LINE
Lineage, Inc.34.38
-1.79-4.95%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Customers returning in key markets
Q&A offered concrete proof of customers returning to Lineage in early-cycle U.S. markets like New Jersey, Dallas, and Houston, validating NOI stabilization in 85% of sampled portfolio after new supply digestion. Management confirmed idling 10 sites last year removed <1% supply with negligible NOI hit, while eyeing more dispositions at mid-6% caps amid mid-teens EBITDA private multiples to exploit valuation gaps. They rebutted AI risks, stressing insulation via essential cold chain needs and Lineage's LinOS/AI lead for efficiencies. $50M annualized cost savings ramp half in 2026. Customers keep returning. Outlook stays cautious yet confident; investors will eye supply absorption and deal flow.
Key Stats
Market Cap
8.59BP/E (TTM)
-Basic EPS (TTM)
-0.62Dividend Yield
0.06%Recent Filings
10-K
FY2025 results
Lineage posted FY2025 revenue of $5.4B, up slightly from prior year, but swung to a $0.1B net loss amid $48M goodwill impairments and higher G&A from stock comp. Global warehousing (86% of $1.7B NOI) saw 1.6% revenue growth to $3.95B yet NOI dipped 3.3% to $1.48B as same-warehouse occupancy fell to 81.0% from 83.1% while costs rose 4.8% on labor and power. Integrated solutions NOI climbed 8.7% to $0.25B despite 3.3% revenue drop after divesting Spain ops. Q4 accelerated non-same warehouse NOI 39.5% via acquisitions like Tyson assets, but same-warehouse margins compressed 150bps to 38.5%. Debt fell to $6.1B (83% fixed/hedged) with $1.9B liquidity; $1.3B Adjusted EBITDA funded $899M growth capex. Labor shortages threaten quarterly ramps.
8-K
Lineage AFFO surges 23%
Lineage reported flat full-year 2025 revenue at $5.4B yet boosted AFFO 23% to $865M amid industry headwinds, with Adjusted EBITDA dipping 2% to $1.3B as same-warehouse NOI fell 6%. Utilization rebounded seasonally to 79% physical occupancy. Guidance eyes 2026 Adjusted EBITDA $1.25-1.30B, AFFO/share $2.75-3.00. Excess capacity pressures persist.
8-K
€700M notes issued
Lineage's indirect subsidiary issued €700M 4.125% senior notes due 2031 on November 26, 2025, guaranteed by the company and key subsidiaries. Net proceeds of ~€689M will repay revolver debt and fund working capital. Notes carry covenants limiting indebtedness. Unregistered; exchange offer targeted by November 2026.
8-K
€700M notes priced
Lineage's indirect subsidiary priced €700 million of 4.125% senior notes due 2031 at 99.324% of par on November 19, 2025, with settlement eyed for November 26 pending closing conditions. Guaranteed by the company and key subsidiaries, proceeds will repay revolver draws and fund general corporate needs. Closing hinges on customary conditions.
8-K
Launches euro notes offering
Lineage Europe Finco B.V., an indirect Lineage subsidiary, launched a private offering of euro-denominated senior notes on November 19, 2025, under Rule 144A and Reg S. The notes, senior unsecured and guaranteed by Lineage and key subsidiaries, will repay revolver debt and fund general corporate needs. No size or terms disclosed. Offering hinges on market conditions.
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