Lineage revenue inches higher in resilient quarter

• Lineage’s second-quarter revenue increased 0.8% to $1.361 billion, while same-warehouse physical occupancy improved by 90 basis points.
• The company recorded a $32 million net loss as adjusted EBITDA and AFFO declined from the prior year.
• Lineage raised its 2026 AFFO-per-share outlook despite an expected $15 million impact from the Big Bear facility fire.

Lineage (NASDAQ:LINE) reported second-quarter revenue of $1.361 billion, up 0.8%, as warehouse occupancy showed signs of stabilization.

Adjusted EBITDA declined 1.8% to $320 million, while AFFO fell 6.2% to $198 million and AFFO per share decreased to $0.76.

Lineage recorded a $32 million net loss, declared a $0.5325 quarterly dividend and reported an adjusted EBITDA margin of 23.5%.

Following the announcement, Lineage's share price was up 0.6% at $42.19 as the company raised AFFO-per-share guidance to $2.80–$3.05.

Lineage operated 498 temperature-controlled facilities covering approximately 87 million square feet across North America, Europe and Asia-Pacific at quarter-end.

The company invested $110 million in customer-backed developments and said the projects could generate $134 million in additional annual net operating income after stabilization.