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• Total Revenue (Q4 2024): $1.34 billion, flat versus prior year.

• Adjusted EBITDA (Q4 2024): $335 million, a 10% increase.

• Adjusted EBITDA Margin (Q4 2024): Increased 210 basis points to 25%.

• AFFO (Q4 2024): $213 million, up over 145%.

• AFFO per Share (Q4 2024): $0.83, a 73% increase versus prior year.

• Total Revenue (Full Year 2024): $5.34 billion.

• Adjusted EBITDA Growth (Full Year 2024): 4% increase.

• Adjusted EBITDA Margin (Full Year 2024): Increased 100 basis points to 24.9%.

• AFFO (Full Year 2024): $705 million, up 25%.

• AFFO per Share (Full Year 2024): $3.29, a 6.5% increase versus prior year.

• Warehouse NOI Margin (2024): 39.5%, a 40 basis points increase.

• Net Debt (End of 2024): $6.5 billion.

• Total Liquidity (End of 2024): $1.8 billion.

• Leverage Ratio (End of 2024): 4.9 times net debt to adjusted EBITDA.

• 2025 Guidance - Adjusted EBITDA: $1.35 billion to $1.4 billion.

• 2025 Guidance - AFFO per Share: $3.40 to $3.60.

• Warning! GuruFocus has detected 2 Warning Sign with LINE.

Release Date: February 26, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Lineage Inc (NASDAQ:LINE) executed the largest IPO of the year, reducing leverage to under 5 times and earning investment-grade ratings from Moody's and Fitch.

• The company delivered 4% adjusted EBITDA growth and 6% AFFO per share growth, and initiated a dividend at an annualized rate of $2.11 per share.

• Operational achievements include record new business wins, best-ever truck turn times, and best warehouse labor productivity in the company's history.

• Lineage Inc (NASDAQ:LINE) received market recognition and awards, including being listed on the CNBC Disrupter 50 list for the fourth consecutive year.

• The company successfully deployed $760 million of growth capital, including opening a state-of-the-art automated cold store in Hazleton, Pennsylvania, and acquiring Cold Point Logistics.

Negative Points

• Total revenue for the fourth quarter was flat year-over-year at $1.34 billion, indicating challenges in revenue growth.

• The global integrated solution segment saw a 2% decrease in total segment revenue and a 5% decrease in NOI, with specific weakness in some European markets.

• Inventory levels remained elevated in the first half of 2024, creating challenging comps for the first half of 2025.

• The company faces pressure from new competitors and speculative developers entering the cold storage market.

• Despite strong operational performance, the stock has underperformed since the IPO, indicating potential market skepticism or misunderstanding of the company's value proposition.