Business
Lineage, Inc. Announces Full-Year 2024 Financial Results and Initiates 2025 Guidance
NOVI, Mich.--(BUSINESS WIRE)-- Lineage, Inc. (NASDAQ: LINE) (the "Company"), the world’s largest global temperature-controlled warehouse REIT, today
About this update from Lineage, Inc.
[{"type":"text","content":" NOVI, Mich.--(BUSINESS WIRE)--\nLineage, Inc. (NASDAQ: LINE) (the \"Company\"), the world’s largest global temperature-controlled warehouse REIT, today announced its financial results for the fourth quarter and full year of 2024.\n\n\nFourth-Quarter 2024 Financial Highlights\n\n\n\nTotal revenue increased 0.4% to $1.3 billion\n\n\n\nGAAP net loss of ($80) million, or ($0.33) per diluted common share\n\n\n\nAdjusted EBITDA increased 9.8% to $335 million; adjusted EBITDA margin increased 210bps to 25.0%\n\n\n\nAFFO increased 147.7% to $213 million; AFFO per share increased 72.9% to $0.83\n\n\n\nDeclared quarterly dividend of $0.5275 per share, representing annualized dividend rate of $2.11 per share\n\n\n\nFull-Year 2024 Financial Highlights\n\n\n\nTotal revenue of $5.3 billion, flat versus prior year\n\n\n\nGAAP net loss of ($751) million, or ($3.70) per diluted common share\n\n\n\nAdjusted EBITDA increased 4.0% to $1.3 billion; adjusted EBITDA margin increased 100bps to 24.9%\n\n\n\nAFFO increased 25.4% to $705 million; AFFO per share increased 6.5% to $3.29\n\n\n\n\"We are pleased to report a strong finish to 2024, with 10% growth in fourth-quarter adjusted EBITDA, capping a transformational year for our company,\" said Greg Lehmkuhl, president and chief executive officer of Lineage, Inc. \"Our market leadership, network effects, and operational excellence enabled us to expand margins as well as grow adjusted EBITDA and AFFO per share in 2024. We want to thank our dedicated and talented team members for an outstanding year in a challenging environment.\n\n\n\"As we look ahead to 2025, we are well-positioned to expand our leadership position in the global food supply chain. We will continue to focus on providing world-class service to our customers, while working to continuously improve the efficiency of our operations. We believe our labor productivity, lean operations, and energy management initiatives, coupled with our innovative technology provide significant benefits to our customers and team members, while positioning Lineage for strong financial performance in all market environments.\n\n\n\"Furthermore, our investment grade balance sheet and financial outlook provides the capacity to deploy more than $1.5 billion of capital in 2025. We are poised to execute on our robust acquisition and development pipeline. With an exc...