Slide 1: Lineage Investor Presentation May 2025
Lineage Investor Presentation May 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. 2025 GCCA Global Top 25 List (April 2025), 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: Seasonal Inventory Patterns after Industry Destocking
Seasonal Inventory Patterns after Industry Destocking 1. Source: United States Department of Agriculture, National Agricultural Statistics Service: Monthly Cold Storage Report. https://usda.library.cornell.edu/concern/publications/pg15bd892. 2. “typical seasonality” means the quarter-to-quarter chan
Slide 12: 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 12 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 13: Global Industry Leadership Drives Significant Growth At-Scale Opportunities
We Believe Our Global Industry Leadership Drives Significant Growth At-Scale Opportunities 13 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 14: Diversified Across Commodities, Customers and Geographies
Diversified Across Commodities, Customers and Geographies 14 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 15: Integrated Solutions Segment Helps Drive Customer Stickiness
Integrated Solutions Segment Helps Drive Customer Stickiness and Creates Sell Through Opportunities 15 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 16: Technology-Enabled Platform Designed for Tomorrow
Technology-Enabled Platform Designed for Tomorrow 16As 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 17: Operating Excellence Driven by Lean Principles
Operating Excellence Driven by Lean Principles 17 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 18: Proven Development and Expansion Track Record with Robust Pipeline
Proven Development and Expansion Track Record with Robust Pipeline Driving Near-Term Growth 18 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: $46mm Weighted Av
Slide 19: Acquirer of Choice with a Well-Established Integration Playbook
Lineage Has Established Itself as an Acquirer of Choice with a Well-Established Integration Playbook 19 Data as of December 31, 2024. 1. Represents percentage of companies Lineage has acquired by leveraging existing relationships and direct sourcing channels. 2. Per GCCA website. Experience 120 ac
Slide 20: Focused on Doing Good While Doing Well
Focused on Doing Good While Doing Well 20 Feed the World Launched Lineage Foundation for Good & “Share a Meal” Campaign to limit waste and provide relief to those in need Climate Change Deeply committed to sustainability strategy and reporting. Climate pledge signatory to achieve net-zero annual car
Slide 21: Corporate Governance Closely Aligned with Stockholders' Interests
Corporate Governance Closely Aligned with Stockholders’ Interests 21 1. A few legacy investors have special one-time redemption rights such as minimum value guarantees and in some cases the alternative option to elect cash or equity top-up rights to achieve a certain minimum equity valuation at a sp
Slide 22: Q1 2025 Financial Results
Q1 2025 Financial Results 22 Total Revenue ($M) Adjusted EBITDA ($M) Adjusted EBITDA Margin AFFO per share $254 $334 $327 $304 Q1 22 Q1 23 Q1 24 Q1 25 22.5% 25.1% 24.6% 23.5% Q1 22 Q1 23 Q1 24 Q1 25 $1,127 $1,333 $1,328 $1,292 Q1 22 Q1 23 Q1 24 Q1 25 (3)%flatYoY growth +18% (7)%(2)%YoY growth +32% (
Slide 23: Maintaining 2025 Guidance
23 Maintaining 2025 Guidance See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 2025 Guidance Range Comments Adjusted EBITDA ($M) $1,350 - $1,400 No change; includes ~$25M contribution from announced acquisitions, monitoring tariff uncertainty c
Slide 24: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 24
Slide 25: NOI Reconciliation to Net Income
NOI RECONCILIATION TO NET INCOME Non-GAAP Reconciliations 25 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 26: Adjusted EBITDA Reconciliation to Net Income
ADJUSTED EBITDA 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: Depreciation
Slide 27: Adjusted EBITDA Reconciliation to Net Income QTD
ADJUSTED EBITDA RECONCILIATION TO NET INCOME QTD Non-GAAP Reconciliations Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended March 31, (in millions) 2022 2023 2024 2025 Net Income (loss) $1 $19 $(48) $— Adjustments: Depr
Slide 28: Adjusted FFO Reconciliation to Net Income QTD
ADJUSTED FFO RECONCILIATION TO NET INCOME QTD Non-GAAP Reconciliations 28Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended March 31, 2022 2023 2024 2025 Net Income (loss) $1 $19 $(48) $— Adjustments: Real estate depreci
Slide 29: Non-GAAP Financial Measures Definitions
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 30: 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 31: Contact: Thank you
C O N TA C T Thank you 31 Evan Barbosa VP, Investor Relations ir@onelineage.com