Lineage (LINE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was flat to up 0.4% year-over-year, with warehousing growth offset by declines in integrated solutions; results exceeded expectations amid industry headwinds.

• Adjusted EBITDA rose 3.3% to $314 million, with margin up to 24.2%; AFFO per share declined 9.3% to $0.78, mainly due to expiring interest rate hedges.

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

• $130 million invested in growth capital during Q1, with 22 development projects underway and $150 million incremental EBITDA expected upon stabilization.

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

Financial highlights

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

• Adjusted EBITDA: $314 million to $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 9%–9.3%.

• Net loss: $(46) million to $(51) million, compared to net income in Q1 2025.

• 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–$1.30 billion, AFFO per share $2.75–$3.00, same-store NOI contraction of -4% to -1%.

• Increased conviction in achieving guidance midpoint after solid Q1.

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

• Guidance excludes impact of unannounced acquisitions or developments.