LINE · Lineage, Inc.

Lineage, Inc. reported first-quarter 2026 results that showed modest revenue growth but a GAAP net loss, while adjusted EBITDA improved. Total revenue increased 0.4% year-over-year to $1,297 million, driven by a 4.3% rise in Global Warehousing segment revenue, partially offset by a 10% decline in Global Integrated Solutions revenue due to a European divestiture. GAAP net loss was $(51) million, or $(0.18) per diluted share, compared to breakeven in the prior year, primarily due to higher interest expense and depreciation. Adjusted EBITDA grew 3.3% to $314 million, with margin expanding 70 basis points to 24.2%, reflecting cost controls and operational efficiencies. However, AFFO decreased 8.2% to $201 million, and AFFO per share fell 9.3% to $0.78, impacted by higher interest costs and lower same-store warehouse NOI. Same-store warehouse NOI declined 0.9% year-over-year, with physical occupancy down 290 basis points sequentially, aligning with typical seasonal patterns. Management noted that core business trends are stabilizing, though tariff uncertainty and geopolitical disruptions continue to challenge supply chains. The company maintained its full-year 2026 guidance, expecting adjusted EBITDA of $1.25-$1.30 billion and AFFO per share of $2.75-$3.00, assuming a macro backdrop similar to 2025. A quarterly dividend of $0.5325 per share was declared, representing an annualized rate of $2.13, a 1% increase. The results reflect a stabilizing industry environment with ongoing headwinds from trade tensions and inventory destocking, but Lineage's operational model and cost initiatives position it to navigate uncertainty.