Lineage (LINE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was flat to up 0.4% year-over-year, with adjusted EBITDA rising 3–3.3% to $314–$334 million, and AFFO per share declining 8.2–9.3% due to expiring interest rate hedges and higher costs.

• Warehousing segment performed in line with expectations, with 4.3% revenue growth and modest rent and service revenue increases, while integrated solutions declined due to divestitures but saw margin improvement.

• Net loss attributable to shareholders was $(46)–$(51) million, driven by higher interest expense and lower insurance recoveries.

• $130 million invested in growth capital, mainly for development projects, with 22 facilities under construction or ramping.

• Dividend increased to $0.5325 per share, reflecting confidence in cash flow stability.

Financial highlights

• Total revenue for Q1 2026: $1,297–$1,328 million, flat to up 0.4% year-over-year.

• Adjusted EBITDA: $314–$334 million, up 3–3.3% year-over-year; margin improved to 24.2–25.1%.

• AFFO: $201 million, down from $219 million year-over-year; AFFO per share: $0.78, down 8.2–9.3%.

• Net loss: $(46)–$(51) million, or $(0.18) per share.

• Same warehouse NOI declined 0.9% year-over-year; global warehousing NOI up 1.1%.

Outlook and guidance

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

• Increased conviction in achieving the midpoint of guidance after a solid Q1.

• $50 million annualized reduction in admin and indirect costs targeted for 2027.

• Guidance excludes impact of unannounced acquisitions or developments.