Americold is the largest owner-operator of temperature-controlled warehouses in the world, with 231 facilities across North America, Europe, Asia-Pacific, and the Middle East. The company stores frozen and perishable food products — meats, seafood, dairy, fruits, vegetables, and prepared foods — on behalf of food producers, distributors, and retailers who rely on cold storage as a critical link in their supply chains. Americold serves roughly 2,962 customers globally, with its top 25 customers representing about 52% of Warehouse segment revenue and averaging over 35 years of relationship tenure. Americold generates revenue two ways: storage fees (rent charged per pallet position) and handling fees (charged per throughput pallet for moving product in and out, case-picking, blast freezing, and other value-added services). About 60% of storage revenue comes from fixed-commitment contracts, where customers pay for guaranteed pallet positions regardless of actual usage, providing stable, lease-like cash flows. Americold owns over 75% of its warehouses, which supports its REIT structure and provides cost-of-capital advantages. The company organizes its network across four supply chain nodes — production-focused, forward distribution, retail solutions, and port-oriented — with retail solutions being the highest-margin node and the biggest organic growth opportunity, as most retailer cold chain operations remain insourced. North America dominates, representing roughly 77% of the workforce and the vast majority of revenue, with Asia-Pacific as the strongest-performing international segment.