Americold Realty Trust, Inc. reported a net loss of $115.3 million for the year ended December 31, 2025, compared to a net loss of $94.7 million in 2024. Total revenues decreased to $2.60 billion in 2025 from $2.67 billion in 2024. Global Warehouse segment revenues decreased by 1.5% on a constant currency basis, primarily due to a 300 basis point decrease in economic occupancy and a 400 basis point decrease in physical occupancy. Economic occupancy percentage for warehouses was 74.6% in 2025, down from 77.9% in 2024, while physical occupancy was 63.6%, down from 67.6%. Transportation services revenues decreased by 10.0% on a constant currency basis, driven by lower volumes and customer/site exits. Third-Party Managed services revenues decreased by 8.8% on a constant currency basis due to ceased operations at certain sites. The company completed the acquisition of one temperature-controlled storage facility in Baytown, TX (Houston acquisition) for $108.4 million in March 2025. Americold sold its 14.99% equity interest in the SuperFrio joint venture for $27.5 million, recognizing a net gain of $2.4 million. Project Orion, a transformation program for technology systems and business processes, incurred $227.7 million in implementation costs since inception, with $15.1 million amortized in 2025. Long-lived asset impairment charges totaled $47.1 million in 2025, primarily due to anticipated exits of certain warehouses. Net loss from sale of real estate was $44.3 million in 2025, related to the exit of certain leased facilities and real estate sales. Interest expense increased to $147.8 million in 2025 from $135.3 million in 2024, mainly due to increased outstanding debt. Net debt to Pro Forma Core EBITDA increased to 6.8x as of December 31, 2025, from 5.4x as of December 31, 2024. Total capital expenditures were $698.1 million in 2025, significantly up from $309.7 million in 2024, driven by external growth and expansion/development projects. The Board of Directors declared a 5% increase in the quarterly dividend to $0.23 per share for Q4 2025, paid on January 15, 2026.