% | 5.00% | 6.00% |
Rate of compensation increase | 3.25% | 3.25% | 4.00% |
Other Post-Retirement Benefits | |||
Weighted-average assumptions used to determine obligations (balance sheet): | |||
Discount rate | 1.41% | 2.55% | 3.70% |
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | |||
Discount rate | 2.55% | 3.70% | 3.10% |
Employee Benefit Plans - Alloca
Employee Benefit Plans - Allocation of Plan Assets (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
U.S. equities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 37.00% | 35.00% |
U.S. equities | Offshore Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 18.00% | 20.00% |
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 | 27.00% | 25.00% |
Non-U.S. equities | Offshore Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 39.00% | 42.00% |
Target Allocation | 39.00% | |
Fixed-income securities | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 32.00% | 35.00% |
Fixed-income securities | Offshore Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 9.00% | 8.00% |
Target Allocation | 15.00% | |
Real estate | U.S. Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 4.00% | 5.00% |
Real estate | Offshore Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 10.00% | 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% |
Target Allocation | 0.00% | |
Cash and other | Offshore Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual | 24.00% | 22.00% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | $ 78,661 | $ 69,308 | $ 59,737 |
Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 78,661 | 69,308 | |
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 | 41,009 | 35,317 | |
Pension | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 37,652 | 33,991 | |
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 | 20,960 | 17,698 | |
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 | 20,960 | 17,698 | |
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 | 4,024 | 3,404 | |
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 | 4,024 | 3,404 | |
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 | 3,301 | 2,720 | |
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 | 1,365 | 1,360 | |
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 | 1,936 | 1,360 | |
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 | 16,183 | 12,919 | |
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 | 16,183 | 12,919 | |
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 | 4,759 | 4,060 | |
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 | 4,759 | 4,060 | |
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 | 2,163 | 3,381 | |
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 | 2,163 | 3,381 | |
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 | 14,648 | 13,569 | |
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 | 11,067 | 10,172 | |
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 | 3,581 | 3,397 | |
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 | 7,635 | 6,806 | |
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 | 7,635 | 6,806 | |
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 | 3,417 | 3,395 | |
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 | 3,417 | 3,395 | |
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 | 1,571 | 1,356 | |
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 | 1,571 | 1,356 | |
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 - Estima
Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Retirement Benefits [Abstract] | |
2021 | $ 6,357 |
2022 | 5,688 |
2023 | 5,286 |
2024 | 5,286 |
2025 | 5,028 |
Thereafter | 23,244 |
Estimated future benefit payments | $ 50,889 |
Employee Benefit Plans - Multie
Employee Benefit Plans - Multiemployer Plans Contributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Multiemployer Plans [Line Items] | |||
Americold Contributions | $ 18,121 | $ 17,962 | $ 17,441 |
Central Pension Fund of the International Union of Operating Engineers and Participating Employers | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 11 | 6 | 6 |
Central States SE & SW Areas Health and Welfare Pension Plans | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 9,132 | 9,238 | 8,424 |
New England Teamsters & Trucking Industry Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 456 | 456 | 456 |
Alternative New England Teamsters & Trucking Industry Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 404 | 449 | 493 |
I.U.O.E Stationary Engineers Local 39 Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 119 | 194 | 160 |
United Food & Commercial Workers International Union-Industry Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 126 | 105 | 90 |
Western Conference of Teamsters Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | 7,727 | 7,398 | 7,632 |
Minneapolis Food Distributing Industry Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Americold Contributions | $ 146 | $ 116 | $ 180 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Jun. 25, 2020USD ($) | Feb. 18, 2020USD ($) | Feb. 07, 2013plaintiff | Dec. 31, 2020USD ($)employeeagreementwarehouse | Dec. 31, 1994USD ($) | Dec. 31, 2019USD ($) |
Loss Contingencies [Line Items] | ||||||
Letter of credit amount outstanding | $ 21,700 | $ 23,000 | ||||
Number of employees | employee | 16,300 | |||||
Number of warehouses | warehouse | 238 | |||||
Number of collective bargaining agreements | agreement | 73 | |||||
Number of collective bargaining agreements, agreements renewed | agreement | 19 | |||||
Number of collective bargaining agreements expiring in 2021 | agreement | 11 | |||||
Number of warehouses where collective bargaining agreements are expiring in 2021 | warehouse | 13 | |||||
Kansas Breach of Settlement Agreement | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation settlement, awarded to other party | $ 58,700 | |||||
Number of plaintiffs appealing dismissal | plaintiff | 1 | |||||
Preferred Freezer Services, LLC Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation settlement from other party | $ 550 | |||||
Damages sought | $ 400,000 | |||||
Surety Bond | ||||||
Loss Contingencies [Line Items] | ||||||
Outstanding surety bond | $ 10,100 | $ 4,300 | ||||
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 | 47.00% | |||||
Number of Employees | Unionized Employees, Under Renegotiation Concentration Risk | ||||||
Loss Contingencies [Line Items] | ||||||
Collective-bargaining arrangement, percentage of participants | 3.30% |
Commitments and Contingencies -
Commitments and Contingencies - Construction Commitments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Construction Commitment [Line Items] | |
Total construction commitments | $ 339,665 |
Atlanta, GA | |
Construction Commitment [Line Items] | |
Total construction commitments | 66,554 |
Plainville, CT | |
Construction Commitment [Line Items] | |
Total construction commitments | 86,681 |
Lancaster, PA | |
Construction Commitment [Line Items] | |
Total construction commitments | 80,500 |
Russellville, AR | |
Construction Commitment [Line Items] | |
Total construction commitments | 71,375 |
Auckland, New Zealand | |
Construction Commitment [Line Items] | |
Total construction commitments | 24,827 |
Calgary | |
Construction Commitment [Line Items] | |
Total construction commitments | $ 9,728 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Activity in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,833,018 | ||
Other comprehensive income (loss) - net of tax | 9,747 | $ (1,611) | $ (12,285) |
Ending balance | 3,790,440 | 1,833,018 | |
Accumulated other comprehensive loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (14,126) | (12,515) | |
Ending balance | (4,379) | (14,126) | (12,515) |
Pension and other postretirement benefits | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (4,758) | (8,027) | (7,126) |
Other comprehensive income (loss) - net of tax | 1,433 | 3,269 | (901) |
Ending balance | (3,325) | (4,758) | (8,027) |
Pension and other postretirement benefits, gain (loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Other comprehensive income (loss), before reclassifications, before tax | (317) | 1,180 | (2,926) |
Other comprehensive income (loss), before reclassifications, tax | 25 | 3 | 27 |
Other comprehensive income (loss), before reclassifications | (342) | 1,177 | (2,953) |
Pension and other postretirement benefits, prior service cost | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Reclassifications, before tax | 1,775 | 2,092 | 2,052 |
Net amount reclassified from AOCI to net income/loss | 1,775 | 2,092 | 2,052 |
Foreign currency translation adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (6,710) | (3,322) | 8,318 |
Other comprehensive income (loss), before reclassifications, before tax | 9,944 | (783) | (11,640) |
Reclassifications, before tax | 0 | (2,605) | 0 |
Other comprehensive income (loss) - net of tax | 9,944 | (3,388) | (11,640) |
Ending balance | 3,234 | (6,710) | (3,322) |
Hedge derivative | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (2,658) | (1,166) | (1,422) |
Other comprehensive income (loss), before reclassifications, tax | 0 | 0 | 173 |
Other comprehensive income (loss), before reclassifications | (24,918) | (1,450) | 689 |
Ending balance | (4,288) | (2,658) | (1,166) |
Cash flow hedge derivative | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Other comprehensive income (loss), before reclassifications, before tax | (30,168) | (1,450) | 862 |
Investment hedge derivative | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Other comprehensive income (loss), before reclassifications, before tax | 5,250 | 0 | 0 |
Interest expense | Hedge derivative | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net amount reclassified from AOCI to net income/loss | 3,442 | (306) | 1,191 |
Loss on debt extinguishment, modifications and termination of derivative instruments | Hedge derivative | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net amount reclassified from AOCI to net income/loss | 7,688 | 0 | 1,825 |
Foreign exchange loss (gain), net | Hedge derivative | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net amount reclassified from AOCI to net income/loss | $ 12,158 | $ 264 | $ (3,449) |
Geographic Concentrations (Deta
Geographic Concentrations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | $ 1,987,727 | $ 1,783,705 | $ 1,603,635 |
Total Assets | 7,831,151 | 4,170,683 | |
Long-lived assets | 5,216,095 | 3,065,321 | |
North America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 1,729,657 | 1,527,270 | 1,332,146 |
Total Assets | 6,067,809 | 3,821,555 | |
Long-lived assets | 4,133,145 | 2,815,567 | |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 0 | 0 | 0 |
Total Assets | 1,329,755 | 0 | |
Long-lived assets | 785,813 | 0 | |
Asia-Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 248,494 | 246,788 | 259,737 |
Total Assets | 375,082 | 341,334 | |
Long-lived assets | 246,162 | 245,453 | |
South America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 9,576 | 9,647 | $ 11,752 |
Total Assets | 58,505 | 7,794 | |
Long-lived assets | $ 50,975 | $ 4,301 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
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, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment revenues: | |||||||||
Revenues | $ 1,987,727 | $ 1,783,705 | $ 1,603,635 | ||||||
Segment contribution: | |||||||||
Operating income | 168,451 | 131,466 | 179,960 | ||||||
Reconciling items: | |||||||||
Depreciation and amortization | (215,891) | (163,348) | (117,653) | ||||||
Selling, general and administrative | (144,738) | (129,310) | (110,825) | ||||||
Acquisition, litigation and other | (36,306) | (40,614) | (3,935) | ||||||
Impairment of long-lived assets | $ (2,200) | $ (2,900) | $ (9,600) | (8,236) | (13,485) | (747) | |||
Gain (loss) from sale of real estate | $ (900) | $ 8,400 | 22,124 | (34) | 7,471 | ||||
Interest expense | (91,481) | (94,408) | (93,312) | ||||||
Interest income | 1,162 | 6,286 | 3,996 | ||||||
Bridge loan commitment fees | $ (2,400) | $ (2,700) | (2,438) | (2,665) | 0 | ||||
Loss on debt extinguishment, modifications and termination of derivative instruments | (9,975) | 0 | (47,559) | ||||||
Foreign currency exchange (loss) gain, net | (45,278) | 10 | 2,882 | ||||||
Other expense, net | (2,563) | (1,870) | (532) | ||||||
Loss from partially owned entities | (250) | (111) | (1,069) | ||||||
Gain from sale of partially owned entities | 0 | 4,297 | 0 | ||||||
Income before income tax benefit | 17,628 | 43,005 | 44,366 | ||||||
Third-party managed | |||||||||
Reconciling items: | |||||||||
Impairment of long-lived assets | $ (2,100) | ||||||||
Transportation | |||||||||
Reconciling items: | |||||||||
Impairment of long-lived assets | (900) | ||||||||
Operating Segments | |||||||||
Segment revenues: | |||||||||
Revenues | 1,987,727 | 1,783,705 | 1,603,635 | ||||||
Segment contribution: | |||||||||
Operating income | 551,498 | 478,257 | 405,649 | ||||||
Operating Segments | Warehouse | |||||||||
Segment revenues: | |||||||||
Revenues | 1,549,314 | 1,377,217 | 1,176,912 | ||||||
Segment contribution: | |||||||||
Operating income | 520,333 | 447,591 | 374,534 | ||||||
Operating Segments | Third-party managed | |||||||||
Segment revenues: | |||||||||
Revenues | 291,751 | 252,939 | 259,034 | ||||||
Segment contribution: | |||||||||
Operating income | 12,228 | 11,761 | 14,760 | ||||||
Operating Segments | Transportation | |||||||||
Segment revenues: | |||||||||
Revenues | 142,203 | 144,844 | 158,790 | ||||||
Segment contribution: | |||||||||
Operating income | 18,807 | 18,067 | 15,735 | ||||||
Operating Segments | Other | |||||||||
Segment revenues: | |||||||||
Revenues | 4,459 | 8,705 | 8,899 | ||||||
Segment contribution: | |||||||||
Operating income | $ 130 | $ 838 | $ 620 |
Segment Information - Assets (D
Segment Information - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Investments in partially owned entities | $ 44,907 | $ 0 |
Total assets | 7,831,151 | 4,170,683 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 5,020,312 | 3,796,391 |
Corporate assets | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 621,836 | 374,292 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 2,144,096 | 0 |
Investments in partially owned entities | 44,907 | 0 |
Total reconciling items | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,810,839 | 374,292 |
Warehouse | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 4,815,587 | 3,684,391 |
Third-party managed | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 52,818 | 47,867 |
Transportation | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | 151,872 | 50,666 |
Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets, excluding investments in partially owned entities | $ 35 | $ 13,467 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | $ 2,062,780 | $ 1,287,491 |
Financing leases | 85,703 | 30,814 |
Operating lease right-of-use assets | 236,165 | 12,492 |
Total | 2,384,648 | 1,330,797 |
Operating Segments | Warehouse | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 916,334 | 1,277,162 |
Financing leases | 37,469 | 30,653 |
Operating lease right-of-use assets | 39,656 | 12,467 |
Total | 993,459 | 1,320,282 |
Operating Segments | Third-party managed | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 0 | 32 |
Financing leases | 1,389 | 0 |
Operating lease right-of-use assets | 0 | 12 |
Total | 1,389 | 44 |
Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 405 | |
Financing leases | 161 | |
Operating lease right-of-use assets | 13 | |
Total | 579 | |
Operating Segments | Transportation | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 66,536 | 9,892 |
Financing leases | 0 | 0 |
Operating lease right-of-use assets | 5,280 | 0 |
Total | 71,816 | $ 9,892 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 1,079,910 | |
Financing leases | 46,845 | |
Operating lease right-of-use assets | 191,229 | |
Total | $ 1,317,984 |
Earnings per Common Share - Rec
Earnings per Common Share - Reconciliation of Weighted Average Number of Common Shares Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding – basic (in shares) | 203,255,000 | 179,598,000 | 141,415,000 |
Dilutive effect of share-based awards (in shares) | 1,532,000 | 1,660,000 | 2,662,000 |
Equity forward contract (in shares) | 2,153,000 | 2,692,000 | 261,000 |
Weighted average common shares outstanding – diluted (in shares) | 206,940,000 | 183,950,000 | 144,338,000 |
Earnings per Common Share - Ant
Earnings per Common Share - Antidilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average number of antidilutive potential common shares excluded from computation (in shares) | 2,401 | 250 | 0 |
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 | 0 |
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) | 170 | 250 | 0 |
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) | 2,231 | 0 | 0 |
OP 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) | 0 | 0 | 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,961,968 | $ 1,761,692 | $ 1,582,073 |
Lease revenue | 25,759 | 22,013 | 21,562 |
Total revenues from contracts with all customers | 1,987,727 | 1,783,705 | 1,603,635 |
Warehouse rent and storage | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 640,401 | 560,537 | 493,416 |
Warehouse services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 883,165 | 794,708 | 662,156 |
Third-party managed | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 291,751 | 252,920 | 258,834 |
Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 142,203 | 144,844 | 158,790 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 4,448 | 8,683 | 8,877 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,703,898 | 1,505,257 | 1,310,584 |
Lease revenue | 25,759 | 22,013 | 21,562 |
Total revenues from contracts with all customers | 1,729,657 | 1,527,270 | 1,332,146 |
North America | Warehouse rent and storage | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 581,421 | 502,674 | 433,131 |
North America | Warehouse services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 727,994 | 653,890 | 522,748 |
North America | Third-party managed | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 273,465 | 238,034 | 246,092 |
North America | Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 116,570 | 101,976 | 99,736 |
North America | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 4,448 | 8,683 | 8,877 |
Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 248,494 | 246,788 | 259,737 |
Lease revenue | 0 | 0 | 0 |
Total revenues from contracts with all customers | 248,494 | 246,788 | 259,737 |
Asia-Pacific | Warehouse rent and storage | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 53,860 | 53,114 | 54,591 |
Asia-Pacific | Warehouse services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 152,561 | 137,746 | 136,299 |
Asia-Pacific | Third-party managed | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 18,286 | 14,886 | 12,742 |
Asia-Pacific | Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 23,787 | 41,042 | 56,105 |
Asia-Pacific | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
South America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 9,576 | 9,647 | 11,752 |
Lease revenue | 0 | 0 | 0 |
Total revenues from contracts with all customers | 9,576 | 9,647 | 11,752 |
South America | Warehouse rent and storage | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 5,120 | 4,749 | 5,694 |
South America | Warehouse services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 2,610 | 3,072 | 3,109 |
South America | Third-party managed | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
South America | Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,846 | 1,826 | 2,949 |
South America | 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, 2020USD ($) | |
Disaggregation of Revenue [Line Items] | |
Variable consideration, percentage constrained | 100.00% |
Unsatisfied performance obligation | $ 614.5 |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 0 years |
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, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, percentage of revenue | 32.00% |
Performance obligation, period for recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, percentage of revenue | 68.00% |
Performance obligation, period for recognition | 12 years 1 month 6 days |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Contract Balances, Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers | $ 321,500 | $ 213,200 |
Unearned revenue | $ 19,209 | $ 16,423 |
Balance Sheet of the Operatin_3
Balance Sheet of the Operating Partnership (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Property, plant, and equipment | $ 6,148,812 | $ 4,149,214 | ||
Accumulated depreciation | (1,382,298) | (1,216,553) | ||
Property, buildings and equipment – net | 4,766,514 | 2,932,661 | ||
Operating lease right-of-use assets | 291,797 | 77,723 | ||
Accumulated depreciation – operating leases | (24,483) | (18,110) | ||
Operating leases – net | 267,314 | 59,613 | ||
Financing leases: | ||||
Property, plant and equipment - gross | 169,929 | 88,038 | ||
Accumulated depreciation – financing leases | (40,937) | (29,697) | ||
Financing leases – net | 128,992 | 58,341 | ||
Cash, cash equivalents, and restricted cash | 621,051 | 240,613 | $ 214,097 | $ 69,963 |
Accounts receivable – net of allowance of $12,286 and $6,927 at December 31, 2020 and 2019, respectively | 324,221 | 214,842 | ||
Identifiable intangible assets – net | 797,423 | 284,758 | ||
Goodwill | 794,335 | 318,483 | 186,095 | 188,169 |
Investments in partially owned entities | 44,907 | 0 | ||
Other assets | 86,394 | 61,372 | ||
Total assets | 7,831,151 | 4,170,683 | ||
Liabilities: | ||||
Borrowings under revolving line of credit | 0 | 0 | ||
Accounts payable and accrued expenses | 552,547 | 350,963 | ||
Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $15,952 and $12,996 in the aggregate, at December 31, 2020 and 2019, respectively | 2,648,266 | 1,695,447 | ||
Sale-leaseback financing obligations | 185,060 | 115,759 | ||
Unearned revenue | 19,209 | 16,423 | ||
Pension and postretirement benefits | 9,145 | 12,706 | ||
Deferred tax liability – net | 220,502 | 17,119 | ||
Multiemployer pension plan withdrawal liability | 8,528 | 8,736 | ||
Total liabilities | 4,038,330 | 2,337,665 | ||
Shareholders’ equity: | ||||
Accumulated other comprehensive loss | (4,379) | (14,126) | ||
Total equity | 3,792,821 | 1,833,018 | $ 706,755 | $ (186,924) |
Total liabilities and equity | 7,831,151 | 4,170,683 | ||
Americold Realty Operating Partnership, L.P.. | ||||
Assets | ||||
Property, plant, and equipment | 6,148,812 | 4,149,214 | ||
Accumulated depreciation | (1,382,298) | (1,216,553) | ||
Property, buildings and equipment – net | 4,766,514 | 2,932,661 | ||
Operating lease right-of-use assets | 291,797 | 77,723 | ||
Accumulated depreciation – operating leases | (24,483) | (18,110) | ||
Operating leases – net | 267,314 | 59,613 | ||
Financing leases: | ||||
Property, plant and equipment - gross | 169,929 | 88,038 | ||
Accumulated depreciation – financing leases | (40,937) | (29,697) | ||
Financing leases – net | 128,992 | 58,341 | ||
Cash, cash equivalents, and restricted cash | 621,051 | 240,613 | ||
Accounts receivable – net of allowance of $12,286 and $6,927 at December 31, 2020 and 2019, respectively | 324,221 | 214,842 | ||
Identifiable intangible assets – net | 797,423 | 284,758 | ||
Goodwill | 794,335 | 318,483 | ||
Investments in partially owned entities | 44,907 | 0 | ||
Other assets | 86,394 | 61,372 | ||
Total assets | 7,831,151 | 4,170,683 | ||
Liabilities: | ||||
Borrowings under revolving line of credit | 0 | 0 | ||
Accounts payable and accrued expenses | 552,547 | 350,963 | ||
Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $15,952 and $12,996 in the aggregate, at December 31, 2020 and 2019, respectively | 2,648,266 | 1,695,447 | ||
Sale-leaseback financing obligations | 185,060 | 115,759 | ||
Financing lease obligations | 125,926 | 58,170 | ||
Operating lease obligations | 269,147 | 62,342 | ||
Unearned revenue | 19,209 | 16,423 | ||
Pension and postretirement benefits | 9,145 | 12,706 | ||
Deferred tax liability – net | 220,502 | 17,119 | ||
Multiemployer pension plan withdrawal liability | 8,528 | 8,736 | ||
Total liabilities | 4,038,330 | 2,337,665 | ||
Shareholders’ equity: | ||||
General partner – 249,185,577 and 189,881,910 units issued and outstanding as of December 31, 2020 and 2019, respectively | 3,753,240 | 1,828,673 | ||
Limited partner – 2,517,026 and 1,917,999 units issued and outstanding as of December 31, 2020 and 2019, respectively | 43,960 | 18,471 | ||
Accumulated other comprehensive loss | (4,379) | (14,126) | ||
Total equity | 3,792,821 | 1,833,018 | ||
Total liabilities and equity | 7,831,151 | 4,170,683 | ||
Land | ||||
Assets | ||||
Property, plant, and equipment | 662,885 | 526,226 | ||
Land | Americold Realty Operating Partnership, L.P.. | ||||
Assets | ||||
Property, plant, and equipment | 662,885 | 526,226 | ||
Buildings and improvements | ||||
Assets | ||||
Property, plant, and equipment | 4,004,824 | 2,696,732 | ||
Financing leases: | ||||
Property, plant and equipment - gross | 60,513 | 11,227 | ||
Buildings and improvements | Americold Realty Operating Partnership, L.P.. | ||||
Assets | ||||
Property, plant, and equipment | 4,004,824 | 2,696,732 | ||
Financing leases: | ||||
Property, plant and equipment - gross | 60,513 | 11,227 | ||
Machinery and equipment | ||||
Assets | ||||
Property, plant, and equipment | 1,177,572 | 817,617 | ||
Financing leases: | ||||
Property, plant and equipment - gross | 109,416 | 76,811 | ||
Machinery and equipment | Americold Realty Operating Partnership, L.P.. | ||||
Assets | ||||
Property, plant, and equipment | 1,177,572 | 817,617 | ||
Financing leases: | ||||
Property, plant and equipment - gross | 109,416 | 76,811 | ||
Assets under construction | ||||
Assets | ||||
Property, plant, and equipment | 303,531 | 108,639 | ||
Assets under construction | Americold Realty Operating Partnership, L.P.. | ||||
Assets | ||||
Property, plant, and equipment | $ 303,531 | $ 108,639 |
Balance Sheet of the Operatin_4
Balance Sheet of the Operating Partnership - Parenthetical (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Accounts receivable, allowance | $ 12,286 | $ 6,927 | $ 5,706 | $ 5,309 |
Discount and deferred financing costs | 15,952 | 12,996 | ||
Americold Realty Operating Partnership, L.P.. | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Accounts receivable, allowance | 12,286 | 6,927 | ||
Discount and deferred financing costs | $ 15,952 | $ 12,996 | ||
General partner units issued (in shares) | 249,185,577 | 189,881,910 | ||
General partner units outstanding (in shares) | 249,185,577 | 189,881,910 | ||
Limited partner units issued (in shares) | 2,517,026 | 1,917,999 | ||
Limited partner units outstanding (in shares) | 2,517,026 | 1,917,999 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 29, 2021 | Dec. 31, 2020 |
2020 Senior Unsecured Term Loan Tranche A-1 | Term Loans | ||
Subsequent Event [Line Items] | ||
Indebtedness repaid | $ 100,000,000 | |
2020 Senior Unsecured Term Loan Tranche A-1 | Term Loans | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Indebtedness repaid | $ 200,000,000 | |
Revolving Credit Facility | 2020 Senior Unsecured Revolving Credit Facility | Credit Facility | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Expansion of credit facility | $ 200,000,000 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)building | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 276,693 |
Initial Costs, Land | 606,387 |
Initial Costs, Buildings and Improvements | 3,597,455 |
Costs Capitalized Subsequent to Acquisition | 524,380 |
Gross amount, Land | 662,885 |
Gross amount, Buildings and Improvements | 4,353,243 |
Gross amount | 5,016,126 |
Accumulated depreciation and depletion | (857,812) |
Assets Not Under Construction | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 276,693 |
Initial Costs, Land | 606,387 |
Initial Costs, Buildings and Improvements | 3,597,455 |
Costs Capitalized Subsequent to Acquisition | 524,380 |
Gross amount, Land | 662,885 |
Gross amount, Buildings and Improvements | 4,065,337 |
Gross amount | 4,728,222 |
Accumulated depreciation and depletion | $ (857,812) |
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 | 1,264 |
Gross amount, Land | 1,381 |
Gross amount, Buildings and Improvements | 13,519 |
Gross amount | 14,900 |
Accumulated depreciation and depletion | $ (6,224) |
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 | 8,032 |
Gross amount, Land | 6,791 |
Gross amount, Buildings and Improvements | 54,828 |
Gross amount | 61,619 |
Accumulated depreciation and depletion | $ (26,018) |
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 | 1,545 |
Gross amount, Land | 932 |
Gross amount, Buildings and Improvements | 5,957 |
Gross amount | 6,889 |
Accumulated depreciation and depletion | $ (2,759) |
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 | 1,666 |
Gross amount, Land | 9,510 |
Gross amount, Buildings and Improvements | 18,475 |
Gross amount | 27,985 |
Accumulated depreciation and depletion | $ (9,180) |
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 | 10,977 |
Gross amount, Land | 916 |
Gross amount, Buildings and Improvements | 15,283 |
Gross amount | 16,199 |
Accumulated depreciation and depletion | $ (5,008) |
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 | (1,460) |
Gross amount, Land | 639 |
Gross amount, Buildings and Improvements | 5,567 |
Gross amount | 6,206 |
Accumulated depreciation and depletion | $ (2,397) |
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 | 1,549 |
Gross amount, Land | 2,417 |
Gross amount, Buildings and Improvements | 13,714 |
Gross amount | 16,131 |
Accumulated depreciation and depletion | $ (4,796) |
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 | 3,154 |
Gross amount, Land | 2,468 |
Gross amount, Buildings and Improvements | 19,961 |
Gross amount | 22,429 |
Accumulated depreciation and depletion | $ (7,397) |
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 | 10,043 |
Gross amount, Land | 8,129 |
Gross amount, Buildings and Improvements | 38,880 |
Gross amount | 47,009 |
Accumulated depreciation and depletion | $ (7,989) |
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 | (1,373) |
Gross amount, Land | 2,090 |
Gross amount, Buildings and Improvements | 23,466 |
Gross amount | 25,556 |
Accumulated depreciation and depletion | $ (11,023) |
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 | 18,318 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 18,683 |
Gross amount | 18,683 |
Accumulated depreciation and depletion | $ (5,702) |
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 | 1,160 |
Gross amount, Land | 2,843 |
Gross amount, Buildings and Improvements | 2,938 |
Gross amount | 5,781 |
Accumulated depreciation and depletion | $ (1,778) |
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 | 174 |
Gross amount, Land | 895 |
Gross amount, Buildings and Improvements | 9,047 |
Gross amount | 9,942 |
Accumulated depreciation and depletion | $ (3,174) |
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 | 732 |
Gross amount, Land | 10 |
Gross amount, Buildings and Improvements | 3,173 |
Gross amount | 3,183 |
Accumulated depreciation and depletion | $ (2,546) |
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 | 3,857 |
Gross amount, Land | 2,413 |
Gross amount, Buildings and Improvements | 15,433 |
Gross amount | 17,846 |
Accumulated depreciation and depletion | $ (6,798) |
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 | 1,974 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 4,092 |
Gross amount | 4,092 |
Accumulated depreciation and depletion | $ (4,014) |
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 | 37 |
Gross amount, Land | 3,660 |
Gross amount, Buildings and Improvements | 35,862 |
Gross amount | 39,522 |
Accumulated depreciation and depletion | $ (2,146) |
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 | $ 941 |
Initial Costs, Land | 1,002 |
Initial Costs, Buildings and Improvements | 957 |
Costs Capitalized Subsequent to Acquisition | 2,175 |
Gross amount, Land | 1,269 |
Gross amount, Buildings and Improvements | 2,865 |
Gross amount | 4,134 |
Accumulated depreciation and depletion | $ (1,055) |
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 | 1,002 |
Gross amount, Land | 4,724 |
Gross amount, Buildings and Improvements | 6,814 |
Gross amount | 11,538 |
Accumulated depreciation and depletion | $ (2,995) |
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 | 1,741 |
Gross amount, Land | 1,600 |
Gross amount, Buildings and Improvements | 10,692 |
Gross amount | 12,292 |
Accumulated depreciation and depletion | $ (4,788) |
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 | 3,841 |
Gross amount, Land | 146 |
Gross amount, Buildings and Improvements | 19,831 |
Gross amount | 19,977 |
Accumulated depreciation and depletion | $ (14,514) |
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 | $ 13,724 |
Initial Costs, Land | 694 |
Initial Costs, Buildings and Improvements | 6,108 |
Costs Capitalized Subsequent to Acquisition | 2,531 |
Gross amount, Land | 711 |
Gross amount, Buildings and Improvements | 8,622 |
Gross amount | 9,333 |
Accumulated depreciation and depletion | $ (4,392) |
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 | 1,146 |
Gross amount, Land | 9,133 |
Gross amount, Buildings and Improvements | 14,844 |
Gross amount | 23,977 |
Accumulated depreciation and depletion | $ (5,346) |
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 | 908 |
Gross amount, Land | 1,571 |
Gross amount, Buildings and Improvements | 9,342 |
Gross amount | 10,913 |
Accumulated depreciation and depletion | $ (3,967) |
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 | 7,871 |
Gross amount, Land | 62,613 |
Gross amount, Buildings and Improvements | 40,583 |
Gross amount | 103,196 |
Accumulated depreciation and depletion | $ (22,329) |
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 | (4) |
Gross amount, Land | 1,368 |
Gross amount, Buildings and Improvements | 15,864 |
Gross amount | 17,232 |
Accumulated depreciation and depletion | $ (777) |
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 | 26 |
Gross amount, Land | 594 |
Gross amount, Buildings and Improvements | 8,355 |
Gross amount | 8,949 |
Accumulated depreciation and depletion | $ (559) |
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 | 19,734 |
Gross amount, Land | 2,805 |
Gross amount, Buildings and Improvements | 33,121 |
Gross amount | 35,926 |
Accumulated depreciation and depletion | $ (1,465) |
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 | 140 |
Gross amount, Land | 670 |
Gross amount, Buildings and Improvements | 45,045 |
Gross amount | 45,715 |
Accumulated depreciation and depletion | $ (2,444) |
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 | 1,923 |
Gross amount, Land | 230 |
Gross amount, Buildings and Improvements | 3,148 |
Gross amount | 3,378 |
Accumulated depreciation and depletion | $ (2,729) |
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 | 5,645 |
Gross amount, Land | 2,307 |
Gross amount, Buildings and Improvements | 21,164 |
Gross amount | 23,471 |
Accumulated depreciation and depletion | $ (9,248) |
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 | 1,359 |
Gross amount, Land | 1,131 |
Gross amount, Buildings and Improvements | 22,603 |
Gross amount | 23,734 |
Accumulated depreciation and depletion | $ (2,734) |
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 | 1,146 |
Gross amount, Land | 860 |
Gross amount, Buildings and Improvements | 2,483 |
Gross amount | 3,343 |
Accumulated depreciation and depletion | $ (1,241) |
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 | 5,953 |
Gross amount, Land | 2,838 |
Gross amount, Buildings and Improvements | 44,494 |
Gross amount | 47,332 |
Accumulated depreciation and depletion | $ (2,056) |
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 | 1,231 |
Gross amount, Land | 558 |
Gross amount, Buildings and Improvements | 9,898 |
Gross amount | 10,456 |
Accumulated depreciation and depletion | $ (4,518) |
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 | 13,668 |
Gross amount, Land | 2,929 |
Gross amount, Buildings and Improvements | 26,592 |
Gross amount | 29,521 |
Accumulated depreciation and depletion | $ (8,325) |
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 | $ 15,495 |
Initial Costs, Land | 539 |
Initial Costs, Buildings and Improvements | 12,228 |
Costs Capitalized Subsequent to Acquisition | 587 |
Gross amount, Land | 587 |
Gross amount, Buildings and Improvements | 12,767 |
Gross amount | 13,354 |
Accumulated depreciation and depletion | $ (7,319) |
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 | 592 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 2,316 |
Gross amount | 2,316 |
Accumulated depreciation and depletion | $ (2,162) |
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 | 1,288 |
Gross amount, Land | 11,162 |
Gross amount, Buildings and Improvements | 12,169 |
Gross amount | 23,331 |
Accumulated depreciation and depletion | $ (5,350) |
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 | 2,139 |
Gross amount, Land | 401 |
Gross amount, Buildings and Improvements | 4,218 |
Gross amount | 4,619 |
Accumulated depreciation and depletion | $ (1,524) |
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 | 98 |
Gross amount, Land | 6,050 |
Gross amount, Buildings and Improvements | 49,539 |
Gross amount | 55,589 |
Accumulated depreciation and depletion | $ (2,712) |
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 | 656 |
Gross amount, Land | 753 |
Gross amount, Buildings and Improvements | 14,389 |
Gross amount | 15,142 |
Accumulated depreciation and depletion | $ (5,140) |
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 | 3,850 |
Gross amount, Land | 2,020 |
Gross amount, Buildings and Improvements | 7,335 |
Gross amount | 9,355 |
Accumulated depreciation and depletion | $ (2,853) |
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 | 118 |
Gross amount, Land | 1,880 |
Gross amount, Buildings and Improvements | 20,967 |
Gross amount | 22,847 |
Accumulated depreciation and depletion | $ (1,286) |
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 | 41 |
Gross amount, Land | 1,650 |
Gross amount, Buildings and Improvements | 13,779 |
Gross amount | 15,429 |
Accumulated depreciation and depletion | $ (783) |
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 | 1,300 |
Gross amount, Land | 1,226 |
Gross amount, Buildings and Improvements | 8,258 |
Gross amount | 9,484 |
Accumulated depreciation and depletion | $ (3,685) |
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 | 2,302 |
Gross amount, Land | 342 |
Gross amount, Buildings and Improvements | 4,499 |
Gross amount | 4,841 |
Accumulated depreciation and depletion | $ (1,547) |
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 | 22 |
Gross amount, Land | 2,245 |
Gross amount, Buildings and Improvements | 52,020 |
Gross amount | 54,265 |
Accumulated depreciation and depletion | $ (2,968) |
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 | 1,829 |
Gross amount, Land | 1,700 |
Gross amount, Buildings and Improvements | 6,884 |
Gross amount | 8,584 |
Accumulated depreciation and depletion | $ (2,139) |
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 | 4,528 |
Gross amount, Land | 2,124 |
Gross amount, Buildings and Improvements | 17,836 |
Gross amount | 19,960 |
Accumulated depreciation and depletion | $ (7,344) |
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 | $ 26,341 |
Initial Costs, Land | 629 |
Initial Costs, Buildings and Improvements | 3,109 |
Costs Capitalized Subsequent to Acquisition | 6,083 |
Gross amount, Land | 691 |
Gross amount, Buildings and Improvements | 9,130 |
Gross amount | 9,821 |
Accumulated depreciation and depletion | $ (4,804) |
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 | 4,557 |
Gross amount, Land | 5,873 |
Gross amount, Buildings and Improvements | 28,980 |
Gross amount | 34,853 |
Accumulated depreciation and depletion | $ (11,471) |
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 | 773 |
Gross amount, Land | 1,978 |
Gross amount, Buildings and Improvements | 9,188 |
Gross amount | 11,166 |
Accumulated depreciation and depletion | $ (4,071) |
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 | $ 22,827 |
Initial Costs, Land | 100 |
Initial Costs, Buildings and Improvements | 9,820 |
Costs Capitalized Subsequent to Acquisition | (607) |
Gross amount, Land | 388 |
Gross amount, Buildings and Improvements | 8,925 |
Gross amount | 9,313 |
Accumulated depreciation and depletion | $ (3,325) |
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 | 164 |
Gross amount, Land | 1,000 |
Gross amount, Buildings and Improvements | 3,427 |
Gross amount | 4,427 |
Accumulated depreciation and depletion | $ (1,455) |
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 | 1,271 |
Gross amount, Land | 434 |
Gross amount, Buildings and Improvements | 6,941 |
Gross amount | 7,375 |
Accumulated depreciation and depletion | $ (2,780) |
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 | 952 |
Gross amount, Land | 770 |
Gross amount, Buildings and Improvements | 4,156 |
Gross amount | 4,926 |
Accumulated depreciation and depletion | $ (354) |
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 | 1,893 |
Gross amount, Land | 446 |
Gross amount, Buildings and Improvements | 6,614 |
Gross amount | 7,060 |
Accumulated depreciation and depletion | $ (2,542) |
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 | (7,196) |
Gross amount, Land | 3,197 |
Gross amount, Buildings and Improvements | 12,571 |
Gross amount | 15,768 |
Accumulated depreciation and depletion | $ (8,666) |
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 | 3,387 |
Gross amount, Land | 2,513 |
Gross amount, Buildings and Improvements | 38,473 |
Gross amount | 40,986 |
Accumulated depreciation and depletion | $ (13,555) |
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 | 4,786 |
Gross amount, Land | 1,827 |
Gross amount, Buildings and Improvements | 8,317 |
Gross amount | 10,144 |
Accumulated depreciation and depletion | $ (2,402) |
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 | 10,823 |
Gross amount, Land | 1,272 |
Gross amount, Buildings and Improvements | 13,530 |
Gross amount | 14,802 |
Accumulated depreciation and depletion | $ (3,877) |
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 | 3,065 |
Gross amount, Land | 5,036 |
Gross amount, Buildings and Improvements | 31,726 |
Gross amount | 36,762 |
Accumulated depreciation and depletion | $ (10,399) |
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 | (2,269) |
Gross amount, Land | 479 |
Gross amount, Buildings and Improvements | 4,224 |
Gross amount | 4,703 |
Accumulated depreciation and depletion | $ (2,130) |
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 | 3,225 |
Gross amount, Land | 125 |
Gross amount, Buildings and Improvements | 5,128 |
Gross amount | 5,253 |
Accumulated depreciation and depletion | $ (2,952) |
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 | 403 |
Gross amount, Land | 203 |
Gross amount, Buildings and Improvements | 1,508 |
Gross amount | 1,711 |
Accumulated depreciation and depletion | $ (1,246) |
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 | 9,788 |
Gross amount, Land | 5,800 |
Gross amount, Buildings and Improvements | 37,276 |
Gross amount | 43,076 |
Accumulated depreciation and depletion | $ (14,878) |
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 | 1,247 |
Gross amount, Land | 9,056 |
Gross amount, Buildings and Improvements | 15,649 |
Gross amount | 24,705 |
Accumulated depreciation and depletion | $ (5,707) |
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 | $ 32,069 |
Initial Costs, Land | 1,322 |
Initial Costs, Buildings and Improvements | 7,107 |
Costs Capitalized Subsequent to Acquisition | 435 |
Gross amount, Land | 1,388 |
Gross amount, Buildings and Improvements | 7,476 |
Gross amount | 8,864 |
Accumulated depreciation and depletion | $ (3,252) |
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 | 1,323 |
Gross amount, Land | 1,531 |
Gross amount, Buildings and Improvements | 11,330 |
Gross amount | 12,861 |
Accumulated depreciation and depletion | $ (4,054) |
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 | 21,352 |
Gross amount, Land | 4,088 |
Gross amount, Buildings and Improvements | 38,152 |
Gross amount | 42,240 |
Accumulated depreciation and depletion | $ (14,406) |
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 | 1,944 |
Gross amount, Land | 1,887 |
Gross amount, Buildings and Improvements | 21,415 |
Gross amount | 23,302 |
Accumulated depreciation and depletion | $ (9,319) |
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 |
Gross amount, Buildings and Improvements | 24,802 |
Gross amount | 30,961 |
Accumulated depreciation and depletion | $ (2,017) |
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 | 122 |
Gross amount, Land | 4,013 |
Gross amount, Buildings and Improvements | 47,899 |
Gross amount | 51,912 |
Accumulated depreciation and depletion | $ (2,715) |
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 | 1,031 |
Gross amount, Land | 2,371 |
Gross amount, Buildings and Improvements | 16,533 |
Gross amount | 18,904 |
Accumulated depreciation and depletion | $ (5,801) |
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 | 3,378 |
Gross amount, Land | 3,440 |
Gross amount, Buildings and Improvements | 22,146 |
Gross amount | 25,586 |
Accumulated depreciation and depletion | $ (8,350) |
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 | 195 |
Gross amount, Land | 1,100 |
Gross amount, Buildings and Improvements | 12,691 |
Gross amount | 13,791 |
Accumulated depreciation and depletion | $ (872) |
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 | 12,195 |
Gross amount, Land | 1,796 |
Gross amount, Buildings and Improvements | 25,717 |
Gross amount | 27,513 |
Accumulated depreciation and depletion | $ (8,217) |
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 | 188 |
Gross amount, Land | 2,748 |
Gross amount, Buildings and Improvements | 32,034 |
Gross amount | 34,782 |
Accumulated depreciation and depletion | $ (2,090) |
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 | 386 |
Gross amount, Land | 3,925 |
Gross amount, Buildings and Improvements | 35,707 |
Gross amount | 39,632 |
Accumulated depreciation and depletion | $ (2,392) |
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 | 1,639 |
Gross amount, Land | 1,430 |
Gross amount, Buildings and Improvements | 10,219 |
Gross amount | 11,649 |
Accumulated depreciation and depletion | $ (4,179) |
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 | $ 10,293 |
Initial Costs, Land | 741 |
Initial Costs, Buildings and Improvements | 10,304 |
Costs Capitalized Subsequent to Acquisition | 563 |
Gross amount, Land | 840 |
Gross amount, Buildings and Improvements | 10,768 |
Gross amount | 11,608 |
Accumulated depreciation and depletion | $ (4,506) |
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 | 700 |
Gross amount, Land | 423 |
Gross amount, Buildings and Improvements | 15,774 |
Gross amount | 16,197 |
Accumulated depreciation and depletion | $ (6,165) |
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 | 521 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 2,509 |
Gross amount | 2,509 |
Accumulated depreciation and depletion | $ (2,477) |
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 |
Gross amount, Buildings and Improvements | 1 |
Gross amount | 1 |
Accumulated depreciation and depletion | $ (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 | 161 |
Gross amount, Land | 441 |
Gross amount, Buildings and Improvements | 15,155 |
Gross amount | 15,596 |
Accumulated depreciation and depletion | $ (900) |
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 | 1,797 |
Gross amount, Land | 2,523 |
Gross amount, Buildings and Improvements | 9,859 |
Gross amount | 12,382 |
Accumulated depreciation and depletion | $ (6,112) |
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 | 1,129 |
Gross amount, Land | 24 |
Gross amount, Buildings and Improvements | 4,318 |
Gross amount | 4,342 |
Accumulated depreciation and depletion | $ (1,638) |
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 | 5,822 |
Gross amount, Land | 3,025 |
Gross amount, Buildings and Improvements | 24,819 |
Gross amount | 27,844 |
Accumulated depreciation and depletion | $ (11,326) |
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 | 23 |
Gross amount, Land | 2,683 |
Gross amount, Buildings and Improvements | 48,348 |
Gross amount | 51,031 |
Accumulated depreciation and depletion | $ (2,276) |
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 | $ 6,530 |
Initial Costs, Land | 850 |
Initial Costs, Buildings and Improvements | 7,746 |
Costs Capitalized Subsequent to Acquisition | (395) |
Gross amount, Land | 1,157 |
Gross amount, Buildings and Improvements | 7,044 |
Gross amount | 8,201 |
Accumulated depreciation and depletion | $ (2,858) |
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 | $ 29,634 |
Initial Costs, Land | 575 |
Initial Costs, Buildings and Improvements | 11,046 |
Costs Capitalized Subsequent to Acquisition | 2,771 |
Gross amount, Land | 1,140 |
Gross amount, Buildings and Improvements | 13,252 |
Gross amount | 14,392 |
Accumulated depreciation and depletion | $ (5,735) |
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 | 3,753 |
Gross amount, Land | 1,332 |
Gross amount, Buildings and Improvements | 14,451 |
Gross amount | 15,783 |
Accumulated depreciation and depletion | $ (7,116) |
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 | 2,253 |
Gross amount, Land | 1,719 |
Gross amount, Buildings and Improvements | 13,986 |
Gross amount | 15,705 |
Accumulated depreciation and depletion | $ (8,053) |
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 | 111 |
Gross amount, Land | 2,340 |
Gross amount, Buildings and Improvements | 57,788 |
Gross amount | 60,128 |
Accumulated depreciation and depletion | $ (3,214) |
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 | 1,457 |
Gross amount, Land | 822 |
Gross amount, Buildings and Improvements | 11,765 |
Gross amount | 12,587 |
Accumulated depreciation and depletion | $ (4,430) |
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 | 14,898 |
Gross amount, Land | 2,226 |
Gross amount, Buildings and Improvements | 27,193 |
Gross amount | 29,419 |
Accumulated depreciation and depletion | $ (1,371) |
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 | 1,859 |
Gross amount, Land | 742 |
Gross amount, Buildings and Improvements | 4,270 |
Gross amount | 5,012 |
Accumulated depreciation and depletion | $ (1,845) |
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 | 27,388 |
Gross amount, Land | 14,747 |
Gross amount, Buildings and Improvements | 30,946 |
Gross amount | 45,693 |
Accumulated depreciation and depletion | $ (13,372) |
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 | 9,476 |
Gross amount, Land | 1,264 |
Gross amount, Buildings and Improvements | 22,003 |
Gross amount | 23,267 |
Accumulated depreciation and depletion | $ (14,152) |
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 | 441 |
Gross amount, Land | 598 |
Gross amount, Buildings and Improvements | 16,209 |
Gross amount | 16,807 |
Accumulated depreciation and depletion | $ (5,803) |
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 | 2,820 |
Gross amount, Land | 580 |
Gross amount, Buildings and Improvements | 15,550 |
Gross amount | 16,130 |
Accumulated depreciation and depletion | $ (6,826) |
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 | 5,104 |
Gross amount, Land | 5,820 |
Gross amount, Buildings and Improvements | 19,993 |
Gross amount | 25,813 |
Accumulated depreciation and depletion | $ (784) |
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 | 34 |
Gross amount, Land | 3,182 |
Gross amount, Buildings and Improvements | 11,346 |
Gross amount | 14,528 |
Accumulated depreciation and depletion | $ (2,626) |
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 | 1,524 |
Gross amount, Land | 506 |
Gross amount, Buildings and Improvements | 11,401 |
Gross amount | 11,907 |
Accumulated depreciation and depletion | $ (5,149) |
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 | $ 33,480 |
Initial Costs, Land | 1,390 |
Initial Costs, Buildings and Improvements | 18,298 |
Costs Capitalized Subsequent to Acquisition | 5,857 |
Gross amount, Land | 2,016 |
Gross amount, Buildings and Improvements | 23,529 |
Gross amount | 25,545 |
Accumulated depreciation and depletion | $ (10,723) |
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 | 1,213 |
Gross amount, Land | 316 |
Gross amount, Buildings and Improvements | 3,604 |
Gross amount | 3,920 |
Accumulated depreciation and depletion | $ (1,181) |
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 | 48,173 |
Gross amount, Land | 4,326 |
Gross amount, Buildings and Improvements | 63,885 |
Gross amount | 68,211 |
Accumulated depreciation and depletion | $ (11,323) |
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 | 963 |
Gross amount, Land | 2,257 |
Gross amount, Buildings and Improvements | 37,435 |
Gross amount | 39,692 |
Accumulated depreciation and depletion | $ (15,531) |
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 | 3,275 |
Gross amount, Land | 1,376 |
Gross amount, Buildings and Improvements | 13,070 |
Gross amount | 14,446 |
Accumulated depreciation and depletion | $ (6,795) |
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 | (53) |
Gross amount, Land | 2,499 |
Gross amount, Buildings and Improvements | 29,094 |
Gross amount | 31,593 |
Accumulated depreciation and depletion | $ (1,828) |
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 | 4,049 |
Gross amount, Land | 759 |
Gross amount, Buildings and Improvements | 19,830 |
Gross amount | 20,589 |
Accumulated depreciation and depletion | $ (6,504) |
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 | $ 38,433 |
Initial Costs, Land | 3,055 |
Initial Costs, Buildings and Improvements | 21,096 |
Costs Capitalized Subsequent to Acquisition | 3,721 |
Gross amount, Land | 3,261 |
Gross amount, Buildings and Improvements | 24,611 |
Gross amount | 27,872 |
Accumulated depreciation and depletion | $ (12,201) |
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 | 10,637 |
Gross amount, Land | 8,130 |
Gross amount, Buildings and Improvements | 16,932 |
Gross amount | 25,062 |
Accumulated depreciation and depletion | $ (7,071) |
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 | 8,799 |
Gross amount, Land | 374 |
Gross amount, Buildings and Improvements | 30,906 |
Gross amount | 31,280 |
Accumulated depreciation and depletion | $ (16,037) |
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 |
Gross amount, Buildings and Improvements | 22,902 |
Gross amount | 24,916 |
Accumulated depreciation and depletion | $ (4,578) |
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 | 3,254 |
Gross amount, Land | 2,138 |
Gross amount, Buildings and Improvements | 14,111 |
Gross amount | 16,249 |
Accumulated depreciation and depletion | $ (8,385) |
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 | 81 |
Gross amount, Land | 3,110 |
Gross amount, Buildings and Improvements | 34,185 |
Gross amount | 37,295 |
Accumulated depreciation and depletion | $ (1,988) |
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 | 1,252 |
Gross amount, Land | 21,833 |
Gross amount, Buildings and Improvements | 10,590 |
Gross amount | 32,423 |
Accumulated depreciation and depletion | $ (938) |
Assets Not Under Construction | Savannah 2, 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 | 3,002 |
Initial Costs, Buildings and Improvements | 37,571 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 3,002 |
Gross amount, Buildings and Improvements | 37,571 |
Gross amount | 40,573 |
Accumulated depreciation and depletion | $ (969) |
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 | 1,681 |
Gross amount, Land | 638 |
Gross amount, Buildings and Improvements | 9,576 |
Gross amount | 10,214 |
Accumulated depreciation and depletion | $ (3,004) |
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 | 3,126 |
Gross amount, Land | 2,350 |
Gross amount, Buildings and Improvements | 12,970 |
Gross amount | 15,320 |
Accumulated depreciation and depletion | $ (4,952) |
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 | 5,950 |
Initial Costs, Buildings and Improvements | 28,391 |
Costs Capitalized Subsequent to Acquisition | 623 |
Gross amount, Land | 5,909 |
Gross amount, Buildings and Improvements | 29,055 |
Gross amount | 34,964 |
Accumulated depreciation and depletion | $ (2,281) |
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 | 193 |
Gross amount, Land | 3,101 |
Gross amount, Buildings and Improvements | 56,498 |
Gross amount | 59,599 |
Accumulated depreciation and depletion | $ (3,475) |
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 | 4,141 |
Gross amount, Land | 1,044 |
Gross amount, Buildings and Improvements | 8,733 |
Gross amount | 9,777 |
Accumulated depreciation and depletion | $ (4,578) |
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 | $ 7,664 |
Initial Costs, Land | 844 |
Initial Costs, Buildings and Improvements | 10,754 |
Costs Capitalized Subsequent to Acquisition | 1,742 |
Gross amount, Land | 872 |
Gross amount, Buildings and Improvements | 12,468 |
Gross amount | 13,340 |
Accumulated depreciation and depletion | $ (5,416) |
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 | 2,071 |
Gross amount, Land | 2,198 |
Gross amount, Buildings and Improvements | 9,521 |
Gross amount | 11,719 |
Accumulated depreciation and depletion | $ (3,404) |
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 | 699 |
Gross amount, Land | 1,800 |
Gross amount, Buildings and Improvements | 12,828 |
Gross amount | 14,628 |
Accumulated depreciation and depletion | $ (5,577) |
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 | 1,779 |
Gross amount, Land | 1,600 |
Gross amount, Buildings and Improvements | 16,768 |
Gross amount | 18,368 |
Accumulated depreciation and depletion | $ (6,037) |
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 | 32 |
Gross amount, Land | 548 |
Gross amount, Buildings and Improvements | 8,752 |
Gross amount | 9,300 |
Accumulated depreciation and depletion | $ (767) |
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 | 5,833 |
Gross amount, Land | 2,420 |
Gross amount, Buildings and Improvements | 25,646 |
Gross amount | 28,066 |
Accumulated depreciation and depletion | $ (10,349) |
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 | 2,518 |
Gross amount, Land | 27 |
Gross amount, Buildings and Improvements | 23,707 |
Gross amount | 23,734 |
Accumulated depreciation and depletion | $ (8,266) |
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 | 1,507 |
Gross amount, Land | 1,380 |
Gross amount, Buildings and Improvements | 13,296 |
Gross amount | 14,676 |
Accumulated depreciation and depletion | $ (4,782) |
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 | $ 17,127 |
Initial Costs, Land | 1,078 |
Initial Costs, Buildings and Improvements | 9,586 |
Costs Capitalized Subsequent to Acquisition | 1,175 |
Gross amount, Land | 1,225 |
Gross amount, Buildings and Improvements | 10,614 |
Gross amount | 11,839 |
Accumulated depreciation and depletion | $ (4,061) |
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 | 1,394 |
Gross amount, Land | 1,703 |
Gross amount, Buildings and Improvements | 15,327 |
Gross amount | 17,030 |
Accumulated depreciation and depletion | $ (5,381) |
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 | $ 3,542 |
Initial Costs, Land | 842 |
Initial Costs, Buildings and Improvements | 11,169 |
Costs Capitalized Subsequent to Acquisition | 1,655 |
Gross amount, Land | 921 |
Gross amount, Buildings and Improvements | 12,745 |
Gross amount | 13,666 |
Accumulated depreciation and depletion | $ (4,508) |
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 | $ 18,593 |
Initial Costs, Land | 886 |
Initial Costs, Buildings and Improvements | 10,715 |
Costs Capitalized Subsequent to Acquisition | 438 |
Gross amount, Land | 923 |
Gross amount, Buildings and Improvements | 11,116 |
Gross amount | 12,039 |
Accumulated depreciation and depletion | $ (4,853) |
Assets Not Under Construction | Turlock, CA (#1) | |
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 | 586 |
Gross amount, Land | 967 |
Gross amount, Buildings and Improvements | 4,619 |
Gross amount | 5,586 |
Accumulated depreciation and depletion | $ (2,119) |
Assets Not Under Construction | Turlock, CA (#2) | |
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 | 1,530 |
Gross amount, Land | 3,116 |
Gross amount, Buildings and Improvements | 8,509 |
Gross amount | 11,625 |
Accumulated depreciation and depletion | $ (3,744) |
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 | 3,402 |
Gross amount, Land | 8,112 |
Gross amount, Buildings and Improvements | 16,880 |
Gross amount | 24,992 |
Accumulated depreciation and depletion | $ (8,188) |
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 | 1,090 |
Gross amount, Land | 2,820 |
Gross amount, Buildings and Improvements | 23,891 |
Gross amount | 26,711 |
Accumulated depreciation and depletion | $ (8,985) |
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 |
Gross amount, Buildings and Improvements | 5,372 |
Gross amount | 5,518 |
Accumulated depreciation and depletion | $ (3,269) |
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 | 806 |
Gross amount, Land | 753 |
Gross amount, Buildings and Improvements | 3,388 |
Gross amount | 4,141 |
Accumulated depreciation and depletion | $ (1,326) |
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 | 533 |
Gross amount, Land | 21 |
Gross amount, Buildings and Improvements | 8,650 |
Gross amount | 8,671 |
Accumulated depreciation and depletion | $ (8,045) |
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 | 3,340 |
Gross amount, Land | 2,784 |
Gross amount, Buildings and Improvements | 14,316 |
Gross amount | 17,100 |
Accumulated depreciation and depletion | $ (6,383) |
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 | 2,063 |
Gross amount, Land | 1,432 |
Gross amount, Buildings and Improvements | 6,645 |
Gross amount | 8,077 |
Accumulated depreciation and depletion | $ (2,977) |
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 | 3,864 |
Gross amount, Land | 1,627 |
Gross amount, Buildings and Improvements | 13,649 |
Gross amount | 15,276 |
Accumulated depreciation and depletion | $ (4,967) |
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 | 2,407 |
Gross amount, Land | 4,099 |
Gross amount, Buildings and Improvements | 38,767 |
Gross amount | 42,866 |
Accumulated depreciation and depletion | $ (15,525) |
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 | 745 |
Gross amount, Land | 1,416 |
Gross amount, Buildings and Improvements | 7,980 |
Gross amount | 9,396 |
Accumulated depreciation and depletion | $ (3,482) |
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 | 1,727 |
Gross amount, Land | 934 |
Gross amount, Buildings and Improvements | 11,953 |
Gross amount | 12,887 |
Accumulated depreciation and depletion | $ (4,347) |
Assets Not Under Construction | Newport, 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 | 3,383 |
Initial Costs, Buildings and Improvements | 19,877 |
Costs Capitalized Subsequent to Acquisition | 292 |
Gross amount, Land | 3,638 |
Gross amount, Buildings and Improvements | 19,914 |
Gross amount | 23,552 |
Accumulated depreciation and depletion | $ (1,015) |
Assets Not Under Construction | Tampa Maple, 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 | 3,233 |
Initial Costs, Buildings and Improvements | 15,940 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 3,233 |
Gross amount, Buildings and Improvements | 15,940 |
Gross amount | 19,173 |
Accumulated depreciation and depletion | $ (195) |
Assets Not Under Construction | Grand Prairie, 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 | 0 |
Initial Costs, Buildings and Improvements | 22 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 22 |
Gross amount | 22 |
Accumulated depreciation and depletion | $ (3) |
Assets Not Under Construction | Mansfield, 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 | 5,670 |
Initial Costs, Buildings and Improvements | 33,222 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 5,670 |
Gross amount, Buildings and Improvements | 33,222 |
Gross amount | 38,892 |
Accumulated depreciation and depletion | $ (399) |
Assets Not Under Construction | Hall's | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | 8 |
Encumbrances | $ 0 |
Initial Costs, Land | 29,351 |
Initial Costs, Buildings and Improvements | 239,697 |
Costs Capitalized Subsequent to Acquisition | 3 |
Gross amount, Land | 29,352 |
Gross amount, Buildings and Improvements | 239,699 |
Gross amount | 269,051 |
Accumulated depreciation and depletion | $ (1,325) |
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 | (1) |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 11 |
Gross amount | 11 |
Accumulated depreciation and depletion | $ (11) |
Assets Not Under Construction | Brampton | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | 1 |
Encumbrances | $ 0 |
Initial Costs, Land | 27,522 |
Initial Costs, Buildings and Improvements | 53,367 |
Costs Capitalized Subsequent to Acquisition | 3,278 |
Gross amount, Land | 28,544 |
Gross amount, Buildings and Improvements | 55,623 |
Gross amount | 84,167 |
Accumulated depreciation and depletion | $ (2,135) |
Assets Not Under Construction | Calgary | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | 1 |
Encumbrances | $ 0 |
Initial Costs, Land | 5,240 |
Initial Costs, Buildings and Improvements | 36,392 |
Costs Capitalized Subsequent to Acquisition | 1,545 |
Gross amount, Land | 5,434 |
Gross amount, Buildings and Improvements | 37,743 |
Gross amount | 43,177 |
Accumulated depreciation and depletion | $ (1,231) |
Assets Not Under Construction | Halifax Dartmouth | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | 1 |
Encumbrances | $ 0 |
Initial Costs, Land | 2,052 |
Initial Costs, Buildings and Improvements | 14,904 |
Costs Capitalized Subsequent to Acquisition | 629 |
Gross amount, Land | 2,128 |
Gross amount, Buildings and Improvements | 15,457 |
Gross amount | 17,585 |
Accumulated depreciation and depletion | $ (484) |
Assets Not Under Construction | Halifax Thornhill | |
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 | 1,044 |
Costs Capitalized Subsequent to Acquisition | 39 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 1,083 |
Gross amount | 1,083 |
Accumulated depreciation and depletion | $ (498) |
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 | 5,600 |
Gross amount, Land | 12,896 |
Gross amount, Buildings and Improvements | 35,621 |
Gross amount | 48,517 |
Accumulated depreciation and depletion | $ (11,962) |
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 | 324 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 324 |
Gross amount | 324 |
Accumulated depreciation and depletion | $ (306) |
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 | 10,515 |
Gross amount, Land | 13,087 |
Gross amount, Buildings and Improvements | 39,369 |
Gross amount | 52,456 |
Accumulated depreciation and depletion | $ (13,385) |
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 | 351 |
Gross amount, Land | 10,413 |
Gross amount, Buildings and Improvements | 19,804 |
Gross amount | 30,217 |
Accumulated depreciation and depletion | $ (7,224) |
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 | 21,564 |
Gross amount, Land | 8,181 |
Gross amount, Buildings and Improvements | 14,570 |
Gross amount | 22,751 |
Accumulated depreciation and depletion | $ (5,098) |
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 | 622 |
Gross amount, Land | 6,878 |
Gross amount, Buildings and Improvements | 11,928 |
Gross amount | 18,806 |
Accumulated depreciation and depletion | $ (5,011) |
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 | 7,387 |
Gross amount, Land | 12,815 |
Gross amount, Buildings and Improvements | 6,150 |
Gross amount | 18,965 |
Accumulated depreciation and depletion | $ (2,098) |
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 | 1,595 |
Gross amount, Land | 2,617 |
Gross amount, Buildings and Improvements | 7,301 |
Gross amount | 9,918 |
Accumulated depreciation and depletion | $ (2,493) |
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 | 1,568 |
Gross amount, Land | 5,803 |
Gross amount, Buildings and Improvements | 4,391 |
Gross amount | 10,194 |
Accumulated depreciation and depletion | $ (1,851) |
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 | 660 |
Gross amount, Land | 1,479 |
Gross amount, Buildings and Improvements | 4,323 |
Gross amount | 5,802 |
Accumulated depreciation and depletion | $ (1,433) |
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 | 358 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 701 |
Gross amount | 701 |
Accumulated depreciation and depletion | $ (646) |
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 | 3,010 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 3,195 |
Gross amount | 3,195 |
Accumulated depreciation and depletion | $ (543) |
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 | 1,060 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 1,307 |
Gross amount | 1,307 |
Accumulated depreciation and depletion | $ (856) |
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 | (2,008) |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 2,976 |
Gross amount | 2,976 |
Accumulated depreciation and depletion | $ (2,168) |
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 | (2,252) |
Gross amount, Land | 732 |
Gross amount, Buildings and Improvements | 308 |
Gross amount | 1,040 |
Accumulated depreciation and depletion | $ (86) |
Assets Not Under Construction | Agro | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | 23 |
Encumbrances | $ 0 |
Initial Costs, Land | 95,286 |
Initial Costs, Buildings and Improvements | 825,015 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 95,286 |
Gross amount, Buildings and Improvements | 825,015 |
Gross amount | 920,301 |
Accumulated depreciation and depletion | $ 0 |
Assets Under Construction | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 287,906 |
Gross amount | 287,906 |
Accumulated depreciation and depletion | $ 0 |
Assets Under Construction | Allentown, PA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 73 |
Gross amount | 73 |
Accumulated depreciation and depletion | |
Assets Under Construction | Anaheim, CA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 1,222 |
Gross amount | 1,222 |
Accumulated depreciation and depletion | |
Assets Under Construction | Atlanta - Lakewood, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 257 |
Gross amount | 257 |
Accumulated depreciation and depletion | |
Assets Under Construction | Atlanta - Skygate, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 840 |
Gross amount | 840 |
Accumulated depreciation and depletion | |
Assets Under Construction | Atlanta - Southgate, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 391 |
Gross amount | 391 |
Accumulated depreciation and depletion | |
Assets Under Construction | Atlanta - Tradewater, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 2,730 |
Gross amount | 2,730 |
Accumulated depreciation and depletion | |
Assets Under Construction | Atlanta - Westgate, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 1,952 |
Gross amount | 1,952 |
Accumulated depreciation and depletion | |
Assets Under Construction | Augusta, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 12 |
Gross amount | 12 |
Accumulated depreciation and depletion | |
Assets Under Construction | Cartersville, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 38 |
Gross amount | 38 |
Accumulated depreciation and depletion | |
Assets Under Construction | Carthage Warehouse Dist, MO | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 75 |
Gross amount | 75 |
Accumulated depreciation and depletion | |
Assets Under Construction | Chesapeake, VA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 20 |
Gross amount | 20 |
Accumulated depreciation and depletion | |
Assets Under Construction | Columbia, SC | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 70 |
Gross amount | 70 |
Accumulated depreciation and depletion | |
Assets Under Construction | Columbus, OH | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 949 |
Gross amount | 949 |
Accumulated depreciation and depletion | |
Assets Under Construction | Dallas, TX | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 40 |
Gross amount | 40 |
Accumulated depreciation and depletion | |
Assets Under Construction | Denver-50th Street, CO | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 1 |
Gross amount | 1 |
Accumulated depreciation and depletion | |
Assets Under Construction | Dominguez Hills, CA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 40 |
Gross amount | 40 |
Accumulated depreciation and depletion | |
Assets Under Construction | Eagan, MN | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 24 |
Gross amount | 24 |
Accumulated depreciation and depletion | |
Assets Under Construction | Fairfield, OH | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 45 |
Gross amount | 45 |
Accumulated depreciation and depletion | |
Assets Under Construction | Fremont, NE | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 47 |
Gross amount | 47 |
Accumulated depreciation and depletion | |
Assets Under Construction | Ft. Worth, TX (Meacham) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 83 |
Gross amount | 83 |
Accumulated depreciation and depletion | |
Assets Under Construction | Ft. Worth, TX (Railhead) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 686 |
Gross amount | 686 |
Accumulated depreciation and depletion | |
Assets Under Construction | Gainesville, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 50 |
Gross amount | 50 |
Accumulated depreciation and depletion | |
Assets Under Construction | Gainesville - Candler, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 54 |
Gross amount | 54 |
Accumulated depreciation and depletion | |
Assets Under Construction | Gateway, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 70,606 |
Gross amount | 70,606 |
Accumulated depreciation and depletion | |
Assets Under Construction | Gloucester - Rogers, MA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 42 |
Gross amount | 42 |
Accumulated depreciation and depletion | |
Assets Under Construction | Gloucester - Rowe, MA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 47 |
Gross amount | 47 |
Accumulated depreciation and depletion | |
Assets Under Construction | Gouldsboro, PA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 15 |
Gross amount | 15 |
Accumulated depreciation and depletion | |
Assets Under Construction | Green Bay, WI | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 62 |
Gross amount | 62 |
Accumulated depreciation and depletion | |
Assets Under Construction | Hatfield, PA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 362 |
Gross amount | 362 |
Accumulated depreciation and depletion | |
Assets Under Construction | Henderson, NV | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 308 |
Gross amount | 308 |
Accumulated depreciation and depletion | |
Assets Under Construction | Indianapolis, IN | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 565 |
Gross amount | 565 |
Accumulated depreciation and depletion | |
Assets Under Construction | Johnson, AR | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 178 |
Gross amount | 178 |
Accumulated depreciation and depletion | |
Assets Under Construction | Lancaster, PA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 595 |
Gross amount | 595 |
Accumulated depreciation and depletion | |
Assets Under Construction | LaPorte, TX | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 665 |
Gross amount | 665 |
Accumulated depreciation and depletion | |
Assets Under Construction | Leesport, PA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 164 |
Gross amount | 164 |
Accumulated depreciation and depletion | |
Assets Under Construction | Marshall, MO | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 11 |
Gross amount | 11 |
Accumulated depreciation and depletion | |
Assets Under Construction | Milwaukie, OR | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 13 |
Gross amount | 13 |
Accumulated depreciation and depletion | |
Assets Under Construction | Modesto, CA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 994 |
Gross amount | 994 |
Accumulated depreciation and depletion | |
Assets Under Construction | Monmouth, IL | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 461 |
Gross amount | 461 |
Accumulated depreciation and depletion | |
Assets Under Construction | Mountville, PA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 72,009 |
Gross amount | 72,009 |
Accumulated depreciation and depletion | |
Assets Under Construction | Murfreesboro, TN | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 121 |
Gross amount | 121 |
Accumulated depreciation and depletion | |
Assets Under Construction | Napoleon, OH | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 4 |
Gross amount | 4 |
Accumulated depreciation and depletion | |
Assets Under Construction | New Ulm, MN | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 17 |
Gross amount | 17 |
Accumulated depreciation and depletion | |
Assets Under Construction | Ontario, CA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 2,542 |
Gross amount | 2,542 |
Accumulated depreciation and depletion | |
Assets Under Construction | Perryville, MD | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 179 |
Gross amount | 179 |
Accumulated depreciation and depletion | |
Assets Under Construction | Phoenix2, AZ | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 67 |
Gross amount | 67 |
Accumulated depreciation and depletion | |
Assets Under Construction | Plainville, CT | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 72,939 |
Gross amount | 72,939 |
Accumulated depreciation and depletion | |
Assets Under Construction | Plover, WI | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 200 |
Gross amount | 200 |
Accumulated depreciation and depletion | |
Assets Under Construction | Portland, ME | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 31 |
Gross amount | 31 |
Accumulated depreciation and depletion | |
Assets Under Construction | Rochelle, IL (Americold Drive) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 5,493 |
Gross amount | 5,493 |
Accumulated depreciation and depletion | |
Assets Under Construction | Russellville, AR - Elmira | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 11,756 |
Gross amount | 11,756 |
Accumulated depreciation and depletion | |
Assets Under Construction | Russellville, AR - Valley | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 432 |
Gross amount | 432 |
Accumulated depreciation and depletion | |
Assets Under Construction | Salinas, CA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 2,225 |
Gross amount | 2,225 |
Accumulated depreciation and depletion | |
Assets Under Construction | Salt Lake City, UT | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 605 |
Gross amount | 605 |
Accumulated depreciation and depletion | |
Assets Under Construction | Sanford, NC | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 24 |
Gross amount | 24 |
Accumulated depreciation and depletion | |
Assets Under Construction | Savannah, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 233 |
Gross amount | 233 |
Accumulated depreciation and depletion | |
Assets Under Construction | Savannah 2, GA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 377 |
Gross amount | 377 |
Accumulated depreciation and depletion | |
Assets Under Construction | Sikeston, MO | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 3 |
Gross amount | 3 |
Accumulated depreciation and depletion | |
Assets Under Construction | Springdale, AR | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 39 |
Gross amount | 39 |
Accumulated depreciation and depletion | |
Assets Under Construction | Strasburg, VA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 279 |
Gross amount | 279 |
Accumulated depreciation and depletion | |
Assets Under Construction | Syracuse, NY | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 30 |
Gross amount | 30 |
Accumulated depreciation and depletion | |
Assets Under Construction | Tarboro, NC | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 520 |
Gross amount | 520 |
Accumulated depreciation and depletion | |
Assets Under Construction | Turlock, CA (#2) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 1,445 |
Gross amount | 1,445 |
Accumulated depreciation and depletion | |
Assets Under Construction | Wallula, WA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 17 |
Gross amount | 17 |
Accumulated depreciation and depletion | |
Assets Under Construction | Watsonville, CA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 1,422 |
Gross amount | 1,422 |
Accumulated depreciation and depletion | |
Assets Under Construction | York, PA | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 112 |
Gross amount | 112 |
Accumulated depreciation and depletion | |
Assets Under Construction | Brampton | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 353 |
Gross amount | 353 |
Accumulated depreciation and depletion | |
Assets Under Construction | Calgary | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 1,573 |
Gross amount | 1,573 |
Accumulated depreciation and depletion | |
Assets Under Construction | Arndell Park | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 898 |
Gross amount | 898 |
Accumulated depreciation and depletion | |
Assets Under Construction | Laverton | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 1,884 |
Gross amount | 1,884 |
Accumulated depreciation and depletion | |
Assets Under Construction | Murarrie | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 618 |
Gross amount | 618 |
Accumulated depreciation and depletion | |
Assets Under Construction | Prospect/ASC Corporate | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 452 |
Gross amount | 452 |
Accumulated depreciation and depletion | |
Assets Under Construction | Spearwood | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 333 |
Gross amount | 333 |
Accumulated depreciation and depletion | |
Assets Under Construction | Dalgety | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 22,678 |
Gross amount | 22,678 |
Accumulated depreciation and depletion | |
Assets Under Construction | Diversey | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 782 |
Gross amount | 782 |
Accumulated depreciation and depletion | |
Assets Under Construction | Halwyn Dr | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 34 |
Gross amount | 34 |
Accumulated depreciation and depletion | |
Assets Under Construction | Mako Mako | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 54 |
Gross amount | 54 |
Accumulated depreciation and depletion | |
Assets Under Construction | Manutapu/Barber Akld | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 4 |
Gross amount | 4 |
Accumulated depreciation and depletion | |
Assets Under Construction | Paisley | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 223 |
Gross amount | 223 |
Accumulated depreciation and depletion | |
Assets Under Construction | Smarts Rd | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Buildings | building | |
Encumbrances | $ 0 |
Initial Costs, Land | 0 |
Initial Costs, Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross amount, Land | 0 |
Gross amount, Buildings and Improvements | 112 |
Gross amount | 112 |
Accumulated depreciation and depletion |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Footnotes (Details) $ in Thousands | Dec. 30, 2020USD ($) | Aug. 31, 2020USD ($)facility | Jan. 02, 2020USD ($)facility | Nov. 19, 2019USD ($)facility | May 01, 2019USD ($)facility | Feb. 01, 2019USD ($)facility | Nov. 30, 2020USD ($)facility | May 31, 2019USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($)facility | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: | ||||||||||||||||||||
Accumulated depreciation per Schedule III | $ (857,812) | $ (857,812) | $ (857,812) | |||||||||||||||||
Accumulated depreciation - ending balance | (1,423,235) | |||||||||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||||||||
Property, plant, and equipment | 6,148,812 | $ 4,149,214 | ||||||||||||||||||
Building and improvements financing leases per consolidated balance sheet | 169,929 | 88,038 | ||||||||||||||||||
Total per Schedule III | 4,353,243 | |||||||||||||||||||
Reconciliation of total mortgage notes and term loans to consolidated balance sheet caption as of December 31, 2018: | ||||||||||||||||||||
Total per Schedule III | 276,693 | |||||||||||||||||||
Unsecured | 2,387,525 | |||||||||||||||||||
Deferred financing costs, net of amortization | (15,952) | (12,996) | ||||||||||||||||||
Total mortgage notes, senior unsecured notes and term loan per consolidated balance sheet* | 2,648,266 | 1,695,447 | ||||||||||||||||||
Secured notes related to Monmouth, IL | 4,038,330 | 2,337,665 | ||||||||||||||||||
Aggregate cost for federal tax purposes of real estate assets | 3,400,000 | |||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Ending balance | (857,812) | (857,812) | ||||||||||||||||||
Total sale-leaseback financing obligations | 185,060 | 115,759 | ||||||||||||||||||
Impairment of long-lived assets | 2,200 | $ 2,900 | $ 9,600 | 8,236 | $ 13,485 | $ 747 | ||||||||||||||
Gain (loss) on disposition of property | $ (900) | $ 8,400 | 22,124 | (34) | 7,471 | |||||||||||||||
Percentage of facility to be partially demolished | 75.00% | |||||||||||||||||||
Operating facilities purchased | 2,062,780 | 1,287,491 | ||||||||||||||||||
New facility acquired | 13,800 | |||||||||||||||||||
Reconciliation of Real Estate Activity | ||||||||||||||||||||
Total real estate facilities gross amount per Schedule III | 5,016,126 | |||||||||||||||||||
Real estate facilities, at cost - ending balance | 5,706,760 | |||||||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption | ||||||||||||||||||||
Accumulated depreciation per Schedule III | (857,812) | $ (857,812) | (857,812) | |||||||||||||||||
Accumulated depreciation - ending balance | (1,423,235) | |||||||||||||||||||
Boston, MA | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Gain (loss) on disposition of property | 20,100 | |||||||||||||||||||
Waco, TX | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Gain (loss) on disposition of property | 500 | |||||||||||||||||||
Minimum | ||||||||||||||||||||
Reconciliation of total mortgage notes and term loans to consolidated balance sheet caption as of December 31, 2018: | ||||||||||||||||||||
Life on which depreciation is calculated | 5 years | |||||||||||||||||||
Maximum | ||||||||||||||||||||
Reconciliation of total mortgage notes and term loans to consolidated balance sheet caption as of December 31, 2018: | ||||||||||||||||||||
Life on which depreciation is calculated | 43 years | |||||||||||||||||||
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 | 4,700 | 4,900 | ||||||||||||||||||
Real Estate | ||||||||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: | ||||||||||||||||||||
Accumulated depreciation per Schedule III | (1,080,922) | $ (827,892) | (827,892) | $ (1,080,922) | (827,892) | (827,892) | (1,080,922) | (936,422) | $ (827,892) | |||||||||||
Accumulated depreciation - ending balance | (1,080,922) | (936,422) | (827,892) | |||||||||||||||||
Real Estate Facilities, at Cost: | ||||||||||||||||||||
Beginning Balance | 2,575,367 | 3,729,589 | 2,575,367 | 2,506,656 | ||||||||||||||||
Capital expenditures | 287,220 | 177,268 | 50,680 | |||||||||||||||||
Acquisitions | 1,662,650 | 975,045 | 0 | |||||||||||||||||
Newly developed warehouse facilities | 58,807 | 21,316 | 62,353 | |||||||||||||||||
Disposition | (62,225) | (7,409) | (30,199) | |||||||||||||||||
Impairment | (2,153) | (12,555) | (747) | |||||||||||||||||
Conversion of leased assets to owned | 7,956 | 0 | 8,405 | |||||||||||||||||
Impact of foreign exchange rate changes | 24,916 | 557 | (21,781) | |||||||||||||||||
Ending Balance | 5,706,760 | 2,575,367 | 5,706,760 | 3,729,589 | 2,575,367 | |||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Beginning balance | (827,892) | (936,422) | (827,892) | (770,006) | ||||||||||||||||
Depreciation expense | (146,237) | (114,512) | (87,355) | |||||||||||||||||
Dispositions | 8,731 | 6,679 | 24,672 | |||||||||||||||||
Impact of foreign exchange rate changes | (6,994) | (697) | 4,797 | |||||||||||||||||
Ending balance | (1,080,922) | (827,892) | (1,080,922) | (936,422) | (827,892) | |||||||||||||||
Total Real Estate Facilities, Net at December 31 | 4,625,838 | 2,793,167 | 1,747,475 | |||||||||||||||||
Reconciliation of Real Estate Activity | ||||||||||||||||||||
Real estate facilities, at cost - ending balance | 5,706,760 | 3,729,589 | 2,575,367 | |||||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption | ||||||||||||||||||||
Accumulated depreciation per Schedule III | (1,080,922) | $ (827,892) | $ (827,892) | $ (1,080,922) | $ (827,892) | $ (827,892) | (1,080,922) | (936,422) | (827,892) | |||||||||||
Accumulated depreciation - ending balance | (1,080,922) | (936,422) | (827,892) | |||||||||||||||||
Non-real estate assets | ||||||||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: | ||||||||||||||||||||
Accumulated depreciation - ending balance | (565,423) | |||||||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption | ||||||||||||||||||||
Accumulated depreciation - ending balance | (565,423) | |||||||||||||||||||
Buildings and improvements | ||||||||||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||||||||
Property, plant, and equipment | 4,004,824 | 2,696,732 | ||||||||||||||||||
Building and improvements financing leases per consolidated balance sheet | 60,513 | 11,227 | ||||||||||||||||||
Assets under construction | ||||||||||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||||||||
Property, plant, and equipment | 303,531 | 108,639 | ||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Impairment of long-lived assets | 1,200 | |||||||||||||||||||
Personal property assets under construction | ||||||||||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||||||||
Property, plant, and equipment | 15,625 | |||||||||||||||||||
Refrigeration Equipment | ||||||||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption as of December 31, 2019: | ||||||||||||||||||||
Accumulated depreciation - ending balance | (223,110) | |||||||||||||||||||
Reconciliation of Real Estate Activity | ||||||||||||||||||||
Real estate facilities, at cost - ending balance | 690,625 | |||||||||||||||||||
Reconciliation of total accumulated depreciation and depletion to consolidated balance sheet caption | ||||||||||||||||||||
Accumulated depreciation - ending balance | (223,110) | |||||||||||||||||||
Quarry Construction in Progress | ||||||||||||||||||||
Reconciliation of Real Estate Activity | ||||||||||||||||||||
Real estate facilities, at cost - ending balance | 9 | |||||||||||||||||||
Machinery and equipment | ||||||||||||||||||||
Reconciliation of total Buildings and Improvements to consolidated balance sheet as of December 31, 2018: | ||||||||||||||||||||
Property, plant, and equipment | 1,177,572 | 817,617 | ||||||||||||||||||
Building and improvements financing leases per consolidated balance sheet | 109,416 | 76,811 | ||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Impairment of long-lived assets | $ 500 | |||||||||||||||||||
Caspers Cold Storage | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Operating facilities purchased | $ 25,200 | |||||||||||||||||||
International Facilities Previously Operated Under Lease Agreement | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Number of operating facilities purchased | facility | 2 | |||||||||||||||||||
Operating facilities purchased | $ 8,100 | |||||||||||||||||||
PortFresh Holdings, LLC | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Number of operating facilities purchased | facility | 1 | |||||||||||||||||||
Operating facilities purchased | $ 35,000 | |||||||||||||||||||
Nova Cold Logistics | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Number of operating facilities purchased | facility | 4 | |||||||||||||||||||
Operating facilities purchased | $ 171,900 | |||||||||||||||||||
Newport Cold | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Number of operating facilities purchased | facility | 1 | |||||||||||||||||||
Operating facilities purchased | $ 30,200 | |||||||||||||||||||
AM-C Warehouses | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Number of operating facilities purchased | facility | 2 | |||||||||||||||||||
Operating facilities purchased | $ 53,200 | |||||||||||||||||||
Hall's Warehouse Corporation | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Number of operating facilities purchased | facility | 8 | |||||||||||||||||||
Operating facilities purchased | $ 332,700 | |||||||||||||||||||
Agro Merchants Group | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Operating facilities purchased | $ 1,080,000 | |||||||||||||||||||
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 | |||||||||||||||||||
Operating facilities purchased | $ 50,100 | |||||||||||||||||||
Sale Leaseback Transaction Accounted for as a Financing Lease | ||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||
Total sale-leaseback financing obligations | $ 165,200 | $ 76,800 | $ 80,300 |