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Consumers love restaurants—64% said they would dine at or order from restaurants every day if they could manage it—but a prolonged struggle with inflation is tempering their spend and gratuities for staff. On average, consumers today spend 30% of their individual or family food budgets on restaurants each month, down from 40% in May 2022. Nearly 2 in 5 (38%) say they are spending the same or more on restaurant meals compared to last year, but are tipping less. This is according to Popmenu’s nationwide study of 1,000 U.S. consumers in April 2024.

Eating and drinking places generated $93.7 billion on a seasonally adjusted basis in March 2024, according to preliminary data from the U.S. Census Bureau. Following a decline in December and January, industry revenue grew in February and March—but is still trailing a $94.2 billion high in November.

“Although restaurant industry sales remain healthy, competition for guests has intensified over the last several months,” said Brendan Sweeney, CEO and Co-founder of Popmenu. “Consumers are doing their homework: 80% research restaurant menus online as they assess dishes, cost, convenience, and other drivers of dining decisions. Restaurants who are winning and growing are 1) offering more budget-friendly menu options or discounts and 2) actively engaging consumers across digital channels to entice them to order online or in person.”

What consumers want:

• More leftovers: Half (52%) of consumers say they prioritize restaurants that offer bigger portions, so they have leftovers for another meal.

• Bigger, better deals: 66% of consumers choose restaurants that provide more affordable menu items or special offers.

• Fewer fees: 67% of consumers prefer to order directly from a restaurant’s website vs. a third party, primarily to avoid fees and take advantage of cheaper menus.

• More rewards: 45% frequent restaurants that offer a loyalty program.

Just Keep Building Traffic Volume

SEO & Content Strategy Can Deliver Great Results Travel agencies, tour companies and travel management software firms can easily double/triple bookings and build a solid loyal customer base. However, if their website traffic is weak and poor quality, it will be tough to squeeze revenue out of that small funnel. Sometimes, you need a wide…

Expanding its offerings for renters, Parkland Residential introduces the Robins floor plan at its Grove Landing community, located in the growing Warner Robins submarket. The Robins model home is now open for tours. A thoughtfully value-engineered design encompassing 1,210 square feet of living space, the Robins features three bedrooms, two bathrooms and a one-car garage. Designed to live large, the Robins plan features an oversized great room stretching the home’s length, a back patio, and a charming rocking chair front porch.

This exciting new plan addresses the growing demand for single-family rental homes in the area, expanding the community’s diverse housing options. “We are excited to unveil the Robins plan, enhancing the living experience at Grove Landing by providing residents with more choice and convenience,” stated Parkland Residential President Jim Jacobi. “We would also like to introduce Tori Britt as our new onsite leasing agent.”

Grove Landing is known for its innovative Portico Series, showcasing a variety of floor plans to suit different preferences and needs. Ranging from two to four bedrooms, these homes feature craftsman-style exteriors, ample porches, carports, or one-car garages. Inside, residents are treated to luxurious finishes, including granite countertops, Mohawk Revwood Luxury flooring, two-inch blinds, and a full suite of stainless steel appliances. In-unit, full size washers and dryers are also included. Residents have the option to add a five-foot wooden privacy fence to their home after move-in. Additionally, all homes come with smart locks and security systems, with the option to add more smart home features.

Leasing starts at $1,700 per month for a two-bedroom floor plan. The community promotes a maintenance-free lifestyle, taking care of home and yard maintenance tasks for residents. Potential residents can arrange a tour with our on-site leasing agent, Tori Britt. Grove Landing is conveniently located near Robins Air Force Base and offers a premium living environment. Community amenities, including a resort-style pool and cabana, a playground, pocket parks, and a playfield, are currently under construction and will open in early May.

Warner Robins is a vibrant city that embodies the essence of southern hospitality. It is situated just 90 minutes south of Atlanta. The city is home to Robins Air Force Base, the largest employer in the area, and has a thriving industrial sector featuring prominent companies. The upcoming opening of Pratt Industries’ new $120 million facility further demonstrates the city’s economic strength and growth prospects 

For more information, email GroveLanding@primprop.com or call 478-366-2050. Details on pre-leasing options are available at www.GroveLandingHomes.com.

Wellspring Living and Dress for Success Atlanta are thrilled to announce an exciting new collaboration that will enhance workforce development services for women across Atlanta. As of April 2024, career programming through Wellspring Living’s Women’s Academy has been relocated to Dress for Success Atlanta’s premises at 6255 Barfield Rd #155, Atlanta, GA 30328, marking a significant milestone in both organizations’ commitment to uplifting and empowering women

The focus at Wellspring Living’s Women’s Academy extends beyond merely providing support to offering comprehensive pathways to success. The program is tailored to meet the diverse needs of women seeking to transform their lives. From educational pursuits, like obtaining a GED, to specialized career development programming designed to equip participants with the skills and confidence needed to thrive in the workforce, the Women’s Academy is structured to empower women at every step of their journey to turn aspirations into achievements. To apply to the Women’s Academy, individuals can visit the Wellspring Living website and follow theapplication instructions

Wellspring Living and Dress for Success Atlanta share a mutual dedication to serving women who have faced various workforce challenges. By joining forces, they will streamline resources and provide a more comprehensive range of services, creating a dynamic support hub for women on their journey toward self-sufficiency and life-long career success

The Women’s Academy at Wellspring Living offers life-changing programming to women who have experienced difficulty gaining living wage employment due to life circumstances such as poverty, oppression, trauma, and trafficking. Through the move to Dress for Success Atlanta, the Women’s Academy will step into an environment that is not only bright and beautiful but also bustling with energy and purpose. The new program location in Sandy Springs, Georgia, is accessible to program participants via MARTA. Wellspring Living’s Chief Program Officer, Dr. Alissa Tertichny, states, “There is so much synergy in the partnership with Dress for Success Atlanta. Both organizations are committed to the women we are honored to serve and recognize the value of working together for their benefit.”

Dress for Success Atlanta is renowned for its commitment to providing women with the tools they need to thrive in work and life. Susan Bonds-McCulloch, President & Executive Director, is equally enthusiastic about the partnership, stating, “We are extremely excited to expand our partnership with Wellspring Living so the clients we serve have access to additional services. We look forward to working with them and continuing to serve the women in Atlanta. It is a true win for all of our clients.” 

This collaboration represents a significant step forward in the collective effort to empower women and promote positive social change. Both organizations look forward to the opportunities that lie ahead as they continue to work together to uplift and support women in their careers.

For more information about Wellspring Living’s Women’s Academy, please visithttps://wellspringliving.org/academy/. For more information about Dress for Success Atlanta, please visit https://atlanta.dressforsuccess.org/.

Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the first quarter ended March 31, 2024.

George Chappelle, Chief Executive Officer of Americold Realty Trust, stated, “We are pleased with our first quarter where we delivered exceptional operational results and continued to execute on our core priorities. We produced double digit growth in total NOI which resulted in a year-over-year increase in AFFO per share of over 28%. This performance was primarily driven by our Global Warehouse same store pool, which generated NOI growth of 10.1%, on a constant currency basis. Our strong same-store pool results were due to significant improvements in our Services Margins, where we delivered record first quarter margins of 10.7%, on a constant currency basis. Our laser focus on our four core priorities; Customer Service, Labor Management, Pricing, and Development, is the catalyst which allowed us to achieve these profitable results, which we expect to be sustainable across our platform over the long term.”

“Our significant investments in our ERP infrastructure are showing early positive returns, resulting in improved revenue recognition and better variable cost management, and are delivering sustainable returns in line with our previously disclosed expectations. Additionally, our collaborations with CPKC and DP World continue to fuel our development pipeline for future profitable growth as we broke ground this quarter on our inaugural facility on CPKC’s intermodal terminal in Kansas City, and have entered Phase 3 of our expansion project in Dubai with our JV partner RSA Global. Lastly, we are pleased to announce a new conventional expansion project in Sydney, Australia, anchored by one of the country’s largest grocers, for a total investment of approximately $36 million US dollars.”

First Quarter 2024 Highlights

• Total revenue of $665.0 million, a 1.7% change from $676.5 million in Q1 2023.

• Total NOI increased 12.4% to $210.8 million from $187.6 million in Q1 2023.               

• Net income of $9.8 million, or $0.03 per diluted common share.

• Core FFO of $77.3 million, or $0.27 per diluted common share.

• AFFO of $104.9 million, or $0.37 per diluted common share.

• Global Warehouse segment same store revenue decreased 0.7% on an actual basis, or increased 0.8% on a constant currency basis. Global Warehouse segment same store NOI increased 8.6%, or 10.1% on a constant currency basis.

• Broke ground on two developments in Kansas City, Missouri, and Dubai with our two strategic partners, CPKC and DP World.

• Announced expansion project in Sydney, Australia, for $36 million, anchored by one of the country’s largest grocers. This expansion consists of 2.8 million cubic feet and 13,000 pallet positions.

2024 Outlook
The table below includes the details of our annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

Investor Webcast and Conference Call
The Company will hold a webcast and conference call on Thursday, May 9, 2024 at 5:00 p.m. Eastern Time to discuss its first quarter 2024 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least fifteen minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#13743082. The telephone replay will be available starting shortly after the call until May 23, 2024.

The Company’s supplemental package will be available prior to the conference call in the Investors section of the Company’s website at http://ir.americold.com.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

First Quarter 2024 Total Company Financial Results

Total revenue for the first quarter of 2024 was $665.0 million, a 1.7% change from the $676.5 million from the same quarter of the prior year, which was the result of changes in our Transportation and Third-party managed segments, partially offset by growth within our Global Warehouse segment. The growth within our Global Warehouse segment was driven by incremental revenue from recently completed expansion and development projects, our pricing initiatives and rate escalations.

Total NOI for the first quarter of 2024 was $210.8 million, an increase of 12.4% from the same quarter of the prior year. This increase is a result of strong variable cost control driving higher warehouse services margins.

For the first quarter of 2024, the Company reported net income of $9.8 million, or $0.03 earnings per diluted share, compared to net loss of $2.6 million, or $0.01 loss per diluted share, for the comparable quarter of the prior year.

Core EBITDA was $155.8 million for the first quarter of 2024, compared to $133.1 million for the comparable quarter of the prior year. This reflects a 17.1% increase over prior year on an actual basis, and 18.9% on a constant currency basis. The increase is due to the same factors driving the increase in NOI mentioned above.

For the first quarter of 2024, Core FFO was $77.3 million, or $0.27 per diluted share, compared to $60.8 million, or $0.22 per diluted share, for the first quarter of 2023.

For the first quarter of 2024, AFFO was $104.9 million, or $0.37 per diluted share, compared to $79.9 million, or $0.29 per diluted share, for the same quarter of the prior year.

Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.

First Quarter 2024 Global Warehouse Segment Results

The following table presents revenues, contribution (NOI) and margins for our same store and non-same store warehouses with a reconciliation to the total financial metrics of our warehouse segment for the three months and year ended March 31, 2024. Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2) Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.
(n/a = not applicable)
(n/r = not relevant)

For the first quarter of 2024, Global Warehouse segment revenue was $597.7 million, an increase of $2.7 million, or 0.4%, compared to $595.1 million for the first quarter of 2023. This growth was principally driven by recently completed development projects and acquisitions, and our pricing initiatives and rate escalations. This was partially offset by lower occupancy and throughput pallets due to consumer buying habits and the unfavorable impact of foreign currency translation.

Global Warehouse segment contribution (NOI) was $197.1 million for the first quarter of 2024 as compared to $174.8 million for the  first quarter of 2023, an increase of $22.3 million or 12.8%. Global Warehouse segment contribution (NOI) increased due to higher revenue, strong variable cost controls and labor efficiencies. Global Warehouse segment margin was 33.0% for the first quarter of 2024, a 360 basis point increase compared to the same quarter of the prior year, driven by improvement in our warehouse services margin.

Fixed Commitment Rent and Storage Revenue
As of March 31, 2024, $597.9 million of the Company’s annualized rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $576.8 million at the end of the fourth quarter of 2023 and $480.4 million at the end of the first quarter of 2023. We continue to make progress on commercializing business under this type of arrangement. On a combined pro forma basis, assuming a full twelve months of acquisitions revenue, 54.2% of rent and storage revenue was generated from fixed commitment storage contracts.

Economic and Physical Occupancy
Contracts that contain fixed commitments are designed to ensure the Company’s customers have space available when needed. For the first quarter of 2024, economic occupancy for the total warehouse segment was 79.4% and warehouse segment same store pool was 80.9%, representing a 1,054 basis point and 1,066 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 462 basis points, and the warehouse segment same store pool decreased 352 basis points as compared to the first quarter of 2023. The reduction in occupancy reflects the ramp in manufacturer production during the fourth quarter of 2022 as labor improved, which did not recur in 2023.

Real Estate Portfolio
As of March 31, 2024, the Company’s portfolio consists of 241 facilities. The Company ended the first quarter of 2024 with 236 facilities in its Global Warehouse segment portfolio and five facilities in its Third-party managed segment. The same store population consists of 226 facilities for the quarter ended March 31, 2024. The remaining 10 non-same store population consists of: five sites in the expansion and development phase, two facilities that we purchased in 2023, one facility requiring capital investment in anticipation of repurposing, one leased facility expiring during the second quarter of 2024 which has already ramped down operations, and one site in which we have ceased operations and intend to lease to a third party.

Balance Sheet Activity and Liquidity
As of March 31, 2024, the Company had total liquidity of approximately $732.5 million, including cash and capacity on its revolving credit facility. Total debt outstanding was $3.2 billion (inclusive of $235.2 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 93% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA was approximately 5.4x. The Company’s total debt outstanding includes $3.0 billion of unsecured debt, which excludes sale-leaseback and financing lease obligations. The Company’s real estate debt has a remaining weighted average term of 4.9 years and carries a weighted average contractual interest rate of 3.9%. As of March 31, 2024, 86% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.

Dividend
On March 7, 2024, the Company’s Board of Directors declared a dividend of $0.22 per share for the first quarter of 2024, which was paid on April 15, 2024 to common stockholders of record as of March 28, 2024.

The Metropolitan Atlanta Rapid Transit Authority (MARTA) Board of Directors will hold in-person and virtual public hearings to consider the proposed fiscal year 2025 Operating and Capital Budgets on Wednesday, May 15 at 7 p.m. and Thursday, May 16 at 7 p.m., with a community exchange session beginning one hour earlier.

WHAT:          MARTA public hearings on FY 2025 Operating and Capital Budgets

WHEN:         Wednesday, May 15

                    6 p.m. – Community exchange

                    7 p.m. – Public hearing

WHERE:       DeKalb Maloof Auditorium

                    1500 Commerce Drive

                    Decatur, Ga. 30030

MARTA:        Blue line to Decatur Station

                    Bus routes 15 and 283

WHEN:         Thursday, May 16

                    6 p.m. – Community exchange    

                    7 p.m. – Public hearing  

WHERE:        MARTA Headquarters

                    2424 Piedmont Road NE

                    Atlanta, Ga. 30324  

MARTA:        Red/Gold Lines to Lindbergh Center Station – north exit

                    Bus routes 5, 6, 30, 39, and 809                  

VIRTUAL:    Visit www.itsmarta.com (May 16 only) 

The proposed FY 2025 Operating and Capital Budgets video presentation will be available for review at MARTA (itsmarta.com)starting May 16.

For formats in accordance with ADA and Limited English Proficiency regulations, call 404-848-4037. For hearing impaired customers requiring accommodations, call the Telephone Device for the Deaf (TDD) at 404-848-5665. A sign language interpreter will be present at the hearings.

Public comments must be submitted by May 20 via voice message at 404-848-5299, email at publichearinginfo@itsmarta.com, or mail to MARTA’s Office of External Affairs, 2424 Piedmont Road NE, Atlanta, 30324-3330.  

What Do Your Travel Customers Want?

What Makes your Audience Click? What really excites your customers? What does your target audience really want? There likely aren’t more important questions to ask because you can only sell what they want. If you crack these tough questions right, you’re liable to make a big impact on them and open up a big sales pipeline….

Who Do People Travel?

Why Do People Travel? Travel agencies and tour company managers should really dig down to discover the real reasons people travel. And travel marketers must be experts in the needs and motivations of travelers. Your customer’s wishes are the source of your revenues. Because, the answers for travelling are uniquely personal, not necessarily the superficial…