Americold Realty Trust
(NYSE:COLD)

Americold is the world's largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 185 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of st...

Website: http://www.americold.com

Founded: 1997

Full Time Employees: 12,600

CEO: Fred W. Boehler

Sector: Real Estate

Industry: REIT-Industrial

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At a glance:

Bull Thesis:

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Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31

revenues:
rent, storage, and warehouse services	600,675,000	607,014,000	594,070,000	575,357,000	606,465,000	612,181,000	600,387,000																		248,359,750	365,593,000	338,231,000	289,615,000
transportation services	48,297,000	47,843,000	48,097,000	43,993,000	49,875,000	51,764,000	50,637,000	56,853,000	57,878,000	55,642,000	58,072,000	68,078,000	76,190,000	76,367,000	81,891,000	78,910,000	78,041,000	78,979,000	78,800,000	76,272,000	37,329,000	34,096,000	34,861,000	35,917,000	35,571,000	35,685,000	36,492,000	37,096,000	41,363,000	40,193,000	38,889,000	38,345,000
third-party managed services	9,481,000	8,808,000	8,581,000	9,630,000	10,095,000	10,226,000	9,931,000	10,417,000	9,151,000	9,692,000	10,368,000	13,359,000	46,624,000	82,436,000	83,486,000	85,860,000	84,284,000	87,782,000	72,173,000	73,072,000	78,538,000	75,338,000	72,954,000	64,921,000	64,442,000	62,846,000	61,515,000	64,136,000	66,852,000	62,551,000	65,755,000	63,876,000
total revenues	658,453,000	663,665,000	650,748,000	628,980,000	666,435,000	674,171,000	660,955,000	664,980,000	679,291,000	667,939,000	649,610,000	676,489,000	721,504,000	757,780,000	729,756,000	705,695,000	716,480,000	708,808,000	654,707,000	634,795,000	523,678,000	497,458,000	482,522,000	484,069,000	485,984,000	466,182,000	438,460,000	393,079,000	415,817,000	402,010,000	394,667,000	391,141,000
yoy	-1.20%	-1.56%	-1.54%	-5.41%	-1.89%	0.93%	1.75%	-1.70%	-5.85%	-11.86%	-10.98%	-4.14%	0.70%	6.91%	11.46%	11.17%	36.82%	42.49%	35.68%	31.14%	7.76%	6.71%	10.05%	23.15%	16.87%	15.96%	11.10%	0.50%
qoq	-0.79%	1.98%	3.46%	-5.62%	-1.15%	2.00%	-0.61%	-2.11%	1.70%	2.82%	-3.97%	-6.24%	-4.79%	3.84%	3.41%	-1.51%	1.08%	8.26%	3.14%	21.22%	5.27%	3.10%	-0.32%	-0.39%	4.25%	6.32%	11.55%	-5.47%	3.43%	1.86%	0.90%
operating expenses:
rent, storage, and warehouse services cost of operations	393,797,000	412,031,000	393,065,000	378,772,000	405,038,000	413,557,000	395,856,000																		168,848,750	252,185,000	224,414,000	198,796,000	204,967,000	203,587,000	196,877,000	196,947,000
transportation services cost of operations	40,783,000	40,107,000	39,355,000	36,739,000	42,165,000	43,323,000	41,787,000	45,331,000	46,966,000	45,983,000	48,263,000	56,418,000	61,738,000	65,531,000	68,306,000	70,381,000	70,869,000	72,728,000	69,550,000	69,569,000	32,286,000	29,909,000	30,089,000	31,112,000	30,706,000	31,045,000	32,286,000	32,740,000	36,956,000	36,045,000	35,303,000	34,751,000
third-party managed services cost of operations	7,019,000	6,499,000	6,672,000	7,621,000	8,042,000	8,073,000	7,829,000	8,234,000	7,330,000	8,063,000	8,968,000	12,280,000	45,177,000	78,776,000	79,765,000	82,359,000	80,946,000	83,231,000	70,480,000	68,690,000	76,771,000	71,945,000	69,655,000	61,152,000	61,327,000	60,263,000	58,711,000	60,877,000	63,281,000	58,997,000	61,896,000	60,099,000
depreciation and amortization	99,895,000	88,023,000	90,462,000	88,982,000	89,711,000	89,362,000	89,649,000	92,095,000	94,099,000	89,728,000	84,892,000	85,024,000	82,467,000	83,669,000	82,690,000	82,620,000	87,601,000	70,569,000	84,459,000	77,211,000
selling, general, and administrative	62,350,000	70,982,000	66,907,000	69,235,000	66,576,000	63,663,000	59,453,000
acquisition, cyber incident, and other	26,201,000	29,052,000	23,226,000	25,414,000	33,144,000	26,014,000	3,013,000
impairment of long-lived assets	1,325,750	77,000	5,226,000															1,784,000	1,528,000		1,954,000	2,615,000	3,667,000				930,000	12,555,000			747,000
net loss from sale of real estate	55,941,000	143,000
total operating expenses	727,782,000	646,914,000	613,153,000	606,763,000	677,802,000	643,992,000	597,587,000	623,149,000	873,612,000	634,939,000	628,943,000	644,140,000	688,460,000	734,610,000	706,091,000	697,704,000	712,285,000	677,273,000	631,802,000	620,569,000	496,907,000	460,001,000	425,977,000	436,391,000	439,405,000	426,797,000	409,375,000	376,662,000	364,645,000	358,457,000	353,747,000	355,209,000
operating income	-69,329,000	16,751,000	37,595,000	22,217,000	-11,367,000	30,179,000	63,368,000	41,831,000	-194,321,000	33,000,000	20,667,000	32,349,000	33,044,000	23,170,000	23,665,000	7,991,000	4,195,000	31,535,000	22,905,000	14,226,000	26,771,000	37,457,000	56,545,000	47,678,000	46,579,000	39,385,000	29,085,000	16,417,000	51,172,000	43,553,000	40,920,000	35,932,000
yoy	509.91%	-44.49%	-40.67%	-46.89%	-94.15%	-8.55%	206.61%	29.31%	-688.07%	42.43%	-12.67%	304.82%	687.70%	-26.53%	3.32%	-43.83%	-84.33%	-15.81%	-59.49%	-70.16%	-42.53%	-4.90%	94.41%	190.42%	-8.98%	-9.57%	-28.92%	-54.31%
qoq	-513.88%	-55.44%	69.22%	-295.45%	-137.67%	-52.38%	51.49%	-121.53%	-688.85%	59.67%	-36.11%	-2.10%	42.62%	-2.09%	196.15%	90.49%	-86.70%	37.68%	61.01%	-46.86%	-28.53%	-33.76%	18.60%	2.36%	18.27%	35.41%	77.16%	-67.92%	17.49%	6.43%	13.88%
operating margin %	-10.53%	2.52%	5.78%	3.53%	-1.71%	4.48%	9.59%	6.29%	-28.61%	4.94%	3.18%	4.78%	4.58%	3.06%	3.24%	1.13%	0.59%	4.45%	3.50%	2.24%	5.11%	7.53%	11.72%	9.85%	9.58%	8.45%	6.63%	4.18%	12.31%	10.83%	10.37%	9.19%
other income:
interest expense	-39,483,000	-33,931,000	-38,245,000	-36,117,000	-34,458,000	-34,255,000	-33,180,000	-33,430,000	-33,681,000	-35,572,000	-36,431,000	-34,423,000	-33,407,000	-30,402,000	-26,545,000	-25,773,000	-21,339,000	-25,303,000	-26,579,000	-25,956,000	-21,367,000	-23,066,000	-23,178,000	-23,870,000	-23,827,000	-24,907,000	-24,098,000	-21,576,000	-23,054,000	-22,834,000	-22,929,000	-24,495,000
loss on debt extinguishment and termination of derivative instruments					-29,020,500	-218,000	-110,682,000	-5,182,000
loss from investments in partially owned entities	-373,000	-41,000	-335,000	-1,363,000	-682,000	-1,037,000	-1,034,000	-949,000			-709,000	-3,029,000	-1,799,750	-1,440,000						-700,000	-63,500	-98,000			-27,750	-165,000
other	327,000	-477,000	5,775,000	1,296,000	3,000,000	770,000	14,623,000	9,526,000	1,054,000	723,000	-415,000	1,433,000	-299,250	-2,593,000	-4,609,000	245,000							2,296,000	2,163,000	2,193,000	2,058,000	2,222,000	2,232,000
income before income taxes	-6,718,750	-17,698,000	4,790,000	-13,967,000								-4,215,000	-9,643,500	-12,305,000	-8,116,000
income tax benefit:
current income tax	-2,069,000	-136,000	-1,995,000	-1,933,000	386,000	-1,936,000	-1,857,000
deferred income tax	22,017,000	6,385,000	-1,245,000	-573,000	6,712,000	2,764,000	4,353,000
total income tax benefit	19,948,000	6,249,000	-3,240,000		7,098,000	828,000	2,496,000	-1,994,000	418,000	492,000	-464,000	1,644,000	2,691,000	3,368,000	12,069,000	708,000	9,526,000	226,000		791,000	9,397,000	-819,000	-1,196,000		-2,236,000	6,975,000	906,000	-488,000	854,000	2,551,000	126,000	89,000
net income	-88,910,000	-11,449,000	1,550,000	-16,473,000	-36,409,000	-3,733,000	-64,409,000	9,802,000	-226,800,000	-2,096,000	-104,802,000	-2,571,000	2,955,000	-8,937,000	3,953,000	-17,445,000	-7,982,000	5,308,000	-13,399,000	-14,236,000	-43,992,000	12,374,000	32,662,000	23,511,000	6,838,250	27,091,000	4,891,000	-4,629,000	11,326,500	24,540,000	29,406,000	-8,639,000
yoy	144.20%	206.70%	-102.41%	-268.06%	-83.95%	78.10%	-38.54%	-481.25%	-7775.13%	-76.55%	-2751.20%	-85.26%	-137.02%	-268.37%	-129.50%	22.54%	-81.86%	-57.10%	-141.02%	-160.55%	-743.32%	-54.32%	567.80%	-607.91%	-39.63%	10.40%	-83.37%	-46.42%
qoq	676.57%	-838.65%	-109.41%	-54.76%	875.33%	-94.20%	-757.10%	-104.32%	10720.61%	-98.00%	3976.31%	-187.01%	-133.06%	-326.08%	-122.66%	118.55%	-250.38%	-139.61%	-5.88%	-67.64%	-455.52%	-62.11%	38.92%	243.82%	-74.76%	453.89%	-205.66%	-140.87%	-53.84%	-16.55%	-440.39%
net income margin %	-13.50%	-1.73%	0.24%	-2.62%	-5.46%	-0.55%	-9.74%	1.47%	-33.39%	-0.31%	-16.13%	-0.38%	0.41%	-1.18%	0.54%	-2.47%	-1.11%	0.75%	-2.05%	-2.24%	-8.40%	2.49%	6.77%	4.86%	1.41%	5.81%	1.12%	-1.18%	2.72%	6.10%	7.45%	-2.21%
net loss attributable to noncontrolling interests	-569,000	-83,000			-194,000	-4,000	-300,000		-23,750	-8,000		-9,000
net loss attributable to americold realty trust, inc.	-88,341,000	-11,366,000			-36,215,000	-3,729,000	-64,109,000		-226,841,000	-2,088,000		-2,562,000
weighted-average common stock outstanding – basic	285,742,000	285,898,000	285,604,000	285,363,000	284,782,000	284,861,000	284,683,000	284,644,000	275,773,000	278,137,000	270,462,000	270,230,000	269,565,000	269,586,000	269,497,000
weighted-average common stock outstanding – diluted	285,742,000	285,898,000	285,794,000	285,363,000	284,782,000	284,861,000	284,683,000	284,878,000	275,773,000	278,137,000	270,462,000	270,230,000	269,565,000	269,586,000	270,384,000
net loss per common share - basic	-22.5	-40										-10
net loss per common share - diluted	-22.5	-40										-10
see accompanying notes to condensed consolidated financial statements.
net gain from sale of real estate			-11,760,000
net income attributable to noncontrolling interests			11,000	-93,000				62,000			-78,000		11,000	-25,000	18,000
net income attributable to americold realty trust, inc.			1,539,000	-16,380,000				9,740,000			-104,724,000		2,944,000	-8,912,000
net income per common share - basic			10	-60									10	-30	10
net income per common share - diluted			10	-60									10	-30	10
total income tax expense				-2,506,000															-8,974,000					-455,000
loss from sale of real estate					-878,500			-3,514,000	-564,750	78,000		191,000	-21,000	5,710,000							-676,000	427,000	-19,414,000				34,000		-2,093,000	12,000
impairment of related party loan receivable											-21,972,000
loss on put option											-56,576,000
loss from continuing operations before income taxes					-43,507,000	-4,561,000	-66,905,000		-227,401,000	-2,791,000	-96,063,000
net loss:
net income from continuing operations					-36,409,000	-3,733,000	-64,409,000				-96,527,000
gain from discontinued operations, net of tax									-2,613,250	203,000
net loss per common share from continuing operations - basic					-130	-10	-230		-90	-10
net loss per common share from discontinued operations - basic											-30
basic loss per share					-0.13	-0.01	-0.23		-0.82	-0.01
net loss per common share from continuing operations - diluted					-0.13	-0.01	-0.23		-0.09	-0.01
net loss per common share from discontinued operations - diluted											-0.03
diluted loss per share					-0.13	-0.01	-0.23		-0.82	-0.01
gain from sale of real estate											-2,528,000													-2,461,000
net loss from discontinued operations
rent, storage and warehouse services								597,710,000	444,706,750	602,605,000	581,170,000	595,052,000	598,690,000	598,977,000	564,379,000	540,925,000	554,155,000	542,047,000	503,734,000	485,451,000	407,811,000	388,024,000	372,411,000	381,068,000
rent, storage and warehouse services cost of operations								400,579,000	313,331,500	424,773,000	408,328,000	420,225,000	426,363,000	432,315,000	413,394,000	394,667,000	403,271,000	397,055,000	359,355,000	339,270,000	262,139,000	260,268,000	252,279,000	254,295,000
selling, general and administrative								65,426,000	42,255,750	52,383,000	53,785,000	62,855,000	60,073,000	57,119,000	56,273,000	57,602,000	49,004,000	45,545,000	42,475,000	45,052,000	39,536,000	35,969,000	32,340,000	36,893,000	33,048,000	32,476,000	32,669,000	31,117,000	26,813,000	28,517,000	27,482,000	31,947,000
acquisition, cyber incident and other								14,998,000	12,078,250	13,931,000	27,235,000
income from continuing operations before income taxes								11,796,000
current								-1,375,000	-2,627,000	-1,981,000	-1,923,000	-1,977,000	-721,000	-1,006,000	-817,000	-1,181,000	-625,000	-3,336,000	-2,406,000	-1,211,000	18,000	-2,103,000	-2,163,000	-2,557,000	-716,000	-834,000	-2,446,000	-1,548,000	-205,000	3,063,000	-1,323,000	-1,067,000
deferred								-619,000	3,228,000	2,473,000	1,459,000	3,621,000	3,412,000	4,374,000	12,886,000	1,889,000	10,151,000	3,562,000	-6,568,000	2,002,000	9,379,000	1,284,000	967,000	2,102,000	-1,520,000	7,809,000	3,352,000	1,060,000	1,059,000	-512,000	1,449,000	1,156,000
net income :
income from continuing operations								9,802,000
loss from discontinued operations, net of tax											-8,275,000
net income per common share from continuing operations - basic								30			-360
basic income per share								0.03
net income per common share from continuing operations - diluted								0.03			-0.36
diluted income per share								0.03
impairment of indefinite and long-lived assets													764,000	6,616,000
loss on debt extinguishment, modifications and termination of derivative instruments									-627,000	-683,000	-627,000	-545,000	-933,000	-1,040,000	-627,000	-616,000	-638,000	-627,000	-925,000	-3,499,000
gain from investments in partially owned entities									-404,000	-259,000
net income:
loss from continuing operations									-24,754,000	-2,299,000
basic earnings per share											-0.39
diluted earnings per share											-0.39
acquisition, litigation and other												7,147,000	11,899,000	4,874,000	5,663,000	10,075,000	20,567,000	6,338,000	3,922,000	20,751,000	26,535,000	5,282,000	2,801,000	1,688,000	10,377,000	3,780,000
other expense, net:
income tax benefit
net income loss attributable to americold realty trust, inc.															3,935,000
loss before income tax benefit																-18,153,000												-4,141,000
net income attributable to non controlling interests																-38,000	40,750	14,000	-29,000	178,000
net loss attributable to americold realty trust																-17,407,000
weighted-average common shares outstanding – basic																269,164,000	259,056,000	261,865,000	253,213,000	252,938,000	203,255,000	204,289,000	201,787,000	200,707,000	179,598,000	192,325,000	182,325,000	149,404,000	141,415,000	144,948,000	143,499,000	124,433,000
weighted-average common shares outstanding – diluted																269,164,000	259,056,000	262,550,000	253,213,000	252,938,000	206,940,000	208,500,000	205,298,000	203,783,000	183,950,000	197,363,000	186,117,000	149,404,000	144,338,000	147,626,000	146,474,000	124,433,000
net loss per common share of beneficial interest - basic																-60												-30				-80
net loss per common share of beneficial interest - diluted																-60												-30				-80
cost of operations related to other revenues																	27,000	23,000	33,000	26,000	43,000	17,000	2,161,000	2,108,000	1,966,000	1,983,000	1,930,000	1,988,000	1,935,000	1,896,000	2,391,000	2,057,000
income before income tax benefit																	-17,508,000	5,082,000	-4,425,000	-15,027,000	-53,389,000	13,193,000	33,858,000	23,966,000	23,045,000	20,116,000	3,985,000		1,825,000	21,989,000
net income attributable to americold realty trust																	-7,965,000	5,294,000	-13,370,000	-14,414,000
net income per common share of beneficial interest - basic																	-30	20	-50	-60	-220	60	160	120	110	140	30			170	200
net income per common share of beneficial interest - diluted																	-30	20	-50	-60	-220	60	160	110	110	140	30			170	200
interest income																			191,000	224,000	135,000	179,000	261,000	587,000	1,080,000	1,798,000	2,405,000	1,003,000	1,386,000	877,000	1,109,000	623,000
foreign currency exchange gain																			-140,000	173,000			315,000	-492,000	76,000	-43,000	-83,000	60,000	-44,000	734,000	1,511,000	680,000
other income																			184,000				44,000	871,000	-251,750	-249,000	-591,000	-167,000	46,000	96,000	33,000	56,000
income from investments in partially owned entities																			-61,000				-129,000	-27,000			-68,000	122,000	-81,000	-437,000	252,000
other expense																				505,000	-2,395,000	-1,083,000
depreciation, depletion and amortization																					39,393,000	53,569,000	52,399,000	51,604,000	47,750,000	45,065,000	40,437,000
bridge loan commitment fees																											-2,665,000
loss on debt extinguishment and modifications																					-195,250			-781,000
foreign currency exchange loss																					-93,250	-196,000
gain from sale of partially owned entities																										4,297,000
less distributions on preferred shares of beneficial interest - series a																																-1,000
less distributions on preferred shares of beneficial interest - series b																																-1,817,000
net income attributable to common shares of beneficial interest																									20,809,000	27,091,000	4,891,000		2,679,000	24,540,000	29,406,000
acquisition, litigation, and other																											17,964,000	8,493,000
depreciation, depletion, and amortization																												30,096,000	29,792,000	29,403,000	29,051,000	29,408,000
net loss attributable to common shares of beneficial interest																												-4,629,000				-10,457,000
rent, storage, and warehouse services revenues																													305,458,000	297,225,000	287,712,000	286,517,000
other revenues																													2,144,000	2,041,000	2,311,000	2,403,000
impairment of investments in partially owned entities
loss on debt extinguishment and modification																													-5,346,250			-21,385,000
less accretion on preferred shares of beneficial interest - series b
income before income tax and gain from sale of real estate, net of tax																															20,896,000
gain from sale of real estate, net of tax																															8,384,000
distributions declared per common share of beneficial interest																															190	150
loss from partially owned entities																																-139,000
income before income tax																																-8,728,000
less accretion on preferred shares of beneficial interest – series b

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31

assets
property, buildings, and equipment:
land	818,606,000	826,556,000	832,480,000	819,590,000	806,981,000	825,965,000	816,949,000	813,243,000	820,831,000	794,776,000	797,381,000	789,118,000	786,975,000	770,775,000	780,381,000	811,442,000	807,495,000	769,720,000	705,862,000	663,569,000	662,885,000	533,822,000	523,620,000	515,744,000	526,226,000	516,354,000	516,874,000	408,982,000	385,232,000	384,971,000	385,713,000	389,565,000	389,443,000
buildings and improvements	4,798,286,000	4,569,012,000	4,577,009,000	4,524,128,000	4,462,565,000	4,488,472,000	4,458,632,000	4,444,068,000	4,464,359,000	4,390,940,000	4,373,257,000	4,350,529,000	4,245,607,000	4,159,993,000	4,150,724,000	4,163,054,000	4,152,763,000	4,057,597,000	3,847,631,000	4,016,435,000	4,004,824,000	2,954,633,000	2,889,402,000	2,835,697,000	2,696,732,000	2,612,087,000	2,591,532,000	1,862,064,000	1,849,749,000	1,838,086,000	1,894,824,000	1,887,206,000	1,865,727,000
machinery and equipment	1,612,744,000	1,667,689,000	1,671,187,000	1,633,310,000	1,598,502,000	1,593,267,000	1,575,540,000	1,568,141,000	1,565,431,000	1,501,899,000	1,438,824,000	1,426,398,000	1,407,874,000	1,368,207,000	1,360,551,000	1,361,741,000	1,352,399,000	1,297,087,000	1,274,690,000	1,188,608,000	1,177,572,000	907,006,000	879,837,000	859,709,000	817,617,000	792,661,000	770,336,000	600,148,000	577,175,000	579,325,000	549,083,000	549,908,000	555,453,000
assets under construction	756,798,000	1,032,294,000	886,925,000	708,200,000	606,233,000	593,515,000	510,085,000	476,421,000	452,312,000	452,557,000	494,617,000	463,953,000	526,811,000	520,702,000	533,028,000	512,694,000	450,153,000	402,576,000	382,730,000	374,962,000	303,531,000	182,297,000	132,793,000	102,919,000	108,639,000	105,917,000	118,375,000	74,937,000	85,983,000	75,606,000
property, buildings, and equipment: - sum	7,986,434,000	8,095,551,000	7,967,601,000	7,685,228,000	7,474,281,000	7,501,219,000			7,302,933,000
accumulated depreciation	-2,641,241,000	-2,676,181,000	-2,616,706,000	-2,533,658,000	-2,453,597,000	-2,413,063,000	-2,330,672,000	-2,259,390,000	-2,196,196,000	-2,107,133,000	-2,042,566,000	-1,971,897,000	-1,901,450,000	-1,825,107,000	-1,765,611,000	-1,708,031,000	-1,634,909,000	-1,563,868,000	-1,504,758,000	-1,441,337,000	-1,382,298,000								-21,317,000	-25,118,000	-44,181,000	-42,996,000	-41,051,000
property, buildings, and equipment – net	5,345,193,000	5,419,370,000	5,350,895,000	5,151,570,000	5,020,684,000	5,088,156,000			5,106,737,000
operating leases - net	179,935,000	179,596,000	178,868,000	174,518,000	222,294,000	224,866,000
financing leases - net	157,936,000	137,294,000	122,440,000	115,445,000	104,216,000	98,595,000
cash, cash equivalents, and restricted cash	136,863,000	33,338,000	101,376,000	38,946,000	47,652,000	61,271,000			60,392,000												621,051,000
accounts receivable - net of allowance of 16,396 and 24,426 at december 31, 2025 and 2024, respectively	368,521,000
identifiable intangible assets – net	819,494,000	827,562,000	839,730,000	835,233,000	838,660,000	874,105,000	874,788,000	884,521,000	897,414,000	897,238,000	914,173,000	918,945,000	925,223,000	919,052,000	944,058,000	968,099,000	980,966,000	1,011,102,000	875,038,000	788,044,000	797,423,000	363,698,000	352,100,000	355,613,000	284,758,000	288,232,000	275,363,000	25,003,000	25,056,000	25,444,000	25,839,000	26,239,000	26,645,000
goodwill	828,335,000	827,047,000	828,457,000	831,937,000	784,042,000	792,786,000	790,612,000	790,568,000	794,004,000	1,022,989,000	1,036,332,000	1,030,562,000	1,033,637,000	1,009,330,000	1,040,746,000	1,068,479,000	1,072,980,000	1,039,850,000	1,018,288,000	800,362,000	794,335,000	399,301,000	385,285,000	378,152,000	318,483,000	310,640,000	300,007,000	186,359,000	186,095,000	186,383,000	186,890,000	188,096,000	188,169,000
investments in and advances to partially owned entities	39,231,000	36,054,000	35,618,000	46,535,000	40,252,000	43,470,000	41,481,000	38,799,000	38,113,000
other assets	246,090,000	251,552,000	265,779,000	252,210,000	291,230,000	241,690,000	254,168,000	226,113,000	194,078,000	213,188,000	194,421,000	157,761,000	158,705,000	150,085,000	141,836,000	109,676,000	112,139,000	112,019,000	107,518,000	96,643,000	86,394,000	68,112,000	75,457,000	82,841,000	61,372,000	64,642,000	78,502,000	54,110,000	58,659,000	51,180,000	51,438,000	41,685,000	44,383,000
total assets	8,121,598,000	8,080,936,000	8,089,619,000	7,825,379,000	7,735,954,000	7,885,249,000	7,802,453,000	7,788,177,000	7,869,252,000	8,013,719,000	8,215,759,000	8,071,718,000	8,104,561,000	8,001,904,000	8,135,326,000	8,207,869,000	8,216,197,000	8,127,554,000	7,823,320,000	7,540,008,000	7,831,151,000	4,618,106,000	4,612,776,000	4,503,392,000	4,170,683,000	4,142,191,000	4,162,457,000	2,587,729,000	2,532,428,000	2,580,231,000	2,475,475,000	2,493,755,000	2,515,124,000
liabilities and equity
liabilities
borrowings under revolving line of credit	332,111,000	364,758,000	293,570,000	516,932,000	255,052,000	268,508,000	619,636,000	455,919,000	392,156,000	359,201,000	723,436,000	610,500,000	500,052,000	468,286,000	584,330,000	513,824,000	399,314,000	305,664,000	139,105,000	43,786,000
accounts payable and accrued expenses	574,059,000	570,865,000	579,642,000	514,643,000	603,411,000	567,356,000	570,818,000	513,820,000	568,764,000	501,662,000	527,073,000	479,738,000	557,540,000	516,728,000	554,601,000	535,617,000	559,412,000	577,721,000	563,566,000	524,876,000	552,547,000	356,734,000	335,651,000	341,113,000	350,963,000	314,173,000	287,691,000	258,055,000	253,080,000	249,715,000	224,749,000	232,737,000	240,188,000
senior unsecured notes and term loans - net of deferred financing costs of 16,001 and 13,882 at december 31, 2025 and 2024, respectively	3,792,123,000
sale-leaseback financing obligations	42,352,000	75,924,000	77,031,000	78,132,000	79,001,000	80,326,000	81,201,000	143,825,000	161,937,000	164,372,000	166,654,000	168,919,000	171,089,000	173,344,000	175,340,000	177,305,000	178,817,000	182,979,000	184,515,000	181,951,000	185,060,000	113,023,000	113,974,000	114,893,000	115,759,000	116,628,000	117,420,000	118,181,000	118,920,000	119,640,000	120,289,000	120,911,000	121,516,000
financing lease obligations	152,262,000	132,008,000	116,133,000	108,838,000	95,784,000	88,869,000	95,768,000	91,412,000	97,177,000	70,170,000	76,502,000	78,421,000	77,561,000	83,353,000	91,926,000	91,436,000	97,633,000	98,135,000	111,703,000	124,434,000	125,926,000	79,973,000	72,571,000	62,289,000	58,170,000	57,258,000	55,292,000	40,888,000
operating lease obligations	179,965,000	177,453,000	175,963,000	171,294,000	219,099,000	220,796,000	226,764,000	231,921,000	240,251,000	245,034,000	255,819,000	257,791,000	264,634,000	271,433,000	282,990,000	291,050,000	301,765,000	316,457,000	285,715,000	282,226,000	269,147,000	49,198,000	50,092,000	55,097,000	62,342,000	61,849,000	68,428,000	80,257,000
unearned revenues	20,169,000	23,306,000	21,952,000	22,933,000	21,979,000
deferred tax liability - net	98,591,000	119,745,000	127,596,000	118,976,000	115,772,000	130,924,000			135,797,000																		22,669,000	17,110,000	17,992,000	18,889,000	18,474,000	20,423,000	21,940,000
other liabilities	7,953,000	7,648,000	7,581,000	7,452,000	7,389,000	8,728,000	7,854,000	7,653,000
total liabilities	5,199,585,000	5,010,003,000	4,944,299,000	4,606,320,000	4,428,949,000	4,492,298,000	4,332,865,000	4,186,773,000	4,234,665,000	4,067,069,000	4,626,000,000	4,350,441,000	4,316,683,000	4,179,313,000	4,235,746,000	4,236,630,000	4,187,121,000	4,112,371,000	3,957,145,000	3,831,801,000	4,038,330,000	2,509,234,000	2,481,770,000	2,482,716,000	2,337,665,000	2,303,612,000	2,306,800,000	1,907,252,000	1,825,673,000	1,849,228,000	1,832,658,000	1,851,767,000	1,871,604,000
commitments and contingencies
equity
stockholders' equity:
common stock, 0.01 par value per share...	2,848,000	2,848,000	2,847,000	2,847,000	2,842,000	2,842,000	2,840,000	2,840,000	2,837,000	2,835,000	2,702,000	2,701,000	2,698,000	2,694,000	2,693,000
paid-in capital	5,664,195,000	5,660,410,000	5,657,220,000	5,653,251,000	5,646,879,000	5,642,286,000	5,635,353,000	5,631,968,000	5,625,907,000	5,622,152,000	5,203,891,000	5,197,893,000	5,191,969,000	5,189,215,000	5,182,309,000	5,177,642,000	5,171,690,000	5,110,432,000	4,900,398,000	4,681,809,000	4,687,823,000	2,936,762,000	2,932,040,000	2,818,389,000	2,582,087,000	2,579,318,000	2,577,888,000	1,365,767,000	1,356,133,000	1,349,761,000	1,257,779,000	1,255,094,000	1,250,951,000
accumulated deficit and distributions in excess of net earnings	-2,719,408,000	-2,565,199,000	-2,487,951,000	-2,423,607,000	-2,341,654,000	-2,242,604,000	-2,176,035,000	-2,048,978,000	-1,995,975,000	-1,706,591,000	-1,641,872,000	-1,477,452,000	-1,415,198,000	-1,359,106,000	-1,290,511,000	-1,234,875,000	-1,157,888,000	-1,090,595,000	-1,036,987,000	-965,844,000	-895,521,000	-797,935,000	-767,027,000	-756,418,000	-736,861,000	-718,874,000	-707,170,000	-673,297,000		-612,795,000	-611,208,000	-613,363,000	-608,625,000
accumulated other comprehensive loss	-63,190,000	-64,804,000	-58,468,000	-42,012,000	-27,279,000	-32,786,000			-16,640,000			-17,737,000						-13,477,000	-4,628,000	-13,659,000	-4,379,000	-31,992,000	-36,043,000	-43,298,000	-14,126,000	-23,783,000	-16,977,000	-13,484,000	-12,515,000	-7,442,000	-5,189,000	-1,168,000	-230,000
total stockholders’ equity	2,884,445,000	3,033,255,000	3,113,648,000	3,190,479,000	3,280,788,000	3,369,738,000	3,447,845,000	3,581,296,000	3,616,129,000	3,929,855,000	3,575,098,000	3,705,405,000	3,773,419,000	3,809,609,000	3,887,995,000
noncontrolling interests	37,568,000	37,678,000	31,672,000	28,580,000	26,217,000	23,213,000	21,743,000
total equity	2,922,013,000	3,070,933,000	3,145,320,000	3,219,059,000	3,307,005,000	3,392,951,000	3,469,588,000	3,601,404,000	3,634,587,000	3,946,650,000	3,589,759,000	3,721,277,000	3,787,878,000	3,822,591,000	3,899,580,000	3,971,239,000	4,029,076,000	4,015,183,000	3,866,175,000	3,708,207,000	3,792,821,000
total liabilities and equity	8,121,598,000	8,080,936,000	8,089,619,000	7,825,379,000	7,735,954,000	7,885,249,000	7,802,453,000	7,788,177,000	7,869,252,000	8,013,719,000	8,215,759,000	8,071,718,000	8,104,561,000	8,001,904,000	8,135,326,000	8,207,869,000	8,216,197,000	8,127,554,000	7,823,320,000	7,540,008,000	7,831,151,000
see accompanying notes to consolidated financial statements.
accounts receivable – net of allowance of 16,836 and 24,426 at september 30, 2025 and december 31, 2024, respectively		369,123,000
senior unsecured notes and term loans – net of deferred financing costs of 16,585 and 13,882 at september 30, 2025 and december 31, 2024, respectively		3,538,296,000
see accompanying notes to condensed consolidated financial statements.
accounts receivable – net of allowance of 19,117 and 24,426 at june 30, 2025 and december 31, 2024, respectively			366,456,000
senior unsecured notes and term loans – net of deferred financing costs of 17,486 and 13,882 at june 30, 2025 and december 31, 2024, respectively			3,544,831,000
accounts receivable – net of allowance of 21,987 and 24,426 at march 31, 2025 and december 31, 2024, respectively				378,985,000
senior unsecured notes and term loans – net of deferred financing costs of 13,106 and 13,882 at march 31, 2025 and december 31, 2024, respectively				3,067,120,000
accounts receivable - net of allowance of 24,426 and 21,647 at december 31, 2024 and 2023, respectively					386,924,000
senior unsecured notes and term loans - net of deferred financing costs of 13,882 and 10,578 at december 31, 2024 and 2023, respectively					3,031,462,000
accounts receivable – net of allowance of 22,222 and 21,647 at september 30, 2024 and december 31, 2023, respectively						460,310,000
liabilities:
senior unsecured notes and term loans – net of deferred financing costs of 14,568 and 10,578, in the aggregate, at september 30, 2024 and december 31, 2023, respectively						3,100,441,000
unearned revenue						26,350,000	27,290,000	29,089,000	28,379,000	29,865,000	31,180,000	32,921,000	32,046,000	34,205,000	30,670,000	28,349,000	26,143,000	22,114,000	20,344,000	18,957,000	19,209,000	17,172,000	15,266,000	17,118,000	16,423,000	17,925,000	18,805,000	17,994,000	18,625,000	19,471,000	20,145,000	18,200,000	19,196,000
stockholders' equity
property, buildings and equipment:
property, buildings and equipment: - sum							7,361,206,000	7,301,873,000		7,140,172,000	7,104,079,000	7,029,998,000	6,967,267,000	6,819,677,000	6,824,684,000	6,848,931,000		6,526,980,000		6,243,574,000	6,148,812,000	4,577,758,000	4,425,652,000	4,314,069,000
property, buildings and equipment – net							5,030,534,000	5,042,483,000		5,033,039,000	5,061,513,000	5,058,101,000	5,065,817,000	4,994,570,000	5,059,073,000	5,140,900,000	5,127,901,000	4,963,112,000	4,706,155,000	4,802,237,000	4,766,514,000	3,238,196,000	3,123,946,000	3,062,403,000	2,932,661,000
operating leases – net							231,822,000	238,065,000		253,180,000	265,541,000	268,270,000	276,219,000	283,628,000	298,787,000	308,347,000	320,053,000	336,363,000	312,678,000	288,638,000	267,314,000	46,447,000	47,736,000	52,426,000	59,613,000	58,787,000
financing leases – net							105,770,000	100,997,000	105,164,000	79,465,000	86,010,000	84,610,000	82,929,000	87,677,000	95,615,000	98,529,000	101,728,000	105,588,000	119,384,000	127,047,000	128,992,000	81,976,000	73,707,000	62,920,000	58,341,000	57,097,000	54,448,000	39,647,000
cash, cash equivalents and restricted cash							44,198,000	59,204,000		53,831,000	48,873,000	47,222,000	53,063,000	45,693,000	74,616,000	50,965,000	82,958,000	152,770,000	316,077,000	287,691,000
accounts receivable – net of allowance of 21,672 and 21,647 at june 30, 2024 and december 31, 2023, respectively							429,080,000
senior unsecured notes and term loans – net of deferred financing costs of 9,254 and 10,578, in the aggregate, at june 30, 2024 and december 31, 2023, respectively							2,574,022,000
deferred tax liability – net							129,512,000	134,142,000		125,890,000	133,236,000	132,415,000	135,098,000	128,404,000	143,340,000	165,331,000	169,209,000	193,194,000	208,799,000	221,922,000	220,502,000	47,481,000	50,177,000	52,776,000	17,119,000	14,385,000
stockholders’ equity:
accumulated other comprehensive income							-14,313,000	-4,534,000		11,459,000	10,377,000		-6,050,000	-23,194,000	-6,496,000	15,926,000	4,522,000
accounts receivable – net of allowance of 21,204 and 21,647 at march 31, 2024 and december 31, 2023, respectively								407,427,000
senior unsecured notes and term loans – net of deferred financing costs of 9,908 and 10,578, in the aggregate, at march 31, 2024 and december 31, 2023, respectively								2,578,992,000
noncontrolling interests:
noncontrolling interests in operating partnership								20,108,000	18,458,000	16,795,000	14,661,000	15,872,000	14,459,000	12,982,000	11,585,000	9,859,000	8,069,000				2,381,000
operating leases:
operating lease right-of-use assets									343,532,000	342,031,000	356,636,000	352,442,000	352,553,000	356,260,000	367,774,000	369,706,000	377,536,000	385,341,000	352,880,000	320,438,000	291,797,000	68,512,000	70,890,000	73,231,000	77,723,000	73,362,000	75,849,000	83,663,000
accumulated amortization-operating leases									-96,230,000
operating leases-net									247,302,000																		65,438,000	77,482,000
financing leases:
financing leases: - sum									174,988,000	150,586,000	153,173,000	145,790,000	140,555,000	144,086,000	150,970,000	155,000,000		162,274,000		174,830,000	169,929,000	118,188,000	108,530,000	95,729,000		83,444,000	78,415,000	61,062,000
accounts receivable									426,048,000
senior unsecured notes and term loans - net of deferred financing cost of 10,578 and 13,044 at december 31, 2023 and 2022, respectively									2,601,122,000
pension and postretirement benefits									1,624,000	2,398,000	1,580,000	1,564,000	1,531,000	2,624,000	3,051,000	3,057,000	2,843,000	7,247,000	7,880,000	8,980,000	9,145,000	9,589,000	11,001,000	11,877,000	12,706,000	16,257,000	17,135,000	15,721,000	16,317,000	14,297,000	15,392,000	16,105,000	16,756,000
multiemployer pension plan withdrawal liability									7,458,000				7,851,000				8,179,000				8,528,000				8,736,000				8,938,000
accumulated depreciation – operating leases										-88,851,000	-91,095,000	-84,172,000	-76,334,000	-72,632,000	-68,987,000	-61,359,000	-57,483,000	-48,978,000	-40,202,000	-31,800,000	-24,483,000	-22,065,000	-23,154,000	-20,805,000	-18,110,000	-14,575,000
accumulated depreciation – financing leases										-71,121,000	-67,163,000	-61,180,000	-57,626,000	-56,409,000	-55,355,000	-56,471,000	-58,165,000	-56,686,000	-53,785,000	-47,783,000	-40,937,000	-36,212,000	-34,823,000	-32,809,000	-29,697,000	-26,347,000
accounts receivable – net of allowance of 18,470 and 15,951 at september 30, 2023 and december 31, 2022, respectively										424,540,000
investments in partially owned entities and other										36,249,000	36,957,000	96,717,000	78,926,000
senior unsecured notes and term loans – net of deferred financing costs of 11,173 and 13,044, in the aggregate, at september 30, 2023 and december 31, 2022, respectively										2,560,927,000
multi-employer pension plan withdrawal liability										7,550,000	7,641,000	7,731,000		7,932,000	8,011,000	8,091,000		8,267,000	8,354,000	8,441,000		8,580,000	8,632,000	8,684,000		8,787,000	8,837,000	8,926,000		8,987,000	9,037,000	9,086,000	9,134,000
accounts receivable – net of allowance of 15,891 and 15,951 at june 30, 2023 and december 31, 2022, respectively											465,571,000
assets held for sale											106,368,000
senior unsecured notes and term loans – net of deferred financing costs of 11,848 and 13,044, in the aggregate, at june 30, 2023 and december 31, 2022, respectively											2,590,127,000
liabilities held for sale											112,752,000
accounts receivable – net of allowance of 17,411 and 15,951 at march 31, 2023 and december 31, 2022, respectively												409,530,000
senior unsecured notes and term loans – net of deferred financing costs of 12,434 and 13,044, in the aggregate, at march 31, 2023 and december 31, 2022, respectively												2,580,441,000
accounts receivable – net of allowance of 15,951 and 18,755 at december 31, 2022 and 2021, respectively													430,042,000
mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of 13,044 and 11,050 at december 31, 2022 and 2021, respectively													2,569,281,000
accounts receivable – net of allowance of 12,423 and 18,755 at september 30, 2022 and december 31, 2021, respectively														441,739,000
investments in partially owned entities														70,130,000	72,505,000	43,526,000	37,458,000	38,571,000	42,742,000	42,376,000	44,907,000	21,536,000	22,102,000	23,041,000			12,788,000	13,167,000	14,541,000	15,952,000	16,289,000	15,935,000	15,942,000
mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of 12,025 and 11,050, in the aggregate, at september 30, 2022 and december 31, 2021, respectively														2,493,004,000
accounts receivable – net of allowance of 10,523 and 18,755 at june 30, 2022 and december 31, 2021, respectively															408,090,000
mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of 9,934 and 11,050, in the aggregate, at june 30, 2022 and december 31, 2021, respectively															2,361,487,000
accounts receivable – net of allowance of 20,725 and 18,755 at march 31, 2022 and december 31, 2021, respectively																419,348,000
mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of 10,492 and 11,050, in the aggregate, at march 31, 2022 and december 31, 2021, respectively																2,422,570,000
shareholders’ equity:
common shares of beneficial interest, 0.01 par value – 500,000,000 authorized shares; 268,672,465 and 268,282,592 shares issued and outstanding at march 31, 2022 and december 31, 2021, respectively																2,687,000
total shareholders’ equity																3,961,380,000	4,021,007,000	4,009,028,000	3,861,393,000	3,704,831,000	3,790,440,000	2,108,872,000	2,131,006,000	2,020,676,000	1,833,018,000	1,838,579,000	1,855,657,000	680,477,000	706,755,000	731,003,000	642,817,000	641,988,000	643,520,000
accounts receivable – net of allowance of 18,755 and 12,286 at december 31, 2021 and 2020, respectively																	380,014,000
mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of 11,050 and 15,952 in the aggregate, at december 31, 2021 and 2020, respectively																	2,443,806,000
common shares of beneficial interest, 0.01 par value – 500,000,000 and 325,000,000 authorized shares; 268,282,592 and 251,702,603 issued and outstanding at december 31, 2021 and 2020, respectively																	2,683,000
accounts receivable – net of allowance of 17,017 and 12,286 at september 30, 2021 and december 31, 2020, respectively																		368,179,000
mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of 11,446 and 15,952, in the aggregate, at september 30, 2021 and december 31, 2020, respectively																		2,400,593,000
common shares of beneficial interest, 0.01 par value – 500,000,000 and 325,000,000 authorized shares; 266,769,008 and 251,702,603 shares issued and outstanding at september 30, 2021 and december 31, 2020, respectively																		2,668,000
noncontrolling interests in operating partnership and consolidated joint venture																		6,155,000	4,782,000	3,376,000
accounts receivable – net of allowance of 15,197 and 12,286 at june 30, 2021 and december 31, 2020, respectively																			325,440,000
mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of 11,994 and 15,952, in the aggregate, at june 30, 2021 and december 31, 2020, respectively																			2,427,164,000
common shares of beneficial interest, 0.01 par value – 500,000,000 and 325,000,000 authorized shares; 261,015,053 and 251,702,603 shares issued and outstanding at june 30, 2021 and december 31, 2020, respectively																			2,610,000
accounts receivable – net of allowance of 12,866 and 12,286 at march 31, 2021 and december 31, 2020, respectively																				306,970,000
mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of 12,474 and 15,952, in the aggregate, at march 31, 2021 and december 31, 2020, respectively																				2,416,228,000
common shares of beneficial interest, 0.01 par value – 500,000,000 and 325,000,000 authorized shares; 252,519,518 and 251,702,603 shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively																				2,525,000
accounts receivable – net of allowance of 12,286 and 6,927 at december 31, 2020 and 2019, respectively																					324,221,000
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																					2,648,266,000
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																					2,517,000
accumulated depreciation and depletion																						-1,339,562,000	-1,301,706,000	-1,251,666,000	-1,216,553,000	-1,192,126,000	-1,157,430,000	-1,127,419,000	-1,097,624,000	-1,090,336,000	-1,044,371,000	-1,030,240,000	-1,010,903,000
cash and cash equivalents																						173,913,000	298,709,000	262,955,000	234,303,000	310,116,000	320,805,000	172,838,000	208,078,000	226,807,000	153,200,000	193,868,000	183,656,000
restricted cash																						7,441,000	33,131,000	6,222,000	6,310,000	6,872,000	6,441,000	6,812,000	6,019,000	38,448,000	37,575,000	19,394,000	21,090,000
accounts receivable – net of allowance of 12,452 and 6,927 at september 30, 2020 and december 31, 2019, respectively																						217,486,000
liabilities and shareholders’ equity
mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of 13,607 and 12,996, in the aggregate, at september 30, 2020 and december 31, 2019, respectively																						1,827,484,000
common shares of beneficial interest, 0.01 par value – 325,000,000 and 250,000,000 authorized shares; 203,679,575 and 191,799,909 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively																						2,037,000
total liabilities and shareholders’ equity																						4,618,106,000	4,612,776,000	4,503,392,000	4,170,683,000	4,142,191,000	4,162,457,000	2,587,729,000
accounts receivable – net of allowance of 10,481 and 6,927 at june 30, 2020 and december 31, 2019, respectively																							200,603,000
mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of 14,295 and 12,996, in the aggregate, at june 30, 2020 and december 31, 2019, respectively																							1,824,406,000
common shares of beneficial interest, 0.01 par value – 325,000,000 and 250,000,000 authorized shares; 203,615,707 and 191,799,909 shares issued and outstanding at june 30, 2020 and december 31, 2019, respectively																							2,036,000
accounts receivable – net of allowance of 7,426 and 6,927 at march 31, 2020 and december 31, 2019, respectively																								216,819,000
mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of 14,976 and 12,996, in the aggregate, at march 31, 2020 and december 31, 2019, respectively																								1,818,869,000
common shares of beneficial interest, 0.01 par value – authorized 325,000,000 and 250,000,000 shares; 200,265,965 and 191,799,909 shares issued and outstanding at march 31, 2020 and december 31, 2019, respectively																								2,003,000
accounts receivable – net of allowance of 6,927 and 5,706 at december 31, 2019 and 2018, respectively																									214,842,000
mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of 12,996 and 13,943 in the aggregate, at december 31, 2019 and 2018, respectively																									1,695,447,000
common shares of beneficial interest, 0.01 par value – authorized 250,000,000 shares; 191,799,909 and 148,234,959 issued and outstanding at december 31, 2019 and 2018, respectively																									1,918,000
property, plant, and equipment:
property, plant, and equipment: - sum																										4,027,019,000	3,997,117,000	2,946,131,000	2,898,139,000	2,877,988,000	2,829,620,000	2,826,679,000	2,810,623,000
property, plant, and equipment – net																										2,834,893,000	2,839,687,000	1,818,712,000	1,800,515,000	1,787,652,000	1,785,249,000	1,796,439,000	1,799,720,000
accounts receivable – net of allowance of 6,042 and 5,706 at september 30, 2019 and december 31, 2018, respectively																										210,912,000
mortgage notes, senior unsecured notes and term loan – net of unamortized deferred financing costs of 13,750 and 13,943, in the aggregate, at september 30, 2019 and december 31, 2018, respectively																										1,696,350,000
common shares of beneficial interest, 0.01 par value – authorized 250,000,000 shares; 191,750,746 and 148,234,959 shares issued and outstanding at september 30, 2019 and december 31, 2018, respectively																										1,918,000
accumulated depreciation-operating leases																											-10,411,000	-6,181,000
accumulated depreciation- financing leases																											-23,967,000	-21,415,000
accounts receivable – net of allowance of 4,946 and 5,706 at june 30, 2019 and december 31, 2018, respectively																											208,978,000
mortgage notes, senior unsecured notes, term loan and notes payable - net of unamortized deferred financing costs of 14,499 and 13,943, in the aggregate, at june 30, 2019 and december 31, 2018, respectively																											1,710,523,000
common shares of beneficial interest, 0.01 par value – authorized 250,000,000 shares; 191,634,460 and 148,234,959 shares issued and outstanding at june 30, 2019 and december 31, 2018, respectively																											1,916,000
accounts receivable – net of allowance of 6,146 and 5,706 at march 31, 2019 and december 31, 2018, respectively																												193,599,000
mortgage notes, senior unsecured notes and term loan - net of unamortized discount and deferred financing costs of 13,207 and 13,943, in the aggregate, at march 31, 2019 and december 31, 2018, respectively																												1,350,120,000
common shares of beneficial interest, 0.01 par value – authorized 250,000,000 shares; 149,132,808 and 148,234,959 shares issued and outstanding at march 31, 2019 and december 31, 2018, respectively																												1,491,000
capitalized leases:
capitalized leases: - sum																													60,503,000	64,215,000	80,659,000	76,446,000	76,216,000
capitalized leases – net																													39,186,000	39,097,000	36,478,000	33,450,000	35,165,000
accounts receivable – net of allowance of 5,706 and 5,309 at december 31, 2018 and 2017, respectively																													194,279,000
liabilities, series b preferred shares and shareholders’ equity
construction loan - net of deferred financing costs of zero and 179 at december 31, 2018 and 2017, respectively
mortgage notes, senior unsecured notes and term loans - net of discount and deferred financing costs of 13,943 and 31,996 in the aggregate, at december 31, 2018 and 2017, respectively																													1,351,014,000
capitalized lease obligations																													40,787,000	41,231,000	38,890,000	36,078,000	38,124,000
preferred shares of beneficial interest, 0.01 par value – authorized 375,000 series b cumulative convertible voting and participating preferred shares; aggregate liquidation preference of 375,000; zero and 375,000 shares issued and outstanding at december 31, 2018 and 2017, respectively
shareholders’ equity
preferred shares of beneficial interest, 0.01 par value – authorized 1,000 series a cumulative non-voting preferred shares; aggregate liquidation preference of 125; zero and 125 issued and outstanding at december 31, 2018 and 2017, respectively
common shares of beneficial interest, 0.01 par value – authorized 250,000,000 shares; 148,234,959 and 69,370,609 issued and outstanding at december 31, 2018 and 2017, respectively																													1,482,000
accumulated deficit																													-638,345,000
total liabilities, series b preferred shares and shareholders’ equity																													2,532,428,000	2,580,231,000	2,475,475,000	2,493,755,000	2,515,124,000
accounts receivable – net of allowance of 5,725 and 5,309 at september 30, 2018 and december 31, 2017, respectively																														209,268,000
construction loan - net of deferred financing costs of 179 at december 31, 2017
mortgage notes and term loans - net of unamortized discount and deferred financing costs of 13,571 and 31,997, in the aggregate, at september 30, 2018 and december 31, 2017, respectively																														1,376,998,000
preferred shares of beneficial interest, 0.01 par value – authorized 375,000 series b cumulative convertible voting and participating preferred shares; aggregate liquidation preference of 375,000; zero and 375,000 shares issued and outstanding at september 30, 2018 and december 31, 2017, respectively
preferred shares of beneficial interest, 0.01 par value – authorized 1,000 series a cumulative non-voting preferred shares; aggregate liquidation preference of 125; zero and 125 shares issued and outstanding at september 30, 2018 and december 31, 2017, respectively
common shares of beneficial interest, 0.01 par value – authorized 250,000,000 shares; 147,861,840 and 69,370,609 shares issued and outstanding at september 30, 2018 and december 31, 2017, respectively																														1,479,000
accounts receivable – net of allowance of 5,505 and 5,309 at june 30, 2018 and december 31, 2017, respectively																															182,517,000
mortgage notes and term loans - net of unamortized discount and deferred financing costs of 14,704 and 31,997, in the aggregate, at june 30, 2018 and december 31, 2017, respectively																															1,385,682,000
preferred shares of beneficial interest, 0.01 par value – authorized 375,000 series b cumulative convertible voting and participating preferred shares; aggregate liquidation preference of 375,000; zero and 375,000 shares issued and outstanding at june 30, 2018 and december 31, 2017, respectively
preferred shares of beneficial interest, 0.01 par value – authorized 1,000 series a cumulative non-voting preferred shares; aggregate liquidation preference of 125; zero and 125 shares issued and outstanding at june 30, 2018 and december 31, 2017, respectively
common shares of beneficial interest, 0.01 par value – authorized 250,000,000 shares; 143,459,052 and 69,370,609 shares issued and outstanding at june 30, 2018 and december 31, 2017, respectively																															1,435,000
accounts receivable – net of allowance of 5,804 and 5,309 at march 31, 2018 and december 31, 2017, respectively																																178,649,000
construction loan - net of deferred financing costs 179 at december 31, 2017
mortgage notes and term loans - net of discount and deferred financing costs of 15,935 and 31,996, in the aggregate, at march 31, 2018 and december 31, 2017, respectively																																1,398,227,000
preferred shares of beneficial interest, 0.01 par value – authorized 375,000 series b cumulative convertible voting and participating preferred shares; aggregate liquidation preference of 375,000; zero and 375,000 shares issued and outstanding at march 31, 2018 and december 31, 2017, respectively
preferred shares of beneficial interest, 0.01 par value – authorized 1,000 series a cumulative non-voting preferred shares; aggregate liquidation preference of 125; zero and 125 shares issued and outstanding at march 31, 2018 and december 31, 2017, respectively
common shares of beneficial interest, 0.01 par value – authorized 250,000,000 shares; 142,513,448 and 69,370,609 shares issued and outstanding at march 31, 2018 and december 31, 2017, respectively																																1,425,000
accounts receivable – net of allowance of 4,961 and 4,072 at december 31, 2017 (historical and pro forma) and 2016, respectively																																	200,354,000
construction loan - net of deferred financing costs of 179 at december 31, 2017 historical, and zero at december 31, 2017 pro forma
mortgage notes and term loans - net of discount and deferred financing costs of 31,996 and 35,916, in the aggregate, at december 31, 2017 (historical) and 2016, respectively, and 18,166 at december 31, 2017 pro forma																																	1,404,750,000
preferred shares of beneficial interest, 0.01 par value – authorized 375,000 series b cumulative convertible voting and participating preferred shares; aggregate liquidation preference of 375,000; 375,000 shares issued and outstanding at december 31, 2017 (historical) and 2016, and no shares outstanding at december 31, 2017 pro forma
preferred shares of beneficial interest, 0.01 par value – authorized 1,000 series a cumulative non-voting preferred shares; aggregate liquidation preference of 125; 125 shares issued and outstanding at december 31, 2017 (historical) and 2016, and no shares outstanding at december 31, 2017 pro forma
common shares of beneficial interest, 0.01 par value – authorized 250,000,000 shares; 69,370,609 shares issued and outstanding at december 31, 2017 (historical) and 2016, and 142,475,349 shares issued and outstanding at december 31, 2017 pro forma																																	1,424,000
see accompanying notes.

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31

operating activities:
net loss	-88,910,000	-11,449,000			-36,409,000	-3,733,000			-226,800,000	-2,096,000	-104,802,000	-2,571,000		-8,937,000	3,953,000	-17,445,000
adjustments to reconcile net loss to net cash from operating activities:
depreciation and amortization	99,895,000	88,023,000	90,462,000	88,982,000	89,711,000	89,362,000	89,649,000	92,095,000	94,099,000	89,728,000	84,892,000	85,024,000	82,467,000	83,669,000	82,690,000	82,620,000	87,601,000	70,569,000	84,459,000	77,211,000
amortization of deferred financing costs and pension withdrawal liability	1,467,000	1,479,000	1,523,000	1,400,000	1,445,000	1,301,000	1,294,000	1,289,000				1,240,000	1,305,000	1,222,000	1,160,000	1,146,000	1,104,000	1,088,000	1,085,000	1,148,000	1,202,000	1,203,000	1,196,000	1,546,000	1,524,000	1,526,000
project orion and other software related deferred costs amortization	947,000
loss on debt extinguishment and termination of derivative instruments						218,000
gain from sale of partially owned entity	0	0
loss from investments in partially owned entities	373,000	41,000	335,000	1,363,000	682,000	1,037,000	1,034,000	949,000	-174,000	259,000	2,439,000	3,029,000	2,101,000	1,440,000	3,647,000	2,112,000				700,000	-4,000	98,000	129,000	27,000
stock-based compensation expense	4,335,000	10,050,000	7,585,000	8,220,000	8,367,000	7,183,000	6,064,000	6,619,000	5,780,000	6,203,000	4,639,000	6,970,000	5,036,000	6,720,000															6,597,000	0	124,000	1,918,000
deferred income tax benefit	-22,017,000				-6,712,000														6,568,000	-2,002,000		-1,284,000	-967,000	-2,102,000		-7,809,000	-3,352,000	-1,060,000		512,000
provision for doubtful accounts receivable	1,446,000	2,322,000	1,205,000	139,000	4,649,000	1,616,000	441,000	927,000	3,181,000	986,000	797,000	1,458,000	3,528,000	1,900,000	-4,000	1,970,000				579,000	-167,000	1,969,000	3,054,000	500,000		861,000			1,370,000	594,000	257,000	103,000
impairment of indefinite and long-lived assets					30,173,000								764,000
impairment of related party loan receivable									0	0
loss on put option									0	0
loss on classification of comfrio as held for sale									0
non-cash operating lease expenses	9,448,000	9,526,000	9,659,000	9,292,000
net loss from sale of real estate
changes in operating assets and liabilities:
accounts receivable	-90,000	-5,918,000	17,304,000	9,633,000	58,648,000	-28,785,000	-21,200,000	14,085,000	-312,000	35,441,000	-57,889,000	20,012,000	16,132,000	-44,347,000	1,580,000	-41,994,000	-14,104,000	-44,597,000	-18,294,000	16,519,000	-11,701,000	-14,560,000	14,808,000	-1,444,000	-3,188,000	-3,780,000	3,544,000	-257,000	12,065,000	-29,553,000	-4,567,000	20,115,000
accounts payable and accrued expenses	33,630,000	-14,409,000	30,787,000	-67,052,000	16,739,000	-14,321,000	68,684,000	-53,753,000	84,702,000	-22,196,000	31,035,000	-69,996,000	10,920,000	-26,191,000	42,381,000	-35,572,000	34,112,000	-1,949,000	24,114,000	-38,446,000	15,209,000	-766,000	-108,000	5,136,000	22,901,000	1,823,000	-25,922,000	2,039,000	5,964,000	23,174,000	-10,547,000	-23,810,000
other assets	3,077,000	1,699,000	-25,568,000	-1,438,000	-915,000	-9,810,000	-38,133,000	-13,852,000
operating lease liabilities	-9,285,000	-9,101,000	-9,998,000	-8,451,000	-13,959,000	-5,665,000	-10,820,000	-9,901,000
proceeds from settlement of treasury lock hedge transactions	0	0	0	1,292,000
other	-1,846,000	4,039,000	-3,689,000	2,722,000	-8,735,000	5,844,000	-12,699,000	711,000	18,808,000	3,488,000	-2,082,000	-588,000	-6,100,000	20,942,000	-15,427,000	15,911,000	3,828,000	-495,000	-13,686,000	-3,179,000	2,986,000	1,593,000	-7,837,000	-1,031,000	-10,905,000	7,828,000	1,033,000	6,808,000	-1,256,000	-3,359,000	-9,314,000	7,683,000
net cash from operating activities	130,207,000	78,915,000	120,317,000	30,202,000	162,605,000	50,613,000	136,670,000	61,989,000	172,942,000	110,445,000	41,287,000	41,481,000	117,113,000	49,641,000	117,656,000	15,586,000	108,741,000	36,566,000	81,222,000	46,531,000	66,482,000	63,218,000	83,463,000	80,517,000	84,268,000	72,086,000	26,823,000	53,012,000	63,011,000	48,273,000	26,526,000	50,361,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-52,637,000	0	-24,934,000	-49,110,000	-31,067,000	-36,768,000	-28,271,000
free cash flows	130,207,000	78,915,000	120,317,000	30,202,000	162,605,000	50,613,000	136,670,000	61,989,000	172,942,000	110,445,000	41,287,000	41,481,000	117,113,000	49,641,000	117,656,000	15,586,000	108,741,000	36,566,000	81,222,000	46,531,000	66,482,000	63,218,000	83,463,000	80,517,000	84,268,000	19,449,000	26,823,000	28,078,000	13,901,000	17,206,000	-10,242,000	22,090,000
investing activities:
additions to property, buildings and equipment						-95,162,000	-63,342,000	-45,753,000	-76,150,000	-60,343,000	-58,712,000	-69,262,000	-54,253,000	-72,403,000	-88,689,000	-93,020,000	-124,961,000	-105,937,000	-106,826,000	-100,466,000	-135,203,000	-68,369,000	-110,981,000	-62,264,000
business combinations, net of cash acquired	0	0	0	-108,448,000										-16,040,000	209,000	603,000		-400,987,000	-173,373,000	-41,956,000	-1,460,200,000	-83,069,000	-85,000	-315,583,000	24,000	3,336,000
acquisitions of property, buildings, equipment, and other assets, net of cash acquired
investments in and advances to partially owned entities and other	-4,860,000	-477,000	-13,368,000	-5,848,000	-1,604,000	-2,185,000
net payments for sale of business									0
proceeds from sale of property, buildings, and equipment	410,000	3,876,000	21,448,000	133,000
proceeds from sale of investments in partially owned entities									0	0							0	0							0
payment for foreign currency exchange forwards settlement	0
net cash from investing activities	-146,810,000	-142,361,000	-142,124,000	-226,706,000	-106,736,000	-97,271,000	-69,861,000	-39,315,000	-98,695,000	-95,704,000	-75,082,000	-87,592,000	-60,481,000	-96,048,000	-97,716,000	-94,244,000	-293,708,000	-506,669,000	-295,085,000	-143,737,000	-1,637,406,000	-168,694,000	-84,951,000	-358,074,000	-116,002,000	-34,138,000	-1,396,089,000	-58,705,000	-48,109,000	-30,659,000	-19,016,000	-27,919,000
financing activities:
distributions paid on common stock, restricted stock units and noncontrolling interests in op	-65,648,000	-66,095,000	-66,228,000	-63,404,000				-63,044,000	-62,659,000	-59,756,000
proceeds from stock options exercised	54,000	517,000	65,000	2,228,000	51,000	753,000	81,000	1,943,000	1,218,000	169,000	101,000	1,464,000	3,087,000	236,000	76,000	575,000	914,000	0	846,000	4,345,000	0	866,000	4,971,000	911,000	0	557,000	4,080,000	5,567,000	4,945,000	2,373,000
proceeds from employee stock purchase plan	0	0	0	1,577,000	0	1,573,000	0	1,496,000	0	1,594,000	1,000	1,452,000	-1,000	1,895,000	0	1,985,000	0
remittance of withholding taxes related to employee stock-based transactions	253,000	-785,000	0	-2,646,000	-308,000	-647,000	-467,000	-2,224,000	-1,139,000	-212,000	241,000	-2,265,000
proceeds from revolving line of credit	171,208,000	141,534,000	27,589,000	287,146,000	68,000,000	157,000,000	402,214,000	200,010,000	170,905,000	105,756,000	252,965,000	186,700,000	124,750,000	151,264,000	138,340,000	115,000,000	220,144,000	380,000,000	167,352,000	43,489,000	450,000,000	0	0	186,753,000	0	0
repayment on revolving line of credit	-206,000,000	-68,000,000	-268,000,000	-30,000,000	-56,869,000	-517,000,000	-242,314,000	-126,000,000	-153,364,000	-459,214,000	-143,337,000	-76,604,000		-248,860,000				-210,000,000				0	0	-177,075,000		0
repayment of sale-leaseback financing obligations	-1,174,000	-1,107,000	-1,100,000	-869,000	-1,325,000	-875,000	-2,457,000	-2,434,000	-11,174,000	-2,282,000	-2,265,000	-2,170,000	-2,255,000	-1,996,000	-1,965,000	-1,619,000	-4,119,000	-1,479,000	269,000	-1,453,000	-1,038,000	-951,000	-919,000	-866,000	-869,000	-792,000	-760,000	-740,000	-719,000	-649,000	-622,000	-605,000
termination of sale-leaseback financing obligations					0	0
repayment of financing lease obligations	-13,378,000	-9,457,000	-7,694,000	-7,160,000	-9,803,000	-8,213,000	-8,118,000	-11,787,000	-12,824,000	-6,426,000	-10,318,000	-9,646,000	-9,102,000	-7,569,000	-12,494,000	-4,695,000	-4,941,000	-8,163,000	-12,119,000	-7,218,000	-5,671,000	-5,446,000	-4,626,000	-4,227,000	-3,965,000	-3,536,000	-3,222,000	-2,616,000
payment of debt issuance costs	-168,000	-527,000															-650,000	0	-65,000	-3,045,000	-1,731,000	0	0	-8,345,000	-15,000	-22,000			-9,284,000	1,448,000	-51,000	-8,676,000
proceeds from public senior unsecured notes offering	0	0
proceeds from senior unsecured term loans
net proceeds from issuance of common stock									-308,000
net cash from financing activities	119,858,000	-3,920,000	80,446,000	186,872,000	-65,008,000	65,419,000	-84,723,000	-22,473,000	-69,345,000	-7,453,000	37,646,000	38,867,000	-51,148,000	22,254,000	5,963,000	46,256,000	116,220,000	308,190,000	242,609,000	-235,530,000	2,006,584,000	-50,995,000	59,211,000	315,101,000	-46,074,000	-46,577,000	1,517,131,000	-29,109,000	-64,964,000	57,281,000	-28,462,000	121,087,000
net increase in cash, cash equivalents and restricted cash	103,255,000	-67,366,000	58,639,000	-9,632,000	-9,139,000			201,000											28,746,000	-332,736,000	435,660,000	-156,471,000	57,723,000	37,544,000	-77,808,000	-8,629,000	147,865,000	-34,802,000	-50,062,000	74,895,000	-20,952,000	143,529,000
effect of foreign currency translation on cash, cash equivalents and restricted cash	270,000	-672,000	3,791,000	926,000	-4,480,000	-1,688,000	2,908,000	-1,389,000	1,659,000	-2,330,000	-2,200,000	1,403,000	1,886,000	-4,770,000	-2,252,000	409,000	-1,065,000	-1,394,000	-360,000	-624,000	4,037,000	5,985,000	4,940,000	-8,980,000	1,433,000	-1,629,000	-269,000	355,000	-1,096,000	-415,000	-1,535,000	-230,000
cash, cash equivalents and restricted cash:
beginning of period	0	0	0	47,652,000	0	0	0	60,392,000	0	0	0	53,063,000	0	0	0	82,958,000	0	0	0	621,051,000	0	0	0	240,613,000	0	0	0	214,097,000	0	0	0	69,963,000
end of period	103,525,000	-68,038,000	62,430,000	38,946,000	-13,619,000	17,073,000	-15,006,000	59,204,000	6,561,000	4,958,000	1,651,000	47,222,000	7,370,000	-28,923,000	23,651,000	50,965,000	-69,812,000	-163,307,000	28,386,000	287,691,000	439,697,000	-150,486,000	62,663,000	269,177,000	-76,375,000	-10,258,000	147,596,000	179,650,000	-51,158,000	74,480,000	-22,487,000	213,262,000
see accompanying notes to consolidated financial statements.
impairment of long-lived assets		77,000															0	1,784,000			1,954,000	2,615,000				0	930,000	12,555,000
net gain from sale of real estate		143,000
additions to property, buildings, and equipment		-144,267,000	-177,675,000	-112,543,000
proceeds from sale of investment in partially owned entity		0
supplemental disclosures of non-cash investing and financing activities:
addition of property, buildings, and equipment on accrual		36,702,000	318,000	35,860,000
right-of-use assets obtained in exchange for lease obligations:
operating leases		7,819,000	7,212,000	1,003,000
finance leases		25,621,000	14,195,000	21,793,000
supplemental disclosures of cash flows information:
interest paid – net of amounts capitalized		48,019,000	9,810,000	54,840,000				27,848,000				47,387,000				38,751,000
income taxes paid – net of refunds		1,250,000	3,034,000	952,000				2,374,000				556,000				2,252,000																1,262,000
project orion deferred costs amortization
deferred income tax expense			1,245,000	573,000
net income				-16,473,000				9,802,000									-7,982,000	5,308,000	-13,399,000	-14,236,000	-43,992,000	12,374,000								24,540,000	29,405,000	-8,639,000
adjustments to reconcile net income to net cash from operating activities:
loss on debt extinguishment and termination of derivative instruments, non-cash
loss on debt extinguishment, modifications and termination of derivative instruments, non-cash
gain on extinguishment of new market tax credit structure													0	0
loss on deconsolidation of subsidiary contributed
payment of debt issuance and extinguishment costs														-10,509,000
repayment of term loans, mortgage notes, and notes payable
proceeds from senior unsecured notes and term loans
gain from sale of real estate						0																		-2,461,000
loss from other asset disposals
non-cash lease expenses						6,859,000	10,905,000	10,525,000
business combinations
acquisitions of property, buildings and equipment										-23,496,000
proceeds from sale of property, buildings and equipment						76,000	159,000	9,020,000	158,000	198,000	7,645,000	70,000	4,373,000	100,000	142,000	98,000	-359,000	255,000	736,000	327,000	2,839,000	8,303,000
distributions paid on common stock, restricted stock units and noncontrolling interests						-62,996,000
proceeds from issuance of senior unsecured notes																										0
deferred income taxes benefit										-2,473,000	-1,459,000	-3,621,000
loss on other asset disposals							-469,000	206,000					2,449,000							-158,000	1,779,000	1,135,000	-255,000	-165,000		147,000
loss on classification as held for sale
net decrease in cash, cash equivalents and restricted cash											3,851,000	-7,244,000		-24,153,000	25,903,000	-32,402,000
loss on debt extinguishment, modifications and termination of derivative instruments								5,182,000		683,000	627,000	545,000		1,040,000	628,000	616,000		626,000	802,000	3,499,000
deferred income taxes expense								619,000						-4,374,000
loss from sale of real estate								-3,514,000	5,000			191,000	-21,000								-676,000	427,000				0
investments in partially owned entities and other								-2,582,000		-1,538,000
termination of sale-leaseback financing obligations and related termination premiums								-20,433,000
addition of property, buildings and equipment on accrual								35,440,000				40,467,000				52,931,000
addition of property, buildings and equipment under financing lease obligations								6,831,000				10,486,000				5,717,000
addition of property, buildings and equipment under operating lease obligations								281,000				474,000				1,828,000
supplemental cash flow information:
loss on debt extinguishment, modification and termination of derivative instruments, non-cash
deferred tax benefit																																-1,156,000
non-cash operating lease expense
investment in partially owned entities and other												-18,400,000
purchase of noncontrolling interest holders share in consolidated joint venture																	0	0
proceeds from term loans
net increase in cash, cash equivalents, and restricted cash
loss on deconsolidation of subsidiary contributed to latam joint venture													0
other reconciling items										-272,000
business combinations and deferred consideration paid
repayment of term loan and mortgage notes														-1,824,000	-1,805,000	-1,824,000		-1,753,000	-1,723,000	-201,770,000				-51,672,000
proceeds from term loan																						0	0	177,075,000								525,000,000
amortization of above/below market leases												402,000	534,000	540,000	549,000	508,000	843,000	1,017,000	362,000	39,000	37,000	39,000	0	76,000	37,000	38,000	38,000	38,000		38,000
foreign exchange gain												-458,000																-60,000
gain on other asset disposals												-156,000			69,000	-165,000												20,000		-391,000
distributions paid on common stock, restricted stock units and noncontrolling interests in operating partnership												-60,064,000
loss on debt extinguishment, modification and termination of derivative instruments
loss from foreign exchange
change in deferred taxes																	-10,151,000
business combinations and deferred consideration paid, net of cash acquired
acquisitions of property, buildings and equipment, net of cash acquired													0	-7,705,000							0
proceeds from the settlement of net investment hedges
proceeds from the settlement of foreign currency forward contract
payment in settlement of foreign currency forward contract
repayment of revolving line of credit
remittance of withholding taxes related to employee share-based transactions													-4,277,000	-285,000	-520,000	-3,226,000	-1,109,000	14,000	-869,000	-14,922,000	-573,000	-730,000	-3,233,000	-2,417,000
proceeds from senior unsecured notes
foreign exchange loss														2,488,000	1,290,000	-325,000				-173,000		196,000	-315,000	492,000		43,000				-735,000	-1,511,000	-680,000
investment in partially owned entities														0	-2,502,000	-1,925,000		0	-4,618,000	-1,642,000		-21,000	-450,000	-25,747,000
distributions paid on common shares, restricted stock units and noncontrolling interests in operating partnership														-60,098,000	-59,585,000	-59,940,000	-58,984,000	-57,725,000	-55,857,000	-54,956,000
net proceeds from issuance of common shares																	54,330,000	205,376,000			1,238,030,000	1,000
loss on deconsolidation of subsidiary contributed to joint venture
share-based compensation expense																8,093,000	9,143,000	4,290,000	5,468,000	5,030,000					3,627,000	3,385,000	3,170,000	2,640,000
deferred income taxes																-1,889,000
gain from foreign exchange
income from investment in partially owned entities
gain from sale of partially owned entities																									0
(gain) income from sale of real estate
benefit from doubtful accounts receivable																												444,000
return of investment in joint venture																									0	0	0	2,000,000
cash paid for investment in joint venture
gain on sale of assets																		-172,000
proceeds from the settlement of net investment hedge																						0	0	3,034,000
foreign exchange (gain) loss
income from investments in partially owned entities																										165,000
loss on debt extinguishment and modification																					1,453,000
distributions paid on beneficial interest shares – preferred – series a
distributions paid on beneficial interest shares – preferred – series b
distributions paid on common shares and noncontrolling interests in operating partnership
payment of underwriters’ costs
reimbursement of underwriters’ costs
repayment of term loans, mortgage notes, notes payable and construction loans
proceeds from construction loans																														0	0	1,097,000
depreciation, depletion and amortization																						53,569,000	52,399,000	51,604,000	47,750,000	45,065,000
distributions paid on common shares																						-43,049,000	-42,345,000	-38,631,000	-38,632,000	-38,605,000	-30,108,000	-28,098,000	-27,986,000	-27,160,000	-20,086,000	-1,291,000
repayment of term loan, mortgage notes and notes payable																						-1,686,000
loss on debt extinguishment and modification, non-cash																							0	542,000						0	0	21,105,000
net income attributable to americold realty trust																								23,511,000	20,809,000	27,091,000	4,891,000	-4,629,000
proceeds from sale of land and property, buildings and equipment																								42,486,000
proceeds from equity forward contract																								233,595,000
income from and impairment of investments in partially owned entities
impairment of long-lived assets and inventory																														0
multi-employer pension plan withdrawal expense
tax withholdings related to net share settlements of certain stock awards
net proceeds from initial and follow-on public offerings																									0
proceeds from sale of property, plant, and equipment
acquisitions of property, plant, and equipment, net of cash acquired																										762,000	0	-35,923,000
additions to property, plant, and equipment																										-52,637,000
redemption and distributions paid on preferred shares of beneficial interest – series a																														1,000	0	-134,000
distributions paid on preferred shares of beneficial interest – series b																														0	0	-1,817,000
share purchases for taxes, net of proceeds from employee share-based transactions																										-2,557,000	-1,977,000	-1,593,000		-4,200,000
repayment of term loan, mortgage notes, notes payable and construction loans																										-1,622,000
proceeds from the sale of property, plant, and equipment																											670,000	152,000	1,001,000	408,000	17,752,000	352,000
payment of underwriters' costs																													0	-2,455,000	0	-5,750,000
reimbursement of underwriters' costs																													0	3,202,000	0	5,750,000
net proceeds from initial public offering																													0	0	0	493,557,000
net proceeds from follow-on public offering																													-650,000
see accompanying notes to condensed consolidated financial statements.
depreciation, depletion, and amortization																												30,096,000	29,792,000	29,402,000	29,051,000	29,408,000
amortization of deferred financing costs, debt discount and pension withdrawal liability																												1,456,000
(income) income from investments in partially owned entities																												-122,000
additions to property, plant, and equipment and intangible assets																												-24,934,000	-49,110,000	-31,067,000	-36,768,000	-28,271,000
repayment of term loan, mortgage notes and construction loans																												-1,629,000		-5,967,000	-5,898,000	-883,556,000
proceeds from term loans and mortgage notes																													0	0
amortization of deferred financing costs and debt discount																													1,155,000	1,532,000	1,556,000	1,674,000
amortization of below market leases																																38,000
foreign currency exchange loss
loss from and impairment of partially owned entities
loss on sale of other assets
impairment of inventory and long-lived assets
multi-employer pension plan withdrawal expense and amortization
repayment of capitalized lease obligations																													-2,884,000	-2,680,000	-2,422,000	-2,374,000
repayment of term loans, mortgage notes and construction loan
proceeds from construction loan
acquisition of fixed assets under capitalized lease obligations																																330,000
interest paid – net of amounts capitalized and defeasance costs
acquisition of property, plant, and equipment on accrual																																18,210,000
income from investments in and impairment of partially owned entities																														436,000
gain from sale of real estate, net of tax
loss from partially owned entities																																139,000
gain on sale of other assets																																-137,000
payment on multi-employer pension plan withdrawal obligation																																-114,000
interest paid – net of amounts capitalized and defeasement costs																																23,068,000
restricted cash outflows
restricted cash inflows
investment in joint ventures
other investing activities
distributions paid on beneficial interest shares – common
repayment of seller financed note
net increase in cash and cash equivalents
effect of foreign currency translation
cash and cash equivalents:
seller financed acquisition of property, plant and equipment
see accompanying notes.

Americold Realty Trust(NYSE:COLD)

Americold Realty Trust
(NYSE:COLD)