Cold Storage KPIs.

Cold Storage is a industrial property type in ILORA's commercial real estate taxonomy. Refrigerated warehouses. Energy cost ratio and pallet-position metrics, premium to dry warehouse. Performance under industrial sector conventions is measured against canonical KPIs including SF Yield, PUE (data center), Clear Height, NOI, Cap Rate, DSCR, OER, NNN, WALT. Public REIT comparables for benchmarking include PLD (Prologis), FR (First Industrial), REXR (Rexford), EGP (EastGroup), STAG (STAG Industrial). Regulatory frameworks specific to this property type include BOMA standards, OSHA, EPA stormwater (NPDES), DOT trucking access, NFPA fire code (ESFR sprinkler), Phase I/II Environmental Site Assessment. Industry organizations driving standards + research include NAIOP, SIOR, ULI Industrial Council, CSCMP. Operating tools commonly used: Yardi Commercial, MRI Industrial, Argus Enterprise, CoStar Industrial. Ilora.ai ingests rent rolls, P&Ls, lease abstracts, and operating reports specific to this asset class, then benchmarks every property against SEC EDGAR REIT filings and sector-specific industry data, surfacing where the asset under-performs comparable institutional positions and which operating-side levers offer the largest improvement opportunity.

13 definitions · Sector: INDUSTRIAL · Used by Ilora.ai specialist AI agents

NOI

Net Operating Income

Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.

NOI = Revenue − Operating Expenses

  • profitability
  • core
Cap Rate

Capitalization Rate

Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.

Cap Rate = NOI ÷ Property Value

  • valuation
  • core
DSCR

Debt Service Coverage Ratio

Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.

DSCR = NOI ÷ Annual Debt Service

  • lending
  • risk
LTV

Loan-to-Value

Loan amount divided by property value. Lower LTV = lower lender risk.

LTV = Loan Amount ÷ Property Value

  • lending
  • risk
OER

Operating Expense Ratio

Operating expenses divided by gross revenue. Lower is better, but varies by property type (hotels run higher than triple-net retail).

OER = Operating Expenses ÷ Gross Revenue

  • efficiency
GRM

Gross Rent Multiplier

Property value divided by gross annual rental income. Quick valuation shortcut; less precise than cap rate.

GRM = Property Value ÷ Gross Annual Rent

  • valuation
  • shortcut
IRR

Internal Rate of Return

Annualized return on investment accounting for time value of money across the full hold period.
  • return
  • underwriting
CoC

Cash-on-Cash Return

Pre-tax annual cash flow divided by total cash invested. Measures the cash yield, not total return.

CoC = Annual Cash Flow ÷ Total Cash Invested

  • return
DCF

Discounted Cash Flow

Valuation method that projects future cash flows and discounts them to present value at a chosen rate.
  • valuation
  • underwriting
TTM

Trailing Twelve Months

A rolling sum of the most recent 12 months. Smooths seasonality for KPI comparisons.
  • period
  • core
PUE

Power Usage Effectiveness

Total facility power divided by IT equipment power. Lower is better — 1.0 is theoretical perfect.

PUE = Total Facility Power ÷ IT Equipment Power

  • data_center
  • efficiency
SF Yield

Square Foot Yield

NOI per rentable square foot. Comparable measure across industrial buildings of different size.
  • efficiency
Clear Height

Clear Height

Distance from finished floor to lowest overhead obstruction. Drives storage cube and rent premium.
  • physical

Industry reference

How the cold storage sector operates.

Comparable public REITs / operators

  • PLD (Prologis)
  • FR (First Industrial)
  • REXR (Rexford)
  • EGP (EastGroup)
  • STAG (STAG Industrial)
  • TRNO (Terreno)
  • PLYM (Plymouth)
  • EQIX (Equinix)
  • DLR (Digital Realty)
  • PSA (Public Storage)
  • EXR (Extra Space Storage)
  • CUBE (CubeSmart)
  • NSA (National Storage Affiliates)
  • COLD (Americold)

Frequently asked

Common questions about cold storage.

What is Cold Storage real estate and how is it analyzed?
Cold Storage is a industrial property type. Refrigerated warehouses. Energy cost ratio and pallet-position metrics, premium to dry warehouse. Performance is measured under sector conventions including SF Yield, PUE (data center), Clear Height, NOI, Cap Rate, DSCR, OER, NNN, WALT. Public REIT comparables: PLD (Prologis), FR (First Industrial), REXR (Rexford), EGP (EastGroup), STAG (STAG Industrial). Ilora.ai ingests sector-standard documents (rent rolls, lease abstracts, P&Ls, operating reports) and benchmarks against SEC EDGAR REIT filings, surfacing under-performance vs comparable institutional assets.