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 2024.
Third-Quarter 2024 Highlights
- Raised $5.1 billion in gross proceeds from the Company's July
2024 IPO, marking the largest IPO of the year and largest real
estate IPO of all-time
- Total revenue increased 0.5% to $1.3 billion
- Net loss of ($543) million, or ($2.44) per diluted common
share
- Total NOI increased 2.1% to $439 million
- Adjusted EBITDA increased 5.4% to $333 million; adjusted EBITDA
margin increased 110bps to 24.9%
- AFFO increased 51.8% to $208 million; AFFO per share increased
20.0% to $0.90
- Used IPO proceeds to reduce $4.9 billion of debt; achieved
investment grade credit ratings from Fitch and Moody's
- Declared initial quarterly dividend of $0.38 per share,
representing annualized dividend rate of $2.11 per share
- Opened a new, fully automated cold storage warehouse in
Hazleton, PA, the newest addition to Lineage’s automated facility
portfolio backed by proprietary software and in-house automation
teams
- Acquired ColdPoint Logistics for $223 million on November 1st,
expanding Lineage’s existing presence in the strategic Kansas City
market
"We are excited to report strong results for our first quarter
as a public company, demonstrating our ability to perform well in
various economic environments," said Greg Lehmkuhl, president and
chief executive officer of Lineage, Inc. "We generated significant
AFFO per share growth this quarter aided by our successful IPO and
continued strong operating performance. Looking forward, we are
well positioned to drive compounding growth, benefiting from our
industry-leading real estate portfolio, innovative technology, and
our strategic capital deployment engine. To that end, we are
pleased to announce the acquisition of ColdPoint Logistics and we
are excited to welcome them to the Lineage family."
2024 Outlook
The Company expects full-year 2024 Adjusted FFO (“AFFO”) per
share of $3.16 to $3.20.
For the fourth quarter of 2024, the Company expects AFFO of $180
to $190 million, AFFO per share of $0.70 to $0.74, and low
single-digit same warehouse NOI growth.
The Company's outlook excludes the impact of unannounced future
acquisitions or developments.
Third-Quarter 2024 Financial Results Conference Call and
Earnings Presentation with Supplemental
Please visit ir.lineage.com/events-and-presentations to view
Lineage’s third-quarter 2024 earnings presentation and supplemental
financial information.
Lineage will host a conference call and webcast today at 8:00
a.m. Eastern Time to discuss the company’s third-quarter 2024
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 over 480
strategically located facilities totaling over 84 million square
feet and approximately 3.0 billion cubic feet of capacity across
countries in North America, Europe, and Asia-Pacific. 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.
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; other risks inherent in the real estate
business, including customer defaults, potential liability relating
to environmental matters, illiquidity of real estate investments,
and potential damages from natural disasters; the availability of
suitable acquisitions and our ability to acquire those 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; 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 increases and
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; our failure to maintain our status
as a real estate investment trust for U.S. federal income tax
purposes; changes in local, state, federal and international laws
and regulations, including related to taxation, real estate and
zoning laws, and increases in real property tax rates; the impact
of any financial, accounting, legal or regulatory issues or
litigation that may affect us, and any other risks discussed in the
Company’s filings with the SEC, including our prospectus filed with
the SEC pursuant to Rule 424(b) under the Securities Act of 1933,
as amended. Should one of 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.
LINEAGE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in millions, except par
values)
September 30,
December 31,
2024
2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
409
$
68
Restricted cash
3
3
Accounts receivable, net
901
913
Inventories
175
171
Prepaid expenses and other current
assets
111
101
Total current assets
1,599
1,256
Non-current assets:
Property, plant, and equipment, net
10,665
10,571
Finance lease right-of-use assets, net
1,305
1,243
Operating lease right-of-use assets,
net
659
724
Equity method investments
120
113
Goodwill
3,444
3,394
Other intangible assets, net
1,221
1,280
Other assets
243
290
Total assets
$
19,256
$
18,871
Liabilities, Redeemable Noncontrolling
Interests, and Equity
Current liabilities:
Accounts payable and accrued
liabilities
$
1,276
$
1,137
Accrued dividends and distributions
97
110
Deferred revenue
83
94
Current portion of long-term debt, net
39
24
Total current liabilities
1,495
1,365
Non-current liabilities:
Long-term finance lease obligations
1,296
1,305
Long-term operating lease obligations
632
692
Deferred income tax liability
322
370
Long-term debt, net
4,955
8,958
Other long-term liabilities
434
159
Total liabilities
9,134
12,849
Commitments and contingencies (Note
17)
Redeemable noncontrolling interests
39
349
Stockholders’ equity:
Common stock, $0.01 par value per share –
500 authorized shares; 228 issued and outstanding at September 30,
2024 and 162 issued and outstanding at December 31, 2023
2
2
Additional paid-in capital - common
stock
10,744
5,961
Series A preferred stock, $0.01 par value
per share – 100 authorized shares; no issued and outstanding shares
at September 30, 2024 and less than 1 issued and outstanding
shares, with an aggregate liquidation preference of $1 at December
31, 2023
—
1
Retained earnings (accumulated
deficit)
(1,662
)
(879
)
Accumulated other comprehensive income
(loss)
(58
)
(34
)
Total stockholders’ equity
9,026
5,051
Noncontrolling interests
1,057
622
Total equity
10,083
5,673
Total liabilities, redeemable
noncontrolling interests, and equity
$
19,256
$
18,871
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,
2024
2023
2024
2023
(unaudited)
Net revenues
$
1,335
$
1,329
$
4,001
$
4,008
Cost of operations
897
899
2,672
2,694
General and administrative expense
143
122
394
361
Depreciation expense
156
137
478
402
Amortization expense
54
51
162
155
Acquisition, transaction, and other
expense
592
19
612
45
Restructuring, impairment, and (gain) loss
on disposals
8
4
23
11
Total operating expense
1,850
1,232
4,341
3,668
Income from operations
(515
)
97
(340
)
340
Other income (expense):
Equity income (loss), net of tax
—
(2
)
(3
)
(2
)
Gain (loss) on foreign currency
transactions, net
14
(5
)
5
(9
)
Interest expense, net
(82
)
(126
)
(369
)
(357
)
Gain (loss) on extinguishment of debt
(6
)
—
(13
)
—
Other nonoperating income (expense),
net
1
(19
)
1
(19
)
Total other income (expense), net
(73
)
(152
)
(379
)
(387
)
Net income (loss) before income taxes
(588
)
(55
)
(719
)
(47
)
Income tax expense (benefit)
(45
)
(5
)
(48
)
(8
)
Net income (loss)
(543
)
(50
)
(671
)
(39
)
Less: Net income (loss) attributable to
noncontrolling interests
(58
)
(11
)
(78
)
(13
)
Net income (loss) attributable to Lineage,
Inc.
$
(485
)
$
(39
)
$
(593
)
$
(26
)
Other comprehensive income (loss), net of
tax:
Unrealized gain (loss) on foreign currency
hedges and interest rate hedges
(46
)
(10
)
(56
)
(29
)
Foreign currency translation
adjustments
115
(78
)
29
(29
)
Comprehensive income (loss)
(474
)
(138
)
(698
)
(97
)
Less: Comprehensive income (loss)
attributable to noncontrolling interests
(50
)
(21
)
(81
)
(20
)
Comprehensive income (loss) attributable
to Lineage, Inc.
$
(424
)
$
(117
)
$
(617
)
$
(77
)
Basic earnings (loss) per share
$
(2.44
)
$
(0.26
)
$
(3.54
)
$
(0.30
)
Diluted earnings (loss) per share
$
(2.44
)
$
(0.26
)
$
(3.54
)
$
(0.30
)
Weighted average common shares
outstanding:
Basic
210
162
178
162
Diluted
210
162
178
162
LINEAGE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
(Unaudited)
(in millions)
Common Stock
Redeemable noncontrolling
interests
Number of shares
Amount at par value
Additional paid-in
capital
Series A preferred
stock
Retained earnings (accumulated
deficit)
Accumulated other
comprehensive income (loss)
Noncontrolling
interests
Total equity
Balance as of December 31, 2023
$
349
162
$
2
$
5,961
$
1
$
(879
)
$
(34
)
$
622
$
5,673
Distributions
(1
)
—
—
—
—
—
—
(12
)
(12
)
Stock-based compensation
—
—
—
3
—
—
—
2
5
Other comprehensive income (loss)
—
—
—
—
—
—
(63
)
(8
)
(71
)
Redemption of redeemable noncontrolling
interests
(6
)
—
—
—
—
—
—
—
—
Redemption of common stock
—
—
—
(25
)
—
—
—
—
(25
)
Expiration of redemption option
(92
)
—
—
65
—
—
—
27
92
Accretion of redeemable noncontrolling
interests
6
—
—
(6
)
—
—
—
—
(6
)
Net income (loss)
—
—
—
—
—
(40
)
—
(8
)
(48
)
Reallocation of noncontrolling
interests
—
—
—
(7
)
—
—
—
7
—
Balance as of March 31, 2024
256
162
2
5,991
1
(919
)
(97
)
630
5,608
Common stock issuances, net of equity
raise costs
—
—
—
1
—
—
—
—
1
Distributions
—
—
—
—
—
—
—
(12
)
(12
)
Stock-based compensation
—
—
—
4
—
—
—
2
6
Other comprehensive income (loss)
—
—
—
—
—
—
(22
)
(3
)
(25
)
Redeemable noncontrolling interest
adjustment
4
—
—
(4
)
—
—
—
—
(4
)
Accretion of redeemable noncontrolling
interests
2
—
—
(2
)
—
—
—
—
(2
)
Net income (loss)
—
—
—
—
—
(68
)
—
(12
)
(80
)
Reallocation of noncontrolling
interests
—
—
—
(9
)
—
—
—
9
—
Balance as of June 30, 2024
262
162
2
5,981
1
(987
)
(119
)
614
5,492
Common stock issuances, net of equity
raise costs
—
65
—
4,873
—
—
—
—
4,873
Assumption of the Put Option liability
—
—
—
—
—
(103
)
—
—
(103
)
Dividends ($0.38 per common share) and
other distributions ($0.38 per OP Unit and OPEU)
—
—
—
—
—
(87
)
—
(13
)
(100
)
Stock-based compensation
—
2
—
147
—
—
—
13
160
Withholding of common stock for employee
taxes
—
(1
)
—
(46
)
—
—
—
—
(46
)
Other comprehensive income (loss)
—
—
—
—
—
—
61
8
69
Conversion of Management Profits Interests
Class C units
—
—
—
(61
)
—
—
—
61
—
Redemption of preferred shares and
OPEUs
—
—
—
(46
)
(1
)
—
—
(29
)
(76
)
Reimbursement of Advance Distributions
—
—
—
—
—
—
—
198
198
Reclassification of the Preference
Shares
(229
)
—
—
(22
)
—
—
—
—
(22
)
Issuance of OPEUs and settlement of Class
D Units
—
—
—
114
—
—
—
73
187
Redeemable noncontrolling interest
adjustment
4
—
—
(4
)
—
—
—
—
(4
)
Accretion of redeemable noncontrolling
interests
3
—
—
(3
)
—
—
—
—
(3
)
Net income (loss)
(1
)
—
—
—
—
(485
)
—
(57
)
(542
)
Reallocation of noncontrolling
interests
—
—
—
(189
)
—
—
—
189
—
Balance as of September 30, 2024
$
39
228
$
2
$
10,744
$
—
$
(1,662
)
$
(58
)
$
1,057
$
10,083
LINEAGE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
(Unaudited)
(in millions)
Common Stock
Redeemable noncontrolling
interests
Number of shares
Amount at par value
Additional paid-in
capital
Series A preferred
stock
Retained earnings (accumulated
deficit)
Accumulated other
comprehensive income (loss)
Noncontrolling
interests
Total equity
Balance as of December 31, 2022
$
298
160
$
2
$
5,915
$
1
$
(713
)
$
(37
)
$
641
$
5,809
Common stock issuances, net of equity
raise costs
2
—
140
—
—
—
—
140
Contributions from noncontrolling
interests
3
—
—
—
2
5
Distributions
—
—
—
—
—
—
—
(12
)
(12
)
Stock-based compensation
—
—
3
—
—
—
2
5
Other comprehensive income (loss)
—
—
—
—
—
—
(8
)
(1
)
(9
)
Redemption of common stock
—
—
—
(3
)
—
—
—
—
(3
)
Redemption of units issued as stock
compensation
—
—
—
(9
)
—
—
—
(1
)
(10
)
Redeemable noncontrolling interest
adjustment
4
(4
)
—
—
—
—
(4
)
Accretion of redeemable noncontrolling
interests
9
(9
)
—
—
—
—
(9
)
Net income (loss)
—
—
—
—
—
18
—
1
19
Reallocation of noncontrolling
interests
—
—
—
(21
)
—
—
2
19
—
Balance as of March 31, 2023
311
162
2
6,015
1
(695
)
(43
)
651
5,931
Common stock issuances, net of equity
raise costs
—
—
—
2
—
—
—
—
2
Distributions
—
—
—
—
—
—
—
(12
)
(12
)
Stock-based compensation
—
—
—
4
—
—
—
2
6
Other comprehensive income (loss)
—
—
—
—
—
—
35
4
39
Accretion of redeemable noncontrolling
interests
9
(9
)
—
—
—
—
(9
)
Net income (loss)
—
—
—
—
—
(5
)
—
(3
)
(8
)
Reallocation of noncontrolling
interests
—
—
—
(11
)
—
—
—
11
—
Balance as of June 30, 2023
320
162
2
6,001
1
(700
)
(8
)
653
5,949
Distributions
—
—
—
—
—
—
—
(11
)
(11
)
Stock-based compensation
—
—
—
4
—
—
—
4
8
Other comprehensive income (loss)
(1
)
—
—
—
—
—
(78
)
(9
)
(87
)
Noncontrolling interests acquired in
business combinations
7
—
—
—
—
—
—
—
—
Sale of noncontrolling interests
—
—
—
—
—
—
—
(4
)
(4
)
Redemption of units issued as stock
compensation
—
—
—
(3
)
—
—
—
—
(3
)
Redeemable noncontrolling interest
adjustment
(6
)
—
—
6
—
—
—
—
6
Accretion of redeemable noncontrolling
interests
9
—
—
(9
)
—
—
—
—
(9
)
Net income (loss)
—
—
—
—
—
(39
)
—
(11
)
(50
)
Reallocation of noncontrolling
interests
—
—
—
(10
)
—
—
(1
)
11
—
Balance as of September 30, 2023
$
329
$
162
$
2
$
5,989
$
1
$
(739
)
$
(87
)
$
633
$
5,799
LINEAGE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(dollars in millions)
Nine Months Ended September
30,
2024
2023
(unaudited)
Cash flows from operating
activities:
Net income (loss)
$
(671
)
$
(39
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Provision for credit losses
3
4
Impairment of long-lived and intangible
assets
33
2
Gain on insurance recovery (see Note 17,
Commitments and contingencies)
(29
)
—
Loss on sale of a subsidiary (see Note 4,
Business combinations, asset acquisitions, and divestitures)
—
21
Depreciation and amortization
640
557
(Gain) loss on extinguishment of debt,
net
13
—
Amortization of deferred financing costs
and above/below market debt
16
16
Stock-based compensation
171
19
(Gain) loss on foreign currency
transactions, net
(5
)
9
Deferred income tax
(71
)
(48
)
Vesting of Class D interests
185
—
One-time Internalization expense to Bay
Grove
200
—
Other operating activities
15
3
Changes in operating assets and
liabilities (excluding effects of acquisitions):
Accounts receivable
17
36
Prepaid expenses, other assets, and other
long-term liabilities
(26
)
(33
)
Inventories
(4
)
6
Accounts payable and accrued liabilities
and deferred revenue
(51
)
3
Right-of-use assets and lease
obligations
10
9
Net cash provided by operating
activities
446
565
Cash flows from investing
activities:
Acquisitions, net of cash acquired
(113
)
(24
)
Deposits on pending acquisitions
3
1
Purchase of property, plant, and
equipment
(486
)
(605
)
Proceeds from sale of assets
6
13
Proceeds from insurance recovery on
impaired long-lived assets
50
—
Other investing activity
4
(30
)
Net cash used in investing activities
(536
)
(645
)
Cash flows from financing
activities:
Capital contributions, net of equity raise
costs
—
142
Issuance of common stock in IPO, net of
equity raise costs
4,879
—
Distributions to stockholders
(89
)
—
Distributions to noncontrolling
interests
(49
)
(35
)
Redemption of redeemable noncontrolling
interests
(6
)
—
Repurchase of common shares for employee
income taxes on stock-based compensation
(46
)
—
Financing fees
(45
)
—
Proceeds from long-term debt
2,481
—
Repayments of long-term debt and finance
leases
(7,087
)
(72
)
Payment of deferred and contingent
consideration liabilities
(46
)
(33
)
Borrowings on revolving line of credit
3,804
825
Repayments on revolving line of credit
(3,264
)
(813
)
Redemption of units issued as stock
compensation
(2
)
(13
)
Redemption of common stock
(25
)
(3
)
Redemption of OPEUs
(75
)
—
Other financing activity
(2
)
(8
)
Net cash provided by (used in) financing
activities
428
(10
)
Impact of foreign exchange rates on cash,
cash equivalents, and restricted cash
3
—
Net increase (decrease) in cash, cash
equivalents, and restricted cash
341
(90
)
Cash, cash equivalents, and restricted
cash at the beginning of the period
71
202
Cash, cash equivalents, and restricted
cash at the end of the period
$
412
$
112
Global Warehousing Segment
The following table presents the operating results of our global
warehousing segment for the three months ended September 30, 2024
and 2023.
Three Months Ended September
30,
2024
2023
Change
(in millions except revenue
per pallet)
Warehouse storage
$
508
$
515
(1.4
)%
Warehouse services
464
445
4.3
%
Total global warehousing segment
revenues
972
960
1.3
%
Power
58
58
—
%
Labor(1)
352
352
—
%
Other warehouse costs(2)
179
183
(2.2
)%
Total global warehousing segment cost
of operations
589
593
(0.7
)%
Global warehousing segment NOI
$
383
$
367
4.4
%
Total global warehousing segment
margin
39.4
%
38.2
%
120 bps
Number of warehouse sites
468
457
Warehouse
storage(3)
Average economic
occupancy
Average occupied economic pallets (in
thousands)
8,078
8,127
(0.6
)%
Economic occupancy percentage
82.0
%
84.3
%
(230) bps
Storage revenue per economic occupied
pallet
$
62.85
$
63.36
(0.8
)%
Average physical
occupancy
Average physical occupied pallets (in
thousands)
7,431
7,485
(0.7
)%
Average physical pallet positions (in
thousands)
9,849
9,635
2.2
%
Physical occupancy percentage
75.4
%
77.7
%
(230) bps
Storage revenue per physical occupied
pallet
$
68.32
$
68.79
(0.7
)%
Warehouse
services(3)
Throughput pallets (in thousands)
13,188
12,948
1.9
%
Warehouse services revenue per throughput
pallet
$
32.21
$
31.31
2.9
%
__________________
1.
Labor cost of operations excludes $1
million of stock-based compensation expense for the three months
ended September 30, 2024.
2.
Includes real estate rent expense of $25
million and $24 million for the three months ended September 30,
2024 and 2023, respectively; and non-real estate rent expense
(equipment lease and rentals) of $3 million and $5 million for the
three months ended September 30, 2024 and 2023, respectively.
3.
Warehouse storage and warehouse services
metrics exclude managed sites.
Global Warehousing Segment
The following table presents the operating results of our
warehouse segment for the nine months ended September 30, 2024 and
2023.
Nine Months Ended September
30,
2024
2023
Change
(in millions except revenue
per pallet)
Warehouse storage
$
1,534
$
1,545
(0.7
)%
Warehouse services
1,373
1,337
2.7
%
Total global warehousing segment
revenues
2,907
2,882
0.9
%
Power
155
156
(0.6
)%
Labor(1)
1,062
1,042
1.9
%
Other warehouse costs(2)
538
550
(2.2
)%
Total global warehousing segment cost
of operations
1,755
1,748
0.4
%
Global warehousing segment NOI
$
1,152
$
1,134
1.6
%
Total global warehousing segment
margin
39.6
%
39.3
%
30 bps
Number of warehouse sites
468
457
Warehouse
storage(3)
Average economic
occupancy
Average occupied economic pallets (in
thousands)
8,121
8,214
(1.1
)%
Economic occupancy percentage
82.8
%
85.6
%
(280) bps
Storage revenue per economic occupied
pallet
$
188.87
$
187.87
0.5
%
Average physical
occupancy
Average physical occupied pallets (in
thousands)
7,504
7,656
(2.0
)%
Average physical pallet positions (in
thousands)
9,803
9,597
2.1
%
Physical occupancy percentage
76.5
%
79.8
%
(330) bps
Storage revenue per physical occupied
pallet
$
204.39
$
201.56
1.4
%
Warehouse
services(3)
Throughput pallets (in thousands)
39,239
38,437
2.1
%
Warehouse services revenue per throughput
pallet
$
32.08
$
31.93
0.5
%
_______________
1.
Excludes $1 million of stock-based
compensation expense for the nine months ended September 30,
2024.
2.
Includes real estate rent expense of $75
million and $71 million for the nine months ended September 30,
2024 and 2023, respectively; and non-real estate rent expense
(equipment lease and rentals) of $12 million and $16 million for
the nine months ended September 30, 2024 and 2023,
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, 2024 and September 30,
2023.
Three Months Ended September
30,
2024
2023
Change
(in millions except revenue
per pallet)
Warehouse storage
$
441
$
455
(3.1
)%
Warehouse services
402
393
2.3
%
Total same warehouse revenues
843
848
(0.6
)%
Power
50
50
—
%
Labor
306
311
(1.6
)%
Other warehouse costs
150
158
(5.1
)%
Total same warehouse cost of
operations
506
519
(2.5
)%
Same warehouse NOI
$
337
$
329
2.4
%
Total same warehouse margin
40.0
%
38.8
%
120 bps
Number of same warehouse sites
411
411
Warehouse
storage(1)
Economic
occupancy
Average occupied economic pallets (in
thousands)
7,005
7,172
(2.3
)%
Economic occupancy percentage
84.1
%
86.0
%
(190) bps
Storage revenue per economic occupied
pallet
$
62.92
$
63.50
(0.9
)%
Physical
occupancy
Average physical occupied pallets (in
thousands)
6,461
6,604
(2.2
)%
Average physical pallet positions (in
thousands)
8,331
8,341
(0.1
)%
Physical occupancy percentage
77.6
%
79.2
%
(160) bps
Storage revenue per physical occupied
pallet
$
68.22
$
68.95
(1.1
)%
Warehouse
services(1)
Throughput pallets (in thousands)
11,272
11,471
(1.7
)%
Warehouse services revenue per throughput
pallet
$
32.45
$
31.29
3.7
%
__________________
1.
Warehouse storage and warehouse services
metrics exclude managed sites.
Nine Months Ended September
30,
2024
2023
Change
(in millions except revenue
per pallet)
Warehouse storage
$
1,325
$
1,367
(3.1
)%
Warehouse services
1,190
1,189
0.1
%
Total same warehouse revenues
2,515
2,556
(1.6
)%
Power
133
136
(2.2
)%
Labor
922
923
(0.1
)%
Other warehouse costs
449
476
(5.7
)%
Total same warehouse cost of
operations
1,504
1,535
(2.0
)%
Same warehouse NOI
$
1,011
$
1,021
(1.0
)%
Total same warehouse margin
40.2
%
39.9
%
30 bps
Number of same warehouse sites
411
411
Warehouse
storage(1)
Economic
occupancy
Average occupied economic pallets (in
thousands)
7,038
7,286
(3.4
)%
Economic occupancy percentage
84.3
%
87.3
%
(300) bps
Storage revenue per economic occupied
pallet
$
188.22
$
187.61
0.3
%
Physical
occupancy
Average physical occupied pallets (in
thousands)
6,499
6,772
(4.0
)%
Average physical pallet positions (in
thousands)
8,350
8,342
0.1
%
Physical occupancy percentage
77.8
%
81.2
%
(340) bps
Storage revenue per physical occupied
pallet
$
203.81
$
201.86
1.0
%
Warehouse
services(1)
Throughput pallets (in thousands)
33,586
34,259
(2.0
)%
Warehouse services revenue per throughput
pallet
$
32.34
$
31.84
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, 2024 and 2023.
Three Months Ended September
30,
2024
2023
Change
(in millions except revenue
per pallet)
Warehouse storage
$
67
$
60
11.7
%
Warehouse services
62
52
19.2
%
Total non-same warehouse
revenues
129
112
15.2
%
Power
8
8
—
%
Labor
46
41
12.2
%
Other warehouse costs
29
25
16.0
%
Total non-same warehouse cost of
operations
83
74
12.2
%
Non-same warehouse NOI
$
46
$
38
21.1
%
Total non-same warehouse margin
35.7
%
33.9
%
180 bps
Number of non-same warehouse sites
57
46
Warehouse storage
(1)
Economic
occupancy
Average occupied economic pallets (in
thousands)
1,073
955
12.4
%
Economic occupancy percentage
70.7
%
73.8
%
(310) bps
Storage revenue per economic occupied
pallet
$
62.41
$
62.36
0.1
%
Physical
occupancy
Average physical occupied pallets (in
thousands)
970
881
10.1
%
Average physical pallet positions (in
thousands)
1,518
1,294
17.3
%
Physical occupancy percentage
63.9
%
68.1
%
(420) bps
Storage revenue per physical occupied
pallet
$
69.02
$
67.62
2.1
%
Warehouse
services (1)
Throughput pallets (in thousands)
1,916
1,477
29.7
%
Warehouse services revenue per throughput
pallet
$
30.80
$
31.44
(2.0
)%
__________________
1.
Warehouse storage and warehouse services
metrics exclude managed sites.
Nine Months Ended September
30,
2024
2023
Change
(in millions except revenue
per pallet)
Warehouse storage
$
209
$
178
17.4
%
Warehouse services
183
148
23.6
%
Total non-same warehouse
revenues
392
326
20.2
%
Power
22
20
10.0
%
Labor
140
119
17.6
%
Other warehouse costs
89
74
20.3
%
Total non-same warehouse cost of
operations
251
213
17.8
%
Non-same warehouse NOI
$
141
$
113
24.8
%
Total non-same warehouse margin
36.0
%
34.7
%
130 bps
Number of non-same warehouse sites
57
46
Warehouse storage
(1)
Economic
occupancy
Average occupied economic pallets (in
thousands)
1,083
928
16.7
%
Economic occupancy percentage
74.5
%
73.9
%
60 bps
Storage revenue per economic occupied
pallet
$
193.11
$
189.94
1.7
%
Physical
occupancy
Average physical occupied pallets (in
thousands)
1,005
884
13.7
%
Average physical pallet positions (in
thousands)
1,453
1,255
15.8
%
Physical occupancy percentage
69.2
%
70.4
%
(120) bps
Storage revenue per physical occupied
pallet
$
208.10
$
199.29
4.4
%
Warehouse
services (1)
Throughput pallets (in thousands)
5,653
4,178
35.3
%
Warehouse services revenue per throughput
pallet
$
30.49
$
32.66
(6.6
)%
__________________
1.
Warehouse storage and warehouse services
metrics exclude managed sites.
Global Integrated Solutions Segment
The following tables presents the operating results of our
global integrated solutions segment for the three and nine months
ended September 30, 2024 and 2023.
Three Months Ended September
30,
2024
2023
Change
(in millions)
Global Integrated Solutions segment
revenues
$
363
$
369
(1.6
)%
Global Integrated Solutions segment cost
of operations
307
306
0.3
%
Global Integrated Solutions segment
NOI
$
56
$
63
(11.1
)%
Global Integrated Solutions margin
15.4
%
17.1
%
(170) bps
Nine Months Ended September
30,
2024
2023
Change
(in millions)
Global Integrated Solutions segment
revenues
$
1,094
$
1,126
(2.8
)%
Global Integrated Solutions segment cost
of operations
916
946
(3.2
)%
Global Integrated Solutions segment
NOI
$
178
$
180
(1.1
)%
Global Integrated Solutions margin
16.3
%
16.0
%
30 bps
Capital Expenditures
Maintenance Capital Expenditures
The following table sets forth our recurring maintenance capital
expenditures.
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(in millions)
Global warehousing
$
38
$
34
$
92
$
87
Global integrated solutions
1
9
10
18
Information technology and other
6
7
21
15
Maintenance capital expenditures
$
45
$
50
$
123
$
120
Integration Capital Expenditures
The following table sets forth our integration capital
expenditures.
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(in millions)
Global warehousing
$
14
$
13
$
32
$
27
Global integrated solutions
—
3
1
20
Information technology and other
5
1
18
12
Integration capital expenditures
$
19
$
17
$
51
$
59
External Growth Capital Investments
The following table sets forth our external growth capital
investments.
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(in millions)
Acquisitions, including equity issued and
net of cash acquired and adjustments
$
40
$
8
$
113
$
24
Greenfield and expansion expenditures
66
56
197
220
Energy and economic return initiatives
24
23
71
91
Information technology transformation and
growth initiatives
23
21
50
56
External growth capital investments
$
153
$
108
$
431
$
391
Non-GAAP Financial Measures Reconciliations
Reconciliation of NOI to Net
Income (Loss)
Three months ended June
30,
Nine months ended June
30,
2024
2023
2024
2023
(Dollars in millions)
(Dollars in millions)
Net income (loss)
$
(543
)
$
(50
)
$
(671
)
$
(39
)
Stock-based compensation expense in cost
of operations
1
—
1
—
General and administrative expense
143
122
394
361
Depreciation expense
156
137
478
402
Amortization expense
54
51
162
155
Acquisition, transaction, and other
expense
592
19
612
45
Restructuring, impairment, and (gain) loss
on disposals
8
4
23
11
Equity (income) loss, net of tax
—
2
3
2
(Gain) loss on foreign currency
transactions, net
(14
)
5
(5
)
9
Interest expense, net
82
126
369
357
(Gain) loss on extinguishment of debt
6
—
13
—
Other nonoperating (income) expense,
net
(1
)
19
(1
)
19
Income tax expense (benefit)
(45
)
(5
)
(48
)
(8
)
NOI
$
439
$
430
$
1,330
$
1,314
Reconciliation of EBITDA,
EBITDAre, and Adjusted EBITDA to Net Income (Loss)
Three Months Ended September
30,
Nine Months Ended September
30,
(in millions)
2024
2023
2024
2023
Net income (loss)
$
(543
)
$
(50
)
$
(671
)
$
(39
)
Adjustments:
Depreciation and amortization expense
210
188
640
557
Interest expense, net
82
126
369
357
Income tax expense (benefit)
(45
)
(5
)
(48
)
(8
)
EBITDA
$
(296
)
$
259
$
290
$
867
Adjustments:
Net loss (gain) on sale of real estate
assets
2
5
5
7
Impairment write-downs on real estate
property
4
1
9
2
Allocation of EBITDAre of noncontrolling
interests
(1
)
—
(2
)
(2
)
EBITDAre
$
(291
)
$
265
$
302
$
874
Adjustments:
Net (gain) loss on sale of non-real estate
assets
—
(1
)
(2
)
(3
)
Other nonoperating (income) expense,
net
(1
)
19
(1
)
19
Acquisition, restructuring, and other
470
20
496
50
Technology transformation
5
—
15
—
(Gain) loss on property destruction
(5
)
—
(4
)
Interest expense and tax expense from
unconsolidated JVs
2
—
4
2
Depreciation and amortization expense from
unconsolidated JVs
2
1
5
4
(Gain) loss on foreign currency exchange
transactions, net
(14
)
5
(5
)
9
Stock-based compensation expense
160
8
171
19
(Gain) loss on extinguishment of debt
6
—
13
—
Allocation adjustments of noncontrolling
interests
(1
)
(1
)
—
(1
)
Adjusted EBITDA
$
333
$
316
$
994
$
973
Net revenues
$
1,335
$
1,329
$
4,001
$
4,008
Adjusted EBITDA margin
24.9
%
23.8
%
24.8
%
24.3
%
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)
2024
2023
2024
2023
Net income (loss)
$
(543
)
$
(50
)
$
(671
)
$
(39
)
Adjustments:
Real estate depreciation
89
82
265
238
In-place lease intangible amortization
1
2
6
6
Net loss (gain) on sale of real estate
assets
2
4
5
7
Impairment write-downs on real estate
property
4
—
9
2
Real estate depreciation, (gain) loss on
sale of real estate and real estate impairments on unconsolidated
JVs
1
1
2
3
Allocation of noncontrolling interests
—
—
(1
)
—
FFO
$
(446
)
$
39
$
(385
)
$
217
Adjustments:
Net (gain) loss on sale of non-real estate
assets
—
(1
)
(2
)
(3
)
Finance lease ROU asset amortization -
real estate related
17
18
53
53
Other nonoperating (income) expense,
net
(1
)
19
(1
)
19
Acquisition, restructuring, and other
473
19
500
50
Technology transformation
5
—
15
—
(Gain) loss on property destruction
(5
)
—
(4
)
—
(Gain) loss on foreign currency
transactions, net
(14
)
5
(5
)
9
(Gain) loss on extinguishment of debt
6
—
13
—
Core FFO
$
35
$
99
$
184
$
345
Adjustments:
Non-real estate depreciation and
amortization
93
81
294
243
Finance lease ROU asset amortization -
non-real estate
8
5
21
16
Amortization of deferred financing
costs
5
4
16
14
Amortization of debt discount /
premium
1
—
1
1
Deferred income taxes expense
(benefit)
(47
)
(16
)
(71
)
(48
)
Straight line net operating rent
(1
)
2
(3
)
4
Amortization of above market leases
—
—
—
1
Amortization of below market leases
—
—
(1
)
(1
)
Stock-based compensation expense
160
9
171
19
Recurring maintenance capital
expenditures
(45
)
(48
)
(123
)
(119
)
Allocation related to unconsolidated
JVs
1
1
4
2
Allocation of noncontrolling interests
(2
)
—
(1
)
(1
)
Adjusted FFO
$
208
$
137
$
492
$
476
Reconciliation of weighted average
common shares outstanding:
Weighted average common shares
outstanding
210
162
178
162
Partnership common units and OP Units held
by Non-Company LPs
21
20
20
20
Equity compensation and other unvested
units
1
—
2
—
Adjusted diluted weighted average common
shares outstanding
232
182
200
182
Adjusted FFO per diluted common share
$
0.90
$
0.75
$
2.46
$
2.61
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, and Adjusted EBITDA. 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, 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 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,
defined as earnings before interest income or expense, taxes,
depreciation and amortization, net loss or gain on sale of real
estate, net of withholding taxes, impairment write-downs on real
estate property, and adjustments to reflect our share of EBITDAre
of 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.
We also 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, loss or
gain on debt extinguishment and modification, impairment of
investments in non-real estate, 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 but 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, non-real estate impairments, 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 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 Quarterly Report. 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241106779875/en/
Investor Relations Contact Evan Barbosa VP, Investor
Relations ir@onelineage.com
Media Contact Megan Hendricksen VP, Global Marketing
& Communications pr@onelineage.com
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