Americold Realty Trust, Inc.

Greetings and welcome to the Merck Old Realty Trust second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rich Leland, Vice President of Investor Relations and Treasurer. Thank you, sir. You may begin.

Good morning. Thank you for joining us today for AmeriCold Realty Trust's second quarter 2025 earnings conference call. In addition to the press release distributed this morning, we have filed a supplemental financial package with additional details on our financial results, which is available in the Investor Relations section on our website at www.americold.com. This morning's conference call is hosted by AmeriCold's Chief Executive Officer, George Chappell, President Rob Chambers, and Chief Financial Officer, Jay Wells. Management will make some prepared comments, after which we'll open up the call to your questions. Before we begin, let me remind you that management's remarks today may contain forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those anticipated. These 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 these statements in light of new information or future events. During this call, we will also discuss certain non-GAAP financial measures, including NOI, constant currency, net debt to pro forma core EBITDA, and AFFO. The full definitions of these non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the supplemental information package available on the company's website. Please note that all warehouse financial results are in constant currency unless otherwise noted. Now, I will turn the call over to George.

Thank you, Rich, and thank you all for joining our second quarter 2025 earnings conference call. This morning, I will provide an update on our four key priorities, our financial results for the quarter, and current market conditions. Rob will then discuss our customer service initiatives and development activity. And finally, Jay will review our capital position and liquidity and discuss our outlook for the balance of the year. Turning to our four key priorities and financial results for the quarter, we said Q2 would look a lot like Q1,