Lineage (LINE) Investor presentation summary

Key investment highlights

• Cold storage is essential infrastructure in 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 and operational excellence enabled by technology.

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

Company overview and scale

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

• Over 13,000 customers and $1.3bn TTM adjusted EBITDA.

• 81 automated warehouses and 42% of contracts with minimum storage guarantees.

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

Growth and operational excellence

• Achieved ~48% adjusted EBITDA CAGR from 2008–2023, expanding from a single warehouse to global leadership.

• Robust flywheel of growth driven by increasing NOI, efficient REIT structure, and accretive capital deployment.

• Integrated solutions segment enhances customer stickiness and creates cross-sell opportunities.