Lineage (LINE) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue was flat at $5.36 billion, with adjusted EBITDA down 2.3% to $1.3 billion and a GAAP net loss of $113 million; AFFO per share increased 2.4% to $3.37, exceeding guidance.

• Q4 2025 revenue was $1.34 billion (flat year-over-year), adjusted EBITDA was $327 million (down 2%), and AFFO per share was $0.83 (flat year-over-year and ahead of expectations).

• Occupancy stabilized, with same-store physical occupancy up 400 basis points sequentially to 79.3%, indicating normalization of seasonality.

• The business maintained a fortified balance sheet and focused on operational excellence, cost management, and new business opportunities.

• Dividend declared at $0.5275 per share for Q4, annualized at $2.11 per share.

Financial highlights

• Q4 adjusted EBITDA: $327 million, down 2% year-over-year; full year adjusted EBITDA: $1.3 billion, down 2.3%.

• Q4 AFFO: $214 million; AFFO per share: $0.83, both flat year-over-year and ahead of expectations.

• Full year AFFO per share: $3.37, up 2.4% year-over-year.

• Adjusted EBITDA margin for 2025: 24.2% (down 70 bps); Q4 margin: 24.5%.

• Net loss for FY 2025 was $113 million.

Outlook and guidance

• 2026 guidance: adjusted EBITDA of $1.25–$1.3 billion; AFFO per share of $2.75–$3.00; same-store NOI growth of -4% to -1%.

• Net pricing increases of 1%-2% expected in warehousing; normal seasonality anticipated.

• GIS segment guided for 0%-2% NOI growth due to tougher comps and lower fuel prices.

• $50 million in annualized admin and indirect cost savings targeted by end of 2026, with half expected in 2026.

• Guidance excludes impacts from unannounced acquisitions or developments.