LINE

Lineage is the world's largest global temperature-controlled warehouse REIT, operating roughly 88 million square feet and 3.1 billion cubic feet of capacity across 501 warehouses (326 in North America, 89 in Asia-Pacific, 86 in Europe) split between Global Warehousing and Global Integrated Solutions segments. The asset base is large and strategically located, with inflation-linked price escalators in its warehouse agreements that let it recover wage, power and rent cost increases. As is normal for a REIT, GAAP earnings understate cash economics: net income was a -$100M loss (improving 84.9% YoY) and EPS was -$0.43, but operating cash flow was a healthy $943M (+34.1%) against $895M of depreciation and amortization.