• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Lineage, Inc. Announces Full-Year 2024 Financial Results and Initiates 2025 Guidance

    2/26/25 6:00:00 AM ET
    $LINE
    Real Estate Investment Trusts
    Real Estate
    Get the next $LINE alert in real time by email

    Lineage, Inc. (NASDAQ:LINE) (the "Company"), the world's largest global temperature-controlled warehouse REIT, today announced its financial results for the fourth quarter and full year of 2024.

    Fourth-Quarter 2024 Financial Highlights

    • Total revenue increased 0.4% to $1.3 billion
    • GAAP net loss of ($80) million, or ($0.33) per diluted common share
    • Adjusted EBITDA increased 9.8% to $335 million; adjusted EBITDA margin increased 210bps to 25.0%
    • AFFO increased 147.7% to $213 million; AFFO per share increased 72.9% to $0.83
    • Declared quarterly dividend of $0.5275 per share, representing annualized dividend rate of $2.11 per share

    Full-Year 2024 Financial Highlights

    • Total revenue of $5.3 billion, flat versus prior year
    • GAAP net loss of ($751) million, or ($3.70) per diluted common share
    • Adjusted EBITDA increased 4.0% to $1.3 billion; adjusted EBITDA margin increased 100bps to 24.9%
    • AFFO increased 25.4% to $705 million; AFFO per share increased 6.5% to $3.29

    "We are pleased to report a strong finish to 2024, with 10% growth in fourth-quarter adjusted EBITDA, capping a transformational year for our company," said Greg Lehmkuhl, president and chief executive officer of Lineage, Inc. "Our market leadership, network effects, and operational excellence enabled us to expand margins as well as grow adjusted EBITDA and AFFO per share in 2024. We want to thank our dedicated and talented team members for an outstanding year in a challenging environment.

    "As we look ahead to 2025, we are well-positioned to expand our leadership position in the global food supply chain. We will continue to focus on providing world-class service to our customers, while working to continuously improve the efficiency of our operations. We believe our labor productivity, lean operations, and energy management initiatives, coupled with our innovative technology provide significant benefits to our customers and team members, while positioning Lineage for strong financial performance in all market environments.

    "Furthermore, our investment grade balance sheet and financial outlook provides the capacity to deploy more than $1.5 billion of capital in 2025. We are poised to execute on our robust acquisition and development pipeline. With an exciting blend of internal and external growth opportunities, we believe we have never been better positioned to deliver compounding growth for our shareholders," concluded Lehmkuhl.

    2025 Guidance

    The Company expects full-year 2025 adjusted EBITDA $1.35 to $1.40 billion and Adjusted FFO ("AFFO") per share of $3.40 to $3.60. The Company's guidance excludes the impact of unannounced future acquisitions or developments.

    Please refer to the Lineage's Earnings Presentation and Supplemental Information for additional details related to the Company's guidance.

    Fourth-Quarter and Full-Year 2024 Financial Results Conference Call and Earnings Presentation with Supplemental

    Please visit ir.lineage.com/events-and-presentations to view Lineage's fourth-quarter and full-year 2024 Earnings Presentation and Supplemental Information.

    Lineage will host a conference call and webcast today at 8:00 a.m. Eastern Time to discuss the company's fourth-quarter and full-year 2024 financial results. Interested parties may listen by visiting the Lineage Investor Relations website at ir.onelineage.com. A replay of the webcast will be available for approximately one year on the Company's investor relations website.

    About Lineage

    Lineage, Inc. (NASDAQ:LINE) is the world's largest global temperature-controlled warehouse REIT with a network of over 485 strategically located facilities totaling approximately 86 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world's largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world. Learn more at onelineage.com and join us on LinkedIn, Facebook, Instagram, and X.

    Forward-Looking Statements

    Certain statements contained in this Press Release, other than historical facts, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Lineage operates, and beliefs of, and assumptions made by, the Company and involve uncertainties that could significantly affect Lineage's financial results. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "can," "intend," "anticipate," "estimate," "believe," "continue," "possible," "initiatives," "measures," "poised," "focus," "seek," "objective," "goal," "vision," "drive," "opportunity," "target," "strategy," "expect," "plan," "potential," "potentially," "preparing," "projected," "future," "tomorrow," "long-term," "should," "could," "would," "might," "help," "aimed", or other similar words. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. Such statements include, but are not limited to statements about Lineage's plans, strategies, initiatives, and prospects and statements about its future results of operations, capital expenditures and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: general business and economic conditions; continued volatility and uncertainty in the credit markets and broader financial markets, including potential fluctuations in the Consumer Price Index and changes in foreign currency exchange rates; other risks inherent in the real estate business, including customer defaults, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; the availability of suitable acquisitions and our ability to acquire those properties or businesses on favorable terms; our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; our ability to meet budgeted or stabilized returns on our development and expansion projects within expected time frames, or at all; our ability to manage our expanded operations, including expansion into new markets or business lines; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; our failure to successfully integrate and operate acquired or developed properties or businesses; our ability to renew significant customer contracts; the impact of supply chain disruptions, including the impact on labor availability, raw material availability, manufacturing and food production and transportation; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the degree and nature of our competition; our failure to generate sufficient cash flows to service our outstanding indebtedness; our ability to access debt and equity capital markets; continued increases and volatility in interest rates; increased power, labor or construction costs; changes in consumer demand or preferences for products we store in our warehouses; decreased storage rates or increased vacancy rates; labor shortages or our inability to attract and retain talent; changes in, or the failure or inability to comply with, government regulation; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; our failure to maintain our status as a real estate investment trust for U.S. federal income tax purposes; changes in local, state, federal and international laws and regulations, including related to taxation, tarrifs, real estate and zoning laws, and increases in real property tax rates; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us, and any other risks discussed in the Company's filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC. Should one of more of the risks or uncertainties described above occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Forward-looking statements in this Press Release speak only as of the date of this Press Release, and undue reliance should not be placed on such statements. We undertake no obligation to, nor do we intend to, update, or otherwise revise, any such statements that may become untrue because of subsequent events.

    While the forward-looking statements are considered reasonable by the Company, they are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and cannot be predicted with accuracy and may not be realized. There can be no assurance that the forward-looking statements can or will be attained or maintained. Actual operating results may vary materially from the forward-looking statements included in this Press Release.

    Availability of Information on Lineage's Website and Social Media Channels

    Investors and others should note that Lineage routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Lineage Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Lineage LinkedIn account (linkedin.com/company/onelineage/); the Lineage Facebook account (facebook.com/lineagelogistics); the Lineage Instagram account (instagram.com/onelineage/); the Lineage X account (twitter.com/OneLineage)) as a means of disclosing information about the Company's business to our customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Lineage Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Lineage to review the information that it shares at the Investor Relations link located at the top of the page on onelineage.com and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Resources" section of the Lineage Investor Relations website at ir.onelineage.com. The contents of these websites are not incorporated by reference into this press release or any report or document Lineage files with the SEC, and any references to the websites are intended to be inactive textual references only.

     

    LINEAGE, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (in millions, except par values)

     

     

    December 31,

     

    December 31,

     

     

    2024

     

     

     

    2023

     

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    173

     

     

    $

    68

     

    Restricted cash

     

    2

     

     

     

    3

     

    Accounts receivable, net

     

    826

     

     

     

    913

     

    Inventories

     

    187

     

     

     

    171

     

    Prepaid expenses and other current assets

     

    97

     

     

     

    101

     

    Total current assets

     

    1,285

     

     

     

    1,256

     

    Non-current assets:

     

     

     

    Property, plant, and equipment, net

     

    10,627

     

     

     

    10,571

     

    Finance lease right-of-use assets, net

     

    1,254

     

     

     

    1,243

     

    Operating lease right-of-use assets, net

     

    627

     

     

     

    724

     

    Equity method investments

     

    124

     

     

     

    113

     

    Goodwill

     

    3,338

     

     

     

    3,394

     

    Other intangible assets, net

     

    1,127

     

     

     

    1,280

     

    Other assets

     

    279

     

     

     

    290

     

    Total assets

    $

    18,661

     

     

    $

    18,871

     

    Liabilities, Redeemable Noncontrolling Interests, and Equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable and accrued liabilities

    $

    1,220

     

     

    $

    1,137

     

    Accrued dividends and distributions

     

    134

     

     

     

    110

     

    Deferred revenue

     

    83

     

     

     

    94

     

    Current portion of long-term debt, net

     

    56

     

     

     

    24

     

    Total current liabilities

     

    1,493

     

     

     

    1,365

     

    Non-current liabilities:

     

     

     

    Long-term finance lease obligations

     

    1,249

     

     

     

    1,305

     

    Long-term operating lease obligations

     

    605

     

     

     

    692

     

    Deferred income tax liability

     

    304

     

     

     

    370

     

    Long-term debt, net

     

    4,906

     

     

     

    8,958

     

    Other long-term liabilities

     

    410

     

     

     

    159

     

    Total liabilities

     

    8,967

     

     

     

    12,849

     

    Commitments and contingencies (Note 20)

     

     

     

    Redeemable noncontrolling interests

     

    43

     

     

     

    349

     

    Stockholders' equity:

     

     

     

    Common stock, $0.01 par value per share – 500 authorized shares; 228 issued and outstanding at December 31, 2024 and 162 issued and outstanding at December 31, 2023

     

    2

     

     

     

    2

     

    Additional paid-in capital - common stock

     

    10,764

     

     

     

    5,961

     

    Series A preferred stock, $0.01 par value per share – 100 authorized shares; no issued and outstanding shares at December 31, 2024 and less than 1 issued and outstanding shares, with an aggregate liquidation preference of $1 at December 31, 2023

     

    —

     

     

     

    1

     

    Retained earnings (accumulated deficit)

     

    (1,855

    )

     

     

    (879

    )

    Accumulated other comprehensive income (loss)

     

    (273

    )

     

     

    (34

    )

    Total stockholders' equity

     

    8,638

     

     

     

    5,051

     

    Noncontrolling interests

     

    1,013

     

     

     

    622

     

    Total equity

     

    9,651

     

     

     

    5,673

     

    Total liabilities, redeemable noncontrolling interests, and equity

    $

    18,661

     

     

    $

    18,871

     

     

    LINEAGE, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

    (in millions, except per share amounts)

     

     

    Three Months Ended

    December 31,

     

    Year Ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net revenues

    $

    1,339

     

     

    $

    1,334

     

     

    $

    5,340

     

     

    $

    5,342

     

    Cost of operations

     

    906

     

     

     

    896

     

     

     

    3,578

     

     

     

    3,590

     

    General and administrative expense

     

    145

     

     

     

    141

     

     

     

    539

     

     

     

    502

     

    Depreciation expense

     

    181

     

     

     

    150

     

     

     

    659

     

     

     

    552

     

    Amortization expense

     

    55

     

     

     

    53

     

     

     

    217

     

     

     

    208

     

    Acquisition, transaction, and other expense

     

    39

     

     

     

    15

     

     

     

    651

     

     

     

    60

     

    Restructuring, impairment, and (gain) loss on disposals

     

    34

     

     

     

    21

     

     

     

    57

     

     

     

    32

     

    Total operating expense

     

    1,360

     

     

     

    1,276

     

     

     

    5,701

     

     

     

    4,944

     

    Income from operations

     

    (21

    )

     

     

    58

     

     

     

    (361

    )

     

     

    398

     

    Other income (expense):

     

     

     

     

     

     

     

    Equity income (loss), net of tax

     

    (3

    )

     

     

    (1

    )

     

     

    (6

    )

     

     

    (3

    )

    Gain (loss) on foreign currency transactions, net

     

    (30

    )

     

     

    13

     

     

     

    (25

    )

     

     

    4

     

    Interest expense, net

     

    (61

    )

     

     

    (133

    )

     

     

    (430

    )

     

     

    (490

    )

    Gain (loss) on extinguishment of debt

     

    (4

    )

     

     

    —

     

     

     

    (17

    )

     

     

    —

     

    Other nonoperating income (expense), net

     

    (2

    )

     

     

    —

     

     

     

    (1

    )

     

     

    (19

    )

    Total other income (expense), net

     

    (100

    )

     

     

    (121

    )

     

     

    (479

    )

     

     

    (508

    )

    Net income (loss) before income taxes

     

    (121

    )

     

     

    (63

    )

     

     

    (840

    )

     

     

    (110

    )

    Income tax expense (benefit)

     

    (41

    )

     

     

    (6

    )

     

     

    (89

    )

     

     

    (14

    )

    Net income (loss)

     

    (80

    )

     

     

    (57

    )

     

     

    (751

    )

     

     

    (96

    )

    Less: Net income (loss) attributable to noncontrolling interests

     

    (9

    )

     

     

    (5

    )

     

     

    (87

    )

     

     

    (19

    )

    Net income (loss) attributable to Lineage, Inc.

    $

    (71

    )

     

    $

    (52

    )

     

     

    (664

    )

     

     

    (77

    )

     

     

     

     

     

     

     

     

    Other comprehensive income (loss), net of tax:

     

     

     

     

     

     

     

    Unrealized gain (loss) on foreign currency hedges and interest rate hedges

     

    (4

    )

     

     

    (58

    )

     

     

    (60

    )

     

     

    (87

    )

    Foreign currency translation adjustments

     

    (236

    )

     

     

    117

     

     

     

    (207

    )

     

     

    88

     

    Comprehensive income (loss)

     

    (320

    )

     

     

    2

     

     

     

    (1,018

    )

     

     

    (95

    )

    Less: Comprehensive income (loss) attributable to noncontrolling interests

     

    (34

    )

     

     

    (1

    )

     

     

    (115

    )

     

     

    (21

    )

    Comprehensive income (loss) attributable to Lineage, Inc.

    $

    (286

    )

     

    $

    3

     

     

    $

    (903

    )

     

    $

    (74

    )

     

     

     

     

     

     

     

     

    Basic earnings (loss) per share

    $

    (0.33

    )

     

    $

    (0.43

    )

     

    $

    (3.70

    )

     

    $

    (0.73

    )

    Diluted earnings (loss) per share

    $

    (0.33

    )

     

    $

    (0.43

    )

     

    $

    (3.70

    )

     

    $

    (0.73

    )

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    228

     

     

     

    162

     

     

     

    191

     

     

     

    162

     

    Diluted

     

    228

     

     

     

    162

     

     

     

    191

     

     

     

    162

     

     

    LINEAGE, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

    (in millions)

     

     

     

     

    Common Stock

     

     

     

     

     

     

     

     

     

     

     

    Redeemable noncontrolling interests

     

    Number of shares

     

    Par value

     

    Additional paid-in capital

     

    Series A preferred stock

     

    Retained earnings (accumulated deficit)

     

    Accumulated other comprehensive income (loss)

     

    Noncontrolling interests

     

    Total

    equity

    Balance as of December 31, 2022

    $

    298

     

    160

     

    $

    2

     

    $

    5,915

     

     

    $

    1

     

    $

    (713

    )

     

    $

    (37

    )

     

    $

    641

     

     

    $

    5,809

     

    Common stock issuances, net of equity raise costs

     

    —

     

    2

     

     

    —

     

     

    142

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    142

     

    Contributions from noncontrolling interests

     

    —

     

    —

     

     

    —

     

     

    3

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    2

     

     

     

    5

     

    Dividends ($0.55 per common share) and other distributions

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    (89

    )

     

     

    —

     

     

     

    (57

    )

     

     

    (146

    )

    Operating Partnership units issued in acquisitions

     

    —

     

    —

     

     

    —

     

     

    4

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    2

     

     

     

    6

     

    Stock-based compensation

     

    —

     

    —

     

     

    —

     

     

    15

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    11

     

     

     

    26

     

    Other comprehensive income (loss)

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    3

     

     

     

    (2

    )

     

     

    1

     

    Sale of noncontrolling interests

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    (4

    )

     

     

    (4

    )

    Noncontrolling interests acquired in business combinations

     

    7

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Redemption of common stock

     

    —

     

    —

     

     

    —

     

     

    (12

    )

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (12

    )

    Redemption of units issued as stock compensation

     

    —

     

    —

     

     

    —

     

     

    (12

    )

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

     

     

    (13

    )

    Redemption of noncontrolling interest

     

    —

     

    —

     

     

    —

     

     

    (1

    )

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

    Redeemable noncontrolling interest adjustment

     

    8

     

    —

     

     

    —

     

     

    (8

    )

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (8

    )

    Accretion of redeemable noncontrolling interests

     

    36

     

    —

     

     

    —

     

     

    (36

    )

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (36

    )

    Net income (loss)

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    (77

    )

     

     

    —

     

     

     

    (19

    )

     

     

    (96

    )

    Reallocation of noncontrolling interests

     

    —

     

    —

     

     

    —

     

     

    (49

    )

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    49

     

     

     

    —

     

    Balance as of December 31, 2023

    $

    349

     

    162

     

    $

    2

     

    $

    5,961

     

     

    $

    1

     

    $

    (879

    )

     

    $

    (34

    )

     

    $

    622

     

     

    $

    5,673

     

     

    LINEAGE, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

    (in millions)

     

     

     

     

    Common Stock

     

     

     

     

     

     

     

     

     

     

     

    Redeemable noncontrolling interests

     

    Number of shares

     

    Par value

     

    Additional paid-in capital

     

    Series A preferred stock

     

    Retained earnings (accumulated deficit)

     

    Accumulated other comprehensive income (loss)

     

    Noncontrolling interests

     

    Total

    equity

    Balance as of December 31, 2023

    $

    349

     

     

    162

     

     

    $

    2

     

    $

    5,961

     

     

    $

    1

     

     

    $

    (879

    )

     

    $

    (34

    )

     

    $

    622

     

     

    $

    5,673

     

    Common stock issuances, net of equity raise costs

     

    —

     

     

    65

     

     

     

    —

     

     

    4,874

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4,874

     

    Assumption of the Put Option liability

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    (103

    )

     

     

    —

     

     

     

    —

     

     

     

    (103

    )

    Dividends ($0.91 per common share) and other distributions ($0.91 per OP Unit and OPEU)

     

    (1

    )

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    (209

    )

     

     

    —

     

     

     

    (50

    )

     

     

    (259

    )

    Stock-based compensation

     

    —

     

     

    2

     

     

     

    —

     

     

    176

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    39

     

     

     

    215

     

    Withholding of common stock for employee taxes

     

    —

     

     

    (1

    )

     

     

    —

     

     

    (46

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (46

    )

    Other comprehensive income (loss)

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (239

    )

     

     

    (28

    )

     

     

    (267

    )

    Repurchase of common stock pursuant to Put Option exercise

     

    —

     

     

    —

     

     

     

    —

     

     

    (17

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (17

    )

    Conversion of Management Profits Interests Class C units

     

    —

     

     

    —

     

     

     

    —

     

     

    (61

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    61

     

     

     

    —

     

    Redemption of preferred shares and OPEUs

     

    —

     

     

    —

     

     

     

    —

     

     

    (46

    )

     

     

    (1

    )

     

     

    —

     

     

     

    —

     

     

     

    (29

    )

     

     

    (76

    )

    Reimbursement of Advance Distributions

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    198

     

     

     

    198

     

    Redemption of redeemable noncontrolling interests

     

    (6

    )

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Redemption of common stock

     

    —

     

     

    —

     

     

     

    —

     

     

    (25

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (25

    )

    Reclassification of the Preference Shares

     

    (229

    )

     

    —

     

     

     

    —

     

     

    (22

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (22

    )

    Issuance of OPEUs and settlement of Class D Units

     

    —

     

     

    —

     

     

     

    —

     

     

    114

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    73

     

     

     

    187

     

    Expiration of redemption option

     

    (92

    )

     

    —

     

     

     

    —

     

     

    65

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    27

     

     

     

    92

     

    Redeemable noncontrolling interest adjustment

     

    8

     

     

    —

     

     

     

    —

     

     

    (8

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (8

    )

    Accretion of redeemable noncontrolling interests

     

    15

     

     

    —

     

     

     

    —

     

     

    (15

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (15

    )

    Net income (loss)

     

    (1

    )

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    (664

    )

     

     

    —

     

     

     

    (86

    )

     

     

    (750

    )

    Reallocation of noncontrolling interests

     

    —

     

     

    —

     

     

     

    —

     

     

    (186

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    186

     

     

     

    —

     

    Balance as of December 31, 2024

    $

    43

     

     

    228

     

     

    $

    2

     

    $

    10,764

     

     

    $

    —

     

     

    $

    (1,855

    )

     

    $

    (273

    )

     

    $

    1,013

     

     

    $

    9,651

     

     

    LINEAGE, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

     

     

    Year Ended December 31,

    (in millions)

     

    2024

     

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

    Net income (loss)

    $

    (751

    )

     

    $

    (96

    )

    Adjustments to reconcile net income (loss) to net cash provided by operating activities:

     

     

     

    Provision for credit losses

     

    5

     

     

     

    6

     

    Impairment of long-lived and intangible assets

     

    98

     

     

     

    9

     

    Gain on insurance recovery (see Note 20, Commitments and contingencies)

     

    (76

    )

     

     

    —

     

    Loss on sale of a subsidiary (see Note 4, Business combinations, asset acquisitions, and divestitures)

     

    —

     

     

     

    21

     

    Depreciation and amortization

     

    876

     

     

     

    760

     

    (Gain) loss on extinguishment of debt, net

     

    17

     

     

     

    —

     

    Amortization of deferred financing costs and above/below market debt

     

    19

     

     

     

    21

     

    Stock-based compensation

     

    215

     

     

     

    26

     

    (Gain) loss on foreign currency transactions, net

     

    25

     

     

     

    (4

    )

    Deferred income tax

     

    (105

    )

     

     

    (58

    )

    Vesting of Class D interests (see Note 2, Capital structure and noncontrolling interests)

     

    185

     

     

     

    —

     

    One-time Internalization expense to Bay Grove (see Note 2, Capital structure and noncontrolling interests)

     

    200

     

     

     

    —

     

    Put Options fair value adjustment

     

    31

     

     

     

    —

     

    Other operating activities

     

    19

     

     

     

    9

     

    Changes in operating assets and liabilities (excluding effects of acquisitions):

     

     

     

    Accounts receivable

     

    64

     

     

     

    43

     

    Prepaid expenses, other assets, and other long-term liabilities

     

    (29

    )

     

     

    (12

    )

    Inventories

     

    (18

    )

     

     

    8

     

    Accounts payable and accrued liabilities and deferred revenue

     

    (85

    )

     

     

    51

     

    Right-of-use assets and lease obligations

     

    13

     

     

     

    12

     

    Net cash provided by operating activities

     

    703

     

     

     

    796

     

    Cash flows from investing activities:

     

     

     

    Acquisitions, net of cash acquired

     

    (346

    )

     

     

    (283

    )

    Deposits on pending acquisitions and related refunds, net

     

    3

     

     

     

    —

     

    Purchase of property, plant, and equipment

     

    (691

    )

     

     

    (766

    )

    Proceeds from sale of assets

     

    7

     

     

     

    19

     

    Proceeds from insurance recovery on impaired long-lived assets

     

    105

     

     

     

    —

     

    Investments in Emergent Cold LatAm Holdings, LLC

     

    (20

    )

     

     

    (31

    )

    Proceeds from repayment of notes by related parties

     

    15

     

     

     

    —

     

    Other investing activity

     

    8

     

     

     

    (5

    )

    Net cash used in investing activities

     

    (919

    )

     

     

    (1,066

    )

    Cash flows from financing activities:

     

     

     

    Capital contributions, net of equity raise costs

     

    —

     

     

     

    142

     

    Issuance of common stock in IPO, net of equity raise costs

     

    4,879

     

     

     

    (6

    )

    Dividends and other distributions

     

    (234

    )

     

     

    (46

    )

    Redemption of redeemable noncontrolling interests

     

    (6

    )

     

     

    —

     

    Repurchase of common shares for employee income taxes on stock-based compensation

     

    (46

    )

     

     

    —

     

    Repurchase of common stock pursuant to Put Option exercise

     

    (17

    )

     

     

    —

     

    Financing fees

     

    (45

    )

     

     

    —

     

    Proceeds from long-term debt

     

    2,481

     

     

     

    —

     

    Repayments of long-term debt and finance leases

     

    (7,112

    )

     

     

    (96

    )

    Payment of deferred and contingent consideration liabilities

     

    (46

    )

     

     

    (36

    )

    Borrowings on revolving line of credit

     

    4,112

     

     

     

    1,431

     

    Repayments on revolving line of credit

     

    (3,512

    )

     

     

    (1,216

    )

    Redemption of units issued as stock compensation

     

    (2

    )

     

     

    (12

    )

    Redemption of common stock

     

    (25

    )

     

     

    (12

    )

    Redemption of OPEUs

     

    (75

    )

     

     

    —

     

    Settlement of Put Option liability

     

    (27

    )

     

     

    —

     

    Other financing activity

     

    (5

    )

     

     

    (13

    )

    Net cash provided by financing activities

     

    320

     

     

     

    136

     

    Impact of foreign exchange rates on cash, cash equivalents, and restricted cash

     

    —

     

     

     

    3

     

    Net increase (decrease) in cash, cash equivalents, and restricted cash

     

    104

     

     

     

    (131

    )

    Cash, cash equivalents, and restricted cash at the beginning of the period

     

    71

     

     

     

    202

     

    Cash, cash equivalents, and restricted cash at the end of the period

    $

    175

     

     

    $

    71

     

     

    Global Warehousing Segment

    The following table presents the operating results of our global warehousing segment for the three months ended December 31, 2024 and 2023.

     

    Three Months Ended

    December 31,

     

     

     

    2024

     

    2023

     

    Change

     

    (in millions except revenue per pallet)

     

     

    Warehouse storage

    $

    508

     

     

    $

    526

     

     

    (3.4

    )%

    Warehouse services

     

    472

     

     

     

    449

     

     

    5.1

    %

    Total global warehousing segment revenues

     

    980

     

     

     

    975

     

     

    0.5

    %

    Power

     

    53

     

     

     

    48

     

     

    10.4

    %

    Labor(1)

     

    355

     

     

     

    360

     

     

    (1.4

    )%

    Other warehouse costs(2)

     

    190

     

     

     

    193

     

     

    (1.6

    )%

    Total global warehousing segment cost of operations

     

    598

     

     

     

    601

     

     

    (0.5

    )%

    Global warehousing segment NOI

    $

    382

     

     

    $

    374

     

     

    2.1

    %

    Total global warehousing segment margin

     

    39.0

    %

     

     

    38.4

    %

     

    60

    bps

     

     

     

     

     

     

    Number of warehouse sites

     

    469

     

     

     

    463

     

     

     

     

     

     

     

     

     

    Warehouse storage(3)

     

     

     

     

     

    Average economic occupancy

     

     

     

     

     

    Average occupied economic pallets (in thousands)

     

    8,339

     

     

     

    8,525

     

     

    (2.2

    )%

    Economic occupancy percentage

     

    83.9

    %

     

     

    87.2

    %

     

    (330

    ) bps

    Storage revenue per economic occupied pallet

    $

    60.99

     

     

    $

    61.75

     

     

    (1.2

    )%

    Average physical occupancy

     

     

     

     

     

    Average physical occupied pallets (in thousands)

     

    7,764

     

     

     

    7,897

     

     

    (1.7

    )%

    Average physical pallet positions (in thousands)

     

    9,935

     

     

     

    9,776

     

     

    1.6

    %

    Physical occupancy percentage

     

    78.1

    %

     

     

    80.8

    %

     

    (270

    ) bps

    Storage revenue per physical occupied pallet

    $

    65.50

     

     

    $

    66.66

     

     

    (1.7

    )%

    Warehouse services(3)

     

     

     

     

     

    Throughput pallets (in thousands)

     

    13,334

     

     

     

    13,165

     

     

    1.3

    %

    Warehouse services revenue per throughput pallet

    $

    32.46

     

     

    $

    31.21

     

     

    4.0

    %

    __________________

    1. Labor cost of operations excludes immaterial stock-based compensation expense for the three months ended December 31, 2024.
    2. Includes real estate rent expense of $24 million and $25 million for the three months ended December 31, 2024 and 2023, respectively; and non-real estate rent expense (equipment lease and rentals) of $6 million and $5 million for the three months ended December 31, 2024 and 2023, respectively.
    3. Warehouse storage and warehouse services metrics exclude managed sites.

    Global Warehousing Segment

    The following table presents the operating results of our warehouse segment for the year ended December 31, 2024 and 2023.

     

    Year Ended December 31,

     

     

     

     

    2024

     

     

     

    2023

     

     

    Change

     

    (in millions except revenue per pallet)

     

     

    Warehouse storage

    $

    2,042

     

     

    $

    2,071

     

     

    (1.4

    )%

    Warehouse services

     

    1,845

     

     

     

    1,786

     

     

    3.3

    %

    Total global warehousing segment revenues

     

    3,887

     

     

     

    3,857

     

     

    0.8

    %

    Power

     

    208

     

     

     

    204

     

     

    2.0

    %

    Labor(1)

     

    1,417

     

     

     

    1,402

     

     

    1.1

    %

    Other warehouse costs(2)

     

    728

     

     

     

    743

     

     

    (2.0

    )%

    Total global warehousing segment cost of operations

     

    2,353

     

     

     

    2,349

     

     

    0.2

    %

    Global warehousing segment NOI

    $

    1,534

     

     

    $

    1,508

     

     

    1.7

    %

    Total global warehousing segment margin

     

    39.5

    %

     

     

    39.1

    %

     

    40

    bps

     

     

     

     

     

     

    Number of warehouse sites

     

    469

     

     

     

    463

     

     

     

     

     

     

     

     

     

    Warehouse storage(3)

     

     

     

     

     

    Average economic occupancy

     

     

     

     

     

    Average occupied economic pallets (in thousands)

     

    8,175

     

     

     

    8,292

     

     

    (1.4

    )%

    Economic occupancy percentage

     

    83.1

    %

     

     

    86.0

    %

     

    (290

    ) bps

    Storage revenue per economic occupied pallet

    $

    249.82

     

     

    $

    249.59

     

     

    0.1

    %

    Average physical occupancy

     

     

     

     

     

    Average physical occupied pallets (in thousands)

     

    7,569

     

     

     

    7,716

     

     

    (1.9

    )%

    Average physical pallet positions (in thousands)

     

    9,836

     

     

     

    9,642

     

     

    2.0

    %

    Physical occupancy percentage

     

    77.0

    %

     

     

    80.0

    %

     

    (300

    ) bps

    Storage revenue per physical occupied pallet

    $

    269.82

     

     

    $

    268.20

     

     

    0.6

    %

    Warehouse services(3)

     

     

     

     

     

    Throughput pallets (in thousands)

     

    52,573

     

     

     

    51,601

     

     

    1.9

    %

    Warehouse services revenue per throughput pallet

    $

    32.17

     

     

    $

    31.73

     

     

    1.4

    %

    _______________

    1. Excludes $1 million of stock-based compensation expense for the year ended December 31, 2024.
    2. Includes real estate rent expense of $99 million and $96 million for the year ended December 31, 2024 and 2023, respectively; and non-real estate rent expense (equipment lease and rentals) of $18 million and $21 million for the year ended December 31, 2024 and 2023, respectively.
    3. Warehouse storage and warehouse services metrics exclude managed sites.

    Same Warehouse Results

    The following tables present revenues, cost of operations, same warehouse NOI, and margins for our same warehouses for the three and nine months ended December 31, 2024 and December 31, 2023.

     

    Three Months Ended

    December 31,

     

     

     

     

    2024

     

     

     

    2023

     

     

    Change

     

    (in millions except revenue per pallet)

     

     

    Warehouse storage

    $

    439

     

     

    $

    453

     

     

    (3.1

    )%

    Warehouse services

     

    398

     

     

     

    389

     

     

    2.3

    %

    Total same warehouse revenues

     

    837

     

     

     

    842

     

     

    (0.6

    )%

    Power

     

    45

     

     

     

    42

     

     

    7.1

    %

    Labor

     

    303

     

     

     

    312

     

     

    (2.9

    )%

    Other warehouse costs

     

    160

     

     

     

    163

     

     

    (1.8

    )%

    Total same warehouse cost of operations

     

    508

     

     

     

    517

     

     

    (1.7

    )%

    Same warehouse NOI

    $

    329

     

     

    $

    325

     

     

    1.2

    %

    Total same warehouse margin

     

    39.3

    %

     

     

    38.6

    %

     

    70

    bps

     

     

     

     

     

     

    Number of same warehouse sites

     

    409

     

     

     

    409

     

     

     

     

     

     

     

     

     

    Warehouse storage(1)

     

     

     

     

     

    Economic occupancy

     

     

     

     

     

    Average occupied economic pallets (in thousands)

     

    7,121

     

     

     

    7,340

     

     

    (3.0

    )%

    Economic occupancy percentage

     

    86.0

    %

     

     

    88.4

    %

     

    (240

    ) bps

    Storage revenue per economic occupied pallet

    $

    61.56

     

     

    $

    61.64

     

     

    (0.1

    )%

    Physical occupancy

     

     

     

     

     

    Average physical occupied pallets (in thousands)

     

    6,646

     

     

     

    6,799

     

     

    (2.3

    )%

    Average physical pallet positions (in thousands)

     

    8,280

     

     

     

    8,305

     

     

    (0.3

    )%

    Physical occupancy percentage

     

    80.3

    %

     

     

    81.9

    %

     

    (160

    ) bps

    Storage revenue per physical occupied pallet

    $

    65.96

     

     

    $

    66.54

     

     

    (0.9

    )%

    Warehouse services(1)

     

     

     

     

     

    Throughput pallets (in thousands)

     

    11,220

     

     

     

    11,300

     

     

    (0.7

    )%

    Warehouse services revenue per throughput pallet

    $

    32.34

     

     

    $

    31.52

     

     

    2.6

    %

    __________________

    1. Warehouse storage and warehouse services metrics exclude managed sites.

     

    Year Ended December 31,

     

     

     

     

    2024

     

     

     

    2023

     

     

    Change

     

    (in millions except revenue per pallet)

     

     

    Warehouse storage

    $

    1,760

     

     

    $

    1,816

     

     

    (3.1

    )%

    Warehouse services

     

    1,584

     

     

     

    1,574

     

     

    0.6

    %

    Total same warehouse revenues

     

    3,344

     

     

     

    3,390

     

     

    (1.4

    )%

    Power

     

    177

     

     

     

    177

     

     

    —

    %

    Labor

     

    1,223

     

     

     

    1,232

     

     

    (0.7

    )%

    Other warehouse costs

     

    607

     

     

     

    636

     

     

    (4.6

    )%

    Total same warehouse cost of operations

     

    2,007

     

     

     

    2,045

     

     

    (1.9

    )%

    Same warehouse NOI

    $

    1,337

     

     

    $

    1,345

     

     

    (0.6

    )%

    Total same warehouse margin

     

    40.0

    %

     

     

    39.7

    %

     

    30

    bps

     

     

     

     

     

     

    Number of same warehouse sites

     

    409

     

     

     

    409

     

     

     

     

     

     

     

     

     

    Warehouse storage(1)

     

     

     

     

     

    Economic occupancy

     

     

     

     

     

    Average occupied economic pallets (in thousands)

     

    7,033

     

     

     

    7,268

     

     

    (3.2

    )%

    Economic occupancy percentage

     

    84.7

    %

     

     

    87.5

    %

     

    (280

    ) bps

    Storage revenue per economic occupied pallet

    $

    250.21

     

     

    $

    249.84

     

     

    0.1

    %

    Physical occupancy

     

     

     

     

     

    Average physical occupied pallets (in thousands)

     

    6,510

     

     

     

    6,747

     

     

    (3.5

    )%

    Average physical pallet positions (in thousands)

     

    8,302

     

     

     

    8,303

     

     

    —

    %

    Physical occupancy percentage

     

    78.4

    %

     

     

    81.3

    %

     

    (290

    ) bps

    Storage revenue per physical occupied pallet

    $

    270.30

     

     

    $

    269.13

     

     

    0.4

    %

    Warehouse services(1)

     

     

     

     

     

    Throughput pallets (in thousands)

     

    44,754

     

     

     

    45,489

     

     

    (1.6

    )%

    Warehouse services revenue per throughput pallet

    $

    32.30

     

     

    $

    31.73

     

     

    1.8

    %

    _______

    1. Warehouse storage and warehouse services metrics exclude managed sites.

    Non-Same Warehouse Results

    The following tables present revenues, cost of operations, non-same warehouse NOI, and margins for our non-same warehouses for the three and nine months ended December 31, 2024 and 2023.

     

    Three Months Ended

    December 31,

     

     

     

     

    2024

     

     

     

    2023

     

     

    Change

     

    (in millions except revenue per pallet)

     

     

    Warehouse storage

    $

    69

     

     

    $

    73

     

     

    (5.5

    )%

    Warehouse services

     

    74

     

     

     

    60

     

     

    23.3

    %

    Total non-same warehouse revenues

     

    143

     

     

     

    133

     

     

    7.5

    %

    Power

     

    8

     

     

     

    6

     

     

    33.3

    %

    Labor

     

    52

     

     

     

    48

     

     

    8.3

    %

    Other warehouse costs

     

    30

     

     

     

    30

     

     

    —

    %

    Total non-same warehouse cost of operations

     

    90

     

     

     

    84

     

     

    7.1

    %

    Non-same warehouse NOI

    $

    53

     

     

    $

    49

     

     

    8.2

    %

    Total non-same warehouse margin

     

    37.1

    %

     

     

    36.8

    %

     

    30

    bps

     

     

     

     

     

     

    Number of non-same warehouse sites(1)

     

    60

     

     

     

    54

     

     

     

     

     

     

     

     

     

    Warehouse storage (2)

     

     

     

     

     

    Economic occupancy

     

     

     

     

     

    Average occupied economic pallets (in thousands)

     

    1,218

     

     

     

    1,185

     

     

    2.8

    %

    Economic occupancy percentage

     

    73.6

    %

     

     

    80.6

    %

     

    (700

    ) bps

    Storage revenue per economic occupied pallet

    $

    57.65

     

     

    $

    62.45

     

     

    (7.7

    )%

    Physical occupancy

     

     

     

     

     

    Average physical occupied pallets (in thousands)

     

    1,118

     

     

     

    1,098

     

     

    1.8

    %

    Average physical pallet positions (in thousands)

     

    1,655

     

     

     

    1,471

     

     

    12.5

    %

    Physical occupancy percentage

     

    67.6

    %

     

     

    74.6

    %

     

    (700

    ) bps

    Storage revenue per physical occupied pallet

    $

    62.78

     

     

    $

    67.38

     

     

    (6.8

    )%

    Warehouse services (2)

     

     

     

     

     

    Throughput pallets (in thousands)

     

    2,114

     

     

     

    1,865

     

     

    13.4

    %

    Warehouse services revenue per throughput pallet

    $

    33.09

     

     

    $

    29.33

     

     

    12.8

    %

    __________________

    1. Refer to our "Same Warehouse Analysis," which describes the composition of our non-same warehouse pool.
    2. Warehouse storage and warehouse services metrics exclude managed sites.

     

    Year Ended December 31,

     

     

     

     

    2024

     

     

     

    2023

     

     

    Change

     

    (in millions except revenue per pallet)

     

     

    Warehouse storage

    $

    282

     

     

    $

    255

     

     

    10.6

    %

    Warehouse services

     

    261

     

     

     

    212

     

     

    23.1

    %

    Total non-same warehouse revenues

     

    543

     

     

     

    467

     

     

    16.3

    %

    Power

     

    31

     

     

     

    27

     

     

    14.8

    %

    Labor

     

    194

     

     

     

    170

     

     

    14.1

    %

    Other warehouse costs

     

    121

     

     

     

    107

     

     

    13.1

    %

    Total non-same warehouse cost of operations

     

    346

     

     

     

    304

     

     

    13.8

    %

    Non-same warehouse NOI

    $

    197

     

     

    $

    163

     

     

    20.9

    %

    Total non-same warehouse margin

     

    36.3

    %

     

     

    34.9

    %

     

    140

    bps

     

     

     

     

     

     

    Number of non-same warehouse sites(1)

     

    60

     

     

     

    54

     

     

     

     

     

     

     

     

     

    Warehouse storage (2)

     

     

     

     

     

    Economic occupancy

     

     

     

     

     

    Average occupied economic pallets (in thousands)

     

    1,142

     

     

     

    1,024

     

     

    11.5

    %

    Economic occupancy percentage

     

    74.4

    %

     

     

    76.5

    %

     

    (210

    ) bps

    Storage revenue per economic occupied pallet

    $

    247.41

     

     

    $

    247.87

     

     

    (0.2

    )%

    Physical occupancy

     

     

     

     

     

    Average physical occupied pallets (in thousands)

     

    1,059

     

     

     

    970

     

     

    9.2

    %

    Average physical pallet positions (in thousands)

     

    1,534

     

     

     

    1,339

     

     

    14.6

    %

    Physical occupancy percentage

     

    69.0

    %

     

     

    72.4

    %

     

    (340

    ) bps

    Storage revenue per physical occupied pallet

    $

    266.89

     

     

    $

    261.77

     

     

    2.0

    %

    Warehouse services (2)

     

     

     

     

     

    Throughput pallets (in thousands)

     

    7,819

     

     

     

    6,112

     

     

    27.9

    %

    Warehouse services revenue per throughput pallet

    $

    31.42

     

     

    $

    31.91

     

     

    (1.5

    )%

    __________________

    1. Refer to our "Same Warehouse Analysis," which describes the composition of our non-same warehouse pool.
    2. Warehouse storage and warehouse services metrics exclude managed sites.

    Global Integrated Solutions Segment

    The following tables presents the operating results of our global integrated solutions segment for the three and nine months ended December 31, 2024 and 2023.

     

    Three Months Ended

    December 31,

     

     

     

     

    2024

     

     

     

    2023

     

     

    Change

     

    (in millions)

     

     

    Global Integrated Solutions segment revenues

    $

    359

     

     

    $

    359

     

     

    —

    %

    Global Integrated Solutions segment cost of operations(1)

     

    306

     

     

     

    295

     

     

    3.7

    %

    Global Integrated Solutions segment NOI

    $

    53

     

     

    $

    64

     

     

    (17.2

    )%

    Global Integrated Solutions margin

     

    14.8

    %

     

     

    17.8

    %

     

    (300

    ) bps

    _______________

    1. Excludes $2 million of stock-based compensation expense for the three months ended December 31, 2024.

     

    Year Ended December 31,

     

     

     

     

    2024

     

     

     

    2023

     

     

    Change

     

    (in millions)

     

     

    Global Integrated Solutions segment revenues

    $

    1,453

     

     

    $

    1,485

     

     

    (2.2

    )%

    Global Integrated Solutions segment cost of operations(1)

     

    1,222

     

     

     

    1,241

     

     

    (1.5

    )%

    Global Integrated Solutions segment NOI

    $

    231

     

     

    $

    244

     

     

    (5.3

    )%

    Global Integrated Solutions margin

     

    15.9

    %

     

     

    16.4

    %

     

    (50

    ) bps

    _______________

    1. Excludes $2 million of stock-based compensation expense for the year ended December 31, 2024.

       

    Capital Expenditures

    Maintenance Capital Expenditures

    The following table sets forth our recurring maintenance capital expenditures.

     

    Three Months Ended

    December 31,

     

    Year Ended December 31,

     

    2024

     

    2023

     

    2024

     

    2023

    (in millions)

     

    Global warehousing

    $

    57

     

    $

    57

     

    $

    149

     

    $

    144

    Global integrated solutions

     

    11

     

     

    9

     

     

    21

     

     

    27

    Information technology and other

     

    4

     

     

    22

     

     

    25

     

     

    37

    Maintenance capital expenditures

    $

    72

     

    $

    88

     

    $

    195

     

    $

    208

    Integration Capital Expenditures

    The following table sets forth our integration capital expenditures.

     

    Three Months Ended

    December 31,

     

    Year Ended December 31, 

     

    2024

     

    2023

     

    2024

     

    2023

    (in millions)

     

     

    Global warehousing

    $

    33

     

    $

    15

     

    $

    65

     

    $

    42

    Global integrated solutions

     

    2

     

     

    1

     

     

    3

     

     

    21

    Information technology and other

     

    8

     

     

    —

     

     

    26

     

     

    12

    Integration capital expenditures

    $

    43

     

    $

    16

     

    $

    94

     

    $

    75

    External Growth Capital Investments

    The following table sets forth our external growth capital investments.

     

    Three Months Ended

    December 31,

     

    Year Ended December 31, 

     

    2024

     

    2023

     

    2024

     

    2023

    (in millions)

     

     

    Acquisitions, including equity issued and net of cash acquired and adjustments

    $

    233

     

    $

    265

     

    $

    346

     

    $

    289

    Greenfield and expansion expenditures

     

    73

     

     

    47

     

     

    270

     

     

    267

    Energy and economic return initiatives

     

    18

     

     

    19

     

     

    89

     

     

    110

    Information technology transformation and growth initiatives

     

    5

     

     

    19

     

     

    55

     

     

    75

    External growth capital investments

    $

    329

     

    $

    350

     

    $

    760

     

    $

    741

    Non-GAAP Financial Measures Reconciliations

    Reconciliation of NOI to Net Income (Loss)

     

     

    Three Months Ended

    December 31,

     

    Year Ended December 31,

    (in millions)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income (loss)

    $

    (80

    )

     

    $

    (57

    )

     

    $

    (751

    )

     

    $

    (96

    )

    Stock-based compensation expense in cost of operations

     

    2

     

     

     

    —

     

     

     

    3

     

     

     

    —

     

    General and administrative expense

     

    145

     

     

     

    141

     

     

     

    539

     

     

     

    502

     

    Depreciation expense

     

    181

     

     

     

    150

     

     

     

    659

     

     

     

    552

     

    Amortization expense

     

    55

     

     

     

    53

     

     

     

    217

     

     

     

    208

     

    Acquisition, transaction, and other expense

     

    39

     

     

     

    15

     

     

     

    651

     

     

     

    60

     

    Restructuring, impairment, and (gain) loss on disposals

     

    34

     

     

     

    21

     

     

     

    57

     

     

     

    32

     

    Equity (income) loss, net of tax

     

    3

     

     

     

    1

     

     

     

    6

     

     

     

    3

     

    (Gain) loss on foreign currency transactions, net

     

    30

     

     

     

    (13

    )

     

     

    25

     

     

     

    (4

    )

    Interest expense, net

     

    61

     

     

     

    133

     

     

     

    430

     

     

     

    490

     

    (Gain) loss on extinguishment of debt

     

    4

     

     

     

    —

     

     

     

    17

     

     

     

    —

     

    Other nonoperating (income) expense, net

     

    2

     

     

     

    —

     

     

     

    1

     

     

     

    19

     

    Income tax expense (benefit)

     

    (41

    )

     

     

    (6

    )

     

     

    (89

    )

     

     

    (14

    )

    Total segment NOI

    $

    435

     

     

    $

    438

     

     

    $

    1,765

     

     

    $

    1,752

     

     

    Reconciliation of EBITDA, EBITDAre, and Adjusted EBITDA to Net Income (Loss)

       

     

     

    Three Months Ended

    December 31,

     

    Year Ended December 31,

    (in millions)

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income (loss)

     

    $

    (80

    )

     

    $

    (57

    )

     

    $

    (751

    )

     

    $

    (96

    )

    Adjustments:

     

     

     

     

     

     

     

     

    Depreciation and amortization expense

     

     

    236

     

     

     

    203

     

     

     

    876

     

     

     

    760

     

    Interest expense, net

     

     

    61

     

     

     

    133

     

     

     

    430

     

     

     

    490

     

    Income tax expense (benefit)

     

     

    (41

    )

     

     

    (6

    )

     

     

    (89

    )

     

     

    (14

    )

    EBITDA

     

    $

    176

     

     

    $

    273

     

     

    $

    466

     

     

    $

    1,140

     

    Adjustments:

     

     

     

     

     

     

     

     

    Net loss (gain) on sale of real estate assets

     

     

    5

     

     

     

    1

     

     

     

    10

     

     

     

    8

     

    Impairment write-downs on real estate property

     

     

    2

     

     

     

    —

     

     

     

    11

     

     

     

    2

     

    Allocation of EBITDAre of noncontrolling interests

     

     

    1

     

     

     

    (1

    )

     

     

    (1

    )

     

     

    (3

    )

    EBITDAre

     

    $

    184

     

     

    $

    273

     

     

    $

    486

     

     

    $

    1,147

     

    Adjustments:

     

     

     

     

     

     

     

     

    Net (gain) loss on sale of non-real estate assets

     

     

    1

     

     

     

    5

     

     

     

    (1

    )

     

     

    2

     

    Other nonoperating (income) expense, net

     

     

    2

     

     

     

    —

     

     

     

    1

     

     

     

    19

     

    Acquisition, restructuring, and other

     

     

    46

     

     

     

    23

     

     

     

    542

     

     

     

    73

     

    Technology transformation

     

     

    7

     

     

     

    —

     

     

     

    22

     

     

     

    —

     

    (Gain) loss on property destruction

     

     

    (47

    )

     

     

    —

     

     

     

    (51

    )

     

     

    —

     

    Interest expense and tax expense from unconsolidated JVs

     

     

    1

     

     

     

    1

     

     

     

    5

     

     

     

    3

     

    Depreciation and amortization expense from unconsolidated JVs

     

     

    1

     

     

     

    1

     

     

     

    6

     

     

     

    5

     

    (Gain) loss on foreign currency exchange transactions, net

     

     

    30

     

     

     

    (13

    )

     

     

    25

     

     

     

    (4

    )

    Stock-based compensation expense

     

     

    44

     

     

     

    7

     

     

     

    215

     

     

     

    26

     

    (Gain) loss on extinguishment of debt

     

     

    4

     

     

     

    —

     

     

     

    17

     

     

     

    —

     

    Impairment of intangible assets

     

     

    63

     

     

     

    7

     

     

     

    63

     

     

     

    7

     

    Allocation adjustments of noncontrolling interests

     

     

    (1

    )

     

     

    1

     

     

     

    (1

    )

     

     

    —

     

    Adjusted EBITDA

     

    $

    335

     

     

    $

    305

     

     

    $

    1,329

     

     

    $

    1,278

     

    Net revenues

     

    $

    1,339

     

     

    $

    1,334

     

     

    $

    5,340

     

     

    $

    5,342

     

    Adjusted EBITDA margin

     

     

    25.0

    %

     

     

    22.9

    %

     

     

    24.9

    %

     

     

    23.9

    %

     

    Reconciliation of FFO, Core FFO, and Adjusted FFO to Net Income (Loss)

     

     

    Three Months Ended

    December 31,

    Year Ended December 31,

    (in millions, except per share information)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income (loss)

    $

    (80

    )

     

    $

    (57

    )

     

    $

    (751

    )

     

    $

    (96

    )

    Adjustments:

     

     

     

     

     

     

     

    Real estate depreciation

     

    91

     

     

     

    87

     

     

     

    356

     

     

     

    325

     

    In-place lease intangible amortization

     

    2

     

     

     

    1

     

     

     

    8

     

     

     

    7

     

    Net loss (gain) on sale of real estate assets

     

    5

     

     

     

    1

     

     

     

    10

     

     

     

    8

     

    Impairment write-downs on real estate property

     

    2

     

     

     

    —

     

     

     

    11

     

     

     

    2

     

    Real estate depreciation, (gain) loss on sale of real estate and real estate impairments on unconsolidated JVs

     

    —

     

     

     

    —

     

     

     

    2

     

     

     

    3

     

    Allocation of noncontrolling interests

     

    1

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    FFO

    $

    21

     

     

    $

    32

     

     

    $

    (364

    )

     

    $

    249

     

    Adjustments:

     

     

     

     

     

     

     

    Net (gain) loss on sale of non-real estate assets

     

    1

     

     

     

    5

     

     

     

    (1

    )

     

     

    2

     

    Finance lease ROU asset amortization - real estate related

     

    19

     

     

     

    17

     

     

     

    72

     

     

     

    70

     

    Impairment of intangible assets

     

    63

     

     

     

    7

     

     

     

    63

     

     

     

    7

     

    Other nonoperating (income) expense, net

     

    2

     

     

     

    —

     

     

     

    1

     

     

     

    19

     

    Acquisition, restructuring, and other

     

    47

     

     

     

    23

     

     

     

    547

     

     

     

    73

     

    Technology transformation

     

    7

     

     

     

    —

     

     

     

    22

     

     

     

    —

     

    (Gain) loss on property destruction

     

    (47

    )

     

     

    —

     

     

     

    (51

    )

     

     

    —

     

    (Gain) loss on foreign currency transactions, net

     

    30

     

     

     

    (13

    )

     

     

    25

     

     

     

    (4

    )

    (Gain) loss on extinguishment of debt

     

    4

     

     

     

    —

     

     

     

    17

     

     

     

    —

     

    Core FFO

    $

    147

     

     

    $

    71

     

     

    $

    331

     

     

    $

    416

     

    Adjustments:

     

     

     

     

     

     

     

    Non-real estate depreciation and amortization

     

    117

     

     

     

    91

     

     

     

    411

     

     

     

    334

     

    Finance lease ROU asset amortization - non-real estate

     

    8

     

     

     

    7

     

     

     

    29

     

     

     

    23

     

    Amortization of deferred financing costs

     

    2

     

     

     

    5

     

     

     

    18

     

     

     

    19

     

    Amortization of debt discount / premium

     

    —

     

     

     

    1

     

     

     

    1

     

     

     

    2

     

    Deferred income taxes expense (benefit)

     

    (34

    )

     

     

    (10

    )

     

     

    (105

    )

     

     

    (58

    )

    Straight line net operating rent

     

    —

     

     

     

    2

     

     

     

    (3

    )

     

     

    6

     

    Amortization of above / below market leases

     

    —

     

     

     

    —

     

     

     

    (1

    )

     

     

    —

     

    Stock-based compensation expense

     

    44

     

     

     

    7

     

     

     

    215

     

     

     

    26

     

    Recurring maintenance capital expenditures

     

    (72

    )

     

     

    (89

    )

     

     

    (195

    )

     

     

    (208

    )

    Allocation related to unconsolidated JVs

     

    1

     

     

     

    1

     

     

     

    5

     

     

     

    3

     

    Allocation of noncontrolling interests

     

    —

     

     

     

    —

     

     

     

    (1

    )

     

     

    (1

    )

    Adjusted FFO

    $

    213

     

     

    $

    86

     

     

    $

    705

     

     

    $

    562

     

     

     

     

     

     

     

     

     

    Reconciliation of weighted average common shares outstanding:

    Weighted average common shares outstanding

     

    228

     

     

     

    162

     

     

     

    191

     

     

     

    162

     

    Partnership common units and OP Units held by Non-Company LPs

     

    22

     

     

     

    20

     

     

     

    21

     

     

     

    20

     

    Equity compensation and other unvested units

     

    7

     

     

     

    —

     

     

     

    2

     

     

     

    —

     

    Adjusted diluted weighted average common shares outstanding

     

    257

     

     

     

    182

     

     

     

    214

     

     

     

    182

     

    Adjusted FFO per diluted common share

    $

    0.83

     

     

    $

    0.48

     

     

    $

    3.29

     

     

    $

    3.09

     

     

    Non-GAAP Financial Measures Notes

    We use the following non-GAAP financial measures as supplemental performance measures of our business: segment NOI, FFO, Core FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, and Adjusted EBITDA margin. We also use same warehouse and non-same warehouse metrics described above.

    We calculate total segment NOI (or "NOI") as our total revenues less our cost of operations (excluding any depreciation and amortization, general and administrative expense, stock-based compensation expense, restructuring and impairment expense, gain and loss on sale of assets, and acquisition, transaction, and other expense. We use segment NOI to evaluate our segments for purposes of making operating decisions and assessing performance in accordance with ASC 280, Segment Reporting. We believe segment NOI is helpful to investors as a supplemental performance measure to net income because it assists both investors and management in understanding the core operations of our business. There is no industry definition of segment NOI and, as a result, other REITs may calculate segment NOI or other similarly-captioned metrics in a manner different than we do.

    We calculate EBITDA for Real Estate, or "EBITDAre", in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or "NAREIT", defined as earnings before interest income or expense, taxes, depreciation and amortization, net loss or gain on sale of real estate, net of withholding taxes, impairment write-downs on real estate property, and adjustments to reflect our share of EBITDAre for partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles, and useful life of related assets among otherwise comparable companies.

    We also calculate our Adjusted EBITDA as EBITDAre further adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), other nonoperating income or expense, acquisition, restructuring, and other expense, foreign currency exchange gain or loss, stock-based compensation expense, loss or gain on debt extinguishment and modification, impairment of investments in non-real estate, technology transformation, and reduction in EBITDAre from partially owned entities. We believe that the presentation of Adjusted EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in EBITDAre but which we do not believe are indicative of our core business operations. EBITDAre and Adjusted EBITDA are not measurements of financial performance under GAAP, and our EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Adjusted EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Our calculations of EBITDAre and Adjusted EBITDA have limitations as analytical tools, including the following:

    • these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;
    • these measures do not reflect changes in, or cash requirements for, our working capital needs;
    • these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
    • these measures do not reflect our tax expense or the cash requirements to pay our taxes; and
    • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

    We use EBITDA, EBITDAre, and Adjusted EBITDA as measures of our operating performance and not as measures of liquidity. We also calculate Adjusted EBITDA margin, which represents Adjusted EBITDA as a percentage of Net revenues and which provides an additional way to compare the above described measure of our operations across periods.

    We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the NAREIT. NAREIT defines FFO as net income or loss determined in accordance with GAAP, excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, in-place lease intangible amortization, real estate asset impairment, and our share of reconciling items for partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization, and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.

    We calculate core funds from operations, or Core FFO, as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), finance lease ROU asset amortization real estate, non-real estate impairments, acquisition, restructuring and other, other nonoperating income or expense, loss on debt extinguishment and modifications and the effects of gain or loss on foreign currency exchange. We also adjust for the impact attributable to non-real estate impairments on unconsolidated joint ventures and natural disaster. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.

    However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of recurring maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of FFO and Core FFO as a measure of our performance may be limited.

    We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of amortization of deferred financing costs, amortization of debt discount/premium amortization of above or below market leases, straight-line net operating rent, provision or benefit from deferred income taxes, stock-based compensation expense from grants under our equity incentive plans, non-real estate depreciation and amortization, non-real estate finance lease ROU asset amortization, and recurring maintenance capital expenditures. We also adjust for Adjusted FFO attributable to our share of reconciling items of partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.

    FFO, Core FFO, Adjusted FFO, and Adjusted FFO per diluted share are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO, Adjusted FFO, and Adjusted FFO per diluted share should be evaluated along with GAAP net income and net income per diluted share (the most directly comparable GAAP measures) in evaluating our operating performance. FFO, Core FFO, and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our consolidated financial statements included elsewhere in this Annual Report. FFO, Core FFO, and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do.

    We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to non-GAAP financial measure for forward-looking Adjusted EBITDA and Adjusted FFO per share possible without unreasonable effort. This is due to unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250226244572/en/

    Investor Relations Contact

    Evan Barbosa

    VP, Investor Relations

    [email protected]

    Media Contact

    Megan Hendricksen

    VP, Global Marketing & Communications

    [email protected]

    Get the next $LINE alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $LINE

    DatePrice TargetRatingAnalyst
    5/6/2025$49.00Buy → Neutral
    BofA Securities
    4/10/2025$56.00Sector Outperform → Sector Perform
    Scotiabank
    3/28/2025$64.00Neutral
    Citigroup
    1/14/2025$61.00Neutral
    Exane BNP Paribas
    12/20/2024$78.00 → $75.00Overweight → Neutral
    Analyst
    9/18/2024$91.00Overweight
    CapitalOne
    9/16/2024$91.00Overweight
    CapitalOne
    8/19/2024Overweight
    KeyBanc Capital Markets
    More analyst ratings

    $LINE
    SEC Filings

    See more
    • Lineage Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - Lineage, Inc. (0001868159) (Filer)

      5/7/25 8:16:41 AM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate
    • SEC Form 10-Q filed by Lineage Inc.

      10-Q - Lineage, Inc. (0001868159) (Filer)

      4/30/25 7:12:11 AM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate
    • Lineage Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - Lineage, Inc. (0001868159) (Filer)

      4/30/25 7:06:16 AM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate

    $LINE
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Lineage, Inc. Announces First-Quarter 2025 Financial Results and Landmark Agreements With Long-Term Customer

      Lineage, Inc. (NASDAQ:LINE) (the "Company"), the world's largest global temperature-controlled warehouse REIT, today announced its financial results for the first quarter of 2025. First-Quarter 2025 Financial Highlights Total revenue decreased (2.7)% to $1,292 million Breakeven GAAP net income, or $0.01 per diluted common share Adjusted EBITDA decreased (7.0)% to $304 million; adjusted EBITDA margin decreased (110)bps to 23.5% AFFO increased 48.0% to $219 million; AFFO per share increased 6.2% to $0.86 Declared quarterly dividend of $0.5275 per share, representing annualized dividend rate of $2.11 per share Landmark Agreements with Tyson Foods The Company issued a separate pre

      4/30/25 6:00:00 AM ET
      $LINE
      $TSN
      Real Estate Investment Trusts
      Real Estate
      Meat/Poultry/Fish
      Consumer Staples
    • Lineage, Inc. Announces Plans to Expand Its U.S. Cold-Storage Network With Long-Time Customer

      Lineage enters a definitive agreement to acquire multiple cold storage warehouses with plans to enter an additional agreement to build two fully automated warehouses in the U.S. Lineage, Inc. (NASDAQ:LINE, "Lineage")), the world's largest global temperature-controlled warehouse REIT, today announced plans to expand its U.S. cold-storage network via a series of new acquisitions, greenfield developments, and enhanced automation implementation. Namely, Lineage has entered into a definitive agreement to acquire multiple, existing cold storage warehouses in the U.S. from Tyson Foods, Inc. (NYSE:TSN, "Tyson Foods")), building on a longstanding customer relationship with Lineage. Lineage's stre

      4/30/25 5:45:00 AM ET
      $LINE
      $TSN
      Real Estate Investment Trusts
      Real Estate
      Meat/Poultry/Fish
      Consumer Staples
    • Lineage Names ATS Intermodal a 2024 Carrier of the Year Award Winner

      Harbor Logistics company receives annual award that recognizes Lineage's top transportation service providers in North America for high-quality service and operational excellence Lineage, Inc., the world's largest global temperature-controlled warehouse REIT, announced ATS Intermodal, a Harbor Logistics operating company, is the recipient of the Lineage 2024 US Drayage East Carrier of the Year award. This award honors key transportation service providers that demonstrate exceptional performance, reliability and commitment to excellence, supporting Lineage in helping move, store and protect the world's food supply. Award recipients are selected across the United States and Canada based on

      4/10/25 10:00:00 AM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate

    $LINE
    Financials

    Live finance-specific insights

    See more
    • Lineage, Inc. Announces First-Quarter 2025 Financial Results and Landmark Agreements With Long-Term Customer

      Lineage, Inc. (NASDAQ:LINE) (the "Company"), the world's largest global temperature-controlled warehouse REIT, today announced its financial results for the first quarter of 2025. First-Quarter 2025 Financial Highlights Total revenue decreased (2.7)% to $1,292 million Breakeven GAAP net income, or $0.01 per diluted common share Adjusted EBITDA decreased (7.0)% to $304 million; adjusted EBITDA margin decreased (110)bps to 23.5% AFFO increased 48.0% to $219 million; AFFO per share increased 6.2% to $0.86 Declared quarterly dividend of $0.5275 per share, representing annualized dividend rate of $2.11 per share Landmark Agreements with Tyson Foods The Company issued a separate pre

      4/30/25 6:00:00 AM ET
      $LINE
      $TSN
      Real Estate Investment Trusts
      Real Estate
      Meat/Poultry/Fish
      Consumer Staples
    • Lineage to Report First-Quarter 2025 Financial Results on April 30, 2025

      Lineage, Inc. (NASDAQ:LINE), announced that it will report its financial results for the first quarter of 2025 on Wednesday, April 30, 2025, before market open. A conference call to discuss these results has been scheduled for 8:00 a.m. Eastern Time on Wednesday, April 30, 2025. A live webcast of the call will be available on the Lineage Investor Relations website at ir.onelineage.com. An audio replay of the conference call will be available for one week following the call and archived via webcast on the Lineage Investor Relations website at ir.onelineage.com for approximately one year. About Lineage Lineage, Inc. (NASDAQ:LINE) is the world's largest global temperature-controlled warehou

      4/3/25 8:00:00 AM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate
    • Lineage, Inc. Declares Dividend for First Quarter 2025

      Lineage, Inc. (NASDAQ:LINE) (the "Company"), the world's largest global temperature-controlled warehouse REIT, today announced that its Board of Directors has declared a cash dividend of $0.5275 per share for the first quarter of 2025. The dividend will be paid on April 21, 2025, to shareholders of record of the Company's common stock as of the close of business on March 31, 2025. About Lineage Lineage, Inc. (NASDAQ:LINE) is the world's largest global temperature-controlled warehouse REIT with a network of over 485 strategically located facilities totaling approximately 86 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, a

      3/19/25 8:00:00 AM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate

    $LINE
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by Lineage Inc.

      SC 13G - Lineage, Inc. (0001868159) (Subject)

      11/8/24 12:52:30 PM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate
    • SEC Form SC 13G filed by Lineage Inc.

      SC 13G - Lineage, Inc. (0001868159) (Subject)

      10/24/24 6:59:55 PM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate

    $LINE
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Lineage downgraded by BofA Securities with a new price target

      BofA Securities downgraded Lineage from Buy to Neutral and set a new price target of $49.00

      5/6/25 8:03:27 AM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate
    • Lineage downgraded by Scotiabank with a new price target

      Scotiabank downgraded Lineage from Sector Outperform to Sector Perform and set a new price target of $56.00

      4/10/25 8:50:01 AM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate
    • Citigroup initiated coverage on Lineage with a new price target

      Citigroup initiated coverage of Lineage with a rating of Neutral and set a new price target of $64.00

      3/28/25 8:19:38 AM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate

    $LINE
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • CO-EXECUTIVE CHAIRMAN Marchetti Kevin Patrick bought $503,074 worth of shares (11,500 units at $43.75), increasing direct ownership by 71% to 27,733 units (SEC Form 4)

      4 - Lineage, Inc. (0001868159) (Issuer)

      5/7/25 8:05:20 PM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate
    • Officer Thattai Sudarsan V bought $199,908 worth of shares (4,420 units at $45.23) (SEC Form 4)

      4 - Lineage, Inc. (0001868159) (Issuer)

      5/7/25 4:45:34 PM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate
    • CO-EXECUTIVE CHAIRMAN Forste Adam Matthew Schwartz bought $1,471,144 worth of shares (24,317 units at $60.50) (SEC Form 4)

      4 - Lineage, Inc. (0001868159) (Issuer)

      3/3/25 5:18:22 PM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate

    $LINE
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Chief Accounting Officer Fleming Abigail S increased direct ownership by 0.21% to 5,362 units (SEC Form 4)

      4 - Lineage, Inc. (0001868159) (Issuer)

      5/9/25 5:12:40 PM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate
    • CO-EXECUTIVE CHAIRMAN Marchetti Kevin Patrick bought $503,074 worth of shares (11,500 units at $43.75), increasing direct ownership by 71% to 27,733 units (SEC Form 4)

      4 - Lineage, Inc. (0001868159) (Issuer)

      5/7/25 8:05:20 PM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate
    • Officer Thattai Sudarsan V bought $199,908 worth of shares (4,420 units at $45.23) (SEC Form 4)

      4 - Lineage, Inc. (0001868159) (Issuer)

      5/7/25 4:45:34 PM ET
      $LINE
      Real Estate Investment Trusts
      Real Estate

    $LINE
    Leadership Updates

    Live Leadership Updates

    See more
    • Riot Platforms Announces Changes to Its Board of Directors and Provides Update on Formal Evaluation of AI/HPC Uses

      Jaime Leverton, Doug Mouton and Michael Turner to Join the Board and Bring Directly Applicable AI/HPC Conversion, Data Center and Real Estate Experience Retains Evercore and Northland Capital to Lead Engagement with Potential AI/HPC Partners Following Increased Inbound Interest Riot Platforms, Inc. (NASDAQ:RIOT) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin mining, today announced the appointment of Jaime Leverton, Doug Mouton and Michael Turner to its Board of Directors (the "Board"). The three new directors were selected through a comprehensive process conducted by the Board's Governance and Nominating Committee, with constructive, independent input fr

      2/12/25 7:15:00 PM ET
      $HUT
      $LINE
      $PCOR
      $RIOT
      Finance: Consumer Services
      Finance
      Real Estate Investment Trusts
      Real Estate