 Management from food supply chain warehouse operator Americold Realty Trust NYSE: COLD said on its Thursday evening earnings call with analysts that business is stable and demand remains consistent.The Atlanta-based real estate investment trust REIT said demand from quick-service restaurants has picked up but overall foodservice activity remains pressured and below historical norms. They said all of their customer protein manufacturers have reopened but are not yet back to operating at full capacity.In a press release after the market close, the company reported core funds from operations FFO of 27 cents per share, 3 cents shy of the consensus estimate and the second-quarter-2019 result. Adjusted FFO was 32 cents per share excluding 4.3 million in bonuses paid to front-line workers during the pandemic.Americold reported a 10 year-over-year revenue increase to 483 million given past acquisitions, ongoing elevated retail activity and rate increases. The companys recent acquisitions include the 1.25 billion purchase of Cloverleaf Cold Storage and the more than 250 million deal for Canadian-based cold storage facility operator Nova Cold Logistics.Throughput pallets were down 3.1 year-over-year on a same-store comparison, up 4.8 inclusive of acquisitions. Rent and storage revenue per pallet increased 1.37 to 52.64, holding currency fluctuations constant.Americolds key performance indicatorsManagement sees ample opportunity within its portfolio, noting they have sold most of the future pallet positions on expansion projects in Chicago, Atlanta and New Zealand.The company recently announced plans for two new facilities in Connecticut and Pennsylvania for Ahold Delhaize USA Koninklijke Ahold Delhaize OTCUS: ADRNY, the largest retail grocery group on the East Coast. The 325 million project broke ground in the second quarter of 2020 with plans to be fully operational in 2023.Americold had 1.2 billion in total liquidity at the end of the second quarter with total debt of 2 billion, 1.8 billion of which is tied to real estate. The companys net debt-to-core earnings before interest, taxes, depreciation and amortization EBITDA, including anticipated contributions from acquisitions, was 4.1x.In the second quarter, the company issued 3.1 million new shares of common stock under its at-the-market ATM equity program. The transaction raised 110 million in proceeds during the quarter. Americold entered into a forward sale agreement for an additional 17 million issuance between now and July 2021. The proceeds will be used to fund acquisitions and expansion projects.While the venue where food is consumed has changed, management said their operating model remains consistent: They see temperature-controlled storage as key to the food supply chain as people are still going to eat.Americold Realty Trusts real estate portfolio includes 183 temperature-controlled facilities, including 11 in its third-party managed segment, with more than 1 billion refrigerated cubic feet of storage in the United States, Australia, New Zealand, Canada and Argentina.Click for more FreightWaves articles by Todd Maiden. Daseke shares up 20; restructuring progress seen in Q2 report YRC announces next-day expansion as less-than-truckload market heats up YRC ready to use once-in-a-lifetime loan to replenish fleetPhoto by Elevate on UnsplashSee more from Benzinga Airbus Orders In 2020 Cut In Half By COVID-19 Uber Freight Sees Jump In Q2 Revenue; Parent Company Turns In Weak Performance Lead Times Longer, Sourcing Patterns In Disarray Due To COVID-19 VolatilityC 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. 