Good day. And welcome to the Americold Realty Trust Third Quarter 2021 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Scott Henderson, Senior Vice President. Please go ahead.

Good afternoon. Thank you for joining us today for Americold Realty Trust’s Third Quarter 2021 Earnings Conference Call. In addition to the press release distributed this afternoon, we have filed a supplemental package with additional detail on our results, which is available in the Investor Relations section on our website at www.americold.com. This afternoon’s conference call is hosted by Americold’s Chairman of the Board of Trustees, Mark Patterson, Chief Financial Officer; Marc Smernoff; and Chief Commercial Officer, Rob Chambers. Please note for this call, we will not be taking questions after the prepared remarks. On today’s call, management’s prepared remarks may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. A number of factors could cause actual results to differ materially from those anticipated. Forward-looking statements are based on current expectations, assumptions and beliefs as well as information available to us at this time and speak only as of the date they are made and management undertakes no obligation to update publicly any of them in light of new information or future events. During this call, we will discuss certain non-GAAP financial measures including core EBITDA and AFFO. The full definitions of these non-GAAP financial measures and reconciliations to comparable GAAP financial measures is contained in the supplemental information package available on the company’s website. Now I will turn the call over to Mark Patterson.

Thank you, Scott. Before Marc Smernoff discusses our third quarter results and update to the balance of the year, I want to take a few minutes to walk through today’s announcement regarding our leadership change. Today, we announced that the Board has appointed George Chappelle as Interim Chief Executive Officer. George brings over 35 years of experience in the food and beverage and consumer packaged goods industries as well as decades of experience in supply chain logistics, operations and information technology. Previously, George served in various executive leadership roles at Tyson Foods, including Chief Operating Officer of their Prepared Foods division. he served as COO at several leading consumer packaged goods companies, including AdvancePierre Foods, and Solotech company. He also served as the Chief Supply Chain Officer and Chief Information Officer at Serra Le Foods. In his capacity as Chairman of the Board of Agro Merchants, we work closely with George in connection with that acquisition, we’ve been deeply impressed by a strategic mindset, operational acumen and strong leadership skills. Having spent time as a customer, competitor and partner, George knows our industry inside and out and has unique insights into our company. He is aligned with our disciplined strategy around serving our customers, engaging our associates and creating shareholder value. In addition, we welcome George -- in addition to welcoming George to our Board, we also welcome Pam Kohn and Rob Bass. Pam is a Chief Merchandising Officer of Sally Beauty Holdings and has more than 25 years of merchandising, supply chain, logistics and operations expertise in the food and retail industries. Prior to joining Sally Beauty, Pam served as Chief Merchandising and Marketing Officer of the Family Dollar division of Dollar Tree. She also spent 13 years in a variety of executive leadership positions at Walmart. Rob Bass…

Great. Thank you, Mark, and good afternoon, everyone. End consumer demand for temperature-controlled food remains strong, driven by net population growth, combined with the end consumers’ increasing preference for fresh and frozen food. However, we continue to experience the ongoing effects from COVID-related supply chain and labor disruptions. To discuss how these disruptions are impacting our business and the actions we are taking, let me introduce Rob Chambers, our Chief Commercial Officer.

Thank you, Marc. Beginning with the revenue side. Our physical occupancy improved sequentially versus the second quarter, in line with our expectations and consistent with normal seasonality, but remains below third quarter 2020 levels, and well below pre-COVID levels for a typical third quarter. Our current physical occupancy levels in our U.S. portfolio are consistent with holdings in the overall U.S. cold storage industry which can be seen in the USDA industry data we referenced in the past. Ongoing conversations with our food manufacturers indicate that production volumes are expected to increase over time. Many of our customers are seeking to improve their inventory positions to better support their retail and foodservice customers. Last quarter, as we shared, we conducted a formal survey of our top 50 customers. At the time, many of our manufacturing customers were producing at approximately 80% to 85% of pre-COVID levels, and we’re not expecting to reach normalized inventory levels until mid-2022. Since then, we received updated survey results. Our customers are still producing at these levels, but many are now targeting second half 2022 as a time frame to reach normalization. As we’ve discussed, food manufacturers will need to run at elevated production for a period of time to replenish inventory levels throughout the supply chain, which is how we define normalization. Finally, through all this short-term disruption, we remain confident in the global demand for all types of food in our diverse portfolio, and we are confident that food manufacturers will return to pre-COVID inventory levels as end consumer demand remains firmly intact. We’ve seen supply chain disruptions in the past, and inventory holdings have consistently recovered to normalized levels over time. Now turning to the cost side of the equation. As discussed in mid-September, inflation is impacting the global food supply chain,…

Thank you, Rob. For the third quarter, we reported total company revenue of $709 million and total company NOI of $156 million which reflects a 42% increase and a 15% increase year-over-year, respectively. Corporate SG&A totaled $46 million for the third quarter of 2021 as compared to $36 million for the prior year, reflecting our external growth over the past year, net of synergies and a decrease in performance-based incentive compensation. Core EBITDA was $115 million for the third quarter of 2021, an increase of 10% year-over-year. Our core EBITDA margin decreased 474 basis points to 15.2%. Our third quarter AFFO was $70 million or $0.27 per diluted share, consistent with our internal expectations. At quarter end, within our Global Warehouse segment, rent and storage revenue from fixed commitment contracts increased on an absolute dollar basis to $346 million compared to $280 million at the end of the third quarter of 2020. On a combined pro forma basis, we derived 39.1% of rent and storage revenue from fixed commitment storage contracts. Now I will turn to our same-store results within our Global Warehouse segment. For the third quarter of 2021, our same-store Global Warehouse segment revenue was $374 million, up 2.3% year-over-year and 2% on a constant currency basis. Same-store Global Warehouse NOI was $117 million, down 5.1% year-over-year and a decrease of 5.4% on a constant currency basis. Same-store Global Warehouse NOI margin decreased 245 basis points to 31.4%. The ongoing disruption with food production compared with the challenging labor market and elevated inflation continue to weigh on our same-store results. For the third quarter, same-store global rent and storage revenue increased by 1.5% year-over-year and increased by 1.4% on a constant currency basis. This was driven primarily by rate escalations partially offset by a decline in economic occupancy.…