Lineage, Inc. Announces First-Quarter 2025 Financial Results and Landmark Agreements With Long-Term Customer; Greg Lehmkuhl Details

Lineage, Inc., the world’s largest global temperature-controlled warehouse REIT, announced its financial results for the first quarter of 2025.

First-Quarter 2025 Financial Highlights

• Total revenue decreased (2.7)% to $1,292 million
• Breakeven GAAP net income, or $0.01 per diluted common share
• Adjusted EBITDA decreased (7.0)% to $304 million; adjusted EBITDA margin decreased (110)bps to 23.5%
• AFFO increased 48.0% to $219 million; AFFO per share increased 6.2% to $0.86
• Declared quarterly dividend of $0.5275 per share, representing annualized dividend rate of $2.11 per share
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Landmark Agreements with Tyson Foods

The Company issued a separate press release announcing landmark agreements with Tyson Foods, Inc., building on our longstanding, multi-continent customer relationship. Select details include:

• Signing of a definitive agreement to acquire four cold storage warehouses and other related assets from Tyson Foods for $247 million
• Plans to enter into an additional, multi-year warehousing agreement to design, build and operate two next-generation, fully automated cold storage warehouses in major U.S. distribution markets, which Tyson Foods will occupy as an anchor customer
• Under the warehousing agreement, Tyson Foods will begin storing and moving product at Lineage’s newly developed Hazleton, Pennsylvania warehouse, establishing the location as a cold storage hub for Tyson Foods on the U.S. East Coast
• In total, Lineage expects to deploy approximately $1 billion of capital over the coming years as part of these agreements

"The Tyson Foods agreements are the result of a long-standing relationship rooted in shared values," said Greg Lehmkuhl, president and chief executive officer of Lineage. "We’re proud to partner with our valued customer on these landmark agreements, leveraging our global footprint, data-driven approach, LinOS, and automation technology. This is just another example of the unique value we can add to our customers."

"As expected, we experienced more normal seasonal trends in the first quarter after multiple years of elevated inventory levels. Our team continues to control costs well and improve productivity in an uncertain environment for our customers, the major food companies. Our network is intentionally built with flexibility in mind—allowing us to adapt to shifting customer needs while maintaining high levels of service across changing market conditions," added Lehmkuhl.