Lineage, Inc. (NASDAQ:LINE) (the "Company"), the world’s largest global temperature-controlled warehouse REIT, today announced its financial results for the second quarter of 2026.

Second-Quarter 2026 Financial Highlights

Total revenue increased 0.8% to $1,361 million
GAAP net loss of $(32) million, or $(0.13) per diluted common share
Adjusted EBITDA decreased (1.8)% to $320 million; adjusted EBITDA margin decreased (60)bps to 23.5%
AFFO decreased (6.2)% to $198 million; AFFO per share decreased (6.2)% to $0.76
Declared quarterly dividend of $0.5325 per share, representing annualized dividend rate of $2.13 per share

"We delivered a solid second quarter, with adjusted EBITDA and AFFO per share both ahead of expectations," said Greg Lehmkuhl, president and chief executive officer of Lineage. "Importantly, we achieved a 90bps year-over-year increase in same warehouse physical occupancy, a positive signal that inventory levels have further normalized and that the industry is stabilizing."

"We also want to acknowledge the fire at our Big Bear facility. Lineage acted quickly to support the surrounding community, and I want to thank the Los Angeles first responders and Lineage team members for their extraordinary response. We remain committed to a full recovery," concluded Lehmkuhl.

Updating Full-Year 2026 Guidance

Lineage expects full-year 2026 adjusted EBITDA of $1.26 to $1.29 billion and Adjusted FFO ("AFFO") per share of $2.80 to $3.05.

The Company's guidance excludes the impact of unannounced future acquisitions or developments.

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

Second-Quarter 2026 Financial Results Conference Call and Earnings Presentation with Supplemental

Please visit ir.onelineage.com/events-and-presentations to view Lineage’s second-quarter 2026 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 second-quarter 2026 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 498 strategically located facilities totaling approximately 87 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific, as of June 30, 2026. 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; the impact of tariffs and global trade disruptions on us and our customers; other risks inherent in the real estate business, including customer defaults, potential liability related to environmental matters, illiquidity of real estate investments and potential damages from natural disasters; the availability of suitable acquisitions and our ability to acquire 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 and greenfield developments; 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 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; risks associated with artificial intelligence; our failure to maintain an effective system of internal control over financial reporting; our failure to maintain our status as a real estate investment trust ("REIT") for U.S. federal income tax purposes; changes in local, state, federal, and international laws and regulations, including related to taxation, tariffs, real estate and zoning laws, and increases in real property tax rates, and challenges to our tax positions; the impact of any financial, accounting, legal, tax 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, 2025 filed with the SEC. Should one or 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 CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par values)

	June 30,			December 31,
		2026			2025
	(Unaudited)
Assets
Current assets:
Cash, cash equivalents, and restricted cash	$	58		$	66
Accounts receivable, net		920			896
Inventories		122			145
Prepaid expenses and other current assets		141			132
Total current assets		1,241			1,239
Non-current assets:
Property, plant, and equipment, net		11,209			11,338
Finance lease right-of-use assets, net		1,067			1,101
Operating lease right-of-use assets, net		595			616
Equity method investments		134			131
Goodwill		3,426			3,466
Other intangible assets, net		1,020			1,090
Other assets		208			204
Total assets	$	18,900		$	19,185
Liabilities, Redeemable Noncontrolling Interests, and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,373		$	1,331
Accrued dividends and distributions		137			134
Deferred revenue		78			81
Current portion of long-term debt, net		2			2
Total current liabilities		1,590			1,548
Non-current liabilities:
Long-term finance lease obligations		1,195			1,216
Long-term operating lease obligations		574			599
Deferred income tax liability		279			303
Long-term debt, net		6,220			6,107
Other long-term liabilities		168			169
Total liabilities		10,026			9,942
Commitments and contingencies
Redeemable noncontrolling interests		—			7
Stockholders’ equity:
Common stock, $0.01 par value per share – 500 authorized shares; 228 issued and outstanding at June 30, 2026 and 227 issued and outstanding at December 31, 2025		2			2
Additional paid-in capital - common stock		10,795			10,780
Retained earnings (accumulated deficit)		(2,760	)		(2,439	)
Accumulated other comprehensive income (loss)		(144	)		(97	)
Total stockholders’ equity		7,893			8,246
Noncontrolling interests		981			990
Total equity		8,874			9,236
Total liabilities, redeemable noncontrolling interests, and equity	$	18,900		$	19,185

LINEAGE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in millions, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(Unaudited)
Net revenues	$	1,361		$	1,350		$	2,658		$	2,642
Cost of operations		936			920			1,816			1,796
General and administrative expense		138			143			279			297
Depreciation expense		182			170			359			328
Amortization expense		55			54			111			108
Acquisition, transaction, and other expense		—			37			4			52
Restructuring, impairment, and (gain) loss on disposals		(4	)		3			(1	)		(18	)
Total operating expense		1,307			1,327			2,568			2,563
Income from operations		54			23			90			79
Other income (expense):
Equity income (loss), net of tax		—			3			(3	)		(1	)
Gain (loss) on foreign currency transactions, net		—			26			3			42
Interest expense, net		(87	)		(67	)		(171	)		(127	)
Other nonoperating income (expense), net		—			1			1			1
Total other income (expense), net		(87	)		(37	)		(170	)		(85	)
Net income (loss) before income taxes		(33	)		(14	)		(80	)		(6	)
Income tax expense (benefit)		(1	)		(7	)		3			1
Net income (loss)		(32	)		(7	)		(83	)		(7	)
Less: Net income (loss) attributable to noncontrolling interests		(3	)		(1	)		(8	)		(1	)
Net income (loss) attributable to Lineage, Inc.	$	(29	)	$	(6	)	$	(75	)	$	(6	)

Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on interest rate hedges and foreign currency hedges		6			(14	)		11			(31	)
Foreign currency translation adjustments		(31	)		184			(64	)		248
Comprehensive income (loss)		(57	)		163			(136	)		210
Less: Comprehensive income (loss) attributable to noncontrolling interests		(6	)		17			(14	)		22
Comprehensive income (loss) attributable to Lineage, Inc.	$	(51	)	$	146		$	(122	)	$	188

Basic earnings (loss) per share	$	(0.13	)	$	(0.03	)	$	(0.31	)	$	(0.02	)
Diluted earnings (loss) per share	$	(0.13	)	$	(0.03	)	$	(0.31	)	$	(0.02	)

Weighted average common shares outstanding:
Basic		228			229			227			228
Diluted		228			229			227			228

LINEAGE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)

	Redeemable noncontrolling interests			Common Stock						Retained earnings (accumulated deficit)			Accumulated other comprehensive income (loss)			Noncontrolling interests			Total equity
(in millions, except per share amounts)	Redeemable noncontrolling interests			Number of shares	Amount at par value		Additional paid-in capital			Retained earnings (accumulated deficit)			Accumulated other comprehensive income (loss)			Noncontrolling interests			Total equity
Balance as of December 31, 2024	$	43		228	$	2	$	10,764		$	(1,855	)	$	(273	)	$	1,013		$	9,651
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU)		—		—		—		—			(121	)		—			(14	)		(135	)
Stock-based compensation		—		—		—		19			—			—			21			40
Other comprehensive income (loss)		—		—		—		—			—			42			5			47
Redeemable noncontrolling interest redemption value adjustment		(2	)	—		—		2			—			—			—			2
Net income (loss)		—		—		—		—			—			—			—			—
Reallocation of noncontrolling interests		—		—		—		6			—			—			(6	)		—
Balance as of March 31, 2025		41		228		2		10,791			(1,976	)		(231	)		1,019			9,605
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU)		—		—		—		—			(121	)		—			(13	)		(134	)
Stock-based compensation		—		1		—		22			—			—			7			29
Withholding of common stock for employee taxes		—		—		—		(10	)		—			—			—			(10	)
Other comprehensive income (loss)		—		—		—		—			—			152			18			170
Redemption of redeemable noncontrolling interests		(28	)	—		—		—			—			—			—			—
Expiration of redemption option		(6	)	—		—		—			—			—			6			6
Net income (loss)		—		—		—		—			(6	)		—			(1	)		(7	)
Reallocation of noncontrolling interests		—		—		—		7			—			—			(7	)		—
OP Units reclassification		—		—		—		7			—			—			(7	)		—
Balance as of June 30, 2025	$	7		229	$	2	$	10,817		$	(2,103	)	$	(79	)	$	1,022		$	9,659

LINEAGE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)

	Redeemable noncontrolling interests			Common Stock						Retained earnings (accumulated deficit)			Accumulated other comprehensive income (loss)			Noncontrolling interests			Total equity
(in millions, except per share amounts)	Redeemable noncontrolling interests			Number of shares	Amount at par value		Additional paid-in capital			Retained earnings (accumulated deficit)			Accumulated other comprehensive income (loss)			Noncontrolling interests			Total equity
Balance as of December 31, 2025	$	7		227	$	2	$	10,780		$	(2,439	)	$	(97	)	$	990		$	9,236
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU)		—		—		—		—			(123	)		—			(13	)		(136	)
Stock-based compensation		—		—		—		17			—			—			13			30
Withholding of common stock for employee taxes		—		—		—		(1	)		—			—			—			(1	)
Other comprehensive income (loss)		—		—		—		—			—			(25	)		(3	)		(28	)
Redemption of redeemable noncontrolling interests		(7	)	—		—		5			—			—			—			5
Net income (loss)		—		—		—		—			(46	)		—			(5	)		(51	)
Reallocation of noncontrolling interests		—		—		—		10			—			—			(10	)		—
OP Units reclassification		—		—		—		5			—			—			(5	)		—
Balance as of March 31, 2026		—		227		2		10,816			(2,608	)		(122	)		967			9,055
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU)		—		—		—		—			(123	)		—			(13	)		(136	)
Stock-based compensation		—		1		—		14			—			—			9			23
Withholding of common stock for employee taxes		—		—		—		(11	)		—			—			—			(11	)
Other comprehensive income (loss)		—		—		—		—			—			(22	)		(3	)		(25	)
Net income (loss)		—		—		—		—			(29	)		—			(3	)		(32	)
Reallocation of noncontrolling interests		—		—		—		(24	)		—			—			24			—
Balance as of June 30, 2026	$	—		228	$	2	$	10,795		$	(2,760	)	$	(144	)	$	981		$	8,874

LINEAGE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)

	Six Months Ended June 30,
		2026			2025
	(Unaudited)
Cash flows from operating activities:
Net income (loss)	$	(83	)	$	(7	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for credit losses		1			2
Gain on insurance recovery		(21	)		(40	)
Depreciation and amortization		470			436
Amortization of deferred financing costs, discount, and above/below market debt		7			5
Stock-based compensation		53			69
(Gain) loss on foreign currency transactions, net		(3	)		(42	)
Deferred income tax		(6	)		(9	)
Put Options fair value adjustment		—			28
Proceeds from insurance recoveries - business interruption		18			—
Other operating activities		8			2
Changes in operating assets and liabilities (excluding effects of acquisitions):
Accounts receivable		(35	)		(36	)
Prepaid expenses, other assets, and other long-term liabilities		3			(24	)
Inventories		19			15
Accounts payable and accrued liabilities and deferred revenue		7			(6	)
Right-of-use assets and lease obligations		3			4
Net cash provided by operating activities		441			397
Cash flows from investing activities:
Acquisitions, net of cash acquired		(4	)		(439	)
Purchase of property, plant, and equipment		(310	)		(314	)
Proceeds from sale of assets		21			6
Proceeds from insurance recovery on impaired long-lived assets		9			38
Investments in Emergent Cold LatAm Holdings, LLC		(2	)		(7	)
Other investing activity		—			(2	)
Net cash used in investing activities		(286	)		(718	)
Cash flows from financing activities:
Dividends and other distributions		(269	)		(268	)
Redemption of redeemable noncontrolling interests		(2	)		(28	)
Repurchase of common shares for employee income taxes on stock-based compensation		(12	)		(10	)
Proceeds from long-term debt, net of discount		—			495
Repayments of long-term debt and finance leases		(201	)		(156	)
Borrowings on Revolving Credit Facility		1,063			1,442
Repayments on Revolving Credit Facility		(736	)		(1,238	)
Other financing activity		(5	)		(11	)
Net cash (used in) provided by financing activities		(162	)		226
Impact of foreign exchange rates on cash, cash equivalents, and restricted cash		(1	)		2
Net increase (decrease) in cash, cash equivalents, and restricted cash		(8	)		(93	)
Cash, cash equivalents, and restricted cash at the beginning of the period		66			175
Cash, cash equivalents, and restricted cash at the end of the period	$	58		$	82

Global Warehousing Segment

The following table presents the operating results of our global warehousing segment for the three months ended June 30, 2026 and 2025.

	Three Months Ended June 30,
(in millions except revenue per pallet)		2026			2025		Change
Warehouse storage	$	514		$	514		—	%
Warehouse services		491			456		7.7	%
Total global warehousing segment revenues		1,005			970		3.6	%
Labor⁽¹⁾		391			368		6.3	%
Power		55			51		7.8	%
Other warehouse costs⁽²⁾		192			184		4.3	%
Total global warehousing segment cost of operations		638			603		5.8	%
Global warehousing segment NOI	$	367		$	367		—	%
Total global warehousing segment margin		36.5	%		37.8	%	(130)	bps

Number of warehouse sites		479			481

Warehouse storage⁽³⁾
Average economic occupancy
Average occupied economic pallets (in thousands)		8,151			7,998		1.9	%
Economic occupancy percentage		80.0	%		79.1	%	90	bps
Storage revenue per economic occupied pallet	$	63.06		$	64.12		(1.7	)%
Average physical occupancy
Average physical occupied pallets (in thousands)		7,522			7,412		1.5	%
Average physical pallet positions (in thousands)		10,188			10,105		0.8	%
Physical occupancy percentage		73.8	%		73.3	%	50	bps
Storage revenue per physical occupied pallet	$	68.33		$	69.20		(1.3	)%
Warehouse services⁽³⁾
Throughput pallets (in thousands)		13,910			13,130		5.9	%
Warehouse services revenue per throughput pallet	$	32.21		$	31.77		1.4	%

(1) Labor cost of operations excludes $3 million and $4 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2026 and 2025, respectively.
(2) Includes real estate rent expense (operating leases) of $23 million and $23 million for the three months ended June 30, 2026 and 2025, respectively, and non-real estate rent expense (equipment lease and rentals) of $7 million and $5 million for the three months ended June 30, 2026 and 2025, respectively.
(3) Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf ("managed sites").

Global Warehousing Segment

The following table presents the operating results of our global warehousing segment for the six months ended June 30, 2026 and 2025.

	Six Months Ended June 30,
(in millions except revenue per pallet)		2026			2025		Change
Warehouse storage	$	1,028		$	1,005		2.3	%
Warehouse services		962			909		5.8	%
Total Global Warehousing segment revenues		1,990			1,914		4.0	%
Labor⁽¹⁾		772			724		6.6	%
Power		109			100		9.0	%
Other warehouse costs⁽²⁾		378			363		4.1	%
Total Global Warehousing segment cost of operations		1,259			1,187		6.1	%
Global warehousing segment NOI	$	731		$	727		0.6	%
Total Global Warehousing segment margin		36.7	%		38.0	%	(130)	bps

Number of warehouse sites		479			481

Warehouse storage⁽³⁾
Average economic occupancy
Average occupied economic pallets (in thousands)		8,158			8,027		1.6	%
Economic occupancy percentage		80.0	%		80.1	%	(10)	bps
Storage revenue per economic occupied pallet	$	62.95		$	62.52		0.7	%
Average physical occupancy
Average physical occupied pallets (in thousands)		7,563			7,459		1.4	%
Average physical pallet positions (in thousands)		10,202			10,027		1.7	%
Physical occupancy percentage		74.1	%		74.4	%	(30)	bps
Storage revenue per physical occupied pallet	$	67.90		$	67.29		0.9	%
Warehouse services⁽³⁾
Throughput pallets (in thousands)		27,456			26,114		5.1	%
Warehouse services revenue per throughput pallet	$	32.02		$	31.86		0.5	%

(1) Labor cost of operations excludes $5 million and $4 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2026 and 2025, respectively.
(2) Includes real estate rent expense (operating leases) of $47 million and $46 million for the six months ended June 30, 2026 and 2025, respectively, and non-real estate rent expense (equipment lease and rentals) of $11 million and $10 million for the six months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026 and 2025.

	Three Months Ended June 30,
(in millions except revenue per pallet)		2026			2025		Change
Warehouse storage	$	469		$	468		0.2	%
Warehouse services		437			434		0.7	%
Total same warehouse revenues		906			902		0.4	%
Labor		349			340		2.6	%
Power		50			47		6.4	%
Other warehouse costs		170			168		1.2	%
Total same warehouse cost of operations		569			555		2.5	%
Same warehouse NOI	$	337		$	347		(2.9	)%
Total same warehouse margin		37.2	%		38.5	%	(130)	bps

Number of same warehouse sites		423			423

Warehouse storage⁽¹⁾
Economic occupancy
Average occupied economic pallets (in thousands)		7,498			7,461		0.5	%
Economic occupancy percentage		81.5	%		80.8	%	70	bps
Storage revenue per economic occupied pallet	$	62.53		$	62.75		(0.4	)%
Physical occupancy
Average physical occupied pallets (in thousands)		6,969			6,913		0.8	%
Average physical pallet positions (in thousands)		9,197			9,235		(0.4	)%
Physical occupancy percentage		75.8	%		74.9	%	90	bps
Storage revenue per physical occupied pallet	$	67.28		$	67.73		(0.7	)%
Warehouse services⁽¹⁾
Throughput pallets (in thousands)		12,279			12,502		(1.8	)%
Warehouse services revenue per throughput pallet	$	32.18		$	31.52		2.1	%

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

	Six Months Ended June 30,
(in millions except revenue per pallet)		2026			2025		Change
Warehouse storage	$	940		$	930		1.1	%
Warehouse services		861			866		(0.6	)%
Total same warehouse revenues		1,801			1,796		0.3	%
Labor		689			679		1.5	%
Power		98			92		6.5	%
Other warehouse costs		337			335		0.6	%
Total same warehouse cost of operations		1,124			1,106		1.6	%
Same warehouse NOI	$	677		$	690		(1.9	)%
Total same warehouse margin		37.6	%		38.4	%	(80)	bps

Number of same warehouse sites		423			423

Warehouse storage⁽¹⁾
Economic occupancy
Average occupied economic pallets (in thousands)		7,534			7,531		—	%
Economic occupancy percentage		81.8	%		81.5	%	30	bps
Storage revenue per economic occupied pallet	$	62.33		$	61.73		1.0	%
Physical occupancy
Average physical occupied pallets (in thousands)		7,012			7,003		0.1	%
Average physical pallet positions (in thousands)		9,209			9,237		(0.3	)%
Physical occupancy percentage		76.1	%		75.8	%	30	bps
Storage revenue per physical occupied pallet	$	66.97		$	66.39		0.9	%
Warehouse services⁽¹⁾
Throughput pallets (in thousands)		24,284			24,931		(2.6	)%
Warehouse services revenue per throughput pallet	$	32.09		$	31.67		1.3	%

(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 six months ended June 30, 2026 and 2025.

	Three Months Ended June 30,
(in millions except revenue per pallet)		2026			2025		Change
Warehouse storage	$	45		$	46		(2.2	)%
Warehouse services		54			22		145.5	%
Total non-same warehouse revenues		99			68		45.6	%
Labor		42			28		50.0	%
Power		5			4		25.0	%
Other warehouse costs		22			16		37.5	%
Total non-same warehouse cost of operations		69			48		43.8	%
Non-same warehouse NOI	$	30		$	20		50.0	%
Total non-same warehouse margin		30.3	%		29.4	%	90	bps

Number of non-same warehouse sites		56			58

Warehouse storage⁽¹⁾
Economic occupancy
Average occupied economic pallets (in thousands)		653			537		21.6	%
Economic occupancy percentage		65.9	%		61.7	%	420	bps
Storage revenue per economic occupied pallet	$	69.14		$	83.13		(16.8	)%
Physical occupancy
Average physical occupied pallets (in thousands)		553			499		10.8	%
Average physical pallet positions (in thousands)		991			870		13.9	%
Physical occupancy percentage		55.8	%		57.4	%	(160)	bps
Storage revenue per physical occupied pallet	$	81.58		$	89.53		(8.9	)%
Warehouse services⁽¹⁾
Throughput pallets (in thousands)		1,631			628		159.7	%
Warehouse services revenue per throughput pallet	$	32.42		$	36.76		(11.8	)%

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

	Six Months Ended June 30,
(in millions except revenue per pallet)		2026			2025		Change
Warehouse storage	$	88		$	75		17.3	%
Warehouse services		101			43		134.9	%
Total non-same warehouse revenues		189			118		60.2	%
Labor		83			45		84.4	%
Power		11			8		37.5	%
Other warehouse costs		41			28		46.4	%
Total non-same warehouse cost of operations		135			81		66.7	%
Non-same warehouse NOI	$	54		$	37		45.9	%
Total non-same warehouse margin		28.6	%		31.4	%	(280)	bps

Number of non-same warehouse sites		56			58