Lineage (LINE) Investor presentation summary

Key investment highlights

• Cold storage is essential infrastructure for the global food supply chain, with a large, growing, and recession-resistant market.

• Global leader in a fragmented industry, diversified across geographies, customers, and commodities.

• High-quality assets in strategic locations worldwide.

• Superior same warehouse growth driven by integrated solutions and technology.

• Significant global growth opportunities through greenfields, expansions, and acquisitions.

Company overview and scale

• Largest temperature-controlled warehouse REIT globally, with 3.1bn cubic feet and 86mm square feet across 19 countries.

• Operates 488 warehouses, including 82 automated facilities, serving over 13,000 customers.

• 2024 adjusted EBITDA reached $1.3bn, with 44% of revenue from contracts with minimum storage guarantees.

• 146MW of installed on-site solar generation and a robust patent portfolio.

Growth and strategic milestones

• Achieved ~44% adjusted EBITDA CAGR from 2008 to 2024, expanding into multiple continents.

• Completed the largest REIT IPO of all time and became the largest global cold storage company.

• Consistent expansion through acquisitions and greenfield projects.