Slide 1: Lineage Investor Presentation February 2025
Lineage Investor Presentation February 2025
Slide 2: Disclaimer
Disclaimer 2 Forward-Looking Statements. Certain statements contained in this Presentation, 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 expe
Slide 3: Key Investment Highlights
Key Investment Highlights 3 Cold storage is the critical infrastructure of the global food supply chain – a large, growing, recession-resistant market Superior same warehouse growth supported by a strong Integrated Solutions segment and operational excellence enabled by technology Global leader in a
Slide 4: Lineage at a Glance: Largest Temperature-Controlled Warehouse REIT
Lineage at a Glance: We Are the Largest Temperature-Controlled Warehouse REIT in the U.S. and Globally 4 As of December 31, 2024, unless noted otherwise. 1. Automated warehouses include fully-automated and semi-automated. 2. Includes customers generating >$1k of revenue in the twelve months ended De
Slide 5: Our Compounding Growth Is Marked by Consistently Achieving Strategic Milestones
▪ Completed largest IPO of the year and largest REIT IPO of all time Our Compounding Growth Is Marked by Consistently Achieving Strategic Milestones 5 1. Year-end cubic feet capacity for each respective year. 2. Per Global Cold Chain Alliance (“GCCA”) website. 3. Reflects approximate time periods fo
Slide 6: The Lineage Difference: Leading with Purpose and Values
The Lineage Difference: Leading with Purpose and Values 6 Purpose To transform the food supply chain to eliminate waste and help feed the world Values Respect Innovation Bold Servant Leadership Safe Trust
Slide 7: Lineage's Growth Flywheel
Lineage’s Growth Flywheel 7 Accretive Capital Deployment in Development Projects and M&A Supports Future NOI Growth Strong Cash Flow and Tax-Efficient REIT Structure Creates Efficient Cost of Capital Increasing NOI and Same Warehouse Growth Yields Additional Investment Capacity
Slide 8: Lineage Is a Global Leader in a Highly Fragmented Industry
Lineage Is a Global Leader in a Highly Fragmented Industry 8 1. 2024 GCCA Global Top 25 List (April 2024), except Lineage figures, which are based on company data as of December 31, 2024, and Americold Realty Trust, Inc. (Americold) figures, which are based on public filings of Americold with the Se
Slide 9: Supported by a Large, Growing and Durable Market
…Supported by a Large, Growing and Durable Market 9 1. Per UN Populations & Food and Agriculture divisions; as of November 2022; represents 1.9bn more people from 2017 to 2050. 2. Per Technavio as of February 2025; represents retail sales of chilled and frozen food. 3. Per CBRE Industry Report, sour
Slide 10: Cold Storage Is the Critical Infrastructure of the Global Food Supply Chain
Cold Storage Is the Critical Infrastructure of the Global Food Supply Chain 10 1. Shown as % of Warehouse NOI for twelve months ended December 31, 2024. Excludes Managed facilities (~2% of NOI). Lineage Supports the Global Food Supply Chain Producer Consumer% of Warehouse NOI1 11% Production Advanta
Slide 11: Our Portfolio of Modern Assets Is Concentrated in Strategic Locations
Our Portfolio of Modern Assets Is Concentrated in Some of the Most Strategic Locations Around the World, Difficult to Replicate 11 1. Source: ArcGIS, U.S. Census Bureau, NASA Socioeconomic Data and Applications Center (SEDAC) managed by the Center for International Earth Science Information Network
Slide 12: Global Industry Leadership Drives Significant Growth At-Scale Opportunities
We Believe Our Global Industry Leadership Drives Significant Growth At-Scale Opportunities 12 Customer Effect Growth Flywheel Operating Leverage Corporate Synergies Seize the Upside Protect the Downside Lineage brand recognition C-suite relationships Multiple sites, services and countries Integrated
Slide 13: Diversified Across Commodities, Customers and Geographies
Diversified Across Commodities, Customers and Geographies 13 Data as of December 31, 2024. Percentages may not sum to 100% due to rounding. 1. Year Ended December 31, 2024. 2. Reflects companies in the top 25 customers that are publicly-traded or have a publicly-traded parent with at least one inves
Slide 14: Integrated Solutions Segment Helps Drive Customer Stickiness
Integrated Solutions Segment Helps Drive Customer Stickiness and Creates Sell Through Opportunities 14 1. Estimated based on global warehousing segment NOI for the year ended December 31, 2024 and, as it relates to Lineage’s global integrated solutions segment NOI, the relative revenue contribution
Slide 15: Technology-Enabled Platform Designed for Tomorrow
Technology-Enabled Platform Designed for Tomorrow 15As of December 31, 2024, unless noted otherwise. Leading SAAS-based tools used to standardize and integrate the technology backbone and allow for potential growth Pioneering Automation and Transformational Technology Run-Time Operations A BAutomati
Slide 16: Operating Excellence Driven by Lean Principles
Operating Excellence Driven by Lean Principles 16 Notes: As of December 31, 2024. 1. Includes warehouses that are “kicked off,” or have begun the Lean certification process. 2. Represents warehouses that have begun the Lean certification process. Lean Certification Facilities▪ Lean operating princip
Slide 17: Proven Development and Expansion Track Record with Robust Pipeline
Proven Development and Expansion Track Record with Robust Pipeline Driving Near-Term Growth 17 ▪ Completed 42 projects since 2019 Historical Greenfields & Expansions EXAMPLE PROJECT: OAKLAND, CA ▪ Completed 23 projects since December 31, 2021 ▪ Total Cost: $1.0bn ▪ Achieved NOI1: $46mm ▪ Weighted Av
Slide 18: Acquirer of Choice with a Well-Established Integration Playbook
Lineage Has Established Itself as an Acquirer of Choice with a Well-Established Integration Playbook 18 Data as of December 31, 2024. 1. Represents percentage of companies Lineage has acquired by leveraging existing relationships and direct sourcing channels. 2. Per GCCA website. Experience ✓ 120 ac
Slide 19: Focused on Doing Good While Doing Well
Focused on Doing Good While Doing Well 19 Feed the World Launched Lineage Foundation for Good & “Share a Meal” Campaign to limit waste and provide relief to those in need Climate Change Deeply committed to sustainability strategy and reporting. Climate pledge signatory to achieve net-zero annual car
Slide 20: Corporate Governance Closely Aligned with Stockholders' Interests
Corporate Governance Closely Aligned with Stockholders’ Interests 20 1. A few legacy investors have special one-time redemption rights such as minimum value guarantees and in some cases the alternative option to elect cash or equity top-up rights to achieve a certain minimum equity valuation at a sp
Slide 21: FY 2024 Financial Results
FY 2024 Financial Results 21 $1,074 $1,278 $1,329 2022 2023 2024 $3.09 $3.29 2023 2024 21.8% 23.9% 24.9% 2022 2023 2024 $4,928 $5,342 $5,340 2022 2023 2024 2024 2yr CAGR: +4% 2024 2yr total: +310bps 2024 2yr CAGR: +11% 2024 +6% vs PY flat+8%YoY growth +100bps+210bpsYoY growth +4%+19%YoY growth Total
Slide 22: 2025 Guidance
22 2025 Guidance See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 2025 Guidance Range Comments Company Total Adjusted EBITDA ($M) $1,350 - $1,400 +2% - 5% YoY AFFO per share $3.40 - $3.60 +3% - 9% YoY Total AFFO of $875-$925M Note: Guidance ex
Slide 23: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 23
Slide 24: NOI Reconciliation to Net Income
NOI RECONCILIATION TO NET INCOME Non-GAAP Reconciliations 24 Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 1. NOI Margin is calculated as NOI divided by revenues. 2. Reflects year-over-year growth for each respective period. Year Ende
Slide 25: Adjusted EBITDA Reconciliation to Net Income
ADJUSTED EBITDA RECONCILIATION TO NET INCOME Non-GAAP Reconciliations 25Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Year Ended December 31, (in millions) 2022 2023 2024 Net Income (loss) $(76) $(96) $(751) Adjustments: Depreciation
Slide 26: Adjusted FFO Reconciliation to Net Income
ADJUSTED FFO RECONCILIATION TO NET INCOME Non-GAAP Reconciliations 26Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Year Ended December 31, (in millions) 2022 2023 2024 Net Income (loss) $(76) $(96) $(751) Adjustments: Real estate depr
Slide 27: Non-GAAP Financial Measures
We use the following non-GAAP financial measures as supplemental performance measures of our business: segment NOI, FFO, Core FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Adjusted EBITDA margin, and net debt. We also use same warehouse and non-same warehouse metrics. We calculate total segm
Slide 28: Non-GAAP Financial Measures (continued)
(continued) We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the NAREIT. NAREIT defines FFO as net income or loss determined in accordance with GAAP, excluding extraordinary items as defined under GAAP and gains or losses from sale
Slide 29: Contact: Thank you
C O N TA C T Thank you 29 Evan Barbosa VP, Investor Relations ir@onelineage.com