Form 4: Americold Realty Trust Director Acquires Operating Partnership Profits Units

Director George J. Alburger Jr. acquired 10,124 Operating Partnership Profits Units in Americold Realty Operating Partnership, L.P., convertible into common stock under certain conditions.

Summary

• On May 20, 2025, George J. Alburger Jr., a director of Americold Realty Trust, acquired 10,124 Operating Partnership Profits Units (OP Profits Units) of Americold Realty Operating Partnership, L.P.
• These OP Profits Units vest on the earlier of the first anniversary of the grant date or the date of the next annual meeting of Americold Realty Trust, Inc. stockholders following the grant date.
• Each vested OP Profits Unit can be converted into a common unit of limited partnership interest in the Operating Partnership, contingent upon minimum allocations to the capital accounts for federal income tax purposes.
• Each Common Unit acquired upon conversion can be redeemed for cash equal to the fair market value of a share of Americold Realty Trust, Inc. common stock, or at the Company's election, acquired for one share of Common Stock.
• The rights to convert vested OP Profits Units into Common Units and redeem Common Units have no expiration dates.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects a standard transaction related to executive compensation, indicating alignment of interests between the director and the company's performance.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting and conversion terms of the OP Profits Units.

Industry Context

This filing reflects standard executive compensation practices within publicly traded REITs, where equity-based awards like OP Profits Units are used to align management's interests with those of shareholders.

Comparison to Industry Standards

• Equity-based compensation, including OP units, is a common practice among REITs such as Prologis (PLD), Duke Realty (DRE) (now part of Prologis), and Public Storage (PSA).
• These companies often grant restricted stock, performance units, or OP units that vest over time, aligning management incentives with long-term shareholder value.
• The specific terms of vesting and conversion vary, but the underlying principle of linking executive compensation to company performance and stock price appreciation is consistent across the industry.

Stakeholder Impact

• The acquisition of OP Profits Units by a director aligns their interests with those of shareholders, potentially incentivizing actions that increase shareholder value.
• The conversion and redemption rights associated with the OP Profits Units could impact the company's cash flow or share dilution, depending on the director's future decisions.

Key Dates

Keywords

Americold Realty Trust, George J. Alburger Jr., Operating Partnership Profits Units, OP Profits Units, Director, Beneficial Ownership, Form 4, Securities Exchange Act, Common Stock, Conversion, Redemption