Lineage (LINE) Registration Filing summary

Company overview and business model

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

• Provides mission-critical, technology-enabled storage, handling, and movement of food for over 13,000 customers globally.

• Business is divided into two segments: global warehousing (86% of NOI) and global integrated solutions (14% of NOI).

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

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

Financial performance and metrics

• Generated $5.3 billion in revenue and $1.8 billion in NOI for the twelve months ended March 31, 2024.

• Adjusted EBITDA was $1.3 billion for the same period.

• Net loss was $162.8 million for the twelve months ended March 31, 2024.

• For Q1 2024, revenue was $1.3 billion, NOI $444 million, and Adjusted EBITDA $327 million.

• Same warehouse NOI grew 15.3% in 2023 and 12.7% in 2022; margins improved to 40.3% in 2023.

Use of proceeds and capital allocation

• IPO expected to raise approximately $3.4 billion in net proceeds at a $76/share midpoint.

• Proceeds will repay $2.4 billion Delayed Draw Term Loan, repay borrowings under the Revolving Credit Facility, fund employee grants and tax obligations, redeem Series A preferred stock, and for general corporate purposes.

• Post-offering, total liquidity (cash and revolver) will be $2.0 billion.