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Americold to take $305M to $320M impairment after ending partnership
The cold storage REIT will recognize the impairment in its second-quarter results on Aug. 6 and is putting the two automated hubs up for sale.
Americold Realty Trust will terminate a 2020 partnership with a subsidiary of Ahold Delhaize USA and shift its plan for two automated distribution hubs, according to a July 21 Securities and Exchange Commission filing cited by Bisnow.
The REIT said the change will trigger an impairment charge between $305 million and $320 million that it expects to record in its second-quarter results due Aug. 6. Americold also said there are no associated fees or penalties tied to the termination, and it will list the Lancaster, Pennsylvania, and Plainville, Connecticut, properties for sale.
The move follows investor pressure from activist shareholder Ancora Group Holdings, which urged Americold to pursue strategic alternatives after the company lost more than 30% of its market value in 2025. Sieve Capital also called in March for changes to leadership and for the REIT to explore potential sale options.
Operational timelines for the facilities differ by site. Americold said the Pennsylvania hub will wind down operations by the end of the year, while full operations in Connecticut never began and will not start, except for short term ice production, the filing states. Americold added that the assets have a net book value of $455 million and that it is looking for buyers, though it could also choose to hold or redevelop the sites.