The investment firm said at the time that Americold was focused on “short-sighted transactions.” Americold doesn’t expect the distribution hubs’ wind-down to impact its financial guidance for the year. Americold reported mixed first-quarter results in May, with a net loss of $13.6M and adjusted funds from operations down nearly 15% year-over-year. Cold storage vacancy hit a 20-year high in the first quarter after a wave of pandemic-era construction starts hit the market. Vacancy trends suggest the segment may be overbuilt, with the highest vacancy rates, 10.1%, reserved for properties built after 2019, according to Newmark.