Lineage (LINE) Company Report

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.

4 days ago

8-K

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

8-K

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

Presentation

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

Transcript

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

8-K

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

Lineage Inc Updates at 2025 Nareit REITweek Investor Conference

LINE

M&A

CFO Change

Guidance Update

Lineage Inc, the world’s largest temperature controlled logistics company, highlighted its global footprint with nearly 500 facilities and emphasized its leadership in cold storage automation.
The management reaffirmed guidance of $3.4 to $3.6 AFFO per share and discussed a return to normal seasonal patterns in operations.
The rollout of its proprietary LINOS technology was detailed as a key initiative to boost labor productivity and operational efficiency in both automated and conventional facilities.
A landmark Tyson acquisition deal was announced, described as the largest in cold storage history, expected to deliver cost savings and over $100 million incremental EBITDA in the future, alongside a note of the CFO’s planned retirement with no immediate operational disruption.

Jun 4, 2025, 2:25 AM

Lineage Reaffirms 2025 Guidance and Announces Strategic Tyson Agreements

LINE

Guidance Update

M&A

New Projects/Investments

The company confirmed its Q2 performance is in line with expectations and reaffirmed its 2025 guidance of adjusted EBITDA between $1.35–$1.40 billion and Adjusted FFO per share between $3.40–$3.60, excluding unannounced future acquisitions or developments.
It announced strategic agreements including the acquisition of four assets from Tyson Foods for $247 million and plans for next-generation warehouse developments expected to deliver a $100M EBITDA impact by 2030.

Jun 2, 2025, 12:00 AM

8-K

Lineage, Inc. Presents Q1 2025 Investor Update

LINE

Guidance Update

New Projects/Investments

M&A

Lineage, Inc. released an investor presentation through its 8-K filing on May 7, 2025, which is available at ir.onelineage.com.
The presentation highlights the company's strategic position as a global leader in temperature-controlled warehousing, emphasizing automation, acquisitions, and integrated growth initiatives.
It includes key non-GAAP financial measures and updated guidance details aimed at reinforcing its operational efficiencies and competitive investment strategy.

May 7, 2025, 12:00 AM

8-K

Lineage Inc Q1 2025 Earnings & Tyson Foods Strategic Agreements Overview

LINE

Earnings

Guidance Update

M&A

New Projects/Investments

Landmark agreements with Tyson Foods: acquired four cold storage warehouses for $247M and plans to deploy ~$1B in capital for new developments—including greenfield and next-generation automated facilities—targeting over $100M in annual EBITDA when stabilized.
Q1 2025 financials: revenue $1.29B (down 3%) and adjusted EBITDA $304M (down 7%), with AFFO up 48% to $219M and AFFO per share up 6% to $0.86.
Breakeven GAAP net income was reported at $0.01 per diluted share.
Continued guidance: maintaining an adjusted EBITDA range of $1,350M-$1,400M and AFFO per share of $3.40-$3.60, supported by ongoing acquisitions and integration efforts.