Overview

• US temperature-controlled warehouse REIT's Q1 revenue rose 0.4% but missed analyst expectations

• Adjusted EBITDA for Q1 grew 3.3% and beat analyst estimates

• Company raised annualized dividend rate by 1% and maintained full-year 2026 guidance

Outlook

• Lineage expects full-year 2026 adjusted EBITDA of $1.25 to $1.30 bln

• Company forecasts 2026 AFFO per share of $2.75 to $3.00

• Company says supply chain conditions remain challenging due to tariff uncertainty and geopolitical disruptions

Result Drivers

• SEASONAL TRENDS - Co said core business trends aligned with typical seasonal patterns, reinforcing industry stabilization

• SUPPLY CHAIN CHALLENGES - Co cited ongoing supply chain disruptions, tariff uncertainty, and geopolitical issues as operating challenges

• COST CONTROLS - Co said it leveraged network flexibility to adjust to shifting customer needs and control costs

Company press release: ID:nBw4b4WSSa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$1.30 bln	$1.32 bln (8 Analysts)
Q1 EPS		-$0.18
Q1 Net Income		-$51 mln
Q1 Adjusted EBITDA	Beat	$314 mln	$277.11 mln (10 Analysts)
Q1 Adjusted FFO		$201 mln
Q1 Adjusted FFO Per Share		$0.78
Q1 Income from Operations		$36 mln
Q1 Pretax Profit		-$47 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 11 "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 $39.50, about 8.2% above its May 5 closing price of $36.50

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