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

Director David J. Neithercut acquired 10,124 Operating Partnership Profits Units in Americold Realty Operating Partnership, L.P., convertible into common units and potentially redeemable for Americold Realty Trust, Inc. common stock.

Summary

• On May 20, 2025, David J. Neithercut, a director of Americold Realty Trust, acquired 10,124 Operating Partnership Profits Units of Americold Realty Operating Partnership, L.P.
• These units vest on the earlier of the first anniversary of the grant date or the next annual meeting of Americold Realty Trust, Inc. stockholders.
• The OP Profits Units were issued pursuant to the Americold Realty Trust 2017 Equity Incentive Plan.
• Each vested OP Profits Unit can be converted into a common unit of limited partnership interest in the Operating Partnership.
• Each Common Unit 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 and redeem have no expiration dates.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a neutral to slightly positive sentiment as it aligns director interests with the company's performance.

Positives

• The acquisition of OP Profits Units aligns the director's interests with those of the company and its shareholders.
• The vesting schedule incentivizes the director to remain with the company.

Future Outlook

The director's holdings may increase if the OP Profits Units vest and are converted into common units, potentially impacting ownership structure.

Industry Context

This transaction is typical for companies using equity incentive plans to compensate and align the interests of their directors and key employees.

Comparison to Industry Standards

• Equity incentive plans, including the use of OP Profits Units, are common among REITs like Americold Realty Trust to attract and retain talent.
• Similar companies such as Prologis and Duke Realty (prior to its acquisition) have utilized similar equity-based compensation strategies.
• The vesting schedule and conversion terms are generally in line with industry practices for such units.

Stakeholder Impact

• Shareholders may view the transaction positively as it aligns the director's interests with the company's performance.
• Employees may see this as a standard part of executive compensation.

Next Steps

• The director will need to monitor the vesting schedule of the OP Profits Units.
• The company may need to issue common stock if the units are converted and redeemed.

Key Dates

Keywords

Operating Partnership Profits Units, Americold Realty Trust, Director, Beneficial Ownership, Form 4, Securities, Acquisition