Lineage, Inc 8-K, filed Nov 9, 2026
Lineage, Inc. (LINE)
8-K
2026-11-09
For: 2026-11-09
View Original
Added on
November 10, 2026
About this 8-K
Lineage, Inc filed this 8-K on November 9, 2026.
Lineage, Inc. reported third-quarter 2026 revenue down (1.2)% to $1,361 million and adjusted EBITDA down (7.0)% to $317 million. It updated full-year 2026 guidance to adjusted EBITDA of $1.25 to $1.27 billion and AFFO per share of $2.86 to $2.98. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
___________________________________
(Exact name of registrant as specified in its charter)
___________________________________
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices and zip code) | ||||||||
( | ||||||||
(Registrant's telephone number, including area code) | ||||||||
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition
On November 9, 2026, Lineage, Inc. (“Lineage”) issued an earnings release (the “Earnings Release”) announcing its results for the quarter ended September 30, 2026. A copy of the Earnings Release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01 - Regulation FD Disclosure
On November 9, 2026, in connection with the issuance of the Earnings Release noted above, Lineage has also made available on its website materials that contain supplemental information about its results for the quarter ended September 30, 2026 (“Earnings Presentation and Supplemental Financial Information”). A copy of the Earnings Presentation and Supplemental Financial Information is attached as Exhibit 99.2 to this current report on Form 8-K, and is incorporated by reference herein.
The information contained in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 - Financial Statements and Exhibits
(d): The following exhibits are being filed herewith:
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| (Registrant) | ||||||||
| /s/ Robb LeMasters | ||||||||
| Date | (Signature) | |||||||
| Robb LeMasters | ||||||||
| Chief Financial Officer | ||||||||
Lineage, Inc. Reports Third-Quarter 2026 Financial Results
NOVI, Mich. – November 9, 2026 – Lineage, Inc. (NASDAQ: LINE) (the "Company"), the world’s largest global temperature-controlled warehouse REIT, today announced its financial results for the third quarter of 2026.
Third-Quarter 2026 Financial Highlights
•Total revenue decreased (1.2)% to $1,361 million
•GAAP net loss of $(173) million, or $(0.68) per diluted common share
•Adjusted EBITDA decreased (7.0)% to $317 million; adjusted EBITDA margin decreased (150)bps to 23.3%
•AFFO decreased (14.9)% to $188 million; AFFO per share decreased (14.1)% to $0.73
•Declared quarterly dividend of $0.5325 per share, representing an annualized dividend rate of $2.13 per share
“Our core business trends continued to stabilize in the third quarter, with same-store occupancy growing year-over-year for the second consecutive quarter, further confirmation that customer inventory levels have normalized,” said Greg Lehmkuhl, president and chief executive officer of Lineage. “Overall results were generally in line with our expectations, though we saw a more challenging environment later in the quarter, as sharply higher oil prices, constrained trucking capacity, and tariff uncertainty created temporary headwinds, particularly in our Global Integrated Solutions business.
“We expect these pressures to continue into the fourth quarter and have adjusted our guidance accordingly, but we view them as cyclical rather than a change in our trajectory. We remain confident that as these temporary pressures ease, the underlying strength of our business will become increasingly visible in our results,” concluded Lehmkuhl.
Updating Full-Year 2026 Guidance
Lineage expects full-year 2026 adjusted EBITDA of $1.25 to $1.27 billion and Adjusted FFO ("AFFO") per share of $2.86 to $2.98.
The Company's guidance excludes the impact of unannounced future acquisitions, divestitures or developments.
Please refer to Lineage's Earnings Presentation and Supplemental Information for additional details related to the Company's guidance.
Third-Quarter 2026 Financial Results Conference Call and Earnings Presentation with Supplemental
Please visit ir.onelineage.com/events-and-presentations to view Lineage’s third-quarter 2026 Earnings Presentation and Supplemental Information.
Lineage will host a conference call and webcast tomorrow, November 10, 2026, at 8:00 a.m. Eastern Time to discuss the Company's third-quarter 2026 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 497 strategically located facilities totaling approximately 87 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific, as of September 30, 2026. 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.
| Investor Relations Contact | Media Contact | |||||||
| Ki Bin Kim | Megan Klein | |||||||
| VP, Investor Relations | VP, Global Marketing & Communications | |||||||
| ir@onelineage.com | pr@onelineage.com | |||||||
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; risks associated with artificial intelligence; our failure to maintain an effective system of internal control over financial reporting; 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, and challenges to our tax positions; 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, 2025 filed with the SEC. Should one or 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.
Source: Lineage, Inc.
LINEAGE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except par values)
| September 30, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash, cash equivalents, and restricted cash | $ | 59 | $ | 66 | |||||||
| Accounts receivable, net | 938 | 896 | |||||||||
| Inventories | 127 | 145 | |||||||||
| Prepaid expenses and other current assets | 306 | 132 | |||||||||
| Total current assets | 1,430 | 1,239 | |||||||||
| Non-current assets: | |||||||||||
| Property, plant, and equipment, net | 11,159 | 11,338 | |||||||||
| Finance lease right-of-use assets, net | 1,044 | 1,101 | |||||||||
| Operating lease right-of-use assets, net | 582 | 616 | |||||||||
| Equity method investments | 133 | 131 | |||||||||
| Goodwill | 3,426 | 3,466 | |||||||||
| Other intangible assets, net | 990 | 1,090 | |||||||||
| Other assets | 212 | 204 | |||||||||
| Total assets | $ | 18,976 | $ | 19,185 | |||||||
| Liabilities, Redeemable Noncontrolling Interests, and Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 1,144 | $ | 1,331 | |||||||
| Accrued dividends and distributions | 138 | 134 | |||||||||
| Deferred revenue | 80 | 81 | |||||||||
| Current portion of long-term debt, net | 2 | 2 | |||||||||
| Total current liabilities | 1,364 | 1,548 | |||||||||
| Non-current liabilities: | |||||||||||
| Long-term finance lease obligations | 1,183 | 1,216 | |||||||||
| Long-term operating lease obligations | 562 | 599 | |||||||||
| Deferred income tax liability | 272 | 303 | |||||||||
| Long-term debt, net | 6,813 | 6,107 | |||||||||
| Other long-term liabilities | 168 | 169 | |||||||||
| Total liabilities | 10,362 | 9,942 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable noncontrolling interests | — | 7 | |||||||||
| Stockholders’ equity: | |||||||||||
| Common stock, $0.01 par value per share – 500 authorized shares; 228 issued and outstanding at September 30, 2026 and 227 issued and outstanding at December 31, 2025 | 2 | 2 | |||||||||
| Additional paid-in capital - common stock | 10,830 | 10,780 | |||||||||
| Retained earnings (accumulated deficit) | (3,037) | (2,439) | |||||||||
| Accumulated other comprehensive income (loss) | (133) | (97) | |||||||||
| Total stockholders’ equity | 7,662 | 8,246 | |||||||||
| Noncontrolling interests | 952 | 990 | |||||||||
| Total equity | 8,614 | 9,236 | |||||||||
| Total liabilities, redeemable noncontrolling interests, and equity | $ | 18,976 | $ | 19,185 | |||||||
LINEAGE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in millions, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Net revenues | $ | 1,361 | $ | 1,377 | $ | 4,019 | $ | 4,019 | |||||||||||||||||||||
| Cost of operations | 949 | 932 | 2,765 | 2,728 | |||||||||||||||||||||||||
| General and administrative expense | 142 | 145 | 421 | 442 | |||||||||||||||||||||||||
| Depreciation expense | 186 | 174 | 545 | 502 | |||||||||||||||||||||||||
| Amortization expense | 55 | 56 | 166 | 164 | |||||||||||||||||||||||||
| Acquisition, transaction, and other expense | — | 12 | 4 | 64 | |||||||||||||||||||||||||
| Goodwill impairment | — | 28 | — | 28 | |||||||||||||||||||||||||
| Restructuring, impairment, and (gain) loss on disposals | 109 | (5) | 108 | (23) | |||||||||||||||||||||||||
| Total operating expense | 1,441 | 1,342 | 4,009 | 3,905 | |||||||||||||||||||||||||
| Income (loss) from operations | (80) | 35 | 10 | 114 | |||||||||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||||||||
| Equity income (loss), net of tax | (2) | (2) | (5) | (3) | |||||||||||||||||||||||||
| Gain (loss) on foreign currency transactions, net | 3 | (6) | 6 | 36 | |||||||||||||||||||||||||
| Interest expense, net | (92) | (68) | (263) | (195) | |||||||||||||||||||||||||
| Gain (loss) on extinguishment of debt | — | (3) | — | (3) | |||||||||||||||||||||||||
| Other nonoperating income (expense), net | (2) | (57) | (1) | (56) | |||||||||||||||||||||||||
| Total other income (expense), net | (93) | (136) | (263) | (221) | |||||||||||||||||||||||||
| Net income (loss) before income taxes | (173) | (101) | (253) | (107) | |||||||||||||||||||||||||
| Income tax expense (benefit) | — | 11 | 3 | 12 | |||||||||||||||||||||||||
| Net income (loss) | (173) | (112) | (256) | (119) | |||||||||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | (19) | (12) | (27) | (13) | |||||||||||||||||||||||||
| Net income (loss) attributable to Lineage, Inc. | $ | (154) | $ | (100) | $ | (229) | $ | (106) | |||||||||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||
| Unrealized gain (loss) on interest rate hedges and foreign currency hedges | 7 | (15) | 18 | (46) | |||||||||||||||||||||||||
| Foreign currency translation adjustments | 5 | (25) | (59) | 223 | |||||||||||||||||||||||||
| Comprehensive income (loss) | (161) | (152) | (297) | 58 | |||||||||||||||||||||||||
| Less: Comprehensive income (loss) attributable to noncontrolling interests | (18) | (16) | (32) | 6 | |||||||||||||||||||||||||
| Comprehensive income (loss) attributable to Lineage, Inc. | $ | (143) | $ | (136) | $ | (265) | $ | 52 | |||||||||||||||||||||
| Basic earnings (loss) per share | $ | (0.68) | $ | (0.44) | $ | (0.99) | $ | (0.46) | |||||||||||||||||||||
| Diluted earnings (loss) per share | $ | (0.68) | $ | (0.44) | $ | (0.99) | $ | (0.46) | |||||||||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
| Basic | 228 | 228 | 227 | 228 | |||||||||||||||||||||||||
| Diluted | 228 | 228 | 227 | 228 | |||||||||||||||||||||||||
LINEAGE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)
| Redeemable noncontrolling interests | Common Stock | Retained earnings (accumulated deficit) | Accumulated other comprehensive income (loss) | Noncontrolling interests | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | Number of shares | Amount at par value | Additional paid-in capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU) | — | — | — | — | (122) | — | (15) | (137) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 21 | — | — | 17 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Withholding of common stock for employee taxes | — | — | — | (2) | — | — | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | (36) | (4) | (40) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Redemption of common stock | — | (1) | — | (28) | — | — | — | (28) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | (100) | — | (12) | (112) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Reallocation of noncontrolling interests | — | — | — | 10 | — | — | (10) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| OP Units reclassification | — | — | — | 3 | — | — | (3) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of September 30, 2025 | $ | 7 | 228 | $ | 2 | $ | 10,821 | $ | (2,325) | $ | (115) | $ | 995 | $ | 9,378 | |||||||||||||||||||||||||||||||||||||||||
LINEAGE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)
| Redeemable noncontrolling interests | Common Stock | Retained earnings (accumulated deficit) | Accumulated other comprehensive income (loss) | Noncontrolling interests | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | Number of shares | Amount at par value | Additional paid-in capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | $ | 7 | 227 | $ | 2 | $ | 10,780 | $ | (2,439) | $ | (97) | $ | 990 | $ | 9,236 | |||||||||||||||||||||||||||||||||||||||||
| Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU) | — | — | — | — | (123) | — | (13) | (136) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 17 | — | — | 13 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Withholding of common stock for employee taxes | — | — | — | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | (25) | (3) | (28) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Redemption of redeemable noncontrolling interests | (7) | — | — | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | (46) | — | (5) | (51) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Reallocation of noncontrolling interests | — | — | — | 10 | — | — | (10) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| OP Units reclassification | — | — | — | 5 | — | — | (5) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of March 31, 2026 | — | 227 | 2 | 10,816 | (2,608) | (122) | 967 | 9,055 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU) | — | — | — | — | (123) | — | (13) | (136) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | 1 | — | 14 | — | — | 9 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Withholding of common stock for employee taxes | — | — | — | (11) | — | — | — | (11) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | (22) | (3) | (25) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | (29) | — | (3) | (32) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Reallocation of noncontrolling interests | — | — | — | (24) | — | — | 24 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of June 30, 2026 | — | 228 | 2 | 10,795 | (2,760) | (144) | 981 | 8,874 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU) | — | — | — | — | (123) | — | (13) | (136) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 21 | — | — | 17 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Withholding of common stock for employee taxes | — | — | — | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | 11 | 1 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | (154) | — | (19) | (173) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Reallocation of noncontrolling interests | — | — | — | 15 | — | — | (15) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of September 30, 2026 | $ | — | 228 | $ | 2 | $ | 10,830 | $ | (3,037) | $ | (133) | $ | 952 | $ | 8,614 | |||||||||||||||||||||||||||||||||||||||||
LINEAGE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Nine Months Ended September 30, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income (loss) | $ | (256) | $ | (119) | |||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
| Provision for credit losses | 1 | 5 | |||||||||||||||
| Goodwill impairment | — | 28 | |||||||||||||||
| Gain on insurance recovery | (39) | (51) | |||||||||||||||
| Depreciation and amortization | 711 | 666 | |||||||||||||||
| Amortization of deferred financing costs, discount, and above/below market debt | 10 | 8 | |||||||||||||||
| Stock-based compensation | 91 | 107 | |||||||||||||||
| (Gain) loss on foreign currency transactions, net | (6) | (36) | |||||||||||||||
| Deferred income tax | (15) | (13) | |||||||||||||||
| Put Options fair value adjustment | — | 30 | |||||||||||||||
| Proceeds from insurance recoveries - business interruption | 22 | — | |||||||||||||||
| (Gain) loss on divestitures, net | — | 58 | |||||||||||||||
| Other operating activities | 10 | 12 | |||||||||||||||
| Changes in operating assets and liabilities (excluding effects of acquisitions): | |||||||||||||||||
| Accounts receivable | (33) | (36) | |||||||||||||||
| Prepaid expenses, other assets, and other long-term liabilities | (139) | (28) | |||||||||||||||
| Inventories | 16 | 20 | |||||||||||||||
| Accounts payable and accrued liabilities and deferred revenue | 55 | (24) | |||||||||||||||
| Right-of-use assets and lease obligations | 3 | — | |||||||||||||||
| Net cash provided by operating activities | 431 | 627 | |||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Acquisitions, net of cash acquired | (4) | (441) | |||||||||||||||
| Purchase of property, plant, and equipment | (483) | (509) | |||||||||||||||
| Proceeds from sale of assets | 30 | 10 | |||||||||||||||
| Proceeds from insurance recovery on impaired long-lived assets | 10 | 49 | |||||||||||||||
| Investments in Emergent Cold LatAm Holdings, LLC | (3) | (9) | |||||||||||||||
| Other investing activity | 1 | 1 | |||||||||||||||
| Net cash used in investing activities | (449) | (899) | |||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Dividends and other distributions | (403) | (402) | |||||||||||||||
| Redemption of redeemable noncontrolling interests | (2) | (28) | |||||||||||||||
| Repurchase of common shares for employee income taxes on stock-based compensation | (13) | (12) | |||||||||||||||
| Proceeds from long-term debt, net of discount | — | 495 | |||||||||||||||
| Repayments of long-term debt and finance leases | (869) | (190) | |||||||||||||||
| Borrowings on Revolving Credit Facility | 2,573 | 2,258 | |||||||||||||||
| Repayments on Revolving Credit Facility | (1,004) | (1,854) | |||||||||||||||
| Redemption of Preference Shares | (263) | — | |||||||||||||||
| Settlement of Put Option liability | — | (50) | |||||||||||||||
| Redemption of common stock | — | (28) | |||||||||||||||
| Other financing activity | (7) | (17) | |||||||||||||||
| Net cash (used in) provided by financing activities | 12 | 172 | |||||||||||||||
| Impact of foreign exchange rates on cash, cash equivalents, and restricted cash | (1) | — | |||||||||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (7) | (100) | |||||||||||||||
| Cash, cash equivalents, and restricted cash at the beginning of the period | 66 | 175 | |||||||||||||||
| Cash, cash equivalents, and restricted cash at the end of the period | $ | 59 | $ | 75 | |||||||||||||
Global Warehousing Segment
The following table presents the operating results of our global warehousing segment for the three months ended September 30, 2026 and 2025.
| Three Months Ended September 30, | |||||||||||||||||||||||
| (in millions except revenue per pallet) | 2026 | 2025 | Change | ||||||||||||||||||||
| Warehouse storage | $ | 516 | $ | 518 | (0.4) | % | |||||||||||||||||
| Warehouse services | 493 | 495 | (0.4) | % | |||||||||||||||||||
| Total Global Warehousing segment revenues | 1,009 | 1,013 | (0.4) | % | |||||||||||||||||||
Labor(1) | 389 | 385 | 1.0 | % | |||||||||||||||||||
| Power | 69 | 62 | 11.3 | % | |||||||||||||||||||
Other warehouse costs(2) | 190 | 182 | 4.4 | % | |||||||||||||||||||
| Total Global Warehousing segment cost of operations | 648 | 629 | 3.0 | % | |||||||||||||||||||
| Global Warehousing segment NOI | $ | 361 | $ | 384 | (6.0) | % | |||||||||||||||||
| Total Global Warehousing segment margin | 35.8 | % | 37.9 | % | (210) | bps | |||||||||||||||||
| Number of warehouse sites | 478 | 481 | |||||||||||||||||||||
Warehouse storage(3) | |||||||||||||||||||||||
| Average economic occupancy | |||||||||||||||||||||||
| Average occupied economic pallets (in thousands) | 8,168 | 8,194 | (0.3) | % | |||||||||||||||||||
| Economic occupancy percentage | 80.9 | % | 80.3 | % | 60 | bps | |||||||||||||||||
| Storage revenue per economic occupied pallet | $ | 63.11 | $ | 63.25 | (0.2) | % | |||||||||||||||||
| Average physical occupancy | |||||||||||||||||||||||
| Average physical occupied pallets (in thousands) | 7,491 | 7,521 | (0.4) | % | |||||||||||||||||||
| Average physical pallet positions (in thousands) | 10,101 | 10,205 | (1.0) | % | |||||||||||||||||||
| Physical occupancy percentage | 74.2 | % | 73.7 | % | 50 | bps | |||||||||||||||||
| Storage revenue per physical occupied pallet | $ | 68.81 | $ | 68.91 | (0.1) | % | |||||||||||||||||
Warehouse services(3) | |||||||||||||||||||||||
| Throughput pallets (in thousands) | 13,955 | 14,137 | (1.3) | % | |||||||||||||||||||
| Warehouse services revenue per throughput pallet | $ | 32.25 | $ | 32.21 | 0.1 | % | |||||||||||||||||
| (1) Labor cost of operations excludes $5 million and $2 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended September 30, 2026 and 2025, respectively. | |||||||||||||||||||||||
| (2) Includes real estate rent expense (operating leases) of $24 million and $23 million for the three months ended September 30, 2026 and 2025, respectively, and non-real estate rent expense (equipment lease and rentals) of $5 million and $4 million for the three months ended September 30, 2026 and 2025, 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 nine months ended September 30, 2026 and 2025.
| Nine Months Ended September 30, | |||||||||||||||||||||||
| (in millions except revenue per pallet) | 2026 | 2025 | Change | ||||||||||||||||||||
| Warehouse storage | $ | 1,544 | $ | 1,523 | 1.4 | % | |||||||||||||||||
| Warehouse services | 1,455 | 1,404 | 3.6 | % | |||||||||||||||||||
| Total Global Warehousing segment revenues | 2,999 | 2,927 | 2.5 | % | |||||||||||||||||||
Labor(1) | 1,161 | 1,109 | 4.7 | % | |||||||||||||||||||
| Power | 178 | 162 | 9.9 | % | |||||||||||||||||||
Other warehouse costs(2) | 568 | 545 | 4.2 | % | |||||||||||||||||||
| Total Global Warehousing segment cost of operations | 1,907 | 1,816 | 5.0 | % | |||||||||||||||||||
| Global Warehousing segment NOI | $ | 1,092 | $ | 1,111 | (1.7) | % | |||||||||||||||||
| Total Global Warehousing segment margin | 36.4 | % | 38.0 | % | (160) | bps | |||||||||||||||||
| Number of warehouse sites | 478 | 481 | |||||||||||||||||||||
Warehouse storage(3) | |||||||||||||||||||||||
| Average economic occupancy | |||||||||||||||||||||||
| Average occupied economic pallets (in thousands) | 8,161 | 8,083 | 1.0 | % | |||||||||||||||||||
| Economic occupancy percentage | 80.3 | % | 80.1 | % | 20 | bps | |||||||||||||||||
| Storage revenue per economic occupied pallet | $ | 189.01 | $ | 188.29 | 0.4 | % | |||||||||||||||||
| Average physical occupancy | |||||||||||||||||||||||
| Average physical occupied pallets (in thousands) | 7,539 | 7,479 | 0.8 | % | |||||||||||||||||||
| Average physical pallet positions (in thousands) | 10,169 | 10,086 | 0.8 | % | |||||||||||||||||||
| Physical occupancy percentage | 74.1 | % | 74.2 | % | (10) | bps | |||||||||||||||||
| Storage revenue per physical occupied pallet | $ | 204.61 | $ | 203.49 | 0.6 | % | |||||||||||||||||
Warehouse services(3) | |||||||||||||||||||||||
| Throughput pallets (in thousands) | 41,411 | 40,251 | 2.9 | % | |||||||||||||||||||
| Warehouse services revenue per throughput pallet | $ | 32.09 | $ | 31.98 | 0.3 | % | |||||||||||||||||
| (1) Labor cost of operations excludes $10 million and $6 million of stock-based compensation expense and related employer-paid payroll taxes for the nine months ended September 30, 2026 and 2025, respectively. | |||||||||||||||||||||||
| (2) Includes real estate rent expense (operating leases) of $71 million and $69 million for the nine months ended September 30, 2026 and 2025, respectively, and non-real estate rent expense (equipment lease and rentals) of $16 million and $14 million for the nine months ended September 30, 2026 and 2025, 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 nine months ended September 30, 2026 and 2025.
| Three Months Ended September 30, | |||||||||||||||||||||||
| (in millions except revenue per pallet) | 2026 | 2025 | Change | ||||||||||||||||||||
| Warehouse storage | $ | 474 | $ | 478 | (0.8) | % | |||||||||||||||||
| Warehouse services | 443 | 435 | 1.8 | % | |||||||||||||||||||
| Total same warehouse revenues | 917 | 913 | 0.4 | % | |||||||||||||||||||
| Labor | 346 | 339 | 2.1 | % | |||||||||||||||||||
| Power | 62 | 55 | 12.7 | % | |||||||||||||||||||
| Other warehouse costs | 167 | 162 | 3.1 | % | |||||||||||||||||||
| Total same warehouse cost of operations | 575 | 556 | 3.4 | % | |||||||||||||||||||
| Same warehouse NOI | $ | 342 | $ | 357 | (4.2) | % | |||||||||||||||||
| Total same warehouse margin | 37.3 | % | 39.1 | % | (180) | bps | |||||||||||||||||
| Number of same warehouse sites | 419 | 419 | |||||||||||||||||||||
Warehouse storage(1) | |||||||||||||||||||||||
| Economic occupancy | |||||||||||||||||||||||
| Average occupied economic pallets (in thousands) | 7,558 | 7,543 | 0.2 | % | |||||||||||||||||||
| Economic occupancy percentage | 82.5 | % | 82.2 | % | 30 | bps | |||||||||||||||||
| Storage revenue per economic occupied pallet | $ | 62.70 | $ | 63.42 | (1.1) | % | |||||||||||||||||
| Physical occupancy | |||||||||||||||||||||||
| Average physical occupied pallets (in thousands) | 6,980 | 6,891 | 1.3 | % | |||||||||||||||||||
| Average physical pallet positions (in thousands) | 9,163 | 9,177 | (0.2) | % | |||||||||||||||||||
| Physical occupancy percentage | 76.2 | % | 75.1 | % | 110 | bps | |||||||||||||||||
| Storage revenue per physical occupied pallet | $ | 67.90 | $ | 69.43 | (2.2) | % | |||||||||||||||||
Warehouse services(1) | |||||||||||||||||||||||
| Throughput pallets (in thousands) | 12,334 | 12,467 | (1.1) | % | |||||||||||||||||||
| Warehouse services revenue per throughput pallet | $ | 32.30 | $ | 31.63 | 2.1 | % | |||||||||||||||||
| (1) Warehouse storage and warehouse services metrics exclude managed sites. | |||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||
| (in millions except revenue per pallet) | 2026 | 2025 | Change | ||||||||||||||||||||
| Warehouse storage | $ | 1,412 | $ | 1,405 | 0.5 | % | |||||||||||||||||
| Warehouse services | 1,300 | 1,296 | 0.3 | % | |||||||||||||||||||
| Total same warehouse revenues | 2,712 | 2,701 | 0.4 | % | |||||||||||||||||||
| Labor | 1,032 | 1,015 | 1.7 | % | |||||||||||||||||||
| Power | 160 | 147 | 8.8 | % | |||||||||||||||||||
| Other warehouse costs | 504 | 497 | 1.4 | % | |||||||||||||||||||
| Total same warehouse cost of operations | 1,696 | 1,659 | 2.2 | % | |||||||||||||||||||
| Same warehouse NOI | $ | 1,016 | $ | 1,042 | (2.5) | % | |||||||||||||||||
| Total same warehouse margin | 37.5 | % | 38.6 | % | (110) | bps | |||||||||||||||||
| Number of same warehouse sites | 419 | 419 | |||||||||||||||||||||
Warehouse storage(1) | |||||||||||||||||||||||
| Economic occupancy | |||||||||||||||||||||||
| Average occupied economic pallets (in thousands) | 7,532 | 7,523 | 0.1 | % | |||||||||||||||||||
| Economic occupancy percentage | 82.1 | % | 81.8 | % | 30 | bps | |||||||||||||||||
| Storage revenue per economic occupied pallet | $ | 187.27 | $ | 186.67 | 0.3 | % | |||||||||||||||||
| Physical occupancy | |||||||||||||||||||||||
| Average physical occupied pallets (in thousands) | 6,993 | 6,954 | 0.6 | % | |||||||||||||||||||
| Average physical pallet positions (in thousands) | 9,171 | 9,195 | (0.3) | % | |||||||||||||||||||
| Physical occupancy percentage | 76.3 | % | 75.6 | % | 70 | bps | |||||||||||||||||
| Storage revenue per physical occupied pallet | $ | 201.72 | $ | 201.98 | (0.1) | % | |||||||||||||||||
Warehouse services(1) | |||||||||||||||||||||||
| Throughput pallets (in thousands) | 36,503 | 37,239 | (2.0) | % | |||||||||||||||||||
| Warehouse services revenue per throughput pallet | $ | 32.17 | $ | 31.67 | 1.6 | % | |||||||||||||||||
| (1) Warehouse storage and warehouse services metrics exclude managed sites. | |||||||||||||||||||||||
Non-Same Warehouse Results
The following tables present revenues, cost of operations, non-same warehouse NOI, and margins for our non-same warehouses for the three and nine months ended September 30, 2026 and 2025.
| Three Months Ended September 30, | ||||||||||||||||||||
| (in millions except revenue per pallet) | 2026 | 2025 | Change | |||||||||||||||||
| Warehouse storage | $ | 42 | $ | 40 | 5.0 | % | ||||||||||||||
| Warehouse services | 50 | 60 | (16.7) | % | ||||||||||||||||
| Total non-same warehouse revenues | 92 | 100 | (8.0) | % | ||||||||||||||||
| Labor | 43 | 46 | (6.5) | % | ||||||||||||||||
| Power | 7 | 7 | — | % | ||||||||||||||||
| Other warehouse costs | 23 | 20 | 15.0 | % | ||||||||||||||||
| Total non-same warehouse cost of operations | 73 | 73 | — | % | ||||||||||||||||
| Non-same warehouse NOI | $ | 19 | $ | 27 | (29.6) | % | ||||||||||||||
| Total non-same warehouse margin | 20.7 | % | 27.0 | % | (630) | bps | ||||||||||||||
| Number of non-same warehouse sites | 59 | 62 | ||||||||||||||||||
Warehouse storage(1) | ||||||||||||||||||||
| Economic occupancy | ||||||||||||||||||||
| Average occupied economic pallets (in thousands) | 610 | 651 | (6.3) | % | ||||||||||||||||
| Economic occupancy percentage | 65.0 | % | 63.3 | % | 170 | bps | ||||||||||||||
| Storage revenue per economic occupied pallet | $ | 68.14 | $ | 61.17 | 11.4 | % | ||||||||||||||
| Physical occupancy | ||||||||||||||||||||
| Average physical occupied pallets (in thousands) | 511 | 630 | (18.9) | % | ||||||||||||||||
| Average physical pallet positions (in thousands) | 938 | 1,028 | (8.8) | % | ||||||||||||||||
| Physical occupancy percentage | 54.5 | % | 61.3 | % | (680) | bps | ||||||||||||||
| Storage revenue per physical occupied pallet | $ | 81.20 | $ | 63.21 | 28.5 | % | ||||||||||||||
Warehouse services(1) | ||||||||||||||||||||
| Throughput pallets (in thousands) | 1,621 | 1,670 | (2.9) | % | ||||||||||||||||
| Warehouse services revenue per throughput pallet | $ | 31.82 | $ | 36.55 | (12.9) | % | ||||||||||||||
| (1) Warehouse storage and warehouse services metrics exclude managed sites. | ||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||
| (in millions except revenue per pallet) | 2026 | 2025 | Change | |||||||||||||||||
| Warehouse storage | $ | 132 | $ | 118 | 11.9 | % | ||||||||||||||
| Warehouse services | 155 | 108 | 43.5 | % | ||||||||||||||||
| Total non-same warehouse revenues | 287 | 226 | 27.0 | % | ||||||||||||||||
| Labor | 129 | 94 | 37.2 | % | ||||||||||||||||
| Power | 18 | 15 | 20.0 | % | ||||||||||||||||
| Other warehouse costs | 64 | 48 | 33.3 | % | ||||||||||||||||
| Total non-same warehouse cost of operations | 211 | 157 | 34.4 | % | ||||||||||||||||
| Non-same warehouse NOI | $ | 76 | $ | 69 | 10.1 | % | ||||||||||||||
| Total non-same warehouse margin | 26.5 | % | 30.5 | % | (400) | bps | ||||||||||||||
Number of non-same warehouse sites | 59 | 62 | ||||||||||||||||||
Warehouse storage(1) | ||||||||||||||||||||
| Economic occupancy | ||||||||||||||||||||
| Average occupied economic pallets (in thousands) | 629 | 560 | 12.3 | % | ||||||||||||||||
| Economic occupancy percentage | 63.0 | % | 62.9 | % | 10 | bps | ||||||||||||||
| Storage revenue per economic occupied pallet | $ | 209.98 | $ | 211.23 | (0.6) | % | ||||||||||||||
| Physical occupancy | ||||||||||||||||||||
| Average physical occupied pallets (in thousands) | 546 | 525 | 4.0 | % | ||||||||||||||||
| Average physical pallet positions (in thousands) | 998 | 891 | 12.0 | % | ||||||||||||||||
| Physical occupancy percentage | 54.7 | % | 58.9 | % | (420) | bps | ||||||||||||||
| Storage revenue per physical occupied pallet | $ | 241.57 | $ | 226.30 | 6.7 | % | ||||||||||||||
Warehouse services(1) | ||||||||||||||||||||
| Throughput pallets (in thousands) | 4,908 | 3,012 | 62.9 | % | ||||||||||||||||
| Warehouse services revenue per throughput pallet | $ | 31.56 | $ | 35.37 | (10.8) | % | ||||||||||||||
| (1) Warehouse storage and warehouse services metrics exclude managed sites. | ||||||||||||||||||||
Global Integrated Solutions Segment
The following tables present the operating results of our global integrated solutions segment for the three and nine months ended September 30, 2026 and 2025.
| Three Months Ended September 30, | |||||||||||||||||||||||
| (in millions) | 2026 | 2025 | Change | ||||||||||||||||||||
| Global Integrated Solutions segment revenues | $ | 352 | $ | 364 | (3.3) | % | |||||||||||||||||
Global Integrated Solutions segment cost of operations(1) | 296 | 299 | (1.0) | % | |||||||||||||||||||
| Global Integrated Solutions segment NOI | $ | 56 | $ | 65 | (13.8) | % | |||||||||||||||||
| Global Integrated Solutions margin | 15.9 | % | 17.9 | % | (200) | bps | |||||||||||||||||
| (1) Cost of operations excludes $1 million and $2 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended September 30, 2026 and 2025, respectively. | |||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||
| (in millions) | 2026 | 2025 | Change | ||||||||||||||||||||
| Global Integrated Solutions segment revenues | $ | 1,020 | $ | 1,092 | (6.6) | % | |||||||||||||||||
Global Integrated Solutions segment cost of operations(1) | 846 | 902 | (6.2) | % | |||||||||||||||||||
| Global Integrated Solutions segment NOI | $ | 174 | $ | 190 | (8.4) | % | |||||||||||||||||
| Global Integrated Solutions margin | 17.1 | % | 17.4 | % | (30) | bps | |||||||||||||||||
| (1) Cost of operations excludes $2 million and $4 million of stock-based compensation expense and related employer-paid payroll taxes for the nine months ended September 30, 2026 and 2025, respectively. | |||||||||||||||||||||||
Capital Expenditures
Recurring Maintenance Capital Expenditures
The following table sets forth our recurring maintenance capital expenditures.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Global warehousing | $ | 29 | $ | 35 | $ | 83 | $ | 99 | |||||||||||||||
| Global integrated solutions | 4 | 6 | 8 | 11 | |||||||||||||||||||
| Information technology and other | 4 | 2 | 10 | 7 | |||||||||||||||||||
| Recurring maintenance capital expenditures | $ | 37 | $ | 43 | $ | 101 | $ | 117 | |||||||||||||||
Integration Capital Expenditures
The following table sets forth our integration capital expenditures.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Global warehousing | $ | 15 | $ | 19 | $ | 39 | $ | 42 | |||||||||||||||
| Global integrated solutions | — | 1 | — | 1 | |||||||||||||||||||
| Information technology and other | 1 | 4 | 4 | 11 | |||||||||||||||||||
| Integration capital expenditures | $ | 16 | $ | 24 | $ | 43 | $ | 54 | |||||||||||||||
External Growth Capital Investments
The following table sets forth our external growth capital investments.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Acquisitions, net of cash acquired and adjustments | $ | — | $ | 2 | $ | 4 | $ | 441 | |||||||||||||||
| Greenfield and expansion expenditures | 81 | 92 | 259 | 182 | |||||||||||||||||||
| Energy and economic return initiatives | 16 | 16 | 43 | 57 | |||||||||||||||||||
| Information technology transformation and growth initiatives | 11 | 17 | 42 | 49 | |||||||||||||||||||
| External growth capital investments | $ | 108 | $ | 127 | $ | 348 | $ | 729 | |||||||||||||||
Non-GAAP Financial Measures Reconciliations
Reconciliation of Total Segment NOI to Net Income (Loss)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Net income (loss) | $ | (173) | $ | (112) | $ | (256) | $ | (119) | |||||||||||||||||||||
| Stock-based compensation expense and related employer-paid payroll taxes in cost of operations | 5 | 4 | 12 | 10 | |||||||||||||||||||||||||
| General and administrative expense | 142 | 145 | 421 | 442 | |||||||||||||||||||||||||
| Depreciation expense | 186 | 174 | 545 | 502 | |||||||||||||||||||||||||
| Amortization expense | 55 | 56 | 166 | 164 | |||||||||||||||||||||||||
| Acquisition, transaction, and other expense | — | 12 | 4 | 64 | |||||||||||||||||||||||||
| Goodwill impairment | — | 28 | — | 28 | |||||||||||||||||||||||||
| Restructuring, impairment, and (gain) loss on disposals | 109 | (5) | 108 | (23) | |||||||||||||||||||||||||
| Equity (income) loss, net of tax | 2 | 2 | 5 | 3 | |||||||||||||||||||||||||
| (Gain) loss on foreign currency transactions, net | (3) | 6 | (6) | (36) | |||||||||||||||||||||||||
| Interest expense, net | 92 | 68 | 263 | 195 | |||||||||||||||||||||||||
| (Gain) loss on extinguishment of debt | — | 3 | — | 3 | |||||||||||||||||||||||||
| Other nonoperating (income) expense, net | 2 | 57 | 1 | 56 | |||||||||||||||||||||||||
| Income tax expense (benefit) | — | 11 | 3 | 12 | |||||||||||||||||||||||||
| Total segment NOI | $ | 417 | $ | 449 | $ | 1,266 | $ | 1,301 | |||||||||||||||||||||
Reconciliation of EBITDA, EBITDAre, and Adjusted EBITDA to Net Income (Loss)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||
| Net income (loss) | $ | (173) | $ | (112) | $ | (256) | $ | (119) | ||||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | 241 | 230 | 711 | 666 | ||||||||||||||||||||||||||||
| Interest expense, net | 92 | 68 | 263 | 195 | ||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | 11 | 3 | 12 | ||||||||||||||||||||||||||||
| EBITDA | $ | 160 | $ | 197 | $ | 721 | $ | 754 | ||||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Net loss (gain) on sale of real estate assets | — | — | — | 3 | ||||||||||||||||||||||||||||
| Impairment of real estate assets | — | — | 1 | — | ||||||||||||||||||||||||||||
| Allocation of EBITDAre of noncontrolling interests | — | 1 | (1) | — | ||||||||||||||||||||||||||||
| EBITDAre | $ | 160 | $ | 198 | $ | 721 | $ | 757 | ||||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Net (gain) loss on sale of non-real estate assets | 1 | (1) | (1) | (3) | ||||||||||||||||||||||||||||
| Other nonoperating (income) expense, net | 2 | 57 | 1 | 56 | ||||||||||||||||||||||||||||
| Acquisition, restructuring, and other | 3 | 14 | 20 | 79 | ||||||||||||||||||||||||||||
| Technology transformation | 6 | 5 | 18 | 17 | ||||||||||||||||||||||||||||
| (Gain) loss on property destruction | 105 | (10) | 91 | (47) | ||||||||||||||||||||||||||||
| (Gain) loss on foreign currency transactions, net | (3) | 6 | (6) | (36) | ||||||||||||||||||||||||||||
| Stock-based compensation expense and related employer-paid payroll taxes | 38 | 38 | 93 | 108 | ||||||||||||||||||||||||||||
| (Gain) loss on extinguishment of debt | — | 3 | — | 3 | ||||||||||||||||||||||||||||
| Goodwill impairment | — | 28 | — | 28 | ||||||||||||||||||||||||||||
| Impairment of other intangible assets | — | 1 | — | 1 | ||||||||||||||||||||||||||||
| Impairment of other non-real estate assets | — | 1 | 1 | 2 | ||||||||||||||||||||||||||||
| Allocation related to unconsolidated JVs | 5 | 2 | 12 | 7 | ||||||||||||||||||||||||||||
| Allocation adjustments of noncontrolling interests | — | (1) | 1 | (1) | ||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 317 | $ | 341 | $ | 951 | $ | 971 | ||||||||||||||||||||||||
| Net revenues | $ | 1,361 | $ | 1,377 | $ | 4,019 | $ | 4,019 | ||||||||||||||||||||||||
| Adjusted EBITDA margin | 23.3 | % | 24.8 | % | 23.7 | % | 24.2 | % | ||||||||||||||||||||||||
Reconciliation of FFO, Core FFO, and Adjusted FFO to Net Income (Loss)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in millions, except per share information) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income (loss) | $ | (173) | $ | (112) | $ | (256) | $ | (119) | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Real estate depreciation | 108 | 97 | 308 | 276 | |||||||||||||||||||
| In-place lease intangible amortization | 1 | 2 | 3 | 4 | |||||||||||||||||||
| Net loss (gain) on sale of real estate assets | — | — | — | 3 | |||||||||||||||||||
| Impairment of real estate assets | — | — | 1 | — | |||||||||||||||||||
| Real estate depreciation, (gain) loss on sale of real estate and real estate impairments on unconsolidated JVs | 1 | 1 | 2 | 2 | |||||||||||||||||||
| Allocation of noncontrolling interests | — | 1 | — | 1 | |||||||||||||||||||
| FFO | $ | (63) | $ | (11) | $ | 58 | $ | 167 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Net (gain) loss on sale of non-real estate assets | 1 | (1) | (1) | (3) | |||||||||||||||||||
| Finance lease ROU asset amortization - real estate | 18 | 17 | 54 | 53 | |||||||||||||||||||
| Goodwill impairment | — | 28 | — | 28 | |||||||||||||||||||
| Impairment of other intangible assets | — | 1 | — | 1 | |||||||||||||||||||
| Impairment of other non-real estate assets | — | 1 | 1 | 2 | |||||||||||||||||||
| Other nonoperating (income) expense, net | 2 | 57 | 1 | 56 | |||||||||||||||||||
| Acquisition, restructuring, and other | 11 | 18 | 36 | 90 | |||||||||||||||||||
| Technology transformation | 6 | 5 | 18 | 17 | |||||||||||||||||||
| (Gain) loss on property destruction | 105 | (10) | 91 | (47) | |||||||||||||||||||
| (Gain) loss on foreign currency transactions, net | (3) | 6 | (6) | (36) | |||||||||||||||||||
| (Gain) loss on extinguishment of debt | — | 3 | — | 3 | |||||||||||||||||||
| Core FFO | $ | 77 | $ | 114 | $ | 252 | $ | 331 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Non-real estate depreciation and amortization | 106 | 105 | 320 | 308 | |||||||||||||||||||
| Finance lease ROU asset amortization - non-real estate | 9 | 9 | 26 | 25 | |||||||||||||||||||
| Amortization of deferred financing costs, discount, and above/below market debt | 3 | 3 | 10 | 8 | |||||||||||||||||||
| Deferred income taxes expense (benefit) | (9) | (4) | (15) | (13) | |||||||||||||||||||
| Stock-based compensation expense and related employer-paid payroll taxes | 38 | 38 | 93 | 108 | |||||||||||||||||||
| Recurring maintenance capital expenditures | (37) | (43) | (101) | (117) | |||||||||||||||||||
| Allocation related to unconsolidated JVs | 1 | — | 2 | 2 | |||||||||||||||||||
| Allocation of noncontrolling interests | — | (1) | — | (1) | |||||||||||||||||||
| Adjusted FFO | $ | 188 | $ | 221 | $ | 587 | $ | 651 | |||||||||||||||
| Reconciliation of weighted average common shares outstanding: | |||||||||||||||||||||||
| Weighted average common shares outstanding | 228 | 228 | 227 | 228 | |||||||||||||||||||
| Partnership common units and OP Units held by Non-Company LPs | 22 | 22 | 22 | 22 | |||||||||||||||||||
| Equity compensation and other units | 9 | 8 | 9 | 8 | |||||||||||||||||||
| Adjusted diluted weighted average common shares outstanding | 259 | 258 | 258 | 258 | |||||||||||||||||||
| Adjusted FFO per diluted common share | $ | 0.73 | $ | 0.85 | $ | 2.28 | $ | 2.52 | |||||||||||||||
Non-GAAP Financial Measures Notes
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, and Adjusted EBITDA margin. We also use same warehouse and non-same warehouse metrics described above.
We calculate total segment NOI (or “NOI”) as our total revenues less our cost of operations (excluding any depreciation and amortization, general and administrative expense, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, restructuring and impairment expense, gain and loss on sale of assets, and acquisition, transaction, and other expense). We use segment NOI to evaluate our segments for purposes of making operating decisions and assessing performance in accordance with ASC 280, Segment Reporting. We believe segment NOI is helpful to investors as a supplemental performance measure to net income because it assists both investors and management in understanding the core operations of our business. There is no industry definition of segment NOI and, as a result, other REITs may calculate segment NOI or other similarly-captioned metrics in a manner different than we do.
We calculate EBITDA as net income or loss determined in accordance with GAAP, excluding depreciation and amortization expense, interest expense, net, and income tax expense or benefit.
We also calculate EBITDA for Real Estate, or “EBITDAre”, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or “NAREIT”, as EBITDA further adjusted for net loss or gain on sale of real estate assets, net of withholding taxes, impairment of real estate assets, and adjustments to reflect our share of EBITDAre for partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles, and useful life of related assets among otherwise comparable companies.
In addition, we calculate our Adjusted EBITDA as EBITDAre further adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), other nonoperating income or expense, acquisition, restructuring, and other expense, foreign currency exchange gain or loss, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, loss or gain on debt extinguishment and modification, impairments of goodwill and other non-real estate assets including intangible assets, technology transformation, and reduction in EBITDAre from partially owned entities. We believe that the presentation of Adjusted EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in EBITDAre, which we do not believe are indicative of our core business operations. EBITDAre and Adjusted EBITDA are not measurements of financial performance under GAAP, and our EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Adjusted EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Our calculations of EBITDAre and Adjusted EBITDA have limitations as analytical tools, including the following:
•these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;
•these measures do not reflect changes in, or cash requirements for, our working capital needs;
•these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
•these measures do not reflect our tax expense or the cash requirements to pay our taxes; and
•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and these measures do not reflect any cash requirements for such replacements.
We use EBITDA, EBITDAre, and Adjusted EBITDA as measures of our operating performance and not as measures of liquidity. We also calculate Adjusted EBITDA margin, which represents Adjusted EBITDA as a percentage of Net revenues and which provides an additional way to compare the above described measure of our operations across periods.
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 sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, in-place lease intangible amortization, real estate asset impairment, and our share of reconciling items for partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization, and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.
We calculate core funds from operations, or Core FFO, as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), finance lease ROU asset amortization real estate, impairments of goodwill and other non-real estate assets, including intangible assets, technology transformation, acquisition, restructuring and other, other nonoperating income or expense, loss on debt extinguishment and modifications and the effects of gain or loss on foreign currency exchange. We also adjust for the impact attributable to non-real estate impairments on unconsolidated joint ventures and natural disaster. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.
However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of recurring maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of FFO and Core FFO as a measure of our performance may be limited.
We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of amortization of deferred financing costs, amortization of debt discount/premium, amortization of above or below market leases, straight-line net operating rent, provision or benefit from deferred income taxes, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, non-real estate depreciation and amortization, non-real estate finance lease ROU asset amortization, and recurring maintenance capital expenditures. We also adjust for Adjusted FFO attributable to our share of reconciling items of partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.
FFO, Core FFO, Adjusted FFO, and Adjusted FFO per diluted share are used by management, investors, and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO, Adjusted FFO, and Adjusted FFO per diluted share should be evaluated along with GAAP net income and net income per diluted share (the most directly comparable GAAP measures) in evaluating our operating performance. FFO, Core FFO, and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our condensed consolidated financial statements included elsewhere in this Press Release. FFO, Core FFO, and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do.
We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to non-GAAP financial measure for forward-looking Adjusted EBITDA and Adjusted FFO per share possible without unreasonable effort. This is due to unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
Third Quarter 2026 FINANCIAL RESULTS November 9, 2026
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 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 Presentation. 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; risks associated with artificial intelligence; our failure to maintain an effective system of internal control over financial reporting; 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, increases in real property tax rates, and challenges to our tax positions; 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, 2025. Should one or 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 Presentation speak only as of the date of this Presentation, 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. There can be no assurance that the forward-looking statements can or will be attained or maintained. The forward-looking statements included in this Presentation have been included for purposes of illustration only, and no assurance can be given that the actual results will correspond with the results contemplated in the forward-looking statements. Market Data. We use market data throughout this Presentation that has generally been obtained from external, independent, and publicly available information and industry publications. None of Lineage, its affiliates, advisers, or representatives have verified such independent sources. Accordingly, neither the Company nor any of its affiliates, advisers or representatives make any representations as to the accuracy or completeness of that data or undertake to update such data after the date of this presentation. Such data involves risks and uncertainties and are subject to change based on various factors. Capacity and market share data provided by the Global Cold Chain Alliance, or GCCA, reflects capacity of companies that report to GCCA. North American GCCA data includes GCCA’s estimate of capacity owned and operated by U.S. customers themselves based on data from U.S. Department of Agriculture surveys. Global GCCA data also reflects GCCA’s estimate of capacity of companies that do not report to GCCA. Non-GAAP Measures. This Presentation includes certain financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Such non-GAAP financial measures should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on Lineage’s statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. You should be aware that Lineage’s presentation of these and other non-GAAP financial measures in this Presentation may not be comparable to similarly-titled measures used by other companies. We caution investors not to place undue reliance on such non‐GAAP measures, but instead to consider them with the most directly comparable GAAP measures. Non‐GAAP financial measures have limitations as analytical tools and should not be considered in isolation. These non‐GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Lineage believes that in addition to using GAAP results, non-GAAP financial measures can provide meaningful insight in evaluating Lineage's financial performance and the effectiveness of its business strategies. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the Appendix to this Presentation. Safe Harbor Statement 2
• Q3 2026 Summary • Cold Storage Industry Dynamics • Segment Results • Capital Structure • 2026 Full-Year Guidance • Summary and Q&A Agenda 3
Q3 2026 Highlights and Outlook See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Q3 2026 Highlights: • Overall Results versus prior year: o Revenue down (1.2)%; SS WH Revenue up +0.4% o Adj. EBITDA impacted by Big Bear solar fire, down (7.0)%, and AFFO per share affected by roll-off of hedges, down (14.1)% • Global Warehousing segment: o SS Physical occupancy +110 bps o SS Rent, Storage and Blast Revenue per Physical Pallet (2.2)% o SS Services Revenue per Throughput Pallet +2.1% o SS Throughput Pallets (1.1)% o Same Store NOI (4.2)% • Global Integrated Solutions NOI (13.8)% • Invested $108M of growth capital, primarily on development projects anchored by major customers o Expect incremental $130M NOI once development pipeline stabilizes Updated 2026 Outlook: o SSNOI Y/Y Growth: (3.0)% to (2.0)% o Adj. EBITDA: $1.25B to $1.27B o AFFO per share: $2.86 to $2.98 4
Same Store KPIs Showing Improvement 5 Notes: Same Store Physical Occupancy and Throughput Pallets are as reported. Occupancy metric = Y/Y % change in Average Physical Pallets occupied. (100) (230) (110) (50) (30) 90 110 (400) (200) 0 200 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 (1.8)% (3.2)% (2.0)% (2.8)% (3.3)% (1.8)% (1.1)% (4)% (2)% 0% +2% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Physical pallets occupied turned positive Y/Y in 2Q26 Throughput still declining Y/Y, but the decline has narrowed Same Store Physical Occupancy (Y/Y bps Change) Same Store Throughput Pallets (Y/Y % Change) • +110 bps Y/Y in 3Q26 — building on occupancy growth in 2Q26 (90 bps) • Improving vector — still negative Y/Y across last seven quarters, but has narrowed from (3.2)% in 2Q25 to (1.1)% in 3Q26 7 Quarter Trendline 7 Quarter Trendline
SUPPLY Slowing Meaningfully DEMAND Frozen Category Remaining Resilient 1. Source: CBRE. Includes US PRW or potential PRW projects completed, actively under construction or anticipated as of October 2026, where square footage is known. Excludes private built-to-suit projects and spec space taken by private users. 2. Circana, Retail + Foodservice. FY26 represents TTM ended June 2026. 3. Circana, Retail Only. FY26 represents YTD ended August 2026. 4. Combined idling from Americold and Lineage expected to total 8.9msqf (2025-2026). Source: Americold, Sept 2026 Investor Presentation; Lineage company data. 5. Source: U.S. Bureau of Labor Statistics, Consumer Expenditure Data. Lineage Food Categories vs Total US Food Volume 2021 Baseline (2021 = 100%) 18% 28% 45% 59% 0% 40% 80% All Food Frozen Vegetables Poultry Beef 100.0% 102.4% 101.5% 103.7% 105.6% 106.2% 100.0% 97.5% 96.0% 97.4% 98.0% 97.7% 90% 100% 110% FY21 FY22 FY23 FY24 FY25 FY26 Lineage-Wtd Food Categories² U.S. Food & Beverage Industry Volume³ Growth of U.S. Household Spending by Category5 2010 to 2025 on an Inflation-Adjusted Basis Favorable Trends Include: • Affordability: relative value vs. other foods • Consumer preference: diet and protein focus • Expanding SKUs: more prepared, ready meals U.S. New PRW Capacity Additions1 2022 to 2026 by Developer Type 6 Public Company Idling Efforts4 2025-2026 Idled SF by Lineage and Americold ~9 MSF of idled U.S. PRW Capacity in 2025 and 2026 ~4% of total 2025 U.S. PRW Capacity 2.3% 4.3% 3.1% 4.3% 1.6% 0% 3% 6% 2022 2023 2024 2025 2026E N ew C ap ac ity A dd ed (% ) Public Companies (LINE and COLD) Non-Publicly Traded Leveling Out of Supply-Demand Balance Supports Ability to Grow Occupancy
Import/Export Headwinds Persist into 4Q and Remain a Headwind for Lineage Sites with Trade Exposure 1. Sources: Trucking Scarcity: DAT: Reefer Load-to-Truck Ratio; Diesel $/gal: Weekly U.S. No 2 Diesel Retail Prices (Dollars per Gallon); World Container Price Index: WCI Drewry Index. 7 LINE US Same Store Container Volume Growth (Y/Y %) relative to Import/Export Macro Indicators LINE US Same Store Container Volume Growth Y/Y % Import and Export Macro Indicators1 Indexed to 2025 level Timeline 14% 7% 5% (7)% (18)% (15)% (8)% (20)% 0% 20% 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4E Post-Liberation Day Tariffs Trade Downturn Coupled with Input Inflation Forecast Prior Outlook • Lapping easier comps Current Outlook • Prolonged pressure on trade and container volumes 50 150 250 4.0% 4.6% 5.2% 10Y UST yield (%, monthly avg) (LHS) Trucking scarcity Diesel $/gal World Container Price Index
$1,013 $1,009 Q3 25 Q3 26 Revenue Global Warehousing Segment 8See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 1. Source: United States Department of Agriculture, National Agricultural Statistics Service: Monthly Cold Storage Report. Typical USDA Seasonality defined as quarterly average holdings for 2015-2019. 2. Same Store NOI Growth for Q3 2025 is as reported for the Q3 2025 same warehouse pool. All other details represent the Q3 2026 same warehouse pool. Q3 2026 Highlights • Total segment revenue (0.4)% Y/Y; total segment NOI (6.0)% Y/Y • SS NOI: (4.2)% Y/Y; SS physical occupancy +110 bps Y/Y • NOI decline driven by cost growth, mainly higher power expenses related to solar de-energization following Big Bear incident Q4 2026 Outlook • 2026 occupancy outperformed 2025 and USDA benchmark in first half; muted seasonal uplift in 3Q26; expect to lag typical seasonal pattern in 4Q26 $M $384 $361 Q3 25 Q3 26 NOI Same Store Details Q3 2025 Q3 2026 Same Store NOI Growth (3.6)%2 (4.2)% Storage Revenue per Physical Occupied Pallet $69.43 $67.90 Services Revenue per Throughput Pallet $31.63 $32.30 Physical Occupancy 75.1% 76.2% Economic Occupancy 82.2% 82.5% Warehouses 419 419 flatY/Y growth (6)%Y/Y growth 37.9% margin 35.8% margin 72% 76% 80% 4Q Prior Year 1Q 2Q 3Q 4Q 2025 2026 Typical USDA Seasonality1 LINE Same Store Physical Occupied Pallets vs USDA Inventory Levels1 (3Q 2026 SS Pool) Sequential Change in Inventory and Occupied Pallets USDA1 LINE 2025 LINE 2026 Q1 (6)% (3)% (4)% Q2 (3)% (3)% (1)% Q3 +8% +0% +0% Q4 +1% +6% ~+3% Total Segment e
$364 $352 Q3 25 Q3 26 Revenue Global Integrated Solutions Segment 9 Total Segment $65 $56 Q3 25 Q3 26 NOI 17.9% margin 15.9% margin (3)%Y/Y growth (14)%Y/Y growth Q3 2026 Highlights • GIS NOI Y/Y: (13.8)% • GIS Revenue Y/Y: (3.3)% actual; +5% Y/Y excluding Spain transportation divestiture • Carrier costs rising faster than repricing; margins expected to recover as contracts reset • FY26 GIS NOI outlook lowered to $231M–$236M $M DAT National Reefer Spot Rates (Jan 2025 – Oct 2026)1 1. Source: DAT National Reefer Spot Rates. $2.00 $3.00 $4.00 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 $ pe r m ile
Q3 2026 Financial Results 10See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Total Revenue ($M) Adjusted EBITDA ($M) Adjusted EBITDA Margin AFFO per share $316 $333 $341 $317 Q3 23 Q3 24 Q3 25 Q3 26 23.8% 24.9% 24.8% 23.3% Q3 23 Q3 24 Q3 25 Q3 26 $1,329 $1,335 $1,377 $1,361 Q3 23 Q3 24 Q3 25 Q3 26 (1)%+3%Y/Y growth flat (7)%+2%Y/Y growth +5% (150) bps(10) bpsY/Y growth +110 bps (14)%Y/Y growth $0.85 $0.73 Q3 25 Q3 26 AFFO ($M) (15)%Y/Y growth $221 $188 Q3 25 Q3 26
Total debt outstanding of $6.8B (of $8.1B of total debt and debt-like obligations, net) • ~2.9 years remaining weighted average term1 • Weighted average effective interest rate of 4.4% Total liquidity of ~$371M: • $58M in available cash • ~$313M capacity on revolving credit facility • ~$500M additional capacity from Farm Credit Loan closed Nov 3, 2026 11 Capital Structure Update Balance Sheet and Liquidity Incremental NOI We have invested $1.1B into our development project pipeline, which consists of projects that are either completed but unstabilized or still under construction, with $425M left to spend In aggregate, we expect this development project pipeline to generate $141M of annual NOI upon stabilization, of which $11M LTM NOI has been achieved to date and $130M would be incremental to our existing annual NOI base (in millions) 9/30/2026 Net debt $ 8,116 LTM Adj. EBITDA 1,278 Net debt/LTM Adj. EBITDA 6.4x Leverage Ratio: Net Debt to Adjusted EBITDA (in millions) 9/30/2026 Net debt $ 8,116 Less: Unstabilized and in process developments2 (1,010) Adjusted net debt $ 7,106 LTM adj. EBITDA $ 1,278 Unstabilized and in process developments and annualized acquisitions2 (5) Transaction adjusted EBITDA $ 1,273 Adjusted net debt to transaction adjusted EBITDA 5.6x Adjusted Leverage Ratio: Net Debt to Transaction Adjusted EBITDA See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 1. Stated maturity dates assume the exercise of extension options. 2. See slide 25 for calculations and adjustment definitions.
12 Note: Guidance excludes the impact of unannounced future acquisitions, divestitures, or developments. See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 1. Includes ~$15M of Stock-based Compensation Expense in Cost of Operations for Global Warehousing and Global Integrated Solutions segments. 2. Includes ~$15M of Amortization of Deferred Financing Costs that is deducted for calculation of AFFO. 3. Inclusive of Income Tax Expense (Benefit) and less Deferred Income Taxes Expense (Benefit) for calculation of AFFO. Initiating Q4 and Updating Full-Year 2026 Guidance Q4 and Full-Year 2026 Guidance Q4 Guide FY 2026 Guide Same WH NOI Growth (4)% - (2)% (3)% - (2)% Prior: (3)% - 0% Total WH NOI Growth (4)% - (2)% (2.5)% - (1.5)% Prior: (2)% - +1% Total GIS NOI Growth (8)% - 0% (8)% - (6)% Prior: (4)% - (2)% Adjusted EBITDA ($M) $300 - $320 $1,250 - $1,270 Prior: $1,260 - $1,290 AFFO per share $0.59 - $0.70 $2.86 - $2.98 Prior: $2.80 - $3.05 G&A Expense, Cash ($M) $116 - $122 $457 - $463 Prior: $460 - $470 Stock-based Compensation Expense ($M)1 ~$35 ~$125 Prior: ~$125 Interest Expense, Net ($M)2 $87 - $94 $350 - $357 Prior: $343 - $357 Current Income Tax Expense ($M)3 $2 - $7 $20 - $25 Prior: $22 - $28 Recurring Maintenance Capex ($M) $47 - $54 $148 - $155 Prior: $160 - $170 Adj. Diluted Wtd. Avg. Shares Outstanding ~259M ~258M Prior: ~258M Significant Event Notes • Big Bear solar fire expected to impact Total WH NOI (moved to Non-SS in FY 2026 guide) and Adj. EBITDA by ($20M) • GIS CA Legal Settlement of ($7M) in Q2 2026 • Absent these two unforeseen items, the midpoint of current 2026 Adj. EBITDA guidance ($1,260M) would adjust to $1,287M, above the midpoint of initial 2026 Adj. EBITDA guidance of $1,275M Prior: ($15M)
2026 Outlook: Fundamentals Stabilizing, Positioned for 2027 13 1 Guidance reset on temporary headwinds and additional Big Bear impact Excluding Big Bear and GIS, Adj. EBITDA guidance at upper end of initial 2026 outlook 2 Occupancy is growing, showing industry stabilization Same store physical occupancy up, a second straight quarterly gain 3 New supply is rationalizing Deliveries falling substantially from recent peaks; idling expected to further trim excess capacity 4 GIS margins positioned to rebound Repricing and fuel surcharges should lift margins; headwinds are cyclical 5 Customers and operations benefiting from recent tech/AI deployments 20 LinOS pilot sites live by year end. Results exceeding expectations and driving efficiencies across the network
Supplemental Financial and Operating Data 14
CONSOLIDATED FINANCIAL PERFORMANCE Global Warehousing Segment - Total 15 1. Excludes $5 million and $2 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended September 30, 2026 and 2025, respectively, and $10 million and $6 million of stock-based compensation expense and related employer-paid payroll taxes for the nine months ended September 30, 2026 and 2025, respectively. 2. Includes real estate rent expense (operating leases) of $24 million and $23 million for the three months ended September 30, 2026 and 2025, respectively; and non-real estate rent expense (equipment lease and rentals) of $5 million and $4 million for the three months ended September 30, 2026 and 2025, respectively. Includes real estate rent expense (operating leases) of $71 million and $69 million for the nine months ended September 30, 2026 and 2025, respectively; and non-real estate rent expense (equipment lease and rentals) of $16 million and $14 million for the nine months ended September 30, 2026 and 2025, 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”). Three Months Ended September 30, Nine Months Ended September 30, (in millions except revenue per pallet) 2026 2025 Change 2026 2025 Change Warehouse storage $516 $518 (0.4) % $1,544 $1,523 1.4 % Warehouse services 493 495 (0.4) % 1,455 1,404 3.6 % Total global warehousing segment revenues $1,009 $1,013 (0.4) % $2,999 $2,927 2.5 % Labor1 389 385 1.0 % 1,161 1,109 4.7 % Power 69 62 11.3 % 178 162 9.9 % Other warehouse costs2 190 182 4.4 % 568 545 4.2 % Total global warehousing segment cost of operations $648 $629 3.0 % $1,907 $1,816 5.0 % Global warehousing segment NOI $361 $384 (6.0) % $1,092 $1,111 (1.7) % Total global warehousing segment margin 35.8 % 37.9 % (210) bps 36.4 % 38.0 % (160) bps Number of warehouse sites 478 481 478 481 Warehouse storage3 Average economic occupancy Average occupied economic pallets (in thousands) 8,168 8,194 (0.3) % 8,161 8,083 1.0 % Economic occupancy percentage 80.9 % 80.3 % 60 bps 80.3 % 80.1 % 20 bps Storage revenue per economic occupied pallet $63.11 $63.25 (0.2) % $189.01 $188.29 0.4 % Average physical occupancy Average physical occupied pallets (in thousands) 7,491 7,521 (0.4) % 7,539 7,479 0.8 % Average physical pallet positions (in thousands) 10,101 10,205 (1.0) % 10,169 10,086 0.8 % Physical occupancy percentage 74.2 % 73.7 % 50 bps 74.1 % 74.2 % (10) bps Storage revenue per physical occupied pallet $68.81 $68.91 (0.1) % $204.61 $203.49 0.6 % Warehouse services3 Throughput pallets (in thousands) 13,955 14,137 (1.3) % 41,411 40,251 2.9 % Warehouse services revenue per throughput pallet $32.25 $32.21 0.1 % $32.09 $31.98 0.3 %
SAME WAREHOUSE FINANCIAL PERFORMANCE Global Warehousing Segment – Same Warehouse 16 1. Warehouse storage and warehouse services metrics exclude managed sites. Three Months Ended September 30, Nine Months Ended September 30, (in millions except revenue per pallet) 2026 2025 Change 2026 2025 Change Warehouse storage $474 $478 (0.8) % $1,412 $1,405 0.5 % Warehouse services 443 435 1.8 % 1,300 1,296 0.3 % Total same warehouse revenues $917 $913 0.4 % $2,712 $2,701 0.4 % Labor 346 339 2.1 % 1,032 1,015 1.7 % Power 62 55 12.7 % 160 147 8.8 % Other warehouse costs 167 162 3.1 % 504 497 1.4 % Total same warehouse cost of operations $575 $556 3.4 % $1,696 $1,659 2.2 % Same warehouse NOI $342 $357 (4.2) % $1,016 $1,042 (2.5) % Total same warehouse margin 37.3 % 39.1 % (180) bps 37.5 % 38.6 % (110) bps Number of warehouse sites 419 419 419 419 Warehouse storage1 Average economic occupancy Average occupied economic pallets (in thousands) 7,558 7,543 0.2 % 7,532 7,523 0.1 % Economic occupancy percentage 82.5 % 82.2 % 30 bps 82.1 % 81.8 % 30 bps Storage revenue per economic occupied pallet $62.70 $63.42 (1.1) % $187.27 $186.67 0.3 % Average physical occupancy Average physical occupied pallets (in thousands) 6,980 6,891 1.3 % 6,993 6,954 0.6 % Average physical pallet positions (in thousands) 9,163 9,177 (0.2) % 9,171 9,195 (0.3) % Physical occupancy percentage 76.2 % 75.1 % 110 bps 76.3 % 75.6 % 70 bps Storage revenue per physical occupied pallet $67.90 $69.43 (2.2) % $201.72 $201.98 (0.1) % Warehouse services1 Throughput pallets (in thousands) 12,334 12,467 (1.1) % 36,503 37,239 (2.0) % Warehouse services revenue per throughput pallet $32.30 $31.63 2.1 % $32.17 $31.67 1.6 %
NON-SAME WAREHOUSE FINANCIAL PERFORMANCE Global Warehousing Segment – Non-Same Warehouse 17 1. Warehouse storage and warehouse services metrics exclude managed sites. Three Months Ended September 30, Nine Months Ended September 30, (in millions except revenue per pallet) 2026 2025 Change 2026 2025 Change Warehouse storage $42 $40 5.0% $132 $118 11.9% Warehouse services 50 60 (16.7)% 155 108 43.5% Total non-same warehouse revenues $92 $100 (8.0)% $287 $226 27.0% Labor 43 46 (6.5)% 129 94 37.2% Power 7 7 —% 18 15 20.0% Other warehouse costs 23 20 15.0% 64 48 33.3% Total non-same warehouse cost of operations $73 $73 —% $211 $157 34.4% Non-same warehouse NOI $19 $27 (29.6)% $76 $69 10.1% Total non-same warehouse margin 20.7 % 27.0 % (630) bps 26.5% 30.5% (400) bps Number of warehouse sites 59 62 59 62 Warehouse storage1 Average economic occupancy Average occupied economic pallets (in thousands) 610 651 (6.3)% 629 560 12.3% Economic occupancy percentage 65.0 % 63.3 % 170 bps 63.0 % 62.9 % 10 bps Storage revenue per economic occupied pallet $68.14 $61.17 11.4% $209.98 $211.23 (0.6)% Average physical occupancy Average physical occupied pallets (in thousands) 511 630 (18.9)% 546 525 4.0% Average physical pallet positions (in thousands) 938 1,028 (8.8)% 998 891 12.0% Physical occupancy percentage 54.5 % 61.3 % (680) bps 54.7 % 58.9 % (420) bps Storage revenue per physical occupied pallet $81.20 $63.21 28.5% $241.57 $226.30 6.7% Warehouse services1 Throughput pallets (in thousands) 1,621 1,670 (2.9)% 4,908 3,012 62.9% Warehouse services revenue per throughput pallet $31.82 $36.55 (12.9)% $31.56 $35.37 (10.8)%
SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST SEVEN QUARTERS Global Warehousing Segment – Same Warehouse (Q3 2026 Pool) 18 Note: Same Warehouse figures based on the Q3 2026 same warehouse pool. 1. Warehouse storage and warehouse services metrics exclude managed sites. Three Months Ended YoY % Change (in millions except revenue per pallet) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Q3 2026 vs Q3 2025 YTD 2026 vs YTD 2025 Warehouse storage $460 $467 $478 $488 $469 $469 $474 (0.8) % 0.5 % Warehouse services 430 431 435 433 423 434 443 1.8 % 0.3 % Total same warehouse revenues $890 $898 $913 $921 $892 $903 $917 0.4 % 0.4 % Labor 337 339 339 345 338 348 346 2.1 % 1.7 % Power 45 47 55 50 47 51 62 12.7 % 8.8 % Other warehouse costs 167 168 162 179 167 170 167 3.1 % 1.4 % Total same warehouse cost of operations $549 $554 $556 $574 $552 $569 $575 3.4 % 2.2 % Same warehouse NOI $341 $344 $357 $347 $340 $334 $342 (4.2) % (2.5) % Total same warehouse margin 38.3 % 38.3 % 39.1 % 37.7 % 38.1 % 37.0 % 37.3 % (180)bps (110)bps Number of warehouse sites 419 419 419 419 419 419 419 Warehouse storage1 Average economic occupancy Average economic occupied pallets (in thousands) 7,582 7,443 7,543 7,846 7,555 7,484 7,558 Economic occupancy percentage 82.4 % 80.9 % 82.2 % 85.4 % 82.2 % 81.7 % 82.5 % Storage revenue per economic occupied pallet $60.61 $62.64 $63.42 $62.07 $62.08 $62.49 $62.70 Average physical occupancy Average physical occupied pallets (in thousands) 7,075 6,895 6,891 7,302 7,040 6,960 6,980 Average physical pallet positions (in thousands) 9,205 9,202 9,177 9,191 9,187 9,164 9,163 Physical occupancy percentage 76.9 % 74.9 % 75.1 % 79.4 % 76.6 % 75.9 % 76.2 % Storage revenue per physical occupied pallet $64.94 $67.61 $69.43 $66.69 $66.61 $67.21 $67.90 Warehouse services1 Throughput pallets (in thousands) 12,345 12,427 12,467 12,371 11,935 12,234 12,334 Warehouse services revenue per throughput pallet $31.84 $31.55 $31.63 $31.83 $32.02 $32.18 $32.30
Global Integrated Solutions Segment 19 1. Cost of operations excludes stock-based compensation expense and related employer-paid payroll taxes of $1 million and $2 million for the three months ended September 30, 2026 and 2025, respectively, and $2 million and $4 million of stock-based compensation expense and related employer-paid payroll taxes for the nine months ended September 30, 2026 and 2025, respectively. 2. Transportation includes railcar leasing. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2026 2025 Change 2026 2025 Change Global Integrated Solutions segment revenues $352 $364 (3.3) % $1,020 $1,092 (6.6) % Global Integrated Solutions cost of operations1 $296 $299 (1.0) % $846 $902 (6.2) % Global Integrated Solutions segment NOI $56 $65 (13.8) % $174 $190 (8.4) % Global Integrated Solutions margin 15.9 % 17.9 % (200) bps 17.1 % 17.4 % (30) bps CONSOLIDATED FINANCIAL PERFORMANCE Global Integrated Solutions Breakdown YTD Revenue2
Greenfield and Expansion Development Project Pipeline Completed Within the Last 36 Months and In Process Project Vintage (Months) Project Count Square Feet (in millions) Cubic Feet (in millions) Pallet Positions (in thousands) Total Cost (in millions)(1) Remaining Spend (in millions)(2) Q3 2026 NOI (in millions) LTM NOI (in millions) Estimated Stabilized NOI (in millions) Expected Stabilized Economic Occupancy Already Achieved Stabilized NOI Achieved(3) Estimated Stabilized ROIC(4) 25-36 4 0.9 53 155 $279 $— $4 $12 $29 76% 41% 10% 13-24 3 0.1 4 15 $57 $— $1 $2 $4 100% 50% 7% 1-12 7 0.9 47 155 $338 $12 $— $(2) $38 51% (5)% 11% 1-36 14 1.9 104 325 $674 $12 $5 $12 $71 66% 17% 10% In Process 3 1.2 98 315 $811 $413 $— $(1) $70 81% (1)% 9% Total 17 3.1 202 640 $1,485 $425 $5 $11 $141 73% 8% 9% Greenfield and Expansion Projects Incremental NOI from Greenfield and Expansion Projects Estimated Stabilized NOI LTM NOI Achieved Incremental NOI $141M - $11M = $130M Completed Projects by Q3 2026 Same Store Pool Project Count Q3 2026 NOI (in millions) LTM NOI (in millions) Same Warehouse Pool 4 $1 $6 Non-Same Warehouse Pool 10 $4 $6 Total 14 $5 $12 Notes: Values expressed in millions unless otherwise stated. As of September 30, 2026. 1. Total Cost is actual capex spend in addition to any forecasted capex spend subsequent to Go Live for projects that have gone live. Does not include third-party costs. 2. Remaining Spend is total project cost less actual spend to date. 3. Percentage of last twelve months revenue less operating expenses divided by stabilized revenue less operating expenses. 4. Defined as stabilized revenue less operating expenses divided by total cost. 20
INTEREST EXPENSE SUMMARY Debt Summary 21 Interest Expense (in millions) Q3 2026 Q3 2026 YTD Revolver $ 26 $ 68 Term loan A 12 36 Unsecured notes 23 72 Other real estate secured debt 4 11 Kloosterboer preference shares 4 12 Failed sale-leaseback & non-debt interest 2 5 Total Gross Interest Expense $ 71 $ 204 Gain on hedge instruments (1) (5) Capitalized interest (2) (11) Interest income (2) (5) Amortization of deferred financing costs, discount on debt, and other financing fees 5 15 Finance lease liabilities interest 21 65 Interest Expense, net $ 92 $ 263
INTEREST RATE DERIVATIVES Derivative Instruments 221. Refers to the weighted average SOFR rate that Lineage pays after the effect of the hedge. Instruments Designated as Accounting Hedges Number of Instruments Notional Effective Date Maturity Date Weighted Average Effective Rate1 Interest rate derivatives: (in millions) Interest rate swap 2 USD 500 December 31, 2025 February 15, 2028 3.11% Interest rate swap 3 USD 750 January 9, 2026 February 15, 2028 3.19%
DEBT COMPOSITION (in millions) Debt Summary 23 Fixed vs. Floating Secured vs. Unsecured By Currency 2027 2028 2029 2030 2031 2032+ Interest Rate of Maturing Debt(1) 3.5 % 3.1 % 4.7 % 5.6 % 3.5 % 3.8 % 1. Represents the weighted average effective interest rate of the debt maturing in each year, based on interest rates in effect on September 30, 2026. This calculation includes the effect of amortization of deferred financing costs, discount on debt, above/below-market debt, and facility fees, as well as our hedging instruments. Fixed $2,634 39% Floating - hedged $1,250 18% Floating - unhedged $2,957 43% Secured $315 5% Unsecured $6,526 95% USD $4,461 65% EUR $1,807 27% Other $573 8%
DEBT DETAIL Debt Summary 24 1. All effective interest rates presented include the amortization of deferred financing costs, discount on debt, above/below-market debt, and facility fees. The unsecured credit facility and unsecured term loan also include the effects of hedging instruments in place as of September 30, 2026. 2. Stated maturity dates assume the exercise of extension options. 3. Contracted RCF interest rate excludes 0.15% facility fee which is applied to the full $3.5 billion capacity. 4. In October 2026, Fitch Ratings downgraded our Long-Term Issuer Default rating from BBB+ to BBB, resulting in an increase in our applicable margin for the revolving credit facility from 0.775% to 0.85% and the term loan from 0.925% to 1.05%. Our facility fee also increased as a result from 0.15% to 0.20%. As of September 30, 2026 (in millions) Balance Contracted Interest Rate Effective Interest Rate1 Stated Maturity Date2 Unsecured revolving credit facility3,4 $ 3,126 SOFR + 0.78% 4.65% 2/15/2029 Unsecured term loan4 1,000 SOFR + 0.93% 4.72% 2/15/2029 Total unsecured credit facilities $ 4,126 Private placement (USD tranches) - Series B 375 2.52% 2.61% 8/20/2028 Private placement (EUR tranches) - Series D, G, H and I 558 2.36% 2.44% Various Private placement (GBP tranches) - Series F 172 2.13% 2.22% 8/20/2028 5.25% Notes 500 5.25% 5.64% 7/15/2030 4.125% Notes 794 4.13% 4.34% 11/26/2031 Fuentes 1 1.13% 1.13% 1/31/2028 Total unsecured notes $ 2,400 Every Bear 228 4.51% 4.49% 10/10/2028 Cool Port 81 SOFR + 1.77% 5.98% 3/5/2029 Other 6 Various Various Various Total other real estate secured debt $ 315 Total debt $ 6,841 Current portion long-term debt (2) Deferred financing costs and discount on debt (26) Total long-term debt, net $ 6,813 Current portion long-term debt 2 Total debt, net $ 6,815 Finance lease obligations 1,269 Failed sale-leaseback financing obligations 64 Total debt and debt-like obligations $ 8,148 Deferred financing costs/discount on debt issued 26 Gross debt $ 8,174 Less: available cash and cash equivalents 58 Net debt $ 8,116
Debt Summary - Leverage Ratio and Adjusted Leverage Ratio 25 (in millions) 9/30/2026 Net debt $ 8,116 Less: Development under construction1 (398) Less: Unstabilized developments2 (612) Adjusted net debt $ 7,106 LTM adj. EBITDA $ 1,278 Less: Development under construction1 1 Less: Unstabilized developments2 (6) Effect of acquisitions & divestitures as if impacting the entire period3 — Transaction adjusted EBITDA $ 1,273 Adjusted net debt to transaction adjusted EBITDA 5.6xSee “Non-GAAP Financial Measures” for additional information regarding these non-GAAP financial measures. 1. Includes all greenfield and expansion projects that are not yet completed as of 9/30/2026. 2. Includes all recently completed greenfield and expansion projects which are not yet included in the same store pool. 3. For acquisitions, effect calculated as the difference between the actual recorded EBITDA during the period attributable to the acquired assets and the annualized amount implied by that actual recorded EBITDA. For divestitures, effect removes the actual recorded EBITDA during the period. During the construction period and until the assets have fully ramped up, Lineage's greenfields and expansions generally put upward pressure on leverage by increasing debt borrowings before the project generates EBITDA. Similarly, acquisitions & divestitures during a given period impact Lineage's debt but do not contribute a full year's EBITDA. The calculation on the right shows Lineage's adjusted net debt to EBITDA, excluding the capitalized cost and related EBITDA of assets under construction or constructed-but- unstabilized, and assuming acquisitions and divestitures affected the full period. (in millions) 9/30/2026 Total debt $ 6,841 Debt-like obligations 1,333 Gross debt $ 8,174 Cash and cash equivalents (excluding restricted cash) (58) Net debt $ 8,116 LTM Adj. EBITDA 1,278 Net debt/LTM Adj. EBITDA 6.4x Leverage Ratio: Net Debt to Adjusted EBITDA Adjusted Leverage Ratio: Net Debt to Transaction Adjusted EBITDA
Debt Covenant Performance 261. Debt Service Test is defined as the ratio of Adj. EBITDA to Interest Expense for the trailing twelve months. As of Required September 30, 2026 5.25% & 4.125% Notes Covenants Limitation on total outstanding debt ≤ 60% 34% Limitation on secured debt ≤ 40% 7% Maintenance of total unencumbered assets ≥ 150% 303% Debt service test(1) ≥ 1.5x 4.0x
RECURRING MAINTENANCE CAPITAL EXPENDITURES Capital Expenditures and Acquisitions 27 (in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YoY Change Global warehousing $35 $42 $26 $28 $29 (17.1) % Global integrated solutions $6 $10 $2 $2 $4 (33.3) % Information technology and other $2 $4 $3 $3 $4 100.0 % Recurring maintenance capital expenditures $43 $56 $31 $33 $37 (14.0) % INTEGRATION CAPITAL EXPENDITURES (in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YoY Change Global warehousing $19 $26 $11 $13 $15 (21.1) % Global integrated solutions $1 $– $– $– $– (100.0) % Information technology and other $4 $3 $2 $1 $1 (75.0) % Integration capital expenditures $24 $29 $13 $14 $16 (33.3) % EXTERNAL GROWTH CAPITAL EXPENDITURES, EXCLUDING ACQUISITIONS (in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YoY Change Greenfield and expansion expenditures $92 $120 $100 $78 $81 (12.0) % Energy and economic return initiatives $16 $31 $13 $14 $16 — % Information technology transformation and growth initiatives $17 $17 $17 $14 $11 (35.3) % External growth capital investments $125 $168 $130 $106 $108 (13.6) % TOTAL CAPITAL EXPENDITURES AND ACQUISITIONS (in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YoY Change Recurring maintenance capital expenditures $43 $56 $31 $33 $37 (14.0) % Integration capital expenditures $24 $29 $13 $14 $16 (33.3) % External growth capital investments $125 $168 $130 $106 $108 (13.6) % Total capital expenditures $192 $253 $174 $153 $161 (16.1) % Acquisitions, net of cash acquired and adjustments $2 $2 $— $4 $– n.m. $194 $255 $174 $157 $161 (17.0) % Note: n.m. (not meaningful) is used in place of percentage changes where the change is excessive, involves a comparison between income and loss amounts, or involves a comparison to zero.
Repair and Maintenance Expenses 28 (in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YoY Change Global warehousing $38 $41 $40 $40 $39 2.6 % Global integrated solutions $14 $13 $12 $13 $15 7.1 % Repair and maintenance expenses $52 $54 $52 $53 $54 3.8 %
HISTORICAL OCCUPANCY AND MINIMUM STORAGE GUARANTEES Global Warehouse Segment 291. Minimum storage guarantees are calculated as guaranteed storage and rent revenue in the most recent month annualized as a percent of total storage and rent revenue for the trailing twelve months. 80.4% 76.8% 77.8% 77.3% 76.7% 77.2% 79.1% 83.4% 81.9% 79.8% 77.7% 80.8% 77.6% 76.6% 75.4% 78.1% 75.4% 73.3% 73.7% 77.8% 74.4% 73.8% 74.2% 84.5% 81.1% 82.6% 81.3% 80.2% 81.0% 83.7% 87.7% 87.3% 85.1% 84.3% 87.2% 83.6% 82.9% 82.0% 83.9% 81.0% 79.1% 80.3% 83.5% 79.9% 80.0% 80.9% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Physical Occupancy Economic Occupancy Average Economic and Physical Occupancy in Our Global Warehousing Segment 41.8% 43.5% 43.9% 44.0% 42.0% 44.9% 46.7% 46.1% 44.7% 44.5% 44.9% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 45. 0% 50. 0% Contracts with Minimum Storage Guaranteed & Lease Revenue1 (as % of Rent and Storage Revenue)
Historical Same warehouse NOI Growth – As reported Global Warehouse Segment 301. As reported. Same Warehouse NOI – Recent Trend1 Q1 Q2 Q3 Q4 FY 2023 22.5% 19.0% 11.0% 9.0% 15.3% 2024 (2.9)% (2.3)% 2.4% 1.2% (0.6)% 2025 (7.9)% (6.3)% (3.6)% (5.0)% (5.8)% 2026 (0.9)% (2.9)% (4.2)%
Consolidated Balance Sheets 31 September 30, December 31, (in millions, except par values) 2026 2025 Assets Current assets: Cash, cash equivalents, and restricted cash $ 59 $ 66 Accounts receivable, net 938 896 Inventories 127 145 Prepaid expenses and other current assets 306 132 Total current assets 1,430 1,239 Non-current assets: Property, plant, and equipment, net 11,159 11,338 Finance lease right-of-use assets, net 1,044 1,101 Operating lease right-of-use assets, net 582 616 Equity method investments 133 131 Goodwill 3,426 3,466 Other intangible assets, net 990 1,090 Other assets 212 204 Total assets $ 18,976 $ 19,185 Liabilities, Redeemable Noncontrolling Interests, and Equity Current liabilities: Accounts payable and accrued liabilities $ 1,144 $ 1,331 Accrued dividends and distributions 138 134 Deferred revenue 80 81 Current portion of long-term debt, net 2 2 Total current liabilities 1,364 1,548 Non-current liabilities: Long-term finance lease obligations 1,183 1,216 Long-term operating lease obligations 562 599 Deferred income tax liability 272 303 Long-term debt, net 6,813 6,107 Other long-term liabilities 168 169 Total liabilities 10,362 9,942 Commitments and contingencies Redeemable noncontrolling interests — 7 Stockholders’ equity: Common stock, $0.01 par value per share – 500 authorized shares; 228 issued and outstanding at September 30, 2026 and 227 issued and outstanding at December 31, 2025 2 2 Additional paid-in capital - common stock 10,830 10,780 Retained earnings (accumulated deficit) (3,037) (2,439) Accumulated other comprehensive income (loss) (133) (97) Total stockholders’ equity 7,662 8,246 Noncontrolling interests 952 990 Total equity 8,614 9,236 Total liabilities, redeemable noncontrolling interests, and equity $ 18,976 $ 19,185
Consolidated Statements of Operations 32 Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share amounts) 2026 2025 2026 2025 Net revenues $ 1,361 $ 1,377 $ 4,019 $ 4,019 Cost of operations 949 932 2,765 2,728 General and administrative expense 142 145 421 442 Depreciation expense 186 174 545 502 Amortization expense 55 56 166 164 Acquisition, transaction, and other expense — 12 4 64 Goodwill impairment — 28 — 28 Restructuring, impairment, and (gain) loss on disposals 109 (5) 108 (23) Total operating expense 1,441 1,342 4,009 3,905 Income (loss) from operations (80) 35 10 114 Other income (expense): Equity income (loss), net of tax (2) (2) (5) (3) Gain (loss) on foreign currency transactions, net 3 (6) 6 36 Interest expense, net (92) (68) (263) (195) Gain (loss) on extinguishment of debt — (3) — (3) Other nonoperating income (expense), net (2) (57) (1) (56) Total other income (expense), net (93) (136) (263) (221) Net income (loss) before income taxes (173) (101) (253) (107) Income tax expense (benefit) — 11 3 12 Net income (loss) (173) (112) (256) (119) Less: Net income (loss) attributable to noncontrolling interests (19) (12) (27) (13) Net income (loss) attributable to Lineage, Inc. $ (154) $ (100) $ (229) $ (106) Other comprehensive income (loss), net of tax: Unrealized gain (loss) on interest rate hedges and foreign currency hedges 7 (15) 18 (46) Foreign currency translation adjustments 5 (25) (59) 223 Comprehensive income (loss) (161) (152) (297) 58 Less: Comprehensive income (loss) attributable to noncontrolling interests (18) (16) (32) 6 Comprehensive income (loss) attributable to Lineage, Inc. $ (143) $ (136) $ (265) $ 52 Basic earnings (loss) per share $ (0.68) $ (0.44) $ (0.99) $ (0.46) Diluted earnings (loss) per share $ (0.68) $ (0.44) $ (0.99) $ (0.46) Weighted average common shares outstanding: Basic 228 228 227 228 Diluted 228 228 227 228
Consolidated Statements of Cash Flows 33 Nine Months Ended September 30, (in millions) 2026 2025 Cash flows from operating activities: Net income (loss) $ (256) $ (119) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 1 5 Goodwill impairment — 28 Gain on insurance recovery (39) (51) Depreciation and amortization 711 666 Amortization of deferred financing costs, discount, and above/below market debt 10 8 Stock-based compensation 91 107 (Gain) loss on foreign currency transactions, net (6) (36) Deferred income tax (15) (13) Put Options fair value adjustment — 30 Proceeds from insurance recoveries - business interruption 22 — (Gain) loss on divestitures, net — 58 Other operating activities 10 12 Changes in operating assets and liabilities (excluding effects of acquisitions): Accounts receivable (33) (36) Prepaid expenses, other assets, and other long-term liabilities (139) (28) Inventories 16 20 Accounts payable and accrued liabilities and deferred revenue 55 (24) Right-of-use assets and lease obligations 3 — Net cash provided by operating activities 431 $ 627 Cash flows from investing activities: Acquisitions, net of cash acquired (4) (441) Purchase of property, plant, and equipment (483) (509) Proceeds from sale of assets 30 10 Proceeds from insurance recovery on impaired long-lived assets 10 49 Investments in Emergent Cold LatAm Holdings, LLC (3) (9) Other investing activity 1 1 Net cash used in investing activities $ (449) $ (899)
Consolidated Statements of Cash Flows (continued) 34 Nine Months Ended September 30, (in millions) 2026 2025 Cash flows from financing activities: Dividends and other distributions (403) (402) Redemption of redeemable noncontrolling interests (2) (28) Repurchase of common shares for employee income taxes on stock-based compensation (13) (12) Proceeds from long-term debt, net of discount — 495 Repayments of long-term debt and finance leases (869) (190) Borrowings on Revolving Credit Facility 2,573 2,258 Repayments on Revolving Credit Facility (1,004) (1,854) Redemption of Preference Shares (263) — Settlement of Put Option liability — (50) Redemption of common stock — (28) Other financing activity (7) (17) Net cash (used in) provided by financing activities $ 12 $ 172 Impact of foreign exchange rates on cash, cash equivalents, and restricted cash (1) — Net increase (decrease) in cash, cash equivalents, and restricted cash (7) (100) Cash, cash equivalents, and restricted cash at the beginning of the period $ 66 $ 175 Cash, cash equivalents, and restricted cash at the end of the period $ 59 $ 75 Supplemental disclosures of cash flow information: Cash paid for taxes, net of refunds $ 19 $ 19 Cash paid for interest, net of capitalized interest $ 268 $ 237 Noncash activities: Purchases of property, plant, and equipment in Accounts payable and accrued liabilities $ 158 $ 75 Accrued dividends, distributions, and dividend equivalents $ 140 $ 137 Assets acquired through exercise of a purchase option in a finance lease $ 7 $ 96
35 Appendix: Non-GAAP Reconciliations and Other Definitions
TOTAL SEGMENT NOI RECONCILIATION TO NET INCOME (LOSS) Non-GAAP Reconciliations 36 Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 1. NOI Margin is calculated as NOI divided by Net revenues. 2. Reflects year-over-year growth for each respective period. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2024 2025 2026 2023 2024 2025 2026 Net Income (Loss) $(50) $(543) $(112) $(173) $(39) $(671) $(119) $(256) Stock-based compensation expense and related employer- paid payroll taxes in cost of operations — 1 4 5 — 1 10 12 General and administrative expense 122 143 145 142 361 394 442 421 Depreciation expense 137 156 174 186 402 478 502 545 Amortization expense 51 54 56 55 155 162 164 166 Acquisition, transaction, and other expense 19 592 12 — 45 612 64 4 Goodwill impairment — — 28 — — — 28 — Restructuring, impairment, and (gain) loss on disposals 4 8 (5) 109 11 23 (23) 108 Equity (income) loss, net of tax 2 — 2 2 2 3 3 5 (Gain) loss on foreign currency transactions, net 5 (14) 6 (3) 9 (5) (36) (6) Interest expense, net 126 82 68 92 357 369 195 263 (Gain) loss on extinguishment of debt — 6 3 — — 13 3 — Other nonoperating (income) expense, net 19 (1) 57 2 19 (1) 56 1 Income tax expense (benefit) (5) (45) 11 — (8) (48) 12 3 Total segment NOI $430 $439 $449 $417 $1,314 $1,330 $1,301 $1,266 Net revenues $1,329 $1,335 $1,377 $1,361 $4,008 $4,001 $4,019 $4,019 NOI Margin1 32.4 % 32.9 % 32.6 % 30.6 % 32.8 % 33.2 % 32.4 % 31.5 % NOI Growth2 2.1 % 2.3 % (7.1)% 1.2 % (2.2)% (2.7)%
TOTAL SEGMENT NOI RECONCILIATION TO NET INCOME (LOSS) - LAST SEVEN QUARTERS (Q3 2026 Pool) Non-GAAP Reconciliations 37Notes: Same Warehouse figures based on the Q3 2026 Pool Same Store asset pool. See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended (in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Net Income (Loss) $— $(7) $(112) $6 $(51) $(32) $(173) Stock-based compensation expense and related employer-paid payroll taxes in cost of operations 1 5 4 4 4 3 5 General and administrative expense 154 143 145 132 141 138 142 Depreciation expense 158 170 174 173 177 182 186 Amortization expense 54 54 56 56 56 55 55 Acquisition, transaction, and other expense 15 37 12 3 4 — — Goodwill impairment — — 28 20 — — — Restructuring, impairment, and (gain) loss on disposals (21) 3 (5) (21) 3 (4) 109 Equity (income) loss, net of tax 4 (3) 2 — 3 — 2 (Gain) loss on foreign currency transactions, net (16) (26) 6 8 (3) — (3) Interest expense, net 60 67 68 73 84 87 92 (Gain) loss on extinguishment of debt — — 3 — — — — Other nonoperating (income) expense, net — (1) 57 (6) (1) — 2 Income tax expense (benefit) 8 (7) 11 (14) 4 (1) — Total segment NOI $417 $435 $449 $434 $421 $428 $417 NOI by Segment Global warehousing NOI $360 $367 $384 $373 $364 $367 $361 Global integrated solutions NOI 57 68 65 61 57 61 56 Total segment NOI $417 $435 $449 $434 $421 $428 $417 Global warehousing NOI Same warehouse NOI (Q3 2026 Pool) $341 $344 $357 $347 $340 $334 $342 Non-same warehouse NOI 19 23 27 26 24 33 19 Total global warehousing NOI $360 $367 $384 $373 $364 $367 $361 Same store warehouses (Q3 2026 Pool) 419 419 419 419 419 419 419
ADJUSTED EBITDA RECONCILIATION TO NET INCOME (LOSS) QTD Non-GAAP Reconciliations 38Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended September 30, (in millions) 2023 2024 2025 2026 Net Income (loss) $(50) $(543) $(112) $(173) Adjustments: Depreciation and amortization expense 188 210 $230 $241 Interest expense, net 126 82 68 92 Income tax expense (benefit) (5) (45) 11 — EBITDA $259 $(296) $197 $160 Adjustments: Net loss (gain) on sale of real estate assets 5 2 — — Impairment of real estate assets 1 4 — — Allocation of EBITDAre of noncontrolling interests — (1) 1 — EBITDAre $265 $(291) $198 $160 Adjustments: Net (gain) loss on sale of non-real estate assets (1) — (1) 1 Other nonoperating (income) expense, net 19 (1) 57 2 Acquisition, restructuring, and other 20 470 14 3 Technology transformation — 5 5 6 (Gain) loss on property destruction — (5) (10) 105 (Gain) loss on foreign currency transactions, net 5 (14) 6 (3) Stock-based compensation expense and related employer-paid payroll taxes 8 160 38 38 (Gain) loss on extinguishment of debt — 6 3 — Goodwill impairment — — 28 — Impairment of other intangible assets — — 1 — Impairment of other non-real estate assets — — 1 — Allocation related to unconsolidated JVs 1 4 2 5 Allocation adjustments of noncontrolling interests (1) (1) (1) — Adjusted EBITDA $316 $333 $341 $317 Net revenues $1,329 $1,335 $1,377 $1,361 Adjusted EBITDA as a % of Revenue 23.8 % 24.9 % 24.8 % 23.3 % Adjusted EBITDA Growth 5.4 % 2.4 % (7.0) %
ADJUSTED EBITDA RECONCILIATION TO NET INCOME (LOSS) YTD Non-GAAP Reconciliations 39Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Nine Months Ended September 30, (in millions) 2023 2024 2025 2026 Net Income (loss) $(39) $(671) $(119) $(256) Adjustments: Depreciation and amortization expense $557 $640 $666 $711 Interest expense, net 357 369 195 263 Income tax expense (benefit) (8) (48) 12 3 EBITDA $867 $290 $754 $721 Adjustments: Net loss (gain) on sale of real estate assets $7 $5 $3 $— Impairment of real estate assets 2 9 — 1 Allocation of EBITDAre of noncontrolling interests (2) (2) — (1) EBITDAre $874 $302 $757 $721 Adjustments: Net (gain) loss on sale of non-real estate assets $(3) $(2) $(3) $(1) Other nonoperating (income) expense, net 19 (1) 56 1 Acquisition, restructuring, and other 50 496 79 20 Technology transformation — 15 17 18 (Gain) loss on property destruction — (4) (47) 91 (Gain) loss on foreign currency transactions, net 9 (5) (36) (6) Stock-based compensation expense and related employer-paid payroll taxes 19 171 108 93 (Gain) loss on extinguishment of debt — 13 3 — Goodwill impairment — — 28 — Impairment of other intangible assets — — 1 — Impairment of other non-real estate assets — — 2 1 Allocation related to unconsolidated JVs 6 9 7 12 Allocation adjustments of noncontrolling interests (1) — (1) 1 Adjusted EBITDA $973 $994 $971 $951 Net revenues $4,008 $4,001 $4,019 $4,019 Adjusted EBITDA as a % of Revenue 24.3 % 24.8 % 24.2 % 23.7 % Adjusted EBITDA Growth 2.2 % (2.3) % (2.1) %
ADJUSTED EBITDA RECONCILIATION TO NET INCOME (LOSS) - LAST TWELVE MONTHS (LTM) Non-GAAP Reconciliations 40Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended Twelve Months Ended (in millions) December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net Income (loss) $6 $(51) $(32) $(173) $(250) Adjustments: Depreciation and amortization expense $229 $233 $237 $241 $940 Interest expense, net 73 84 87 92 336 Income tax expense (benefit) (14) 4 (1) — (11) EBITDA $294 $270 $291 $160 $1,015 Adjustments: Net loss (gain) on sale of real estate assets $(26) $— $— $— $(26) Impairment of real estate assets 2 — 1 — 3 Allocation of EBITDAre of noncontrolling interests — — (1) — (1) EBITDAre $270 $270 $291 $160 $991 Adjustments: Net (gain) loss on sale of non-real estate assets $4 $(1) $(1) $1 $3 Other nonoperating (income) expense, net (6) (1) — 2 (5) Acquisition, restructuring, and other 8 11 6 3 28 Technology transformation 6 6 6 6 24 (Gain) loss on property destruction (6) (3) (11) 105 85 (Gain) loss on foreign currency transactions, net 8 (3) — (3) 2 Stock-based compensation expense and related employer-paid payroll taxes 19 30 25 38 112 Goodwill impairment 20 — — — 20 Impairment of other non-real estate assets — — 1 — 1 Allocation related to unconsolidated JVs 4 4 3 5 16 Allocation adjustments of noncontrolling interests — 1 — — 1 Adjusted EBITDA $327 $314 $320 $317 $1,278 Adjustments: Impact of development under construction — — — 1 1 Impact of unstabilized development projects — (1) (2) (3) (6) Effect of acquisitions & divestitures as if impacting the entire period (1) 1 — — — Transaction Adjusted EBITDA $326 $314 $318 $315 $1,273
ADJUSTED FFO RECONCILIATION TO NET INCOME (LOSS) QTD Non-GAAP Reconciliations 41Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. End of period, fully diluted shares outstanding for AFFO calculations as of September 30, 2026 was 259 million shares. Quarter-to-date Adjusted FFO per share may not add to year-to-date Adjusted FFO per share due to rounding. Three Months Ended September 30, Three Months Ended June 30, (in millions) 2023 2024 2025 2026 2026 Net Income (loss) $(50) $(543) $(112) $(173) $(32) Adjustments: Real estate depreciation $82 $89 $97 $108 $101 In-place lease intangible amortization 2 1 2 1 1 Net loss (gain) on sale of real estate assets 4 2 — — — Impairment of real estate assets — 4 — — 1 Real estate depreciation, (gain) loss on sale of real estate and real estate impairments on unconsolidated JVs 1 1 1 1 — Allocation of noncontrolling interests — — 1 — (1) FFO $39 $(446) $(11) $(63) $70 Adjustments: Net (gain) loss on sale of non-real estate assets $(1) $— $(1) $1 $(1) Finance lease ROU asset amortization - real estate 18 17 17 18 18 Goodwill impairment — — 28 — — Impairment of other intangible assets — — 1 — — Impairment of other non-real estate assets — — 1 — 1 Other nonoperating (income) expense, net 19 (1) 57 2 — Acquisition, restructuring, and other 19 473 18 11 10 Technology transformation — 5 5 6 6 (Gain) loss from property destruction — (5) (10) 105 (11) (Gain) loss on foreign currency transactions, net 5 (14) 6 (3) — (Gain) loss on extinguishment of debt — 6 3 — — Core FFO $99 $35 $114 $77 $93 Adjustments: Non-real estate depreciation and amortization $81 $93 $105 $106 $108 Finance lease ROU asset amortization - non-real estate 5 8 9 9 8 Amortization of deferred financing costs, discount, and above/below market debt 4 6 3 3 4 Deferred income taxes expense (benefit) (16) (47) (4) (9) (7) Straight line net operating rent 2 (1) — — — Stock-based compensation expense and related employer-paid payroll taxes 9 160 38 38 25 Recurring maintenance capital expenditures (48) (45) (43) (37) (33) Allocation related to unconsolidated JVs 1 1 — 1 — Allocation of noncontrolling interests — (2) (1) — — Adjusted FFO $137 $208 $221 $188 $198 Reconciliation of weighted average common shares outstanding: Weighted average common shares outstanding 162 210 228 228 228 Partnership common units and OP units held by Non-Company LPs 20 21 22 22 22 Equity compensation and other units — 1 8 9 9 Adjusted diluted weighted average common shares outstanding 182 232 258 259 259 Adjusted FFO per diluted common share $0.75 $0.90 $0.85 $0.73 $0.76
ADJUSTED FFO RECONCILIATION TO NET INCOME (LOSS) YTD Non-GAAP Reconciliations 42Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. End of period, fully diluted shares outstanding for AFFO calculations as of September 30, 2026 was 259 million shares. Nine Months Ended September 30, (in millions) 2023 2024 2025 2026 Net Income (loss) $(39) $(671) $(119) $(256) Adjustments: Real estate depreciation $238 $265 $276 $308 In-place lease intangible amortization 6 6 4 3 Net loss (gain) on sale of real estate assets 7 5 3 — Impairment of real estate assets 2 9 — 1 Real estate depreciation, (gain) loss on sale of real estate and real estate impairments on unconsolidated JVs 3 2 2 2 Allocation of noncontrolling interests — (1) 1 — FFO $217 $(385) $167 $58 Adjustments: Net (gain) loss on sale of non-real estate assets $(3) $(2) $(3) $(1) Finance lease ROU asset amortization - real estate 53 53 53 54 Goodwill impairment — — 28 — Impairment of other intangible assets — — 1 — Impairment of other non-real estate assets — — 2 1 Other nonoperating (income) expense, net 19 (1) 56 1 Acquisition, restructuring, and other 50 500 90 36 Technology transformation — 15 17 18 (Gain) loss from property destruction — (4) (47) 91 (Gain) loss on foreign currency transactions, net 9 (5) (36) (6) (Gain) loss on extinguishment of debt — 13 3 — Core FFO $345 $184 $331 $252 Adjustments: Non-real estate depreciation and amortization $243 $294 $308 $320 Finance lease ROU asset amortization - non-real estate 16 21 25 26 Amortization of deferred financing costs, discount, and above/below market debt 15 17 8 10 Deferred income taxes expense (benefit) (48) (71) (13) (15) Straight line net operating rent 4 (3) — — Amortization of above / below market leases — (1) — — Stock-based compensation expense and related employer-paid payroll taxes 19 171 108 93 Recurring maintenance capital expenditures (119) (123) (117) (101) Allocation related to unconsolidated JVs 2 4 2 2 Allocation of noncontrolling interests (1) (1) (1) — Adjusted FFO $476 $492 $651 $587 Reconciliation of weighted average common shares outstanding: Weighted average common shares outstanding 162 178 228 227 Partnership common units and OP units held by Non-Company LPs 20 20 22 22 Equity compensation and other units — 2 8 9 Adjusted diluted weighted average common shares outstanding 182 200 258 258 Adjusted FFO per diluted common share $2.61 $2.46 $2.52 $2.28
NET DEBT RECONCILIATION TO TOTAL DEBT, NET Non-GAAP Reconciliations 43 Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 1. LTM Adjusted EBITDA represents Adjusted EBITDA for the twelve months ended. As of September 30, (in millions) 2026 Total debt, net $6,815 Finance lease obligations 1,269 Total sale-leaseback financing obligations 64 Total debt and debt-like obligations $8,148 Deferred financing costs and discount on debt issued 26 Gross debt $8,174 Less: Cash and cash equivalents (excluding restricted cash) 58 Net debt $8,116 LTM Adjusted EBITDA1 $1,278 Net debt to LTM Adjusted EBITDA 6.4x
Period End Share Count 44 September 30, (in millions) 2026 Common shares outstanding 228 Partnership common units and OP units held by Non-Company LPs 22 Equity compensation and other units 9 Diluted common shares outstanding 259
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, net debt, net debt to LTM Adjusted EBITDA, and adjusted net debt to transaction adjusted EBITDA. We also use same warehouse and non-same warehouse metrics. We calculate total segment NOI (or “NOI”) as our total revenues less our cost of operations (excluding any depreciation and amortization, general and administrative expense, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, restructuring and impairment expense, gain and loss on sale of assets, and acquisition, transaction, and other expense). We use segment NOI to evaluate our segments for purposes of making operating decisions and assessing performance in accordance with ASC 280, Segment Reporting. We believe segment NOI is helpful to investors as a supplemental performance measure to net income because it assists both investors and management in understanding the core operations of our business. There is no industry definition of segment NOI and, as a result, other REITs may calculate segment NOI or other similarly-captioned metrics in a manner different than we do. We calculate EBITDA as net income or loss determined in accordance with GAAP, excluding depreciation and amortization expense, interest expense, net, and income tax expense or benefit. We also calculate EBITDA for Real Estate, or “EBITDAre”, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or “NAREIT”, as EBITDA further adjusted for net loss or gain on sale of real estate assets, net of withholding taxes, impairment of real estate assets, and adjustments to reflect our share of EBITDAre for partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles, and useful life of related assets among otherwise comparable companies. In addition, we calculate our Adjusted EBITDA as EBITDAre further adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), other nonoperating income or expense, acquisition, restructuring, and other expense, foreign currency exchange gain or loss, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, loss or gain on debt extinguishment and modification, impairments of goodwill and other non-real estate assets including intangible assets, technology transformation, and reduction in EBITDAre from partially owned entities. We believe that the presentation of Adjusted EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in EBITDAre, which we do not believe are indicative of our core business operations. We calculate Transaction adjusted EBITDA as Adjusted EBITDA removing the EBITDA of developments under construction, unstabilized developments, and divestitures and annualizing the EBITDA from recent acquisitions. Developments under construction represent all greenfield and expansion projects that are not yet completed as of the end of the period. Unstabilized developments represent all recently completed greenfield and expansion projects which are not yet included in the same store pool. For acquisitions, the EBITDA adjustment is calculated as the difference between the actual recorded EBITDA during the period attributable to the acquired business and the annualized amount implied by that actual recorded EBITDA. For the divestitures adjustment, we use the actual recorded EBITDA during the period. We use transaction adjusted EBITDA in the calculation of Adjusted net debt to transaction adjusted EBITDA ratio. EBITDAre, Adjusted EBITDA, and Transaction adjusted EBITDA are not measurements of financial performance under GAAP, and our EBITDAre, Adjusted EBITDA, and Transaction adjusted EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre, Adjusted EBITDA, or Transaction adjusted EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Our calculations of EBITDAre, Adjusted EBITDA, and Transaction adjusted EBITDA have limitations as analytical tools, including the following: • these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures; • these measures do not reflect changes in, or cash requirements for, our working capital needs; • these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness; • these measures do not reflect our tax expense or the cash requirements to pay our taxes; and • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and these measures do not reflect any cash requirements for such replacements. We use EBITDA, EBITDAre, and Adjusted EBITDA as measures of our operating performance and not as measures of liquidity. We also calculate Adjusted EBITDA margin, which represents Adjusted EBITDA as a percentage of Net revenues and which provides an additional way to compare the above-described measure of our operations across periods. (continued on following slide) Non-GAAP Financial Measures 45
(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 sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, in-place lease intangible amortization, real estate asset impairment, and our share of reconciling items for partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization, and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We calculate core funds from operations, or Core FFO, as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), finance lease ROU asset amortization real estate, impairments of goodwill and other non-real estate assets, including intangible assets, technology transformation, acquisition, restructuring and other, other nonoperating income or expense, loss on debt extinguishment and modifications and the effects of gain or loss on foreign currency exchange. We also adjust for the impact attributable to non-real estate impairments on unconsolidated joint ventures and natural disaster. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential. However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of recurring maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of FFO and Core FFO as a measure of our performance may be limited. We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of amortization of deferred financing costs, amortization of debt discount/premium, amortization of above or below market leases, straight-line net operating rent, provision or benefit from deferred income taxes, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, non-real estate depreciation and amortization, non-real estate finance lease ROU asset amortization, and recurring maintenance capital expenditures. We also adjust for Adjusted FFO attributable to our share of reconciling items of partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities. FFO, Core FFO, Adjusted FFO, and Adjusted FFO per diluted share are used by management, investors, and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO, Adjusted FFO, and Adjusted FFO per diluted share should be evaluated along with GAAP net income and net income per diluted share (the most directly comparable GAAP measures) in evaluating our operating performance. FFO, Core FFO, and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our condensed consolidated financial statements included elsewhere in this Presentation. FFO, Core FFO, and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We calculate net debt as our gross debt (defined as total debt, net plus finance lease obligations, failed sale-leaseback financing obligations, deferred financing costs, and above/below market debt, net), less cash and cash equivalents (excluding restricted cash). Net debt to LTM Adjusted EBITDA is calculated using net debt as of period end divided by Adjusted EBITDA for the twelve months then ended. We use this ratio to evaluate our capital structure and financial leverage. This ratio is also commonly used in our industry, and we believe it provides investors, lenders and rating agencies a meaningful supplemental measure of our ability to repay and service our debt obligations. Other REITs may also calculate this ratio or other similarly-captioned metrics in a manner different than we do. We calculate Adjusted net debt as net debt adjusted for the capitalized cost of the constructed greenfield and expansion projects that are not yet completed as of the period end and the capitalized cost of all recently completed greenfield and expansion projects which are not yet included in the same store pool. We use Adjusted net debt in the calculation of Adjusted net debt to Transaction adjusted EBITDA ratio. This is a financial leverage measure that we believe is meaningful to investors because it excludes the effect of our greenfields and expansions that have not yet fully normalized in operations and acquisitions, both of which increase debt borrowings for the capital required for their construction or acquisition and do not generally have the corresponding EBITDA impact in their initial period of operation. We believe these amounts would not be indicative of the true financial leverage of our operations. We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to non-GAAP financial measure for forward-looking Adjusted EBITDA and Adjusted FFO per share possible without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant. Non-GAAP Financial Measures 46
Other Definitions 47 Global Warehousing Segment Revenues Warehouse storage Storage revenues relate to the act of storing products for our customers within our warehouses. Storage revenues can be in the form of storage fees we charge customers for utilization of non-exclusive space or a set amount of reserved space in a warehouse, blast freezing fees we charge customers for utilization of specific ultra-cold spaces within a warehouse designed to rapidly reduce product temperature, and rent we charge customers for the lease of warehouse space pursuant to a lease agreement. Warehouse services Warehouse services fees relate to handling and other services required to prepare and move customers’ pallets into, out of, and around the facilities. As part of our warehouse services, we offer receipt, handling, case-picking, retrieval of products from storage, building customized pallets and repackaging, order assembly and load consolidation, exporting and importing support services, container handling, cross-docking, quality control, and government-approved storage and inspection, among other services. Cost of Operations Labor Labor comprises the largest component of the cost of operations from our Global Warehousing segment and consists primarily of employee wages (both direct and indirect) and benefits, excluding stock-based compensation. Changes in our labor expense are driven by, among other things, changes in headcount, changes in compensation levels and associated performance incentives, the use of third-party labor to support our operations, changes in terms of collective bargaining agreements, changes in customer requirements and associated work content, workforce productivity, labor availability, governmental policies and regulations, and variability in costs associated with employer-provided benefits. Power Our second-largest cost of operations is power utilized in the operation of our temperature-controlled warehouses. We may, from time to time, hedge our exposure to changes in power prices through fixed rate agreements. In addition, to the extent possible and appropriate, we may seek to mitigate or offset the impact of fluctuations in the price of power on our financial results through rate escalations or power surcharge provisions within our agreements with customers. We also look to implement energy saving alternatives to reduce energy consumption, including the installation of solar panels, state of the art refrigeration control systems, LED lighting, thermal energy storage, motion-sensor technology, variable frequency drives for our fans and compressors, and rapid open/close doors. Additionally, business mix impacts our power expense depending on the temperature zone and type and frequency of freezing required (e.g., blast freezing). Other warehouse costs Other warehouse costs include utilities other than power, insurance, real estate taxes, repairs and maintenance, rent under real property operating leases where applicable, equipment costs, warehouse consumables (e.g., pallets and shrink-wrap), personal protective equipment, warehouse administration, and other related facility and services costs.
Other Definitions 48 (continued) Same Warehouse Analysis In addition to segment NOI, we further evaluate the performance of our Global Warehousing segment using a “same warehouse” analysis, which isolates the operating performance of a consistent population of warehouses from period to period. We define our “same warehouse” population annually at the beginning of the calendar year. Our same warehouse population includes properties that were owned, leased, or managed for the entirety of two comparable periods and that have reported at least twelve months of consecutive normalized operations prior to January 1 of the current calendar year. We define “normalized operations” as properties that have been open for operation or lease after development or significant modification, including the expansion of a warehouse footprint or a warehouse rehabilitation subsequent to an event, such as a natural disaster or similar event causing disruption to operations. In addition, our definition of “normalized operations” takes into account changes in the ownership structure (e.g., purchase of a previously leased warehouse would result in a change in the nature of expenditures in the compared periods), which would impact comparability in our Global Warehousing segment NOI. Acquired properties will be included in the “same warehouse” population if owned or leased by us as of the first business day of the prior calendar year and still owned by us as of the end of the current reporting period, unless the property is under development. The “same warehouse” pool can also be adjusted during the year to remove properties that were sold, entering development, or in operational transition subsequent to the beginning of the current calendar year. As such, the “same warehouse” population for the period ended September 30, 2026 includes all properties that we owned as of January 1, 2025 which had both been owned and had reached “normalized operations” by January 1, 2025. Global Integrated Solutions Segment Revenues Our Global Integrated Solutions segment revenues are primarily driven by transportation fees, which may also include fuel and capacity surcharges, to our customers for whom we arrange the transportation of their products. Within transportation, our core focus areas are multi-vendor less-than-full-truckload consolidation, drayage services to and from ports, transportation brokerage, and freight forwarding. We also provide rail transportation services and, in select markets, foodservice distribution and e-commerce fulfillment services. Cost of Operations Our Global Integrated Solutions cost of operations consists primarily of third-party carrier charges, which are impacted by factors affecting those carriers, including truck and ocean liner capacity and driver and equipment availability. Additionally, in certain markets we employ drivers and operate assets to serve our customers. Costs to operate these assets include wages (excluding stock-based compensation), fuel, tolls, insurance, and maintenance.
C O N TA C T Thank you 49 Investor Relations ir@onelineage.com