LINE

Lineage is the world's largest global temperature-controlled warehouse REIT, operating roughly 88 million square feet and 3.1 billion cubic feet of capacity across 501 warehouses (326 in North America, 89 in Asia-Pacific, 86 in Europe) split between Global Warehousing and Global Integrated Solutions segments. The asset base is large and strategically located, with inflation-linked price escalators in its warehouse agreements that let it recover wage, power and rent cost increases. As is normal for a REIT, GAAP earnings understate cash economics: net income was a -$100M loss (improving 84.9% YoY) and EPS was -$0.43, but operating cash flow was a healthy $943M (+34.1%) against $895M of depreciation and amortization.

The fundamentals are stable rather than growing. Revenue was essentially flat at $5.36B (+0.3% YoY), echoing $5.34B in both 2023 and 2024, and the operating margin is thin at 3.4%. Operating income did rebound 150.1% to $181M, and the prior-year loss has narrowed sharply from -$664M in FY2024 to -$100M in FY2025. On valuation, the stock trades at 1.8x sales and a negative, uninformative P/E of -96.2, so the case rests on cash flow and dividends, not GAAP earnings.