COLDAMERICOLD REALTY TRUST

Real Estate Investment Trusts

Revenue: $2.5B; 2.5% YoY
Operating margin: 0.3%; 94% YoY
EBITDA: $375M; 23% YoY
Market cap: $4.1B
Employees: 12,690; $200K revenue each
Net debt / EBITDA: 7.0×; $2.6B net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
73% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentYes
75% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$200K · 26th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$25K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.7B	$2.9B	$2.6B	$2.6B	$2.5B	2.5%
Operating income	$73M	$88M	−$108M	$124M	$7M	94%
Net income	−$31M	−$19M	−$336M	−$95M	−$115M	22%
Operating cash flow	$273M	$300M	$366M	$412M	$360M	13%
Capex	$438M	$308M	$264M	$309M	$577M	86%
Stock-based comp	$24M	$27M	$24M	$28M	$30M	6.9%
Dividends	$228M	$239M	$242M	$252M	$261M	3.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $25K · 4
Net: −$25K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	41	138
FY2024	—	—	65	134
FY2023	—	—	88	123
FY2022	—	—	80	108
FY2021	—	—	90	143