Lineage, Inc. (NASDAQ:LINE) (the "Company"), the world's largest global temperature-controlled warehouse REIT, today announced its financial results for the second quarter of 2025.

Second-Quarter 2025 Financial Highlights

Total revenue increased 0.9% to $1,350 million
GAAP net loss of $(7) million, or $(0.03) per diluted common share
Adjusted EBITDA decreased (2.4)% to $326 million; adjusted EBITDA margin decreased (90)bps to 24.1%
AFFO increased 55.1% to $211 million; AFFO per share increased 8.0% to $0.81
Completed inaugural $500 million investment grade bond offering of 5-year unsecured notes with a 5.25% coupon
Declared quarterly dividend of $0.5275 per share, representing annualized dividend rate of $2.11 per share

"We delivered second-quarter results in line with our expectations," said Greg Lehmkuhl, president and chief executive officer of Lineage. "We achieved AFFO per share growth driven by our continued focus on serving our customers and operational excellence while navigating a challenging period for our industry.

"We saw muted seasonal inventory levels late in the second quarter and early into the third and are therefore lowering our outlook for the year. While we expect continued sequential improvement in both same warehouse and total NOI in the second half, we are taking a more measured view of the balance of the year. Our focus remains on revenue growth, optimizing labor productivity, and controlling the controllables, setting the stage for strong operating leverage when our industry rebounds," concluded Lehmkuhl.

Initiating Third-Quarter and Updating Full-Year 2025 Guidance

Lineage now expects full-year 2025 adjusted EBITDA of $1.29 to $1.34 billion (versus prior guidance of $1.35 to $1.40 billion) and Adjusted FFO ("AFFO") per share of $3.20 to $3.40 (versus prior guidance of $3.40 to $3.60).

The Company expects third-quarter 2025 adjusted EBITDA of $326 to $336 million and AFFO per share of $0.75 to $0.79.

The Company's guidance excludes the impact of unannounced future acquisitions or developments.

Please refer to the Lineage's Earnings Presentation and Supplemental Information for additional details related to the Company's guidance.

Second-Quarter 2025 Financial Results Conference Call and Earnings Presentation with Supplemental

Please visit ir.onelineage.com/events-and-presentations to view Lineage's second-quarter 2025 Earnings Presentation and Supplemental Information.

Lineage will host a conference call and webcast today at 8:00 a.m. Eastern Time to discuss the company's second-quarter 2025 financial results. Interested parties may listen by visiting the Lineage Investor Relations website at ir.onelineage.com. A replay of the webcast will be available for approximately one year on the Company's investor relations website.

About Lineage

Lineage, Inc. (NASDAQ:LINE) is the world's largest global temperature-controlled warehouse REIT with a network of over 485 strategically located facilities totaling approximately 88 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world's largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world. Learn more at onelineage.com and join us on LinkedIn, Facebook, Instagram, and X.

Forward-Looking Statements

Certain statements contained in this Press Release, 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, estimates and projections about the industry and markets in which Lineage operates, and beliefs of, and assumptions made by, the Company and involve uncertainties that could significantly affect Lineage's financial results. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "can," "intend," "anticipate," "estimate," "believe," "continue," "possible," "initiatives," "measures," "poised," "focus," "seek," "objective," "goal," "vision," "drive," "opportunity," "target," "strategy," "expect," "plan," "potential," "potentially," "preparing," "projected," "future," "tomorrow," "long-term," "should," "could," "would," "might," "help," "aimed", or other similar words. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. Such statements include, but are not limited to statements about Lineage's plans, strategies, initiatives, and prospects and statements about its future results of operations, capital expenditures and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: general business and economic conditions; continued volatility and uncertainty in the credit markets and broader financial markets, including potential fluctuations in the Consumer Price Index and changes in foreign currency exchange rates; the impact of tariffs and global trade disruptions on us and our customers; other risks inherent in the real estate business, including customer defaults, potential liability related to environmental matters, illiquidity of real estate investments and potential damages from natural disasters; the availability of suitable acquisitions and our ability to acquire properties or businesses on favorable terms; our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; our ability to meet budgeted or stabilized returns on our development and expansion projects within expected time frames, or at all; our ability to manage our expanded operations, including expansion into new markets or business lines; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions and greenfield developments; our failure to successfully integrate and operate acquired or developed properties or businesses; our ability to renew significant customer contracts; the impact of supply chain disruptions, including the impact on labor availability, raw material availability, manufacturing and food production, and transportation; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the degree and nature of our competition; our failure to generate sufficient cash flows to service our outstanding indebtedness; our ability to access debt and equity capital markets; continued volatility in interest rates; increased power, labor, or construction costs; changes in consumer demand or preferences for products we store in our warehouses; decreased storage rates or increased vacancy rates; labor shortages or our inability to attract and retain talent; changes in, or the failure or inability to comply with, government regulation; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks, or processes; our failure to maintain our status as a real estate investment trust ("REIT") for U.S. federal income tax purposes; changes in local, state, federal, and international laws and regulations, including related to taxation, tariffs, real estate and zoning laws, and increases in real property tax rates; the impact of any financial, accounting, legal, tax or regulatory issues or litigation that may affect us, and any other risks discussed in the Company's filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC. Should one of more of the risks or uncertainties described above occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Forward-looking statements in this Press Release speak only as of the date of this Press Release, and undue reliance should not be placed on such statements. We undertake no obligation to, nor do we intend to, update, or otherwise revise, any such statements that may become untrue because of subsequent events.

While the forward-looking statements are considered reasonable by the Company, they are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and cannot be predicted with accuracy and may not be realized. There can be no assurance that the forward-looking statements can or will be attained or maintained. Actual operating results may vary materially from the forward-looking statements included in this Press Release.

Availability of Information on Lineage's Website and Social Media Channels

Investors and others should note that Lineage routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Lineage Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Lineage LinkedIn account (linkedin.com/company/onelineage/); the Lineage Facebook account (facebook.com/lineagelogistics); the Lineage Instagram account (instagram.com/onelineage/); the Lineage X account (twitter.com/OneLineage)) as a means of disclosing information about the Company's business to our customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Lineage Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Lineage to review the information that it shares at the Investor Relations link located at the top of the page on onelineage.com and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Resources" section of the Lineage Investor Relations website at ir.onelineage.com. The contents of these websites are not incorporated by reference into this Press Release or any report or document Lineage files with the SEC, and any references to the websites are intended to be inactive textual references only.


LINEAGE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par values)

	June 30,			December 31,
		2025			2024
	(Unaudited)
Assets
Current assets:
Cash, cash equivalents, and restricted cash	$	82		$	175
Accounts receivable, net		891			826
Inventories		174			187
Prepaid expenses and other current assets		201			97
Total current assets		1,348			1,285
Non-current assets:
Property, plant, and equipment, net		11,323			10,627
Finance lease right-of-use assets, net		1,143			1,254
Operating lease right-of-use assets, net		625			627
Equity method investments		133			124
Goodwill		3,505			3,338
Other intangible assets, net		1,150			1,127
Other assets		217			279
Total assets	$	19,444		$	18,661
Liabilities, Redeemable Noncontrolling Interests, and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,160		$	1,220
Accrued dividends and distributions		135			134
Deferred revenue		83			83
Current portion of long-term debt, net		32			56
Total current liabilities		1,410			1,493
Non-current liabilities:
Long-term finance lease obligations		1,239			1,249
Long-term operating lease obligations		605			605
Deferred income tax liability		328			304
Long-term debt, net		5,735			4,906
Other long-term liabilities		461			410
Total liabilities		9,778			8,967
Commitments and contingencies
Redeemable noncontrolling interests		7			43
Stockholders' equity:
Common stock, $0.01 par value per share – 500 authorized shares; 229 and 228 issued and outstanding at June 30, 2025 and December 31, 2024, respectively		2			2
Additional paid-in capital - common stock		10,817			10,764
Retained earnings (accumulated deficit)		(2,103	)		(1,855	)
Accumulated other comprehensive income (loss)		(79	)		(273	)
Total stockholders' equity		8,637			8,638
Noncontrolling interests		1,022			1,013
Total equity		9,659			9,651
Total liabilities, redeemable noncontrolling interests, and equity	$	19,444		$	18,661

LINEAGE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in millions, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
	(Unaudited)
Net revenues	$	1,350		$	1,338		$	2,642		$	2,666
Cost of operations		920			891			1,796			1,775
General and administrative expense		143			127			297			251
Depreciation expense		170			164			328			322
Amortization expense		54			55			108			108
Acquisition, transaction, and other expense		37			12			52			20
Restructuring, impairment, and (gain) loss on disposals		3			15			(18	)		15
Total operating expense		1,327			1,264			2,563			2,491
Income from operations		23			74			79			175
Other income (expense):
Equity income (loss), net of tax		3			(1	)		(1	)		(3	)
Gain (loss) on foreign currency transactions, net		26			2			42			(9	)
Interest expense, net		(67	)		(148	)		(127	)		(287	)
Gain (loss) on extinguishment of debt		—			—			—			(7	)
Other nonoperating income (expense), net		1			—			1			—
Total other income (expense), net		(37	)		(147	)		(85	)		(306	)
Net income (loss) before income taxes		(14	)		(73	)		(6	)		(131	)
Income tax expense (benefit)		(7	)		7			1			(3	)
Net income (loss)		(7	)		(80	)		(7	)		(128	)
Less: Net income (loss) attributable to noncontrolling interests		(1	)		(12	)		(1	)		(20	)
Net income (loss) attributable to Lineage, Inc.	$	(6	)	$	(68	)		(6	)		(108	)

Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on foreign currency hedges and interest rate hedges		(14	)		(13	)		(31	)		(10	)
Foreign currency translation adjustments		184			(12	)		248			(86	)
Comprehensive income (loss)		163			(105	)		210			(224	)
Less: Comprehensive income (loss) attributable to noncontrolling interests		17			(15	)		22			(31	)
Comprehensive income (loss) attributable to Lineage, Inc.	$	146		$	(90	)	$	188		$	(193	)

Basic earnings (loss) per share	$	(0.03	)	$	(0.46	)	$	(0.02	)	$	(0.73	)
Diluted earnings (loss) per share	$	(0.03	)	$	(0.46	)	$	(0.02	)	$	(0.73	)

Weighted average common shares outstanding:
Basic		229			162			228			162
Diluted		229			162			228			162

LINEAGE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited) (in millions)

				Common Stock
	Redeemable noncontrolling interests			Number of shares	Amount at par value		Additional paid-in capital			Series A preferred stock		Retained earnings (accumulated deficit)			Accumulated other comprehensive income (loss)			Noncontrolling interests			Total equity
Balance as of December 31, 2023	$	349		162	$	2	$	5,961		$	1	$	(879	)	$	(34	)	$	622		$	5,673
Distributions		(1	)	—		—		—			—		—			—			(12	)		(12	)
Stock-based compensation		—		—		—		3			—		—			—			2			5
Other comprehensive income (loss)		—		—		—		—			—		—			(63	)		(8	)		(71	)
Redemption of redeemable noncontrolling interests		(6	)	—		—		—			—		—			—			—			—
Redemption of common stock		—		—		—		(25	)		—		—			—			—			(25	)
Expiration of redemption option		(92	)	—		—		65			—		—			—			27			92
Redeemable noncontrolling interest redemption value adjustment		6		—		—		(6	)		—		—			—			—			(6	)
Net income (loss)		—		—		—		—			—		(40	)		—			(8	)		(48	)
Reallocation of noncontrolling interests		—		—		—		(7	)		—		—			—			7			—
Balance as of March 31, 2024		256		162		2		5,991			1		(919	)		(97	)		630			5,608
Common stock issuances, net of equity raise costs		—		—		—		1			—		—			—			—			1
Distributions		—		—		—		—			—		—			—			(12	)		(12	)
Stock-based compensation		—		—		—		4			—		—			—			2			6
Other comprehensive income (loss)		—		—		—		—			—		—			(22	)		(3	)		(25	)
Redeemable noncontrolling interest redemption value adjustment		4		—		—		(4	)		—		—			—			—			(4	)
Accretion of redeemable noncontrolling interests		2		—		—		(2	)		—		—			—			—			(2	)
Net income (loss)		—		—		—		—			—		(68	)		—			(12	)		(80	)
Reallocation of noncontrolling interests		—		—		—		(9	)		—		—			—			9			—
Balance as of June 30, 2024	$	262		162	$	2	$	5,981		$	1	$	(987	)	$	(119	)	$	614		$	5,492

LINEAGE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited) (in millions, except per share amounts)

				Common Stock
	Redeemable noncontrolling interests			Number of shares	Amount at par value		Additional paid-in capital			Retained earnings (accumulated deficit)			Accumulated other comprehensive income (loss)			Noncontrolling interests			Total equity
Balance as of December 31, 2024	$	43		228	$	2	$	10,764		$	(1,855	)	$	(273	)	$	1,013		$	9,651
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU)		—		—		—		—			(121	)		—			(14	)		(135	)
Stock-based compensation		—		—		—		19			—			—			21			40
Other comprehensive income (loss)		—		—		—		—			—			42			5			47
Redeemable noncontrolling interest redemption value adjustment		(2	)	—		—		2			—			—			—			2
Net income (loss)		—		—		—		—			—			—			—			—
Reallocation of noncontrolling interests		—		—		—		6			—			—			(6	)		—
Balance as of March 31, 2025		41		228		2		10,791			(1,976	)		(231	)		1,019			9,605
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU)		—		—		—		—			(121	)		—			(13	)		(134	)
Stock-based compensation		—		1		—		22			—			—			7			29
Withholding of common stock for employee taxes		—		—		—		(10	)		—			—			—			(10	)
Other comprehensive income (loss)		—		—		—		—			—			152			18			170
Redemption of redeemable noncontrolling interests		(28	)	—		—		—			—			—			—			—
Expiration of redemption option		(6	)	—		—		—			—			—			6			6
Net income (loss)		—		—		—		—			(6	)		—			(1	)		(7	)
Reallocation of noncontrolling interests		—		—		—		7			—			—			(7	)		—
OP Units reclassification		—		—		—		7			—			—			(7	)		—
Balance as of June 30, 2025	$	7		229	$	2	$	10,817		$	(2,103	)	$	(79	)	$	1,022		$	9,659

LINEAGE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)

	Six Months Ended June 30,
		2025			2024
	(Unaudited)
Cash flows from operating activities:
Net income (loss)	$	(7	)	$	(128	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for credit losses		2			2
Impairment of long-lived and intangible assets		1			29
Gain on insurance recovery		(40	)		(23	)
Depreciation and amortization		436			430
(Gain) loss on extinguishment of debt, net		—			7
Amortization of deferred financing costs, discount, and above/below market debt		5			12
Stock-based compensation		69			11
(Gain) loss on foreign currency transactions, net		(42	)		9
Deferred income tax		(9	)		(24	)
Put Options fair value adjustment		28			—
Other operating activities		1			10
Changes in operating assets and liabilities (excluding effects of acquisitions):
Accounts receivable		(36	)		(18	)
Prepaid expenses, other assets, and other long-term liabilities		(24	)		(24	)
Inventories		15			(3	)
Accounts payable and accrued liabilities and deferred revenue		(6	)		(37	)
Right-of-use assets and lease obligations		4			7
Net cash provided by operating activities		397			260
Cash flows from investing activities:
Acquisitions, net of cash acquired		(439	)		(73	)
Purchase of property, plant, and equipment		(314	)		(333	)
Proceeds from sale of assets		6			5
Proceeds from insurance recovery on impaired long-lived assets		38			—
Investments in Emergent Cold LatAm Holdings, LLC		(7	)		(13	)
Proceeds from repayment of notes by related parties		—			15
Other investing activity		(2	)		1
Net cash used in investing activities		(718	)		(398	)
Cash flows from financing activities:
Dividends and other distributions		(268	)		(123	)
Redemption of redeemable noncontrolling interests		(28	)		(6	)
Repurchase of common shares for employee income taxes on stock-based compensation		(10	)		—
Financing fees		(5	)		(44	)
Proceeds from long-term debt, net of discount		495			2,481
Repayments of long-term debt and finance leases		(156	)		(3,341	)
Payment of deferred and contingent consideration liabilities		(3	)		(16	)
Borrowings on revolving line of credit		1,442			2,358
Repayments on revolving line of credit		(1,238	)		(1,127	)
Redemption of common stock		—			(25	)
Other financing activity		(3	)		(13	)
Net cash provided by financing activities		226			144
Impact of foreign exchange rates on cash, cash equivalents, and restricted cash		2			(1	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		(93	)		5
Cash, cash equivalents, and restricted cash at the beginning of the period		175			71
Cash, cash equivalents, and restricted cash at the end of the period	$	82		$	76

*Global Warehousing Segment*

The following table presents the operating results of our global warehousing segment for the three months ended June 30, 2025 and 2024.

	Three Months Ended June 30,
		2025			2024		Change
	*(in millions except revenue per pallet)*
Warehouse storage	$	514		$	510		0.8	%
Warehouse services		456			456		—	%
Total global warehousing segment revenues		970			966		0.4	%
Labor⁽¹⁾		368			356		3.4	%
Power		51			50		2.0	%
Other warehouse costs⁽²⁾		184			176		4.5	%
Total global warehousing segment cost of operations		603			582		3.6	%
Global warehousing segment NOI	$	367		$	384		(4.4	)%
Total global warehousing segment margin		37.8	%		39.8	%	(200) bps

Number of warehouse sites		481			464

Warehouse storage⁽³⁾
Average economic occupancy
Average occupied economic pallets (in thousands)		7,998			8,098		(1.2	)%
Economic occupancy percentage		79.1	%		82.9	%	(380) bps
Storage revenue per economic occupied pallet	$	64.12		$	63.01		1.8	%
Average physical occupancy
Average physical occupied pallets (in thousands)		7,412			7,479		(0.9	)%
Average physical pallet positions (in thousands)		10,107			9,764		3.5	%
Physical occupancy percentage		73.3	%		76.6	%	(330) bps
Storage revenue per physical occupied pallet	$	69.20		$	68.26		1.4	%
Warehouse services⁽³⁾
Throughput pallets (in thousands)		13,130			13,177		(0.4	)%
Warehouse services revenue per throughput pallet	$	31.77		$	31.63		0.4	%

(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2025.
(2) Includes real estate rent expense (operating leases) of $23 million and $25 million for the three months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $5 million and $4 million for the three months ended June 30, 2025 and 2024, respectively.
(3) Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf ("managed sites").

*Global Warehousing Segment*

The following table presents the operating results of our global warehousing segment for the six months ended June 30, 2025 and 2024.

	Six Months Ended June 30,
		2025			2024		Change
	*(in millions except revenue per pallet)*
Warehouse storage	$	1,005		$	1,026		(2.0	)%
Warehouse services		909			909		—	%
Total global warehousing segment revenues		1,914			1,935		(1.1	)%
Labor⁽¹⁾		724			710		2.0	%
Power		100			97		3.1	%
Other warehouse costs⁽²⁾		363			359		1.1	%
Total global warehousing segment cost of operations		1,187			1,166		1.8	%
Global warehousing segment NOI	$	727		$	769		(5.5	)%
Total global warehousing segment margin		38.0	%		39.7	%	(170) bps

Number of warehouse sites		481			464

Warehouse storage⁽³⁾
Average economic occupancy
Average occupied economic pallets (in thousands)		8,027			8,143		(1.4	)%
Economic occupancy percentage		80.0	%		83.3	%	(330) bps
Storage revenue per economic occupied pallet	$	125.05		$	125.97		(0.7	)%
Average physical occupancy
Average physical occupied pallets (in thousands)		7,459			7,541		(1.1	)%
Average physical pallet positions (in thousands)		10,028			9,780		2.5	%
Physical occupancy percentage		74.4	%		77.1	%	(270) bps
Storage revenue per physical occupied pallet	$	134.59		$	136.08		(1.1	)%
Warehouse services⁽³⁾
Throughput pallets (in thousands)		26,114			26,051		0.2	%
Warehouse services revenue per throughput pallet	$	31.86		$	32.01		(0.5	)%

(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.
(2) Includes real estate rent expense (operating leases) of $46 million and $50 million for the six months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $10 million and $9 million for the six months ended June 30, 2025 and 2024, respectively.
(3) Warehouse storage and warehouse services metrics exclude managed sites.

Same Warehouse Results

The following tables present revenues, cost of operations, same warehouse NOI, and margins for our same warehouses for the three and six months ended June 30, 2025 and 2024.

	Three Months Ended June 30,
		2025			2024		Change
	*(in millions except revenue per pallet)*
Warehouse storage	$	462		$	477		(3.1	)%
Warehouse services		421			432		(2.5	)%
Total same warehouse revenues		883			909		(2.9	)%
Labor		333			336		(0.9	)%
Power		45			46		(2.2	)%
Other warehouse costs		162			161		0.6	%
Total same warehouse cost of operations		540			543		(0.6	)%
Same warehouse NOI	$	343		$	366		(6.3	)%
Total same warehouse margin		38.8	%		40.3	%	(150) bps

Number of same warehouse sites		421			421

Warehouse storage⁽¹⁾
Economic occupancy
Average occupied economic pallets (in thousands)		7,307			7,611		(4.0	)%
Economic occupancy percentage		80.6	%		83.4	%	(280) bps
Storage revenue per economic occupied pallet	$	63.25		$	62.73		0.8	%
Physical occupancy
Average physical occupied pallets (in thousands)		6,763			7,018		(3.6	)%
Average physical pallet positions (in thousands)		9,062			9,130		(0.7	)%
Physical occupancy percentage		74.6	%		76.9	%	(230) bps
Storage revenue per physical occupied pallet	$	68.34		$	68.04		0.4	%
Warehouse services⁽¹⁾
Throughput pallets (in thousands)		11,967			12,368		(3.2	)%
Warehouse services revenue per throughput pallet	$	31.89		$	31.75		0.4	%

(1) Warehouse storage and warehouse services metrics exclude managed sites.

	Six Months Ended June 30,
		2025			2024		Change
	*(in millions except revenue per pallet)*
Warehouse storage	$	917		$	958		(4.3	)%
Warehouse services		838			859		(2.4	)%
Total same warehouse revenues		1,755			1,817		(3.4	)%
Labor		663			671		(1.2	)%
Power		89			89		—	%
Other warehouse costs		324			327		(0.9	)%
Total same warehouse cost of operations		1,076			1,087		(1.0	)%
Same warehouse NOI	$	679		$	730		(7.0	)%
Total same warehouse margin		38.7	%		40.2	%	(150) bps

Number of same warehouse sites		421			421

Warehouse storage⁽¹⁾
Economic occupancy
Average occupied economic pallets (in thousands)		7,387			7,627		(3.1	)%
Economic occupancy percentage		81.5	%		83.6	%	(210) bps
Storage revenue per economic occupied pallet	$	124.09		$	125.62		(1.2	)%
Physical occupancy
Average physical occupied pallets (in thousands)		6,859			7,050		(2.7	)%
Average physical pallet positions (in thousands)		9,066			9,126		(0.7	)%
Physical occupancy percentage		75.7	%		77.3	%	(160) bps
Storage revenue per physical occupied pallet	$	133.67		$	135.90		(1.6	)%
Warehouse services⁽¹⁾
Throughput pallets (in thousands)		23,861			24,432		(2.3	)%
Warehouse services revenue per throughput pallet	$	31.93		$	32.10		(0.5	)%

Lineage, Inc. Reports Second-Quarter 2025 Financial Results