Lineage (LINE) Registration Filing summary

Company overview and business model

• Operates the world’s largest global temperature-controlled warehouse REIT, with 482 warehouses and 3.0bn cubic feet of capacity across 19 countries as of March 31, 2024.

• Provides mission-critical, technology-enabled storage, handling, and movement of food, serving over 13,000 customers globally, including major food retailers and manufacturers.

• Business is divided into two segments: Global Warehousing (86% of NOI) and Global Integrated Solutions (14% of NOI), offering end-to-end supply chain services.

• Focuses on sustainability, reducing food waste, and innovation, with over $725 million invested in technology since 2019.

• Owns approximately 80% of its warehouse portfolio, with a weighted average facility age of 21 years and 81 automated facilities.

Financial performance and metrics

• For the twelve months ended March 31, 2024: $5.3bn revenue, $162.8m net loss, $1.8bn NOI, and $1.3bn Adjusted EBITDA.

• Q1 2024: $1.3bn revenue, $48.0m net loss, $444.2m NOI, $326.6m Adjusted EBITDA.

• 2023: $5.3bn revenue, $96.2m net loss, $1.8bn NOI, $1.3bn Adjusted EBITDA.

• Same warehouse NOI grew 15.3% in 2023 and 12.7% in 2022; same warehouse NOI margin was 40.3% in 2023.

• Pro forma net debt to Adjusted EBITDA as of March 31, 2024 is 6.0x after IPO proceeds are used to repay debt.

Use of proceeds and capital allocation

• IPO expected to raise ~$3.4bn net (at $76/share midpoint), primarily to repay $2.4bn Delayed Draw Term Loan, repay borrowings under the Revolving Credit Facility, fund employee grants, and redeem Series A preferred stock.

• Remaining proceeds to be used for general corporate purposes, including potential further debt repayment.

• Ongoing capital allocation focused on accretive M&A, greenfield and expansion projects, and technology investments.