Lineage, Inc. (LINE) Form 10-Q — Aug 5, 2026
Lineage, Inc., the world's largest temperature-controlled warehouse REIT, reported Q2 2026 net revenues of $1,361 million, up 0.8% year-over-year, while its net loss widened to $32 million, or $0.13 per share, from $7 million, or $0.03 per share, a year earlier. The wider loss was driven primarily by net interest expense rising to $87 million from $67 million. Global Warehousing segment NOI was flat at $367 million, same warehouse NOI declined 2.9% with margins down 130 basis points, and Global Integrated Solutions NOI fell to $61 million from $68 million.
Key figures
- Eps
- -$0.13 basic and diluted (Q2 2026) vs. -$0.03 in Q2 2025; -$0.31 for six months
- Revenue
- $1,361 million (Q2 2026); $2,658 million for six months
- Net Income
- -$32 million (Q2 2026) vs. -$7 million (Q2 2025); -$83 million for six months
- Total Debt
- $6,222 million ($6,220M long-term debt net plus $2M current portion), plus $1,195 million finance lease obligations
- Revenue Yoy
- +0.8% (Q2: $1,361M vs. $1,350M)
- Total Assets
- $18,900 million
- Cash Position
- $58 million (cash, cash equivalents, and restricted cash at June 30, 2026)
- Shares Outstanding
- 227710012
- Letters of credit
- $61 million
- Accumulated deficit
- $2,760 million
- Warehouse footprint
- 498 warehouses, ~87 million square feet, 3.1 billion cubic feet
- Metlife secured notes
- $309 million (due 2028 and 2029)
- Economic occupancy pct
- 80.0% (up 90 bps YoY)
- Global warehousing noi
- $367 million, flat YoY; margin 36.5%, down 130 bps
- Interest expense net q2
- $87 million vs. $67 million prior year
- Dividends paid six months
- $269 million (dividends and other distributions)
- Same warehouse noi change
- -2.9% YoY (NOI $337M vs. $347M)
- Notes maturing august 2026
- $300M Series A (2.22%), €128M Series C (0.89%), £145M Series E (1.98%), all due 8/20/2026
- Stock comp target reversal
- $10 million reversed ($5M RSUs + $5M LTIP Units)
- Preference shares liability
- $293 million carrying value, redeemable October 1, 2026
- Quarterly dividend per share
- $0.53 per common share and per OP Unit
- Operating cash flow six months
- $441 million
- Senior unsecured notes balance
- $1,745 million
- Global integrated solutions noi
- $61 million vs. $68 million prior year
- Remaining performance obligations
- $1,736 million
- New senior unsecured notes balance
- $1,298 million ($500M 5.25% notes due 7/15/2030; €700M 4.125% notes due 11/26/2031)
- Revolving credit facility outstanding
- $1,890 million
Price after filing
Close on the filing date to close N calendar days later (from $41.94). Historical, not a forecast.
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