Lineage, Inc. (LINE) SEC Filings & Earnings Calls

Loss of key commercial leadership could impact customer relationships and revenue growth during transition

“Chief Commercial Officer retiring; successor not yet identified”

No material risks identified; departure not due to disagreement; transition is planned and orderly.

“Resignation not result of any disagreement; CTO transition mutually determined and previously disclosed.”

Same Warehouse NOI Decline

“Same warehouse NOI decreased 2.9% YoY to $337 million”

Labor Cost Inflation

“Labor costs increased 6.3% YoY, outpacing revenue growth of 3.6%”

Interest Expense Increase

“Interest expense, net increased 29.9% YoY to $87 million”

Warehouse Fire Loss

“$8 million of impairment loss and legal and administrative fees related to a fire that occurred in our Los Angeles, California warehouse in June 2026” · word for word

Fire at Big Bear facility may disrupt operations and incur costs

“fire at our Big Bear facility” · word for word

GAAP net loss of $(32) million indicates profitability challenges

“GAAP net loss of $(32) million” · word for word

Occupancy decline

“Economic occupancy percentage 79.9% vs 81.0% (-110 bps). Physical occupancy percentage 74.4% vs 75.4% (-100 bps).”

Interest expense increase

“Interest expense, net $84 million for the three months ended March 31, 2026, an increase of $24 million, or 40.0%, compared to $60 million for the three months ended March 31, 2025.”

Foreign currency exposure

“Our primary currency exposures are to the euro, Canadian dollar, British pound sterling, and Australian dollar.” · word for word

Tariff uncertainty and geopolitical disruptions impacting supply chain; AFFO decline.

Severe underperformance vs compensation targets

“the Realizable Value compared to the CEO’s 2024 Target Value is down approximately 75% due to the cumulative impact of operating performance, negative relative TSR modifier and Company share price.” · word for word

Majority stockholder control and related party conflicts

“BGLH, an entity indirectly controlled by our Co-Executive Chairmen, Adam Forste and Kevin Marchetti, is currently our majority stockholder. As of March 18, 2026, BGLH directly held approximately 68% of our outstanding shares of Common Stock, and together with its voting and dispositive power over Legacy OP Units (through LHR), beneficially owned approximatel” · word for word

Significant cash outflows for legacy investor settlements

“we purchased all of the shares so distributed for aggregate cash payments of $220.3 million. ... our operating partnership redeemed certain Legacy Class A OP units in our operating partnership for aggregate cash payments of $23.0 million.” · word for word

Negative net income and declining adjusted EBITDA

“Net Income (Loss) ($ millions) 2025: $(113) 2024: $(751) ... Management Adjusted EBITDA ($ millions) 2025: $1,264 2024: $1,342”

Share price decline since IPO

“our TSR decreased approximately -54% from our IPO price on July 25, 2024 to December 31, 2025” · word for word

Key technology leadership departure could affect innovation momentum, but phased transition mitigates risk.

“Thattai created LinOS; transition to CJ planned; low immediate risk.”

Interest Rate Risk

“As of December 31, 2025, we had $2.6 billion of our outstanding consolidated indebtedness that is variable-rate debt... Increases in interest rates may raise our interest costs under any variable-rate debt that is not effectively converted to fixed-rate debt and increase our overall cost of capital.” · word for word

Controlled Company Governance Risk

“We are a 'controlled company' within the meaning of Nasdaq rules and, as a result, qualify for, and may rely on, exemptions from certain corporate governance requirements.” · word for word

Internal Control Weakness

“We identified a material weakness in our internal control over financial reporting as of December 31, 2025.” · word for word

Revenue stagnation and margin compression indicate challenging industry conditions for cold storage REIT.

“Total revenue flat; adjusted EBITDA margin down 70bps; GAAP net loss of $113M.”

Guidance implies further deterioration in profitability; AFFO per share guidance of $2.75-3.00 is below FY2025 $3.37.

“FY2026 adjusted EBITDA guidance $1.25-1.30B vs FY2025 $1.298B; AFFO per share guidance $2.75-3.00 vs $3.37.”

Increased leverage from new debt issuance; interest expense will increase; forward-looking statements caution about market conditions and regulatory changes.

“Risks and uncertainties related to market conditions; the impact of legislative, regulatory and competitive changes.” · word for word

Potential increase in debt if offering completed.

“Proposed offering of senior notes.”

Increased debt may raise leverage.

“€700M in new senior notes.”

Customer inventory rationalization

“Economic occupancy decreased by 80 basis points, as our customers rationalized inventory and production levels during continued economic pressures.” · word for word

Goodwill impairment

“During the three months ended September 30, 2025, we recorded a goodwill impairment of $28 million” · word for word

Foreign currency exposure

“Our primary currency exposures are to the euro, Canadian dollar, British pound sterling, and Australian dollar.” · word for word

Tariff uncertainty impacting import/export volumes and NOI.

“Tariff uncertainty is impacting import/export volumes.” · word for word

Lower US occupancy compared to international markets.

“Slightly lower occupancy in the US compared to our international markets.” · word for word