Atlanta, Georgia-based Americold Realty Trust, in a form S-11 filing with the U.S. Securities and Exchange Commission, announced its plan for an initial public offering of up to $690 million of common stock. The company said that it will be selling all the common shares in this offering.
The company stated that the number of shares to be offered and the price range for the offering have not yet been determined. The company plans to list the common shares on the New York Stock Exchange.
Americold Realty Trust, which was originally founded in 1931, is a real estate company focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Americold Realty Trust is controlled by investment funds affiliated with The Yucaipa Companies, LLC.
From 1997 to 2004, Americold Realty Trust was indirectly wholly owned by Vornado Realty Trust (VNO) and Crescent Real Estate Equities Co. In 2004, three Yucaipa investment funds acquired 20.7% of company's common shares from Vornado and Crescent, and in 2008, four Yucaipa investment funds acquired the remaining 79.3% of shares.
Americold Realty Trust specified that, concurrent with the consummation of this offering, it will complete certain formation transactions resulting in the consolidation into company of certain real estate assets owned by Versacold International Corp., a Canadian company, an affiliate of Yucaipa.
Americold Realty Trust said it plans to use this offering proceeds to buy Versacold's warehouses and operations in the United States, Australia, New Zealand and Argentina, consisting of 76 warehouses.
Following the completion of the formation transactions, the company said its portfolio will consist of 175 operational temperature-controlled warehouses, comprising 152 in the United States, 12 in Australia, eight in New Zealand, two in Argentina and one in Canada, which in total will represent approximately 1.04 billion cubic feet of total storage space.
For the nine-months ended September 30, 2009, the company reported net loss attributable to common shares of $24.57 million and total revenues of $581.01 million.
Goldman, Sachs & Co. and J.P. Morgan Securities Inc. will be the joint book-running managers of the offering, with Deutsche Bank Securities Inc., RBC Capital Markets Corporation and Wells Fargo Securities, LLC acting as co-managers.
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