Lineage, Inc. (NASDAQ: LINE), the world's largest global temperature-controlled warehouse REIT, has announced its financial results for the fourth quarter and full year of 2024.
For the fourth quarter of 2024, Lineage reported a total revenue of $1.3 billion, representing a 0.4% increase from the previous year. The company posted a GAAP net loss of $80 million, or $0.33 per diluted common share. However, adjusted EBITDA increased by 9.8% to $335 million, with an adjusted EBITDA margin rising 210 basis points to 25.0%. Adjusted Funds from Operations (AFFO) saw a significant increase of 147.7% to $213 million, while AFFO per share rose 72.9% to $0.83. The company declared a quarterly dividend of $0.5275 per share, representing an annualized dividend rate of $2.11 per share.
For the full year 2024, Lineage reported a total revenue of $5.3 billion, which remained flat compared to the prior year. The GAAP net loss for the year was $751 million, or $3.70 per diluted common share. Adjusted EBITDA increased by 4.0% to $1.3 billion, with an adjusted EBITDA margin rising 100 basis points to 24.9%. AFFO for the year increased 25.4% to $705 million, while AFFO per share rose 6.5% to $3.29.
Greg Lehmkuhl, President and CEO of Lineage, Inc., expressed satisfaction with the company's performance, stating that 2024 concluded on a strong note, with fourth-quarter adjusted EBITDA growing by 10%. He attributed this success to the company's market leadership, operational efficiencies, and network effects, which enabled margin expansion and overall financial growth. Lehmkuhl credited Lineage's workforce for their dedication throughout what he described as a "transformational year" despite industry challenges.
Looking ahead to 2025, Lehmkuhl stated that Lineage is well-positioned to strengthen its leadership in the global food supply chain. The company plans to continue providing high-level service to customers while enhancing operational efficiency through labor productivity, lean operations, and energy management initiatives. Additionally, Lehmkuhl highlighted innovative technology as a key factor in improving both customer experience and internal processes.
Lineage also reaffirmed its investment-grade balance sheet and financial outlook, which provides the capacity to deploy over $1.5 billion in capital in 2025. This capital is expected to be directed toward the company's acquisition and development pipeline. Lehmkuhl noted that with a combination of internal and external growth opportunities, Lineage is in a strong position to deliver long-term, compounding growth for shareholders.
For the full year 2025, Lineage expects adjusted EBITDA between $1.35 billion and $1.40 billion, with AFFO per share projected to range from $3.40 to $3.60. The company emphasized that these projections do not account for unannounced future acquisitions or developments.
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For more information:
Megan Hendricksen
Lineage
Email: pr@onelineage.com
www.ir.onelineage.com