NASDAQ
28 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Director Receives Equity Grant to Align Interests
Shellye L. Archambeau, a Director at Lineage, Inc., was granted 4,490 Restricted Stock Units (RSUs) as part of her compensation, aligning her interests with shareholders.

NASDAQ
28 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Director Lynn A. Wentworth Granted 4,490 Restricted Stock Units
Lineage Inc. Director Lynn A. Wentworth was granted 4,490 time-based Restricted Stock Units (RSUs) on June 18, 2025, vesting on the earlier of June 18, 2026, or the next annual meeting, subject to continued service.

NASDAQ
28 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Director Michael Turner Receives Significant Equity Grant
Lineage, Inc. Director Michael John Turner was granted 4,490 shares of common stock in the form of Restricted Stock Units (RSUs) on June 18, 2025, increasing his beneficial ownership to 7,122 shares.

NASDAQ
28 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Director Nancy Joy Falotico Receives Equity Grant
Lineage, Inc. Director Nancy Joy Falotico was granted 4,490 restricted stock units (RSUs) on June 18, 2025, increasing her total beneficial ownership to 14,027 shares.

NASDAQ
28 days, 14 hours ago 
LINE
Lineage, INC
8-K: Lineage, Inc. Stockholders Re-Elect Board, Ratify Auditor, and Approve Executive Compensation at Annual Meeting
Lineage, Inc. announced the successful outcomes of its 2025 annual meeting, where stockholders re-elected all ten directors, ratified PricewaterhouseCoopers LLP as auditor, and approved executive compensation and a one-year frequency for future say-on-pay votes.

NASDAQ
31 days, 14 hours ago 
LINE
Lineage, INC
8-K: Lineage OP, LP Issues $500 Million Senior Notes Due 2030 to Refinance Debt and Bolster Working Capital
Lineage OP, LP, the operating partnership of Lineage, Inc., has successfully issued $500 million in 5.250% Senior Notes due 2030, with proceeds intended for revolving credit facility repayment and general corporate purposes.
Capital raise
 

NASDAQ
38 days, 10 hours ago 
LINE
Lineage, INC
8-K: Lineage, Inc. Prices $500 Million Senior Notes Offering Due 2030
Lineage, Inc. announced the pricing of $500 million aggregate principal amount of 5.250% Senior Notes due 2030 by its operating partnership, Lineage OP, LP, with proceeds intended for revolving credit facility repayment and general corporate purposes.
Capital raise
 

NASDAQ
38 days, 21 hours ago 
LINE
Lineage, INC
8-K: Lineage Announces Private Offering of Senior Notes to Bolster Financial Flexibility
Lineage, Inc.'s operating partnership, Lineage OP, LP, has commenced a private offering of senior notes to repay existing credit facility debt and for general corporate purposes.
Capital raise
 

NASDAQ
46 days, 22 hours ago 
LINE
Lineage, INC
8-K: Lineage, Inc. Reaffirms 2025 Guidance Amidst CFO Retirement and Strategic Tyson Foods Partnership
Lineage, Inc. announced the planned retirement of its CFO, reaffirmed its full-year 2025 financial guidance, and detailed a significant strategic partnership with Tyson Foods, including asset acquisitions and new automated warehouse developments.

NASDAQ
66 days, 12 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Co-Executive Chairman Kevin Patrick Marchetti Reports Stock Purchase
Kevin Patrick Marchetti, Co-Executive Chairman of Lineage, Inc., reports the purchase of 11,050 shares of common stock at an average price of $45.6278, along with adjustments to indirect holdings.

NASDAQ
67 days, 10 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Adam Forste Reports Stock Purchase
Adam Matthew Schwartz Forste, Co-Executive Chairman of Lineage, Inc., reports the purchase of 10,949 shares of common stock at an average price of $44.9284.

NASDAQ
70 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Abigail S. Fleming Reports Stock Acquisitions Through Dividend Reinvestment
Abigail S. Fleming, Chief Accounting Officer of Lineage, Inc., reports acquiring additional shares of common stock through a dividend reinvestment program.

NASDAQ
72 days, 10 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Director Kevin Patrick Marchetti Reports Stock Purchase
Kevin Patrick Marchetti, a director and Co-Executive Chairman of Lineage, Inc., reported purchasing 11,500 shares of common stock at a weighted average price of $43.7456 on May 6, 2025.

NASDAQ
72 days, 14 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Thattai Sudarsan V Acquires 4,420 Shares of Common Stock
Lineage Inc.'s Chief Information Officer and Chief Transformation Officer, Thattai Sudarsan V, purchased 4,420 shares of common stock on May 5, 2025.

NASDAQ
72 days, 22 hours ago 
LINE
Lineage, INC
8-K: Lineage Inc. Posts Investor Presentation, Highlights Growth Strategy and Financial Performance
Lineage Inc. released an investor presentation on May 7, 2025, outlining its strategic milestones, growth opportunities, and financial highlights.

NASDAQ
79 days, 23 hours ago 
LINE
Lineage, INC
10-Q: Lineage Inc. Reports Q1 2025 Results: Revenue Declines Amidst Inflationary Pressures
Lineage Inc.'s Q1 2025 results reveal a slight revenue decrease, influenced by inflationary pressures and strategic shifts in customer inventory management.
Worse than expected
 

NASDAQ
79 days, 23 hours ago 
LINE
Lineage, INC
8-K: Lineage, Inc. Reports Mixed Q1 2025 Results Amid Landmark Tyson Foods Agreements
Lineage, Inc. announced its Q1 2025 financial results, featuring a revenue decrease but highlighted by landmark agreements with Tyson Foods.
Worse than expected
 

NASDAQ
81 days, 14 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Abigail S. Fleming Reports Stock Transaction
Abigail S. Fleming, Chief Accounting Officer of Lineage, Inc., reports the disposition of 253 shares of common stock to cover tax obligations from vesting restricted stock units on April 24, 2025.

NASDAQ
81 days, 19 hours ago 
LINE
Lineage, INC
DEFA14A: Lineage, Inc. Announces 2025 Annual Meeting and Proxy Voting Details
Lineage, Inc. is holding its annual meeting on June 18, 2025, and is providing proxy materials for stockholders to vote on key proposals.

NASDAQ
81 days, 23 hours ago 
LINE
Lineage, INC
DEF: Lineage, Inc. Aims for Continued Growth and Innovation: 2025 Annual Meeting Focuses on Director Elections, Executive Compensation
Lineage, Inc. is set to hold its 2025 annual meeting, focusing on electing directors, ratifying the accounting firm, and addressing executive compensation, following a transformational year marked by a successful IPO and strategic acquisitions.
Better than expected
 

NASDAQ
88 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. President & CEO Greg Lehmkuhl Receives Stock and LTIP Unit Grants
Greg Lehmkuhl, President & CEO of Lineage, Inc., was granted restricted stock units and LTIP units on April 17, 2025, which vest over three years.

NASDAQ
88 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage CFO Robert Crisci Reports Grant of LTIP Units
Robert Crisci, CFO of Lineage, Inc., reports the acquisition of 10,732 LTIP units in Lineage OP, LP.

NASDAQ
88 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Receives LTIP Unit Grant
Sudarsan V Thattai, a Lineage, Inc. officer, was granted 17,886 LTIP units on April 17, 2025, which vest annually over three years and can be converted into Partnership Common Units.

NASDAQ
88 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Jeffrey Alvarez Rivera Awarded LTIP Units
Jeffrey Alvarez Rivera, Global Chief Operations Officer of Lineage Inc., received 17,886 LTIP units on April 17, 2025, which vest annually over three years and can be converted into Partnership Common Units.

NASDAQ
88 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Vanderelzen Receives Stock Grant
Sean Robert Vanderelzen, Chief Human Resources Officer at Lineage, Inc., reports the acquisition of 8,586 shares of common stock through a restricted stock unit (RSU) grant.

NASDAQ
88 days, 14 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Timothy Conrad Smith Reports Grant of LTIP Units
Chief Commercial Officer Timothy Conrad Smith reports the acquisition of 11,447 LTIP units in Lineage, Inc. on April 17, 2025, subject to vesting and conversion terms.

NASDAQ
88 days, 14 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Brian Jeffrey McGowan Reports Stock and LTIP Unit Grants
Brian Jeffrey McGowan, Chief Network Optimization Officer at Lineage Inc., reports the acquisition of restricted stock units and LTIP units, along with the disposal of common stock.

NASDAQ
88 days, 14 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Gregory A. Bryan Reports Changes in Beneficial Ownership
Gregory A. Bryan, Chief Integrated Solutions Officer of Lineage, Inc., reports the acquisition of restricted stock units and LTIP units, as well as a transfer of shares to an ex-spouse.

NASDAQ
88 days, 14 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Natalie Matsler Reports Acquisition of LTIP Units
Natalie Matsler, Chief Legal Officer and Corporate Secretary of Lineage, Inc., reports the acquisition of 7,155 LTIP Units.

NASDAQ
88 days, 14 hours ago 
LINE
Lineage, INC
8-K: Lineage Inc. Amends Executive Employment Agreements and Severance Plan
Lineage Inc. updates employment agreements for its CEO and CFO, and amends its executive severance plan to include equity-based awards in annual bonuses.

NASDAQ
99 days, 10 hours ago 
LINE
Lineage, INC
SCHEDULE 13G/A: Norges Bank Discloses 5.0% Passive Stake in Lineage Inc.
Norges Bank, on behalf of the Government of Norway, has filed an amended Schedule 13G disclosing a 5.0% passive beneficial ownership stake in Lineage Inc. as of March 31, 2025.

NASDAQ
103 days, 0 hours ago 
LINE
Lineage, INC
8-K: Lineage Inc. Changes Auditors, Appoints PwC After Dismissing KPMG
Lineage Inc. has dismissed KPMG as its independent auditor and appointed PricewaterhouseCoopers LLP (PwC) effective April 1, 2025.

NASDAQ
107 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage CFO Robert Crisci Receives Stock Grant
Robert Crisci, CFO of Lineage, Inc., was granted 87,859 shares of common stock on April 1, 2025, as part of a restricted stock unit (RSU) agreement.

NASDAQ
107 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Abigail S. Fleming Reports Stock Grant and Disposal
Abigail S. Fleming, Chief Accounting Officer of Lineage, Inc., reports the acquisition of 2,812 shares of common stock through a restricted stock unit (RSU) grant and the disposal of 5,604 shares on April 1, 2025.

NASDAQ
107 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Sean Robert Vanderelzen Reports Stock Transaction
Chief Human Resources Officer of Lineage Inc., Sean Robert Vanderelzen, reports disposition of shares to cover tax obligations from vesting restricted stock units.

NASDAQ
107 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Gregory A. Bryan Reports Stock Transaction
Gregory A. Bryan, Chief Integrated Solutions Officer at Lineage, Inc., reports disposition of shares to cover tax obligations from vesting restricted stock units.

NASDAQ
128 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Kevin Patrick Marchetti Reports Changes in Beneficial Ownership
Kevin Patrick Marchetti, Co-Executive Chairman of Lineage, Inc., reports a charitable gift of 16,394 common stock shares and indirect ownership of shares through KPM Cold Storage and BG Lineage Holdings, LLC.

NASDAQ
137 days, 12 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Co-Executive Chairman Adam Forste Reports Stock Purchases
Adam Matthew Schwartz Forste, Co-Executive Chairman of Lineage, Inc., reports purchasing shares of common stock in multiple transactions on February 28, 2025.

NASDAQ
137 days, 12 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Kevin Patrick Marchetti Reports Stock Purchases
Kevin Patrick Marchetti, Co-Executive Chairman of Lineage, Inc., reports purchasing shares of common stock in multiple transactions on February 28, 2025.

NASDAQ
142 days, 22 hours ago 
LINE
Lineage, INC
10-K: Lineage Inc. Reports Financial Results for Fiscal Year 2024, Outlines Growth Strategy
Lineage Inc., the world's largest temperature-controlled warehouse REIT, announces its 10-K filing for fiscal year 2024, highlighting revenue of $5.3 billion and strategic initiatives for future growth.
Worse than expected
 
Capital raise
 

NASDAQ
142 days, 22 hours ago 
LINE
Lineage, INC
8-K: Lineage Inc. Reports Strong 2024 Results, Issues Positive 2025 Guidance
Lineage Inc. announced its full-year 2024 financial results, highlighting growth in adjusted EBITDA and AFFO per share, and provided an optimistic outlook for 2025.
Capital raise
 

NASDAQ
196 days, 12 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Sean Robert Vanderelzen Reports Grant of LTIP Units
Sean Robert Vanderelzen, Chief Human Resources Officer of Lineage, Inc., reports the acquisition of 17,074 LTIP units on January 1, 2025, according to a Form 4 filing.

NASDAQ
219 days, 21 hours ago 
LINE
Lineage, INC
8-K: Lineage Inc. Announces Executive Role Change, Enhanced Severance, Equity Grant and Quarterly Dividend
Lineage Inc. has announced the appointment of Sean Vanderelzen as President Europe and Chief Human Resources Officer, along with an enhanced severance package, an equity grant, and a quarterly dividend.

NASDAQ
254 days, 12 hours ago 
LINE
Lineage, INC
Form 4: BG Lineage Holdings Distributes Lineage, Inc. Shares to Members
BG Lineage Holdings, LLC distributed 221,821 shares of Lineage, Inc. common stock to its members on November 4, 2024.

NASDAQ
254 days, 22 hours ago 
LINE
Lineage, INC
10-Q: Lineage Inc. Reports Third Quarter 2024 Results Following IPO, Revenue Stable Amidst Strategic Shifts
Lineage Inc. reports its third quarter 2024 results, showing stable revenue and strategic adjustments following its recent IPO.
Worse than expected
 

NASDAQ
254 days, 22 hours ago 
LINE
Lineage, INC
8-K: Lineage Inc. Reports Strong Third-Quarter Results Following Record IPO
Lineage, Inc. announced its third-quarter 2024 financial results, highlighting significant growth in adjusted funds from operations (AFFO) and the completion of the largest real estate IPO of all time.
Better than expected
 

NASDAQ
298 days, 22 hours ago 
LINE
Lineage, INC
8-K: Lineage Inc. Amends Note Purchase Agreements, Adds and Releases Subsidiaries
Lineage Inc. has amended its 2021 and 2022 Note Purchase Agreements, adding several subsidiaries as obligors and releasing others from their obligations.

NASDAQ
310 days, 22 hours ago 
LINE
Lineage, INC
8-K: Lineage, Inc. Announces Initial Prorated Quarterly Dividend Following IPO
Lineage, Inc., a global temperature-controlled warehouse REIT, has declared a prorated cash dividend of $0.38 per share for the third quarter of 2024, following its recent IPO.

NASDAQ
325 days, 11 hours ago 
LINE
Lineage, INC
Form 4: BG Lineage Holdings Distributes Lineage, Inc. Shares to Members
BG Lineage Holdings, LLC distributed 4,486,174.52 shares of Lineage, Inc. common stock to its members on August 26, 2024.

NASDAQ
325 days, 11 hours ago 
LINE
Lineage, INC
Form 4: BG Cold, LLC Distributes Lineage, Inc. Shares to Members Following Reclassification of Legacy Class A Units
BG Cold, LLC distributed shares of Lineage, Inc. common stock to its members after reclassifying Legacy Class A Units into Partnership Common Units, according to a Form 4 filing.

NASDAQ
325 days, 14 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Director Nancy Joy Falotico Reports Changes in Beneficial Ownership
Director Nancy Joy Falotico reports a transaction involving Lineage, Inc. common stock, indicating changes in beneficial ownership.

NASDAQ
325 days, 14 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Director Lynn A. Wentworth Reports Changes in Beneficial Ownership
Director Lynn A. Wentworth reports acquisition and disposal of Lineage, Inc. common stock due to distribution from BG Lineage Holdings, LLC.

NASDAQ
325 days, 14 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Timothy Conrad Smith Reports Transaction in Company Stock
Chief Commercial Officer Timothy Conrad Smith reports acquiring and disposing of 55 shares of Lineage, Inc. common stock on August 26, 2024, due to a distribution from BG Lineage Holdings, LLC.

NASDAQ
325 days, 14 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Officer Brian Jeffrey McGowan Reports Acquisition of Common Stock
Brian Jeffrey McGowan, Chief Network Optimization Officer of Lineage, Inc., reports acquiring 17,245 shares of common stock through a distribution from BG Lineage Holdings, LLC.

NASDAQ
331 days, 14 hours ago 
LINE
Lineage, INC
10-Q: Lineage Inc. Reports Mixed Results in Q2 2024 Amidst Strategic Shifts and IPO Preparations
Lineage Inc.'s Q2 2024 results show a slight revenue decrease and a net loss, influenced by strategic shifts, acquisitions, and preparations for its initial public offering.
Worse than expected
 
Capital raise
 

NASDAQ
351 days, 14 hours ago 
LINE
Lineage, INC
8-K: Lineage Inc. Repays $2.4 Billion in Debt Following Successful IPO
Lineage Inc. has fully repaid its $2.4 billion senior unsecured term loan and will terminate another loan using proceeds from its recent initial public offering.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Greg Lehmkuhl Receives Grant of 268,422 LTIP Units
Greg Lehmkuhl, President, CEO, and Director of Lineage, Inc., was granted 268,422 LTIP units on July 26, 2024, which vest annually over three years.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Natalie Matsler Reports Acquisition of LTIP Units
Natalie Matsler, Chief Legal Officer and Secretary of Lineage, Inc., reports the acquisition of 79,772 LTIP units in Lineage OP, LP.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Receives Equity Grant in LTIP Units
Sudarsan V Thattai, a Lineage Inc. officer, reports the acquisition of 239,918 LTIP Units in the company's Operating Partnership.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage, Inc. Director Nancy Joy Falotico Reports Acquisition of Shares and Restricted Stock Units
Director Nancy Joy Falotico reports acquiring shares and restricted stock units in Lineage, Inc. following the company's initial public offering.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Director Lynn A Wentworth Reports Stock Grant and IPO Purchase
Director Lynn A Wentworth reported the acquisition of 1,810 shares of common stock through a restricted stock unit grant and the purchase of 3,100 shares in Lineage Inc.'s initial public offering.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Director Michael John Turner Acquires 2,632 Shares of Common Stock
Director Michael John Turner acquired 2,632 shares of Lineage, Inc. common stock through a grant of restricted stock units.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. CFO Robert Crisci Reports Initial Public Offering Share Purchase and LTIP Unit Grant
Robert Crisci, CFO of Lineage Inc., reports purchasing 10,000 shares of common stock at $78 each during the company's IPO and receiving a grant of 108,188 LTIP units.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Sean Robert Vanderelzen Reports Changes in Beneficial Ownership
Chief Human Resources Officer of Lineage Inc., Sean Robert Vanderelzen, reports acquisition and disposal of common stock and derivative securities, including grants of shares, restricted stock units, and LTIP units.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Director Shellye L Archambeau Reports Changes in Beneficial Ownership
Director Shellye L Archambeau reports acquisition of shares and restricted stock units in Lineage, Inc.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Abigail S. Fleming Reports Stock Transactions
Abigail S. Fleming, Chief Accounting Officer of Lineage, Inc., reports acquisition and disposal of common stock following the company's initial public offering.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Timothy Conrad Smith Reports Acquisition of 77,050 LTIP Units
Chief Commercial Officer Timothy Conrad Smith reports the acquisition of 77,050 LTIP Units in Lineage, Inc. on July 26, 2024, according to a Form 4 filing.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Gregory A. Bryan Reports Acquisition of Restricted Stock Units and LTIP Units
Gregory A. Bryan, Chief Integrated Solutions Officer of Lineage, Inc., reports the acquisition of restricted stock units and LTIP units.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Acquires Shares and LTIP Units Following IPO
Jeffrey Alvarez Rivera, Global Chief Operations Officer of Lineage, Inc., reports acquisition of shares and LTIP units following the company's initial public offering.

NASDAQ
354 days, 13 hours ago 
LINE
Lineage, INC
Form 4: Lineage Inc. Executive Brian Jeffrey McGowan Receives LTIP Unit Grant
Brian Jeffrey McGowan, Chief Network Optimization Officer at Lineage Inc., was granted 66,746 LTIP units in the Operating Partnership on July 26, 2024, which vest annually over three years.

NASDAQ
357 days, 14 hours ago 
LINE
Lineage, INC
8-K: Lineage Logistics Holdings Enters Transition Services Agreement with Bay Grove Management
Lineage Logistics Holdings has entered into a three-year transition services agreement with Bay Grove Management Company to support capital deployment and mergers and acquisitions activity following Lineage REIT's IPO.

NASDAQ
359 days, 10 hours ago 
LINE
Lineage, INC
S-11MEF: Lineage, Inc. Files for Additional Share Registration Following Initial Public Offering
Lineage, Inc. has filed a registration statement to offer an additional 11,364,358 shares of common stock, including shares available through the underwriters' option, following its initial S-11 filing.
Capital raise
 

NASDAQ
362 days, 0 hours ago 
LINE
Lineage, INC
S-11/A: Lineage, Inc. Files Amendment for Proposed IPO, Aiming to Transform Global Food Supply Chain
Lineage, Inc. files an amendment to its S-11 registration statement, outlining its plans for an initial public offering to fuel growth and innovation in the temperature-controlled warehousing sector.
Worse than expected
 
Capital raise
 

NASDAQ
367 days, 23 hours ago 
LINE
Lineage, INC
S-11/A: Lineage, Inc. Files Amendment for Proposed IPO, Aiming to Transform Food Supply Chain
Lineage, Inc., the world's largest temperature-controlled warehouse REIT, files an amendment to its S-11 registration statement, outlining details for its proposed initial public offering of 47 million shares of common stock.
Worse than expected
 
Capital raise
 

NASDAQ
387 days, 21 hours ago 
LINE
Lineage, INC
S-11: Lineage, Inc. Files for Initial Public Offering, Aiming to Transform the Global Food Supply Chain
Lineage, Inc., the world's largest temperature-controlled warehouse REIT, has filed for an initial public offering on the Nasdaq Global Select Market under the symbol 'LINE'.
Worse than expected
 
Capital raise
 

LINE 
Lineage, INC 
NASDAQ

S-11: Lineage, Inc. Files for Initial Public Offering, Aiming to Transform the Global Food Supply Chain

Sentiment:
 Initial Public Offering
 26 June 2024 9:08 AM

Lineage, Inc., the world's largest temperature-controlled warehouse REIT, has filed for an initial public offering on the Nasdaq Global Select Market under the symbol 'LINE'.

Worse than expected
  Lineage reported a net loss of $162.8 million for the twelve months ended March 31, 2024. 

Capital raise
  Lineage, Inc. is offering shares of its common stock in an initial public offering.  The company intends to use the net proceeds from the offering to repay a $2.4 billion delayed-draw term loan and for general corporate purposes.  A directed share program will reserve a percentage of the shares for sale to company insiders and partners. 

Summary
  • Lineage, Inc. is the world's largest temperature-controlled warehouse REIT, offering storage, handling, and movement solutions for food products.
  • The company operates 482 warehouses globally, totaling over 84.1 million square feet and 3.0 billion cubic feet of capacity.
  • Lineage serves over 13,000 customers, including major food retailers, manufacturers, processors, and distributors.
  • For the twelve months ended March 31, 2024, Lineage generated $5.3 billion in revenue, a net loss of $162.8 million, $1.8 billion in NOI, and $1.3 billion in Adjusted EBITDA.
  • The company operates through two segments: global warehousing and global integrated solutions.
  • Lineage has invested over $725 million in technology since 2019 to enhance customer value and operational efficiency.
  • The company aims to reduce food waste in the supply chain and promote sustainability.
  • Lineage plans to use the IPO proceeds to repay a $2.4 billion delayed-draw term loan and for general corporate purposes.
  • After the IPO, affiliates of Bay Grove Capital Group, LLC will retain majority voting power.
Sentiment

Score: 7

Explanation: While the company reports a net loss, the overall sentiment is positive due to Lineage's leading market position, growth potential in a growing industry, significant investments in technology, and a clear strategy for future expansion. The IPO is viewed as a strategic step to fuel further growth and access lower cost of capital.

Positives
  • Lineage is the world's largest temperature-controlled warehouse REIT, providing a significant scale advantage.
  • The company has a diversified customer base of over 13,000, with no single customer accounting for more than 3.3% of revenue.
  • Lineage's portfolio includes 81 automated warehouses, offering advanced technology and efficiency.
  • The company has a strong track record of growth, with a 12% NOI CAGR from acquisitions between 2011 and 2021.
  • Lineage is committed to sustainability, aiming for net-zero carbon emissions by 2040.
  • The company has a flexible balance sheet and access to capital, with a pro forma liquidity of $ billion as of March 31, 2024.
Negatives
  • Lineage reported a net loss of $162.8 million for the twelve months ended March 31, 2024.
  • The company's geographic concentration in certain areas exposes it to local market risks.
  • The short-term nature of many customer contracts and lack of minimum storage guarantees create revenue volatility.
  • Lineage's integrated solutions business is dependent on the performance of its warehousing segment.
  • The company has significant indebtedness, totaling $9.3 billion as of March 31, 2024.
  • Lineage will be a controlled company after the IPO, limiting shareholder influence.
Risks
  • Economic downturns in the temperature-controlled warehouse industry or the markets for customer products could negatively impact Lineage's business.
  • Geographic concentration of warehouses makes the company vulnerable to localized disruptions.
  • Global market and economic conditions, including inflation, labor shortages, and supply chain disruptions, could adversely affect Lineage.
  • Expansion and development activities involve risks that could lead to lower than expected returns.
  • Dependence on Bay Grove for transition services creates a risk if those services are difficult to replace.
  • Cybersecurity breaches and IT system failures could disrupt operations.
  • International operations expose Lineage to currency fluctuations, political instability, and regulatory changes.
  • Competition in the cold storage market could increase, impacting profitability.
  • Power cost increases and volatility could affect operating expenses.
  • Dependence on key personnel creates a risk if they leave the company.
  • Environmental liabilities related to asbestos, ammonia, and other chemicals could lead to significant costs.
  • Climate change-related risks, including extreme weather events and regulatory changes, could negatively impact operations.
  • The company's significant indebtedness and potential interest rate increases could impact financial performance.
  • The fragmented nature of the cold storage market makes acquisitions crucial for growth, but integration challenges and competition for suitable targets pose risks.
  • As a newly public company, Lineage lacks experience operating as a public REIT and complying with related regulations.
Future Outlook

Lineage expects to list its common stock on the Nasdaq Global Select Market. The company plans to continue its growth strategy, focusing on organic growth within existing facilities, greenfield and expansion development projects, and strategic acquisitions. Lineage aims to leverage technology and automation to enhance efficiency and customer value, while also prioritizing sustainability and reducing food waste.

Management Comments
  • Our IPO is the opposite of an exit; it is a new beginning.
  • The public market is the best way to deliver growth at scale by providing us with the advantages of a liquid currency and direct access to a lower cost of capital.
  • Our focus is on building Lineage into the most dynamic and durable company it can be.
  • We are still in the very early innings of a long, successful journey.
  • We believe that cold storage is an attractive, growing and durable industry that plays a mission-critical role in the food supply chain.
Industry Context

The temperature-controlled warehousing industry is experiencing growth driven by increasing demand for frozen and fresh foods, ongoing trends in consumer preferences, online grocery adoption, and the need to replace obsolete infrastructure. The market is fragmented, with the top ten operators representing only 23.5% of global capacity. Consolidation is expected to continue as larger operators leverage technology and data science for competitive advantage. Barriers to entry remain high due to significant construction costs and the specialized nature of cold storage facilities.

Comparison to Industry Standards
  • Lineage is significantly larger than its next largest competitor globally, with twice the cubic feet of storage space.
  • The company's same warehouse NOI growth rates in 2022 and 2023 (12.7% and 15.3%, respectively) compare favorably to its largest competitor.
  • Lineage's same warehouse NOI margins are also higher than its largest publicly traded competitor.
  • The company's portfolio has a younger weighted average age (21 years) compared to its largest publicly traded peer and the broader industry average (28 years).
  • Lineage has a larger number of facilities in key U.S. metropolitan areas and ports compared to its largest competitor, resulting in a higher weighted average population density (3,100 persons per square mile).
Stakeholder Impact
  • Shareholders will experience dilution of net tangible book value per share.
  • Existing shareholders, including Bay Grove and its affiliates, will benefit from the IPO through increased liquidity and potential appreciation of their shares.
  • New shareholders will gain ownership in a leading global REIT with growth potential.
  • Employees will have the opportunity to participate in a broad-based equity plan as part of the IPO.
  • Customers will benefit from Lineage's continued investments in technology, automation, and expanded service offerings.
  • Communities will benefit from Lineage's philanthropic efforts, including the Lineage Foundation for Good and its Share a Meal campaign.
Next Steps
  • Listing the common stock on the Nasdaq Global Select Market under the symbol 'LINE'.
  • Using the IPO proceeds to repay the $2.4 billion delayed-draw term loan and for general corporate purposes.
  • Continuing the company's growth strategy through organic initiatives, development projects, and acquisitions.
  • Further integrating technology and automation across the warehouse network.
  • Expanding the use of minimum storage guarantees to improve economic occupancy and revenue predictability.
  • Implementing cost containment measures, particularly in labor and energy.
  • Continuing sustainability initiatives, including achieving net-zero carbon emissions by 2040.
Legal Proceedings
  • Litigation is ongoing regarding a 2020 incident at a warehouse in Statesville, North Carolina, involving the release of anhydrous ammonia.
Related Party Transactions
  • Bay Grove, an entity controlled by the Co-Founders, provides operating services to Lineage and holds equity interests in the company.
  • Affiliates of Bay Grove will continue to hold a majority of the voting power after the IPO.
  • Lineage has entered into various agreements with Bay Grove, including an operating services agreement, a transition services agreement, and a registration rights agreement.
  • Lineage has made distributions to Bay Grove and its affiliates in respect of their equity ownership and service agreements.
  • Certain Lineage executives and directors have equity interests in Bay Grove and its affiliates.
  • Lineage has provided loans to the Co-Founders and certain executives.
  • Lineage has repurchased equity interests from certain executives and will redeem outstanding Series A preferred stock held by BGLH, an affiliate of Bay Grove.
  • Lineage Holdings will enter into an expense reimbursement and indemnification agreement with Bay Grove, BGLH, and the LHR.
  • The company has a directed share program that allows certain related parties to purchase shares at the IPO price.
Key Dates
  • December 31, 2020: Lineage elected to be taxed as a REIT commencing with this taxable year.
  • June 26, 2024: Date of S-11 filing with the SEC.
  • March 1, 2025: Start of 45-day window for holders of Legacy Class A-4 OP Units to exercise special redemption rights.
Keywords
cold storage, temperature-controlled warehousing, logistics, supply chain, food processing, REIT, automation, IPO, food waste, sustainability

LINE 
Lineage, INC 
NASDAQ
Sector: Real Estate
 
Filings with Classifications
Capital raise
17 June 2025 4:19 PM

Debt Offering Announcement
  • Lineage OP, LP issued and sold $500,000,000 aggregate principal amount of 5.250% Senior Notes due 2030.
  • The net proceeds from the offering were approximately $489 million.
Capital raise
10 June 2025 8:57 PM

Debt Offering Announcement
  • Lineage OP, LP, the Company's operating partnership, priced an offering of $500,000,000 aggregate principal amount of 5.250% Senior Notes due 2030.
  • The notes were priced at 98.991% of the principal amount.
  • The notes are senior unsecured obligations, fully and unconditionally guaranteed by Lineage, Inc. and certain subsidiaries.
  • Proceeds are intended to repay amounts outstanding under the revolving credit facility and for general corporate and working capital purposes.
  • The notes are offered only to qualified institutional buyers under Rule 144A or non-U.S. persons under Regulation S.
Capital raise
10 June 2025 9:09 AM

Capital Raise Announcement
  • Lineage OP, LP, the operating partnership of Lineage, Inc., has commenced a private offering of senior notes.
  • The notes will be senior unsecured obligations of the Operating Partnership and fully and unconditionally guaranteed by Lineage, Inc. and certain subsidiaries.
  • The offering is a private placement to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S.
  • The net proceeds are intended for repayment of outstanding amounts under the revolving credit facility and for general corporate and working capital purposes.
Worse than expected
30 April 2025 7:12 AM

Quarterly Report
  • The company's net revenues decreased compared to the same period last year.
  • The company reported a net loss attributable to Lineage, Inc.
  • Same warehouse NOI decreased, reflecting customer inventory rationalization.
  • General and administrative expenses increased significantly due to higher stock-based compensation expenses.
Worse than expected
30 April 2025 7:06 AM

Earnings Release
  • Revenue decreased by (2.7)% compared to the previous year.
  • Adjusted EBITDA decreased by (7.0)%, and the adjusted EBITDA margin also declined.
  • Same warehouse NOI decreased by (7.9)%, indicating challenges in maintaining growth in existing facilities.
Better than expected
28 April 2025 7:08 AM

Proxy Statement
  • The company's IPO was the largest of 2024 and the largest REIT IPO in history, reducing leverage to under 5x.
  • Lineage generated $5.3 billion in total revenue and maintained a 78% same warehouse physical occupancy rate.
  • Over $760 million was deployed in growth capital, including acquisitions and greenfield developments.
  • The company reached its 100th patent and continued piloting the rollout of LinOS, its proprietary warehouse execution system.
Worse than expected
26 February 2025 7:16 AM

Annual Results
  • The company experienced a net loss of $0.8 billion, which is worse than expected.
Capital raise
26 February 2025 7:16 AM

Annual Results
  • The company may attempt to access property-level secured debt, bank debt and the unsecured bond market, in each case across multiple currencies and geographies, which would provide it with capital-raising flexibility to fund its operations.
Capital raise
26 February 2025 7:09 AM

Earnings Release and Investor Presentation
  • The company completed the largest REIT IPO of all time, raising $5.1B.
  • The company has the capacity to deploy more than $1.5 billion of capital in 2025.
Worse than expected
6 November 2024 7:13 AM

Quarterly Report
  • The company reported a significant net loss of $543 million, compared to a net loss of $50 million in the same period last year.
  • The company's acquisition, transaction, and other expenses were significantly higher than the previous year, primarily due to IPO-related costs.
  • The company's economic and physical occupancy rates decreased compared to the same period last year.
Better than expected
6 November 2024 7:05 AM

Quarterly Report
  • The company's AFFO growth of 51.8% and AFFO per share growth of 20.0% significantly exceeded expectations.
  • The successful IPO and achievement of investment-grade credit ratings are also better than expected results.
Capital raise
21 August 2024 4:32 PM

Quarterly Report
  • The company closed its IPO on July 26, 2024, raising approximately $4.875 billion in net proceeds.
  • The company issued 56,882,051 shares of common stock at a price of $78.00 per share.
  • The underwriters exercised their option to purchase an additional 8,532,307 shares of common stock on July 31, 2024.
Worse than expected
21 August 2024 4:32 PM

Quarterly Report
  • The company reported a net loss of $80 million for the quarter, a significant decrease compared to the prior year.
  • The company's same warehouse pool saw a decrease in NOI of $8 million or 2.3% due to revenue and cost of operations factors.
Capital raise
24 July 2024 8:43 PM

Registration Statement
  • Lineage, Inc. is registering 11,364,358 additional shares of common stock for potential sale.
  • The maximum aggregate offering price for these shares is $886,419,924.00.
  • This capital raise could be used for various corporate purposes, including acquisitions or debt repayment.
Capital raise
22 July 2024 6:55 AM

S-11/A Filing
  • Lineage is offering 47,000,000 shares of common stock in an IPO.
  • The company estimates net proceeds of approximately $3.4 billion from the offering.
  • The company intends to use the net proceeds to repay debt and for general corporate purposes.
  • Norges Bank Investment Management has indicated an interest in purchasing up to $900 million in shares.
Worse than expected
22 July 2024 6:55 AM

S-11/A Filing
  • Preliminary estimates for the quarter ended June 30, 2024 indicate a decrease in total revenue, same warehouse NOI, average physical occupancy, and average economic occupancy compared to the same period in 2023.
Worse than expected
16 July 2024 7:03 AM

Merger Announcement
  • Preliminary estimates for the quarter ended June 30, 2024 indicate a decrease in same warehouse NOI compared to the same period in 2023.
Capital raise
16 July 2024 7:03 AM

Merger Announcement
  • Lineage is offering 47,000,000 shares of its common stock in an initial public offering.
  • The underwriters have the option to purchase up to an additional 7,050,000 shares.
  • Norges Bank Investment Management has indicated an interest in purchasing up to $900 million in shares.
Capital raise
26 June 2024 9:08 AM

Initial Public Offering
  • Lineage, Inc. is offering shares of its common stock in an initial public offering.
  • The company intends to use the net proceeds from the offering to repay a $2.4 billion delayed-draw term loan and for general corporate purposes.
  • A directed share program will reserve a percentage of the shares for sale to company insiders and partners.
Worse than expected
26 June 2024 9:08 AM

Initial Public Offering
  • Lineage reported a net loss of $162.8 million for the twelve months ended March 31, 2024.

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