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.

Scale, portfolio, and operational excellence

• Largest temperature-controlled warehouse REIT globally, with 3.0bn cubic feet and 482 warehouses in 19 countries.

• $1.3bn TTM Adjusted EBITDA and 42% of contracts with minimum storage guarantees.

• 81 automated warehouses and over 13,000 customers.

• Portfolio concentrated in strategic, hard-to-replicate locations.

• 76% of 2023 NOI from distribution centers, with 97% of revenue from #1 market positions.

Growth strategy and track record

• Achieved ~48% Adjusted EBITDA CAGR from 2008–2023.

• Completed 39 expansion projects since 2019, equivalent to building the 4th largest standalone global cold storage company.

• 115+ acquisitions since 2008, with a proprietary integration playbook.

• Robust pipeline with 16 global projects and $1.9bn in potential investments.