Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ (13,692)	$ (16,473)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	91,660	88,982
Amortization of deferred financing costs and pension withdrawal liability	1,532	1,400
Project Orion deferred costs amortization	2,582	2,109
Loss from investments in partially owned entities	412	1,363
Stock-based compensation expense	8,432	8,220
Deferred income tax (benefit) expense	(9,506)	573
Provision for doubtful accounts receivable	972	139
Non-cash operating lease expenses	8,542	9,292
Net gain from sale of real estate	(2,205)	0
Changes in operating assets and liabilities:
Accounts receivable	(3,219)	9,633
Accounts payable and accrued expenses	(29,149)	(67,052)
Other assets	(2,995)	(3,547)
Operating lease liabilities	(8,564)	(8,451)
Proceeds from settlement of treasury lock hedge transactions	0	1,292
Other, net	(4,934)	2,722
Net cash provided by operating activities	39,868	30,202
Investing activities:
Additions to property, buildings and equipment	(109,985)	(112,543)
Acquisitions of property, buildings, and equipment, net of cash acquired	(18,707)	0
Business combinations, net of cash acquired	0	(108,448)
Investments in and advances to partially owned entities and other, net	0	(5,848)
Proceeds from sale of property, buildings, and equipment	2,699	133
Net cash used in investing activities	(125,993)	(226,706)
Financing activities:
Distributions paid on common stock, restricted stock units and noncontrolling interests in OP	(66,101)	(63,404)
Proceeds from stock options exercised	1,474	2,228
Proceeds from employee stock purchase plan	0	1,577
Remittance of withholding taxes related to employee stock-based transactions	(1,410)	(2,646)
Proceeds from revolving line of credit	480,350	287,146
Repayment on revolving line of credit	(212,576)	(30,000)
Repayment of sale-leaseback financing obligations	(729)	(869)
Repayment of financing lease obligations	(12,573)	(7,160)
Repayment of senior unsecured notes	(200,000)	0
Net cash (used in) provided by financing activities	(11,565)	186,872
Net decrease in cash, cash equivalents, and restricted cash	(97,690)	(9,632)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	655	926
Cash, cash equivalents and restricted cash:
Beginning of period	136,863	47,652
End of period	39,828	38,946
Supplemental disclosures of non-cash investing and financing activities:
Addition of property, buildings, and equipment on accrual	47,709	35,860
Operating leases	2,015	1,003
Finance leases	16,862	21,793
Supplemental disclosures of cash flows information:
Interest paid – net of amounts capitalized	57,768	54,840
Income taxes (refunded) paid – net of refunds	$ (103)	$ 952

AMERICOLD REALTY TRUST 10-Q