NASDAQ : LINE
Lineage, Inc. — Financial statements
Real Estate · REIT - Industrial · United States
Last price 35.97 USD (Oct 30, 2026, 3:40 PM EDT) · Market cap 9.14B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 5.37B | 5.36B | 5.34B | 5.34B | 4.93B | 3.70B |
| Other Revenue | -300.00K | |||||
| Total Revenue | 5.37B | 5.36B | 5.34B | 5.34B | 4.93B | 3.70B |
| Property Expenses | 3.65B | 3.63B | 3.58B | 3.59B | 3.47B | 2.57B |
| Selling, General & Administrative | 556.00M | 574.00M | 539.00M | 502.00M | 399.00M | 289.30M |
| Depreciation & Amortization | 706.00M | 675.00M | 659.00M | 552.00M | 480.00M | 416.10M |
| Other Operating Expenses | 1.00M | 1.00M | ||||
| Total Operating Expenses | 5.14B | 5.11B | 5.13B | 4.85B | 4.55B | 3.46B |
| Operating Income | 231.00M | 246.00M | 213.00M | 490.00M | 378.00M | 237.30M |
| Interest Expense | -353.00M | -344.00M | -529.00M | -607.00M | -386.00M | -251.70M |
| Interest & Investment Income | 7.00M | 8.00M | 12.00M | 6.00M | 3.00M | 3.70M |
| Income (Loss) on Equity Investments | -5.00M | -3.00M | -6.00M | -3.00M | ||
| Currency Exchange Gain (Loss) | -11.00M | 28.00M | -25.00M | 4.00M | -24.00M | -34.00M |
| Other Non-Operating Income | -16.00M | 18.00M | 86.00M | 113.00M | 38.00M | -10.70M |
| EBT Excluding Unusual Items | -147.00M | -47.00M | -249.00M | 3.00M | 9.00M | -55.40M |
| Merger & Restructuring Charges | -18.00M | -61.00M | -517.00M | -60.00M | -66.00M | -123.60M |
| Impairment of Goodwill | -48.00M | -48.00M | ||||
| Gain (Loss) on Sale of Investments | 6.10M | |||||
| Gain (Loss) on Sale of Assets | 5.00M | -21.00M | -2.50M | |||
| Total Insurance Settlements | 36.00M | 54.00M | 105.00M | |||
| Asset Writedown | -4.00M | -4.00M | -98.00M | -9.00M | -1.00M | -7.10M |
| Other Unusual Items | -16.00M | -4.00M | -71.00M | 2.00M | -4.10M | |
| Pretax Income | -189.00M | -115.00M | -840.00M | -110.00M | -70.00M | -205.80M |
| Income Tax Expense | -2.00M | -89.00M | -14.00M | 6.00M | -29.30M | |
| Earnings From Continuing Operations | -189.00M | -113.00M | -751.00M | -96.00M | -76.00M | -176.50M |
| Minority Interest in Earnings | 20.00M | 13.00M | 87.00M | 19.00M | 13.00M | 23.20M |
| Net Income | -169.00M | -100.00M | -664.00M | -77.00M | -63.00M | -153.30M |
| Preferred Dividends & Other Adjustments | -5.00M | -2.00M | 42.00M | 41.00M | 15.00M | 20.70M |
| Net Income to Common | -164.00M | -98.00M | -706.00M | -118.00M | -78.00M | -174.00M |
| Basic Shares Outstanding | 227.00M | 228.00M | 191.00M | 162.00M | 152.00M | 131.00M |
| Diluted Shares Outstanding | 227.00M | 228.00M | 191.00M | 162.00M | 152.00M | 131.00M |
| EPS (Basic) | -0.72 | -0.43 | -3.70 | -0.73 | -0.51 | -1.33 |
| EPS (Diluted) | -0.72 | -0.43 | -3.70 | -0.73 | -0.51 | -1.33 |
| Dividend Per Share | 2.12 | 2.11 | 0.91 | 0.55 | 0.82 | |
| Operating Margin | 4.30% | 4.59% | 3.99% | 9.17% | 7.67% | 6.41% |
| Profit Margin | -3.05% | -1.83% | -13.22% | -2.21% | -1.58% | -4.70% |
| EBITDA | 1.16B | 1.14B | 1.09B | 1.25B | 1.06B | 841.00M |
| EBITDA Margin | 21.60% | 21.31% | 20.39% | 23.40% | 21.43% | 22.72% |
| D&A For Ebitda | 929.00M | 895.00M | 876.00M | 760.00M | 678.00M | 603.70M |
| EBIT | 231.00M | 246.00M | 213.00M | 490.00M | 378.00M | 237.30M |
| EBIT Margin | 4.30% | 4.59% | 3.99% | 9.17% | 7.67% | 6.41% |
| Funds From Operations (FFO) | 188.00M | 245.00M | -364.00M | 249.00M | 229.00M | |
| FFO Per Share | 0.73 | 0.95 | -1.70 | |||
| Adjusted Funds From Operations (AFFO) | 834.00M | 865.00M | 705.00M | 562.00M | 552.00M | |
| AFFO Per Share | 3.33 | 3.37 | 3.29 | |||
| FFO Payout Ratio | 286.17% | 219.18% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 12.87B | 13.05B | 12.51B | 12.54B | 12.07B | 10.79B |
| Cash & Equivalents | 58.00M | 66.00M | 175.00M | 68.00M | 170.60M | 209.10M |
| Accounts Receivable | 920.00M | 896.00M | 826.00M | 907.00M | 934.10M | 688.50M |
| Investment In Debt and Equity Securities | 34.00M | 26.00M | 87.00M | 150.00M | 265.70M | 73.80M |
| Goodwill | 3.43B | 3.47B | 3.34B | 3.39B | 3.30B | 2.84B |
| Other Intangible Assets | 1.02B | 1.09B | 1.13B | 1.28B | 1.33B | 1.30B |
| Loans Receivable Current | 6.00M | 1.60M | 4.40M | |||
| Restricted Cash | 3.00M | 31.40M | 31.00M | |||
| Other Current Assets | 263.00M | 277.00M | 284.00M | 272.00M | 261.30M | 309.70M |
| Deferred Long-Term Tax Assets | 46.00M | 49.00M | 10.00M | 4.20M | 21.10M | |
| Deferred Long-Term Charges | 18.00M | 21.00M | 28.00M | 9.00M | 13.70M | 14.80M |
| Other Long-Term Assets | 290.00M | 242.00M | 239.00M | 234.00M | 172.00M | 138.30M |
| Total Assets | 18.90B | 19.18B | 18.66B | 18.87B | 18.56B | 16.42B |
| Current Portion of Long-Term Debt | 295.00M | 296.00M | 56.00M | 24.00M | 36.40M | 19.50M |
| Current Portion of Leases | 147.00M | 140.00M | 221.00M | 143.00M | 126.00M | 110.70M |
| Long-Term Debt | 6.22B | 6.11B | 5.15B | 8.96B | 8.70B | 7.61B |
| Long-Term Leases | 1.77B | 1.88B | 1.92B | 2.07B | 2.02B | 2.02B |
| Accounts Payable | 922.00M | 882.00M | 877.00M | 933.00M | 869.00M | 673.80M |
| Accrued Expenses | 11.00M | 14.00M | 11.00M | 18.00M | 14.20M | 11.90M |
| Current Unearned Revenue | 78.00M | 81.00M | 83.00M | 94.00M | 91.80M | 67.20M |
| Other Current Liabilities | 137.00M | 135.00M | 245.00M | 153.00M | 84.30M | 163.70M |
| Long-Term Deferred Tax Liabilities | 279.00M | 303.00M | 304.00M | 370.00M | 413.50M | 384.30M |
| Other Long-Term Liabilities | 168.00M | 104.00M | 101.00M | 89.00M | 95.00M | 85.20M |
| Total Liabilities | 10.03B | 9.94B | 8.97B | 12.85B | 12.45B | 11.14B |
| Preferred Stock, Redeemable | 1.00M | 600.00K | 600.00K | |||
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 1.60M | 1.50M |
| Additional Paid-In Capital | 10.79B | 10.78B | 10.76B | 5.96B | 5.92B | 5.00B |
| Retained Earnings | -2.76B | -2.44B | -1.85B | -879.00M | -712.80M | -667.00M |
| Comprehensive Income & Other | -144.00M | -97.00M | -273.00M | -34.00M | -37.40M | 9.50M |
| Total Common Equity | 7.89B | 8.25B | 8.64B | 5.05B | 5.17B | 4.34B |
| Minority Interest | 981.00M | 997.00M | 1.06B | 971.00M | 938.70M | 937.10M |
| Shareholders' Equity | 8.87B | 9.24B | 9.69B | 6.02B | 6.11B | 5.28B |
| Total Liabilities & Equity | 18.90B | 19.18B | 18.66B | 18.87B | 18.56B | 16.42B |
| Total Debt | 8.43B | 8.42B | 7.35B | 11.19B | 10.88B | 9.76B |
| Net Cash (Debt) | -8.37B | -8.36B | -7.17B | -11.12B | -10.71B | -9.55B |
| Net Cash Per Share | -36.89 | -36.65 | -37.54 | -68.67 | -70.48 | -72.87 |
| Filing Date Shares Outstanding | 227.71M | 227.08M | 228.20M | 162.02M | 152.00M | 131.00M |
| Total Common Shares Outstanding | 227.70M | 226.97M | 228.19M | 162.02M | 152.00M | 131.00M |
| Book Value Per Share | 34.66 | 36.33 | 37.85 | 31.17 | 33.99 | 33.12 |
| Tangible Book Value | 3.45B | 3.69B | 4.17B | 376.00M | 530.10M | 200.40M |
| Tangible Book Value Per Share | 15.14 | 16.26 | 18.29 | 2.32 | 3.49 | 1.53 |
| Land | 1.69B | 1.68B | 1.53B | 1.45B | 1.05B | |
| Buildings | 9.72B | 9.60B | 8.76B | 8.54B | 7.87B | 6.79B |
| Construction In Progress | 477.00M | 573.00M | 396.00M | 432.00M | 653.10M | 508.20M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -169.00M | -100.00M | -664.00M | -77.00M | -63.00M | -153.30M |
| Depreciation & Amortization | 929.00M | 895.00M | 876.00M | 760.00M | 678.00M | 603.70M |
| Other Amortization | 14.00M | 12.00M | 19.00M | 21.00M | 17.00M | 24.00M |
| Gain (Loss) on Sale of Assets | 29.00M | 29.00M | 10.00M | 31.00M | ||
| Asset Writedown | 52.00M | 52.00M | 98.00M | 9.00M | 1.00M | 7.10M |
| Stock-Based Compensation | 110.00M | 126.00M | 215.00M | 26.00M | 17.00M | 14.60M |
| Change in Accounts Receivable | -36.00M | -37.00M | 64.00M | 43.00M | -156.00M | -102.60M |
| Change in Accounts Payable | 53.00M | 40.00M | -85.00M | 51.00M | 84.00M | 38.50M |
| Change in Other Net Operating Assets | 17.00M | -9.00M | -16.00M | -40.00M | -42.60M | |
| Other Operating Activities | -16.00M | -66.00M | 199.00M | -82.00M | -29.00M | -50.60M |
| Operating Cash Flow | 987.00M | 943.00M | 703.00M | 796.00M | 501.00M | 329.90M |
| Acquisition of Real Estate Assets | -743.00M | -747.00M | -691.00M | -766.00M | -813.00M | -906.70M |
| Sale of Real Estate Assets | 85.00M | 70.00M | 7.00M | 19.00M | 4.00M | 9.40M |
| Net Sale / Acq. of Real Estate Assets | -658.00M | -677.00M | -684.00M | -747.00M | -809.00M | -897.30M |
| Cash Acquisition | -8.00M | -443.00M | -346.00M | -283.00M | -1.64B | -2.46B |
| Investment in Marketable & Equity Securities | -4.00M | -9.00M | -20.00M | -31.00M | -12.00M | 45.40M |
| Other Investing Activities | 21.00M | 48.00M | 131.00M | -5.00M | 92.00M | -102.10M |
| Investing Cash Flow | -635.00M | -1.07B | -919.00M | -1.07B | -2.37B | -3.41B |
| Long-Term Debt Issued | 4.13B | 6.59B | 1.43B | 3.41B | 4.28B | |
| Long-Term Debt Repaid | -3.29B | -10.62B | -1.31B | -2.25B | -3.08B | |
| Net Debt Issued (Repaid) | 424.00M | 841.00M | -4.03B | 119.00M | 1.16B | 1.20B |
| Issuance of Common Stock | 4.88B | 142.00M | 942.00M | 2.12B | ||
| Repurchase of Common Stock | -96.00M | -94.00M | -133.00M | -12.00M | ||
| Preferred Share Repurchases | -1.00M | |||||
| Common Dividends Paid | -538.00M | -537.00M | -234.00M | |||
| Common & Preferred Dividends Paid | -46.00M | -180.00M | -148.40M | |||
| Total Dividends Paid | -538.00M | -537.00M | -234.00M | -46.00M | -180.00M | -148.40M |
| Other Financing Activities | -164.00M | -196.00M | -160.00M | -67.00M | -78.00M | -146.30M |
| Foreign Exchange Rate Adjustments | -2.00M | 1.00M | 3.00M | -10.00M | -7.00M | |
| Net Cash Flow | -24.00M | -109.00M | 104.00M | -131.00M | -38.00M | -63.20M |
| Levered Free Cash Flow | 926.75M | 804.75M | 1.01B | 912.98M | 654.90M | |
| Unlevered Free Cash Flow | 1.13B | 1.01B | 1.32B | 1.27B | 879.15M | |
| Cash Interest Paid | 291.00M | 299.00M | 523.00M | 594.00M | 354.00M | 224.60M |
| Cash Income Tax Paid | 21.00M | 26.00M | 36.00M | 31.00M | 74.00M | 39.40M |
| Change in Working Capital | 33.00M | -11.00M | -55.00M | 102.00M | -125.00M | -120.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.41B | 7.99B | 13.37B | |||
| Enterprise Value | 17.78B | 17.15B | 21.52B | |||
| Last Close Price | 36.00 | 33.49 | 53.33 | |||
| Price/FFO Ratio | 58.34 | 35.13 | -31.36 | |||
| Price/AFFO Ratio | 12.80 | 9.94 | 16.21 | |||
| PS Ratio | 1.75 | 1.49 | 2.50 | |||
| PB Ratio | 1.04 | 0.86 | 1.38 | |||
| P/OCF Ratio | 9.53 | 8.47 | 19.01 | |||
| EV/Sales Ratio | 3.31 | 3.20 | 4.03 | |||
| EV/EBITDA Ratio | 15.32 | 15.03 | 19.76 | |||
| EV/EBIT Ratio | 76.95 | 69.71 | 101.03 | |||
| Debt / Equity Ratio | 0.95 | 0.91 | 0.76 | 1.86 | 1.78 | 1.85 |
| Debt / EBITDA Ratio | 6.56 | 6.64 | 6.00 | 8.09 | 9.35 | 10.50 |
| Net Debt / Equity Ratio | 0.94 | 0.90 | 0.74 | 1.85 | 1.75 | 1.81 |
| Net Debt / EBITDA Ratio | 7.22 | 7.32 | 6.58 | 8.90 | 10.14 | 11.35 |
| Asset Turnover | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | |
| Inventory Turnover | 24.68 | 21.89 | 19.99 | 21.90 | 23.05 | |
| Quick Ratio | 0.61 | 0.62 | 0.67 | 0.71 | 0.90 | 0.86 |
| Current Ratio | 0.78 | 0.80 | 0.86 | 0.92 | 1.15 | 1.19 |
| Return on Equity (ROE) | -2.04% | -1.19% | -9.56% | -1.58% | -1.33% | |
| Return on Assets (ROA) | 0.75% | 0.81% | 0.71% | 1.64% | 1.35% | |
| Earnings Yield | -1.95% | -1.25% | -4.97% | |||
| Dividend Yield | 5.75% | 5.99% | 1.55% | |||
| Buyback Yield / Dilution | -1.11% | -19.37% | -17.90% | -6.58% | -16.03% | |
| Total Shareholder Return | 4.65% | -13.38% | -16.35% | -6.58% | -16.03% |