Cold storage warehouse operator Lineage Inc. reported financial results Wednesday for the first time since becoming a public company. The Novi, Michigan-based real estate investment trust posted a $543 million net loss, which included numerous expenses tied to the initial public offering. Excluding certain items, adjusted funds from operations (AFFO) increased 20% year over year to 90 cents per share.
“We are excited to report strong results for our first quarter as a public company, demonstrating our ability to perform well in various economic environments,” said President and CEO Greg Lehmkuhl in a news release. “Looking forward, we are well positioned to drive compounding growth, benefiting from our industry-leading real estate portfolio, innovative technology, and our strategic capital deployment engine.”
Net revenue of $1.34 billion increased 0.5% y/y. Physical occupancy was 77.6% in the quarter, 160 basis points worse y/y.
Lineage (NASDAQ: LINE) issued full-year 2024 AFFO guidance of $3.16 to $3.20 per share.
Lineage also announced that on Friday it acquired ColdPoint Logistics for $223 million, expanding its footprint in the Kansas City market. ColdPoint operates 21 million cubic feet of space.
Lineage manages more than 480 facilities with 3 billion cubic feet of space across North America, Europe and the Asia-Pacific region. It also provides freight forwarding, customs brokerage, drayage and truck transportation.
The company will host a call at 8 a.m. EST on Wednesday to discuss third-quarter results with analysts.
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