Earnings summaries and quarterly performance for Lineage.
Executive leadership at Lineage.
Greg Lehmkuhl
Detailed
President and Chief Executive Officer
CEO
AF
Abigail Fleming
Detailed
Chief Accounting Officer
AF
Adam Forste
Detailed
Co-Executive Chairman
BM
Brian McGowan
Detailed
Chief Network Optimization Officer
GB
Gregory Bryan
Detailed
Chief Integrated Solutions Officer
JR
Jeffrey Rivera
Detailed
Global Chief Operations Officer
KM
Kevin Marchetti
Detailed
Co-Executive Chairman
NM
Natalie Matsler
Detailed
Chief Legal Officer and Corporate Secretary
RC
Robert Crisci
Detailed
Chief Financial Officer
SV
Sean Vanderelzen
Detailed
Chief Human Resources Officer and President – Europe
ST
Sudarsan Thattai
Detailed
Chief Information Officer and Chief Transformation Officer
TS
Timothy Smith
Detailed
Chief Commercial Officer
Board of directors at Lineage.
Research analysts who have asked questions during Lineage earnings calls.
Alexander Goldfarb
Piper Sandler
4 questions for LINE
Also covers: ALEX, ALX, AVB +25 more
Blaine Heck
Wells Fargo Securities
4 questions for LINE
Also covers: BXP, CDP, COLD +13 more
MC
Michael Carroll
RBC Capital Markets
4 questions for LINE
Also covers: AHR, ARE, COLD +16 more
OO
Omotayo Okusanya
Deutsche Bank AG
4 questions for LINE
Also covers: AMH, ARE, BDN +40 more
Todd Thomas
KeyBanc Capital Markets
4 questions for LINE
Also covers: AAT, AKR, BRX +20 more
CB
Caitlin Burrows
Goldman Sachs
3 questions for LINE
Also covers: ALX, BNL, BRX +19 more
KB
Ki Bin Kim
Truist Securities
3 questions for LINE
Also covers: ADC, AKR, BNL +20 more
Michael Goldsmith
UBS
3 questions for LINE
Also covers: ADC, AHR, AMH +33 more
MM
Michael Mueller
JPMorgan Chase & Co.
3 questions for LINE
Also covers: AKR, BRX, CBL +26 more
NT
Nicholas Thillman
Robert W. Baird & Co.
3 questions for LINE
Also covers: COLD, CUZ, EGP +7 more
RK
Ronald Kamdem
Morgan Stanley
3 questions for LINE
Also covers: AAT, ADC, AHR +36 more
Samir Khanal
Bank of America
3 questions for LINE
Also covers: BRX, COLD, CUBE +16 more
VM
Vikram Malhotra
Mizuho Financial Group, Inc.
3 questions for LINE
Also covers: ALX, ARE, BXP +17 more
Brendan Lynch
Barclays
2 questions for LINE
Also covers: BXP, CCI, CUBE +16 more
Craig Mailman
Citigroup
2 questions for LINE
Also covers: AKR, BRX, COLD +15 more
Greg McGinniss
Scotiabank
2 questions for LINE
Also covers: BRX, COLD, EPRT +14 more
Steve Sakwa
Evercore ISI
2 questions for LINE
Also covers: ALX, AMH, AVB +31 more
Dan Guglielmo
Capital One Financial Corporation
1 question for LINE
Also covers: ARKO, EPRT, GLPI +3 more
Daniel Guglielmo
Capital One
1 question for LINE
Also covers: ARKO, CHDN, CZR +7 more
D[
Daniel [indiscernible]
Capital One Securities
1 question for LINE
James Feldman
Wells Fargo
1 question for LINE
Also covers: AMH, ARE, AVB +16 more
JC
Jeremy Cole
Goldman Sachs Group Inc.
1 question for LINE
J[
Joshua [indiscernible]
Bank of America
1 question for LINE
Michael Griffin
Citigroup Inc.
1 question for LINE
Also covers: AHR, ALX, ARE +32 more
MM
Mike Mueller
JPMorgan Chase & Co.
1 question for LINE
Also covers: CURB, DOC, EXR +7 more
N[
Nick [indiscernible]
Baird
1 question for LINE
Viktor Fediv
Scotiabank
1 question for LINE
Also covers: AHH, BRX, FR +3 more
V[
Vince [indiscernible]
Green Street
1 question for LINE
Vince Tibone
Green Street
1 question for LINE
Also covers: CBL, COLD, EGP +7 more
Recent press releases and 8-K filings for LINE.
Lineage Details LinOS Warehouse Execution Platform and Financial Impact
LINE
New Projects/Investments
Product Launch
- Lineage presented on LinOS, its internally developed next-generation warehouse execution platform, designed to improve warehouse productivity and operational efficiency through real-time decision-making.
- Pilot programs at 11 sites have demonstrated an average 30% lift in high-reach operator productivity and an overall 5% reduction in total labor cost per throughput pallet.
- The company projects a base case of $110 million in annualized EBITDA impact over the next three to five years from LinOS, driven by labor savings and revenue enhancement from improved billing accuracy.
- Lineage has invested $250 million over the past decade in LinOS initiatives and plans an additional $200 million investment over the next five years, with the projected EBITDA impact expected from a rollout in approximately 250 sites.
Dec 8, 2025, 10:00 PM
Lineage Details LinOS Platform and Projected Financial Impact
LINE
New Projects/Investments
Guidance Update
Product Launch
- Lineage presented its internally developed LinOS warehouse execution platform, designed to enhance productivity and operational efficiency.
- Pilot programs at 11 sites have demonstrated significant improvements, including an average 30% increase in high-reach operator productivity and a 5% reduction in total labor cost per throughput pallet.
- The company projects a base case of $110 million in annualized EBITDA uplift over the next three to five years from LinOS, driven by labor savings and revenue enhancements, which translates to a 24% Return on Invested Capital (ROIC).
- Lineage has invested $250 million in LinOS initiatives over the past decade and plans an additional $200 million investment over the next five years to deploy the technology across approximately 250 conventional warehouses.
Dec 8, 2025, 10:00 PM
Lineage Details LinOS Warehouse Productivity Initiatives and Financial Impact
LINE
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- Lineage is implementing LinOS, an internally developed next-generation warehouse execution platform, to enhance warehouse productivity and operational efficiency.
- The company projects an estimated $110 million in annualized EBITDA uplift from LinOS over the next three to five years, with a 24% Return on Invested Capital (ROIC).
- Lineage has invested $250 million in LinOS over the past decade and plans an incremental $200 million investment over the next five years to complete the rollout.
- LinOS is being deployed across 250 conventional warehouses over the next three to five years, with initial High-Reach Operations (HRO) pilot sites showing 20% to 30% increases in units per hour.
Dec 8, 2025, 10:00 PM
Lineage Details Strategic Levers and LinOS Rollout
LINE
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- Lineage operates a significant network of 488 warehouses, with 96% of its revenue derived from #1 market positions. The company employs a Lean operating strategy, with over 450 buildings utilizing Continuous Improvement Roadmaps and approximately 1000 Kaizen events conducted since 2022 to enhance productivity.
- The company is actively rolling out LinOS, a proprietary warehouse execution system, with plans to implement it in 250+ warehouses by 2029.
- LinOS is projected to achieve approximately 10% in total labor savings and a 1% revenue uplift, contributing to an estimated $110 million in annualized EBITDA within 3 to 5 years.
- The total cumulative investment for the LinOS project is estimated at ~$450 million, with a projected Return on Invested Capital (ROIC) of 24%.
Dec 8, 2025, 10:00 PM
Lineage Europe Finco B.V. Issues €700 Million Senior Notes
LINE
Debt Issuance
- Lineage Europe Finco B.V., an indirect subsidiary of Lineage, Inc., issued €700,000,000 aggregate principal amount of 4.125% Senior Notes due 2031 on November 26, 2025.
- The notes are senior unsecured obligations of the Issuer and are fully and unconditionally guaranteed by Lineage, Inc., Lineage OP, LP, and other subsidiaries.
- Interest on the notes will be paid annually at 4.125% per annum, commencing November 26, 2026, until the maturity date of November 26, 2031.
- The net proceeds of approximately €689 million from the offering are intended to repay amounts outstanding under the Company's revolving credit facility and for general corporate and working capital purposes.
- The Issuer may redeem the notes prior to September 26, 2031, at a price based on present value, and on or after that date, at 100% of the principal amount plus accrued interest.
Dec 2, 2025, 1:12 PM
Lineage Announces Pricing of Senior Notes Offering
LINE
Debt Issuance
- Lineage Europe Finco B.V., an indirect subsidiary of Lineage, Inc., priced an offering of €700 million aggregate principal amount of 4.125% Senior Notes due 2031 on November 19, 2025.
- The notes were priced at 99.324% of the principal amount and will mature on November 26, 2031, with interest payable annually.
- The net proceeds from the offering are intended to repay amounts outstanding under the company's revolving credit facility and for general corporate and working capital purposes.
Nov 19, 2025, 9:08 PM
LINE Reports Q3 2025 Results and Updates Full-Year Guidance
LINE
Earnings
Guidance Update
Demand Weakening
- LINE reported Q3 2025 financial results with Revenue up +3%, Adjusted EBITDA up +2%, and AFFO up +6%, while AFFO per share decreased by (6)%.
- The company revised its full-year 2025 guidance for Adjusted EBITDA to $1,290 - $1,305 million and AFFO per share to $3.20 - $3.30, primarily due to tariff uncertainty impacting import/export volumes and less US new business.
- In Q3 2025, the Global Warehousing segment's Same WH NOI decreased by (3.6)%, with physical occupancy at 75.2%, while the Global Integrated Solutions segment's NOI grew +16%.
- LINE deployed $127 million of external growth capital, primarily for in-process developments, and reported total liquidity of ~$1.3 billion as of Q3 2025.
Nov 5, 2025, 1:00 PM
Lineage Reports Q3 2025 Financial Results and Updates Full-Year Guidance
LINE
Earnings
Guidance Update
Demand Weakening
- Lineage reported Q3 2025 total revenue growth of 3% and a record adjusted EBITDA of $341 million, up 2% year-over-year. Total AFFO increased 6%, while AFFO per share was $0.85, a 6% decline year-over-year.
- The company lowered its full-year guidance for adjusted EBITDA and AFFO per share, moving to the lower end of previous ranges, primarily due to an anticipated $20 million decline in same warehouse NOI in Q4 2025. This is attributed to tariff uncertainty impacting import/export container volumes and softer U.S. new business.
- Same store physical occupancy improved sequentially by 50 basis points to 75% in Q3 2025. For 2026, Lineage is targeting low single-digit net price increases.
- Lineage's total net debt stood at $7.55 billion at the end of Q3 2025, with a leverage ratio of 5.8. The company anticipates $340 million-$360 million in total interest expense for 2026, an increase of approximately $80 million from 2025.
Nov 5, 2025, 1:00 PM
Lineage, Inc. Reports Q3 2025 Financial Results and Updates Full-Year Guidance
LINE
Earnings
Guidance Update
Demand Weakening
- Lineage, Inc. reported Q3 2025 total revenue of $1,377 million, an increase of 3.1%, with a GAAP net loss of $(112) million, or $(0.44) per diluted common share.
- For Q3 2025, Adjusted EBITDA increased 2.4% to $341 million, and AFFO increased 6.3% to $221 million, though AFFO per share decreased 5.6% to $0.85.
- The company declared a quarterly dividend of $0.5275 per share.
- Lineage lowered its full-year 2025 guidance for Adjusted EBITDA to $1.290 to $1.305 billion and AFFO per share to $3.20 to $3.30, attributing the change to tariff uncertainty and reduced new US business.
- For Q4 2025, the company anticipates Adjusted EBITDA between $319 and $334 million and AFFO per share between $0.68 and $0.78.
Nov 5, 2025, 12:03 PM
Lineage Inc. Reports Q2 2025 Results and Lowers Full-Year Guidance
LINE
Earnings
Guidance Update
Demand Weakening
- Lineage reported Q2 2025 results with 8% AFFO per share growth and 1% total revenue increase, but adjusted EBITDA decreased by 2% and same warehouse NOI was down 6% year-over-year.
- The company lowered its full-year 2025 guidance for annual AFFO per share to $3.2 to $3.4 (from $3.4 to $3.6) and adjusted EBITDA to $1.29 billion to $1.34 billion (from $1.35 billion to $1.40 billion).
- This reduction is primarily due to muted seasonal inventory levels and delayed occupancy improvement, reflecting challenging market dynamics such as persistently high food prices, interest rates, and tariff impacts.
- Despite these challenges, Lineage expects sequential improvement in same warehouse NOI and adjusted EBITDA for the remainder of 2025. During the quarter, the company completed a $500 million investment grade bond offering and deployed $535 million in growth capital.
Aug 6, 2025, 11:35 PM
Quarterly earnings call transcripts for Lineage.
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