Business
Lineage, Inc. Reports Third Quarter 2025 Financial Results
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 third quarter of 2025.\n\nThird Quarter 2025 Financial Highlights\n\n\nTotal revenue increased 3.1% to $1,377 million\n\n\nGAAP net loss of $(112) million, or $(0.44) per diluted common share\n\n\nAdjusted EBITDA increased 2.4% to $341 million; adjusted EBITDA margin decreased (10) bps to 24.8%\n\n\nAFFO increased 6.3% to $221 million; AFFO per share decreased (5.6)% to $0.85\n\n\nDeclared quarterly dividend of $0.5275 per share, representing annualized dividend rate of $2.11 per share\n\n\n\"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.\n\n\"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.\n\n“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.\n\nInitiating Fourth Quarter and Updating Full-Year 2025 Guidance\n\nLineage 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).\n\nThe Company expects fourth quarter 2025 adjusted EBITDA of $319 to $334 million and...