Lineage, Inc. (NASDAQ:LINE) (the "Company"), the world's largest global temperature-controlled warehouse REIT, today announced its financial results for the third quarter of 2025.

Third Quarter 2025 Financial Highlights

Total revenue increased 3.1% to $1,377 million
GAAP net loss of $(112) million, or $(0.44) per diluted common share
Adjusted EBITDA increased 2.4% to $341 million; adjusted EBITDA margin decreased (10) bps to 24.8%
AFFO increased 6.3% to $221 million; AFFO per share decreased (5.6)% to $0.85
Declared quarterly dividend of $0.5275 per share, representing annualized dividend rate of $2.11 per share

"We delivered Adjusted EBITDA and AFFO growth in the third quarter, despite continued challenging market conditions," said Greg Lehmkuhl, president and chief executive officer of Lineage. "We saw seasonal improvements in occupancy with stable pricing trends in line with our expectations. Importantly, we remain focused on delighting our customers with exceptional service as we continue to work to optimize our warehouse efficiency.

"Occupancy is continuing to increase into the fourth quarter following the expected muted seasonal pattern. However, we are lowering our NOI outlook due to two primary factors. First, tariff uncertainty is impacting import/export volumes. Second, while our total occupancy outlook for the fourth quarter is unchanged, we are seeing slightly lower occupancy in the US compared to our international markets. Due to our reduced fourth quarter NOI outlook, we are moving our full-year Adjusted EBITDA and AFFO per share guidance to the lower end of our previous ranges.

"Looking forward, we are beginning to see some green shoots of optimism as new supply deliveries are declining and demand for frozen food is growing. While the near-term operating environment remains challenging, we remain well positioned to win in the long-term," concluded Lehmkuhl.

Initiating Fourth Quarter and Updating Full-Year 2025 Guidance

Lineage now expects full-year 2025 adjusted EBITDA of $1.290 to $1.305 billion (versus prior guidance of $1.290 to $1.340 billion) and Adjusted FFO ("AFFO") per share of $3.20 to $3.30 (versus prior guidance of $3.20 to $3.40).

The Company expects fourth quarter 2025 adjusted EBITDA of $319 to $334 million and AFFO per share of $0.68 to $0.78.

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.

Third Quarter 2025 Financial Results Conference Call and Earnings Presentation with Supplemental

Please visit ir.onelineage.com/events-and-presentations to view Lineage's third quarter 2025 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 third quarter 2025 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 88 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; 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; 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; 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, 2024 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)

	September 30,			December 31,
	2025			2024
	(Unaudited)
Assets
Current assets:
Cash, cash equivalents, and restricted cash	$	75		$	175
Accounts receivable, net		857			826
Inventories		167			187
Prepaid expenses and other current assets		183			97
Total current assets		1,282			1,285
Non-current assets:
Property, plant, and equipment, net		11,254			10,627
Finance lease right-of-use assets, net		1,113			1,254
Operating lease right-of-use assets, net		615			627
Equity method investments		131			124
Goodwill		3,473			3,338
Other intangible assets, net		1,116			1,127
Other assets		213			279
Total assets	$	19,197		$	18,661
Liabilities, Redeemable Noncontrolling Interests, and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,050		$	1,220
Accrued dividends and distributions		135			134
Deferred revenue		84			83
Current portion of long-term debt, net		22			56
Total current liabilities		1,291			1,493
Non-current liabilities:
Long-term finance lease obligations		1,223			1,249
Long-term operating lease obligations		598			605
Deferred income tax liability		310			304
Long-term debt, net		5,925			4,906
Other long-term liabilities		465			410
Total liabilities		9,812			8,967
Commitments and contingencies
Redeemable noncontrolling interests		7			43
Stockholders' equity:
Common stock, $0.01 par value per share – 500 authorized shares; 228 issued and outstanding at September 30, 2025 and December 31, 2024		2			2
Additional paid-in capital - common stock		10,821			10,764
Retained earnings (accumulated deficit)		(2,325	)		(1,855	)
Accumulated other comprehensive income (loss)		(115	)		(273	)
Total stockholders' equity		8,383			8,638
Noncontrolling interests		995			1,013
Total equity		9,378			9,651
Total liabilities, redeemable noncontrolling interests, and equity	$	19,197		$	18,661

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(Unaudited)
Net revenues	$	1,377		$	1,335		$	4,019		$	4,001
Cost of operations		932			897			2,728			2,672
General and administrative expense		145			143			442			394
Depreciation expense		174			156			502			478
Amortization expense		56			54			164			162
Acquisition, transaction, and other expense		12			592			64			612
Restructuring, impairment, and (gain) loss on disposals		23			8			5			23
Total operating expense		1,342			1,850			3,905			4,341
Income from operations		35			(515	)		114			(340	)
Other income (expense):
Equity income (loss), net of tax		(2	)		—			(3	)		(3	)
Gain (loss) on foreign currency transactions, net		(6	)		14			36			5
Interest expense, net		(68	)		(82	)		(195	)		(369	)
Gain (loss) on extinguishment of debt		(3	)		(6	)		(3	)		(13	)
Other nonoperating income (expense), net		(57	)		1			(56	)		1
Total other income (expense), net		(136	)		(73	)		(221	)		(379	)
Net income (loss) before income taxes		(101	)		(588	)		(107	)		(719	)
Income tax expense (benefit)		11			(45	)		12			(48	)
Net income (loss)		(112	)		(543	)		(119	)		(671	)
Less: Net income (loss) attributable to noncontrolling interests		(12	)		(58	)		(13	)		(78	)
Net income (loss) attributable to Lineage, Inc.	$	(100	)	$	(485	)		(106	)		(593	)

Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on foreign currency hedges and interest rate hedges		(15	)		(46	)		(46	)		(56	)
Foreign currency translation adjustments		(25	)		115			223			29
Comprehensive income (loss)		(152	)		(474	)		58			(698	)
Less: Comprehensive income (loss) attributable to noncontrolling interests		(16	)		(50	)		6			(81	)
Comprehensive income (loss) attributable to Lineage, Inc.	$	(136	)	$	(424	)	$	52		$	(617	)

Basic earnings (loss) per share	$	(0.44	)	$	(2.44	)	$	(0.46	)	$	(3.54	)
Diluted earnings (loss) per share	$	(0.44	)	$	(2.44	)	$	(0.46	)	$	(3.54	)

Weighted average common shares outstanding:
Basic		228			210			228			178
Diluted		228			210			228			178

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

	Redeemable noncontrolling interests			Common Stock							Series A preferred 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			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
Distributions		(1	)	—			—		—			—			—			—			(12	)		(12	)
Stock-based compensation		—		—			—		3			—			—			—			2			5
Other comprehensive income (loss)		—		—			—		—			—			—			(63	)		(8	)		(71	)
Redemption of redeemable noncontrolling interests		(6	)	—			—		—			—			—			—			—			—
Redemption of common stock		—		—			—		(25	)		—			—			—			—			(25	)
Expiration of redemption option		(92	)	—			—		65			—			—			—			27			92
Redeemable noncontrolling interest redemption value adjustment		6		—			—		(6	)		—			—			—			—			(6	)
Net income (loss)		—		—			—		—			—			(40	)		—			(8	)		(48	)
Reallocation of noncontrolling interests		—		—			—		(7	)		—			—			—			7			—
Balance as of March 31, 2024		256		162			2		5,991			1			(919	)		(97	)		630			5,608
Common stock issuances, net of equity raise costs		—		—			—		1			—			—			—			—			1
Distributions		—		—			—		—			—			—			—			(12	)		(12	)
Stock-based compensation		—		—			—		4			—			—			—			2			6
Other comprehensive income (loss)		—		—			—		—			—			—			(22	)		(3	)		(25	)
Redeemable noncontrolling interest redemption value adjustment		4		—			—		(4	)		—			—			—			—			(4	)
Accretion of redeemable noncontrolling interests		2		—			—		(2	)		—			—			—			—			(2	)
Net income (loss)		—		—			—		—			—			(68	)		—			(12	)		(80	)
Reallocation of noncontrolling interests		—		—			—		(9	)		—			—			—			9			—
Balance as of June 30, 2024		262		162			2		5,981			1			(987	)		(119	)		614			5,492
Common stock issuances, net of equity raise costs		—		65			—		4,873			—			—			—			—			4,873
Assumption of the Put Option liability		—		—			—		—			—			(103	)		—			—			(103	)
Dividends ($0.38 per common share) and other distributions ($0.38 per OP Unit and OPEU)		—		—			—		—			—			(87	)		—			(13	)		(100	)
Stock-based compensation		—		2			—		147			—			—			—			13			160
Withholding of common stock for employee taxes		—		(1	)		—		(46	)		—			—			—			—			(46	)
Other comprehensive income (loss)		—		—			—		—			—			—			61			8			69
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
Reclassification of the Preference Shares		(229	)	—			—		(22	)		—			—			—			—			(22	)
Issuance of OPEUs and settlement of Class D Units		—		—			—		114			—			—			—			73			187
Redeemable noncontrolling interest redemption value adjustment		4		—			—		(4	)		—			—			—			—			(4	)
Accretion of redeemable noncontrolling interests		3		—			—		(3	)		—			—			—			—			(3	)
Net income (loss)		(1	)	—			—		—			—			(485	)		—			(57	)		(542	)
Reallocation of noncontrolling interests		—		—			—		(189	)		—			—			—			189			—
Balance as of September 30, 2024	$	39		228		$	2	$	10,744		$	—		$	(1,662	)	$	(58	)	$	1,057		$	10,083

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		—		—		—

Lineage, Inc. Reports Third Quarter 2025 Financial Results