Slide 1: Fourth Quarter 2024 Financial Results
Fourth Quarter 2024 FINANCIAL RESULTS February 26, 2025
Slide 2: Forward-Looking Statements
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 expectations, est
Slide 3: 2024 Highlights
2024 Highlights 3 • Largest REIT IPO of all time, raising $5.1B o Used net proceeds to reduce leverage and achieve investment grade credit ratings • Grew adjusted EBITDA +4% and AFFO per share +6% on flat revenue o Continued trend of margin expansion driven by focus on operational efficiency • Initi
Slide 4: Fresh and Frozen Food Market and 2025 Market Outlook
1. Excluded from 2025 Guidance. 4 Fresh and Frozen Food Market • Globally, fresh and frozen food remains a growing segment with long-term tailwinds; vast majority requires temperature-controlled warehousing Lineage Operational Advantage • Strategically built network and unrivaled technology position
Slide 5: Q4 2024 Financial Results
Q4 2024 Financial Results 5 Total Revenue ($M) Adjusted EBITDA ($M) Adjusted EBITDA Margin AFFO per share $271 $305 $335 Q4 22 Q4 23 Q4 24 20.4% 22.9% 25.0% Q4 22 Q4 23 Q4 24 $0.48 $0.83 Q4 23 Q4 24 Q4 2024 2yr total: +460bps Q4 2024 2yr CAGR: +11% Q4 2024 +73% vs PY $1,328 $1,334 $1,339 Q4 22 Q4 23
Slide 6: FY 2024 Financial Results
FY 2024 Financial Results 6 $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 7: Global Warehousing Segment
1. As reported. 7 2024 Highlights • Continued NOI margin expansion; +390bps vs 2022 o Labor productivity improvement and strong operational execution driving margin expansion • +7.4% average Same WH NOI growth over last two years 2025 Segment Outlook • Segment NOI growth: o +4%-6%, constant currency
Slide 8: Global Integrated Solutions Segment
8 Global Integrated Solutions Segment $1,496 $1,485 $1,453 Revenue 2022 2023 2024 $M Total Segment $234 $244 $231 NOI 2022 2023 2024 16.4% margin 15.9% margin 15.6% margin (2)%(1)%YoY growth (5)%+4%YoY growth 2024 Highlights • Increased adoption of GIS services by Global Warehousing customers to ben
Slide 9: Capital Structure Update
Total debt outstanding of $5.0B • ~3.8 years remaining weighted average term • Weighted average interest rate of 2.7% Total debt and debt-like-obligations of $6.7B • Leverage ratio of 4.9x 9 Capital Structure Update As of 12/31/2024 Total Debt $4,976 Debt-like Obligations $1,729 Gross Debt $6,705 Ca
Slide 10: 2025 Guidance
10 2025 Guidance See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 2025 Guidance Range Comments Adjusted EBITDA ($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 excludes the imp
Slide 11: Strong Momentum Entering 2025 – Our Growth Flywheel
11 Strong Momentum Entering 2025 – Our Growth Flywheel 1. Excluded from 2025 Guidance. Compounding growth to drive shareholder value Increasing NOI and Same Warehouse Growth Yields Additional Investment Capacity Accretive Capital Deployment in Development Projects and M&A Supports Future NOI Growth
Slide 12: Supplemental Financial and Operating Data
Supplemental Financial and Operating Data 12
Slide 13: Consolidated Financial Performance: Global Warehouse Segment - Total
CONSOLIDATED FINANCIAL PERFORMANCE Global Warehouse Segment - Total 13 1. Labor cost of operations excludes $1 million of stock-based compensation expense for the year ended December 31, 2024. 2. Includes real estate rent expense of $24 million and $25 million for the three months ended December 31,
Slide 14: Same Warehouse Financial Performance
SAME WAREHOUSE FINANCIAL PERFORMANCE Global Warehouse Segment – Same Warehouse 141. Warehouse storage and warehouse services metrics exclude managed sites. Three Months Ended December 31, Year Ended December 31, (in millions except revenue per pallet) 2024 2023 Change 2024 2023 Change Warehouse stor
Slide 15: Non-Same Warehouse Financial Performance
NON-SAME WAREHOUSE FINANCIAL PERFORMANCE Global Warehouse Segment – Non-Same Warehouse 151. Warehouse storage and warehouse services metrics exclude managed sites. Three Months Ended December 31, Year Ended December 31, (in millions except revenue per pallet) 2024 2023 Change 2024 2023 Change Wareho
Slide 16: Same Warehouse Financial Performance - Last Eight Quarters
SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST EIGHT QUARTERS Global Warehouse Segment – Same Warehouse (Q4 2024 Pool) 16 Three Months Ended YoY % Change (in millions except revenue per pallet) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30,
Slide 17: Same Warehouse Financial Performance - Last Four Quarters (2025 Pool)
SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST FOUR QUARTERS (2025 POOL) Global Warehouse Segment – Same Warehouse (2025 Pool) 17 Three Months Ended (in millions except revenue per pallet) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Warehouse storage $483 $480 $479 $479 Warehouse
Slide 18: Global Integrated Solutions Segment
Global Integrated Solutions Segment 181. Includes railcar leasing. Three Months Ended December 31, Year Ended December 31, (in millions) 2024 2023 Change 2024 2023 Change Global Integrated Solutions segment revenues $359 $359 —% $1,453 $1,485 (2.2)% Global Integrated Solutions cost of operations1 $3
Slide 19: Greenfield and Expansion Projects
Greenfield and Expansion Projects 19 Notes: Values expressed in millions unless otherwise stated. Totals may not sum due to rounding. As of December 31, 2024. 1. Total Cost is actual capex spend in addition to any forecasted capex spend subsequent to Go Live for projects that have gone live. Does no
Slide 20: Debt Summary: Debt Detail
201. Stated maturity dates assume the exercise of extension options. 2. RCF interest rate is inclusive of the 0.15% facility fee which is applied to the full $3.5 billion capacity. Debt Summary DEBT DETAIL As of December 31, 2024 (in millions) Balance Contracted Interest Rate Stated Maturity Date1 U
Slide 21: Debt Composition
DEBT COMPOSITION Debt Summary 21Note: As of December 31, 2024. USD $3,723 75% Other 1,253 25% Secured $522 10% Unsecured $4,454 90% Fixed $2,123 43% Floating - Unhedged $353 7% Floating - Hedged $2,500 50% Fixed vs Floating Secured vs Unsecured By Currency $M $M $M $M $1,772 $1,000 $621 $539 $115 $3
Slide 22: Interest Expense Summary
INTEREST EXPENSE SUMMARY Debt Summary 22 1. Stated maturity dates assume the exercise of extension options. Interest Expense (in millions) Current Rate Maturity1 Q4 2024 Revolver S + 10bps + 0.925% 2/15/2029 $ 25 Term Loan A S + 10bps + 0.925% 2/15/2029 15 Private Placement Notes Various Various 9 O
Slide 23: Recurring Maintenance, Integration and Growth Capital Expenditures
RECURRING MAINTENANCE CAPITAL EXPENDITURES 23 (in millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 YoY Change Global warehousing $57 $20 $34 $38 $57 —% Global integrated solutions $9 $5 $4 $1 $11 22.2% Information technology and other $22 $5 $10 $6 $4 (81.8)% Recurring maintenance capital expenditu
Slide 24: Repair and Maintenance Expenses
Repair and Maintenance Expenses 24 (in millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 YoY Change Global warehousing $39 $33 $36 $40 $35 (10.3)% Global integrated solutions $17 $14 $13 $13 $14 (17.6)% Repair and maintenance expenses $56 $47 $49 $53 $49 (12.5)%
Slide 25: Historical Utilization and Minimum Storage Guarantees
HISTORICAL UTILIZATION AND MINIMUM STORAGE GUARANTEES Global Warehouse Segment 25 80.4% 76.8% 77.8% 77.3% 76.7% 77.2% 79.1% 83.4% 81.9% 79.8% 77.7% 80.8% 77.6% 76.6% 75.4% 78.1% 84.5% 81.1% 82.6% 81.3% 80.2% 81.0% 83.7% 87.7% 87.3% 85.1% 84.3% 87.2% 83.6% 82.9% 82.0% 83.9% Q1 2021 Q2 2021 Q3 2021 Q4
Slide 26: Historical Same Warehouse NOI Growth – As Reported
HISTORICAL SAME WAREHOUSE NOI GROWTH – AS REPORTED Global Warehouse Segment 261. As reported. Same Warehouse NOI – 2-Year Trend1 Q1 Q2 Q3 Q4 FY 2023 22.5% 19.0% 11.0% 9.0% 15.3% 2024 (2.9)% (2.3)% 2.4% 1.2% (0.6)% 2-Year Average 9.8% 8.4% 6.7% 5.1% 7.4%
Slide 27: Consolidated Balance Sheets
Consolidated Balance Sheets 27 (in millions, except par values) December 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 173 $ 68 Restricted cash 2 3 Accounts receivable, net 826 913 Inventories 187 171 Prepaid expenses and other current assets 97 101 Total current asse
Slide 28: Consolidated Statements of Income
Consolidated Statements of Income 28 Year Ended December 31, 2024 2023 2022 (in millions, except per share amounts) Net revenues $ 5,340 $ 5,342 $ 4,928 Cost of operations 3,578 3,590 3,473 General and administrative expense 539 502 399 Depreciation expense 659 552 480 Amortization expense 217 208 1
Slide 29: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows 29 Year Ended December 31, 2024 2023 2022 (in millions) Cash flows from operating activities: Net income (loss) $ (751) $ (96) $ (76) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 5 6 5 Impai
Slide 30: Consolidated Statements of Cash Flows (continued)
Consolidated Statements of Cash Flows (continued) 30 Year Ended December 31, 2024 2023 2022 (in millions) Cash flows from financing activities: Capital contributions, net of equity raise costs $ - $ 142 $ 942 Issuance of common stock in IPO, net of equity raise costs 4,879 (6) - Dividends and other
Slide 31: Consolidated Statements of Cash Flows (continued)
Consolidated Statements of Cash Flows (continued) 31 Year Ended December 31, 2024 2023 2022 (in millions) Supplemental disclosures of cash flow information: Cash paid for taxes $ 36 $ 31 $ 74 Cash paid for interest 523 594 354 Noncash activities: Purchases of property, plant, and equipment in Accoun
Slide 32: Appendix: Non-GAAP Reconciliations
32 Appendix: Non-GAAP Reconciliations
Slide 33: NOI Reconciliation to Net Income
NOI RECONCILIATION TO NET INCOME Non-GAAP Reconciliations 33 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 34: NOI Reconciliation to Net Income - Last Eight Quarters
NOI RECONCILIATION TO NET INCOME - LAST EIGHT QUARTERS (Q4 2024 Pool) Non-GAAP Reconciliations 34Notes: Same Warehouse figures based on the Q4 2024 Same Store asset pool. See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. (in millions) March 31,
Slide 35: Adjusted EBITDA Reconciliation to Net Income
ADJUSTED EBITDA RECONCILIATION TO NET INCOME Non-GAAP Reconciliations 35Note: 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 36: Adjusted EBITDA Reconciliation to Net Income QTD
ADJUSTED EBITDA RECONCILIATION TO NET INCOME QTD Non-GAAP Reconciliations 36Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended (in millions) 2022 2023 2024 Net Income (loss) $(18) $(57) $(80) Adjustments: Depreciation an
Slide 37: Adjusted EBITDA Reconciliation to Net Income – QTD and YTD
ADJUSTED EBITDA RECONCILIATION TO NET INCOME – QTD and YTD Non-GAAP Reconciliations 37Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended Twelve Months Ended (in millions) March 31, 2024 June 30, 2024 September 30, 2024 D
Slide 38: Adjusted FFO Reconciliation to Net Income
ADJUSTED FFO RECONCILIATION TO NET INCOME Non-GAAP Reconciliations 38Note: 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 39: Adjusted FFO Reconciliation to Net Income QTD
ADJUSTED FFO RECONCILIATION TO NET INCOME QTD Non-GAAP Reconciliations 39Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended December 31, 2022 2023 2024 Net Income (loss) $(18) $(57) $(80) Adjustments: Real estate depreci
Slide 40: Net Debt Reconciliation
NET DEBT RECONCILIATION Non-GAAP Reconciliations 40Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. As of December 31, (in millions) 2024 Total debt, net $4,962 Finance lease obligations 1,414 Failed sale-leaseback financing obligations
Slide 41: 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 42: 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 43: Contact: Thank you
C O N TA C T Thank you 43 Evan Barbosa VP, Investor Relations ir@onelineage.com