Lineage, Inc. filings document the reporting profile of a Maryland-incorporated temperature-controlled warehouse REIT with common stock and senior notes listed on Nasdaq. Its 8-K reports furnish earnings releases, supplemental financial information, Regulation FD materials, capital-structure updates and material-event disclosures related to the company's warehousing and integrated supply-chain operations.
Proxy filings cover director elections, executive compensation, equity awards, governance practices and shareholder voting matters. Other filings address officer transition disclosures, subsidiary debt financing activity, security listings, risk language and exhibits tied to results, distributions and corporate governance.
Lineage, Inc. reported that officer Jeffrey Alvarez Rivera had performance-based equity vest under the 2025 Bonus Program. He acquired 5,405 shares of common stock at $0.00 per share, issued upon earnout and vesting of performance-based restricted stock units. In a related tax-withholding disposition, 2,127 shares were withheld by the company to satisfy tax obligations at $38.30 per share. After these transactions, Rivera directly owned 8,684 shares of Lineage common stock.
Lineage, Inc. officer Thattai Sudarsan V reported two Common Stock transactions on February 23, 2026. He acquired 4,258 shares at $0.00 per share from the earnout and vesting of performance-based restricted stock units under the 2025 Bonus Program, and disposed of 1,678 shares at $38.30 per share to cover tax withholding obligations upon vesting. After these transactions, he directly owned 10,563 shares of Common Stock.
Lineage, Inc. officer Natalie Matsler reported a stock award and related tax withholding. She acquired 3,767 shares of common stock on an award valued at $0 per share, issued upon earnout and vesting of performance-based restricted stock units under the 2025 Bonus Program. On the same date, 1,514 shares at $38.30 per share were withheld by the company to cover tax obligations triggered by this vesting. After these transactions, she directly holds 2,253 shares of Lineage common stock.
Lineage, Inc. Chief Commercial Officer Timothy Conrad Smith reported equity compensation activity in Common Stock. He acquired 3,603 shares at $0.00 per share as a grant/award tied to earnout and vesting of performance-based restricted stock units under the 2025 Bonus Program. In a related tax-withholding disposition, 1,169 shares at $38.30 per share were withheld by the issuer to satisfy tax obligations upon vesting. Following these transactions, he directly owned 2,489 shares of Common Stock.
Lineage, Inc. officer Brian Jeffrey McGowan reported mixed equity transactions in company common stock. He acquired 3,735 shares on a grant, award, or other acquisition basis at a stated price of $0.00 per share, reflecting shares issued upon earnout and vesting of performance-based restricted stock units under the 2025 Bonus Program.
On the same date, 1,231 shares were disposed of at $38.30 per share to satisfy tax withholding obligations tied to the vesting of restricted stock units. After these transactions, McGowan directly owned 24,399 shares of Lineage common stock.
Lineage, Inc. officer Bryan Gregory A. reported a mix of equity compensation activity in company common stock. He acquired 3,603 shares on February 23, 2026 as a grant at $0.00 per share, issued upon earnout and vesting of performance-based restricted stock units under the 2025 Bonus Program. On the same date, 1,229 shares were disposed of at $38.30 per share, representing shares withheld by the company to cover tax withholding obligations from that vesting. After these transactions, he directly owned 18,550 shares of Lineage common stock.
Lineage, Inc. Chief Accounting Officer Abigail S. Fleming reported two common stock transactions on February 23, 2026. She acquired 1,049 shares at $0.00 per share as a grant upon earnout and vesting of performance-based restricted stock units under the 2025 Bonus Program. On the same date, 356 shares at $38.30 per share were withheld by the company to cover tax withholding obligations from the vesting, reducing the reported holdings after these transactions to 6,555.14 shares of common stock held directly.
Lineage, Inc. executive Kelly Burlage reported mixed equity activity involving company common stock. Burlage received a grant of 616 shares of Common Stock at $0.00 per share, issued upon earnout and vesting of performance-based restricted stock units under the 2025 Bonus Program.
On the same date, 214 shares of Common Stock at $38.30 per share were disposed of through a tax-withholding transaction, with shares withheld by the company to satisfy tax obligations arising from the vesting of restricted stock units. After these transactions, Burlage held 12,470.1600 shares of Common Stock directly.
Lineage, Inc. is a global temperature-controlled warehouse REIT that reported $5.4 billion of revenue for the year ended December 31, 2025, with a net loss of $0.1 billion, net operating income of $1.7 billion, and Adjusted EBITDA of $1.3 billion.
The company operates an interconnected network of 501 warehouses totaling about 88 million square feet and 3.1 billion cubic feet of capacity, serving more than 11,000 customers. Its business is organized into global warehousing, which generated about 86% of NOI, and global integrated solutions, which contributed about 14%.
Lineage expanded through acquisitions and development, including a $256 million purchase of four cold storage warehouses and related assets from Tyson Foods and new automated and greenfield projects in the United States and Europe. As of December 31, 2025, it had 83 automated warehouses and a development pipeline focused heavily on automation, supported by a land bank of 1,513 acres for future growth.
The company highlights competitive strengths in scale, network quality, technology, and customer diversification, while also outlining risks tied to economic conditions, labor, power costs, inflation, cybersecurity, and maintaining REIT status. As of February 19, 2026, Lineage had 227,080,326 common shares outstanding.
Lineage, Inc. reported largely flat 2025 revenue but much stronger cash-based metrics while remaining loss-making on GAAP earnings. Full-year revenue was $5,355 million, essentially unchanged, with a GAAP net loss of $113 million, or $(0.43) per diluted share, a significant improvement from a $751 million loss in 2024.
Adjusted EBITDA was $1,298 million, down 2.3%, and the margin slipped to 24.2%. However, Adjusted FFO rose 22.7% to $865 million, and Adjusted FFO per share increased to $3.37. In the fourth quarter, revenue was $1,336 million, Adjusted EBITDA was $327 million with a 24.5% margin, and Adjusted FFO per share held at $0.83.
The global warehousing segment delivered modest revenue growth but lower NOI and margins as costs rose, while the Integrated Solutions segment expanded NOI and margins despite lower revenue. Net debt was $7,735 million, or 6.0x last‑twelve‑months Adjusted EBITDA, and the company highlighted a $1.1 billion development pipeline expected to produce $185 million of annual NOI at stabilization.
For 2026, Lineage issued guidance for Adjusted EBITDA of $1.25 to $1.30 billion and Adjusted FFO per share of $2.75 to $3.00, assuming a macro environment similar to 2025, and plans $170 to $180 million of recurring maintenance capital expenditures while targeting $50 million of annualized administrative and indirect cost reductions.