Lineage Q2 revenue meets on occupancy improvement

Lineage

05/08/2026 11:13

Overview
Global temperature-controlled warehouse REIT's Q2 revenue up 0.8%, matching analyst expectations
Adjusted EBITDA for Q2 beat analyst expectations
AFFO per share fell 6.2% yr/yr as industry conditions stabilized

Outlook
Lineage expects full-year 2026 adjusted EBITDA of $1.26 to $1.29 bln
Company sees 2026 AFFO per share between $2.80 and $3.05
Lineage says guidance excludes impact of unannounced future acquisitions or developments

Result Drivers
OCCUPANCY IMPROVEMENT - Co said a 90bps yr/yr increase in same warehouse physical occupancy signaled inventory normalization and industry stabilization
WAREHOUSE SERVICES GROWTH - Warehouse services revenue in global warehousing segment rose 7.7% yr/yr, offsetting flat storage revenue

Company press release: ID:nBw8L7P1Ca

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Meet
$1.36 bln
$1.36 bln (9 Analysts)
Q2 Loss Per Share
 
$0.13
 
Q2 Net Loss
 
$32 mln
 
Q2 Adjusted EBITDA
Beat
$320 mln
$293.73 mln (12 Analysts)
Q2 Adjusted FFO
 
$198 mln
 
Q2 Adjusted FFO Per Share
 
$0.76
 
Q2 Income from Operations 
 
$54 mln
 
Q2 Pretax Loss
 
$33 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 10 "hold" and 4 "sell" or "strong sell"
The average consensus recommendation for the specialized reits peer group is "buy."
Wall Street's median 12-month price target for Lineage, Inc. is $44.50, about 6.1% above its August 4 closing price of $41.94

Reuters Recommended Reads
Aug 4 - UK's Segro agrees $19 billion Prologis takeover after investor pressure
Aug 4 - GXO Logistics Q2 adjusted EBITDA beats analyst estimates
Aug 4 - Canada's Dream Industrial REIT Q2 net rental income up on portfolio growth

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)