Lineage, Inc. (NASDAQ: LINE)

Lineage is the world’s largest global temperature controlled warehouse REIT. The company owns and manages a modern network of warehouses that store and handle perishable food and other temperature sensitive products. Its facilities are located in key distribution markets across North America Europe and Asia Pacific. As of the end of 2025 the portfolio comprised 501 warehouses with approximately 88 million square feet and 3.1 billion cubic feet of capacity. The business focuses on providing storage and related services to a diverse base of customers in the food supply chain.

Lineage generates revenue primarily from storage fees paid by customers for using its warehouse space. It also earns income from warehouse service fees that cover handling labeling and moving pallets within the facilities. In addition the company offers integrated solutions such as transportation refrigerated rail leasing and freight forwarding which generate additional revenue streams. These services are delivered under various contract types including storage agreements rate letters and tariff sheets. The combined income from storage warehouse services and integrated solutions contributed to total revenue of 5.4 billion dollars for the year ended 2025. The firm continues to invest in automation and digital tools to enhance operational efficiency and customer experience.

The company operates through the following segments: Global warehousing and Global integrated solutions.

• Global warehousing focuses on the ownership and operation of temperature controlled warehouse properties. It provides storage space and related warehouse services to customers who need to keep products at specific temperatures. The segment includes distribution centers public warehouses production advantaged facilities and managed warehouses located in North America Europe and Asia Pacific. For the year ended 2025 this segment generated approximately 86 percent of the company’s net operating income and contributed the majority of storage and service revenue.

• Global integrated solutions supplies value added services that complement warehousing such as transportation drayage freight forwarding refrigerated rail leasing and e commerce fulfillment. It helps customers move products through the food supply chain while creating additional revenue for the company. In 2025 transportation and refrigerated rail leasing together accounted for about 57 percent of the segment’s revenue and the segment represented roughly 14 percent of total net operating income.

Lineage holds a leading position in the temperature controlled warehousing industry as the largest operator by cubic feet of storage capacity. Its competitive advantages stem from a vast geographically dispersed network that enables it to serve multinational customers across multiple regions. The company competes with firms such as Americold NewCold and various regional operators in the warehousing segment while in the integrated solutions segment it faces fragmented competition from providers like CH Robinson Trinity Rail and local trucking companies. Scale technology investment and a long term customer base give Lineage a defensible market position.

Lineage serves more than 11 thousand customers that include large food retailers manufacturers processors and food service distributors. The customer base is highly diversified with no single account representing more than 3.6 percent of revenue. Long term contracts with many of the largest customers provide stable income through minimum storage guarantees. The company’s relationships with its top customers often span several decades reflecting strong loyalty and partnership.