Lineage, Inc. (NASDAQ: LINE), the world’s largest temperature-controlled warehouse REIT, today announced its financial results for the fourth quarter and full year of 2024, reporting strong growth in adjusted EBITDA and AFFO per share.
For the fourth quarter, Lineage reported a slight revenue increase of 0.4% to $1.3 billion. Despite a GAAP net loss of $80 million, the company saw significant improvements in key performance indicators. Adjusted EBITDA rose by 9.8% to $335 million, with margins increasing by 210 basis points to 25.0%. Available Funds From Operations (AFFO) surged by 147.7% to $213 million, and AFFO per share increased by 72.9% to $0.83. Lineage also declared a quarterly dividend of $0.5275 per share, representing an annualized rate of $2.11 per share.
Full-year 2024 results showed total revenue of $5.3 billion, flat compared to the previous year. The company reported a GAAP net loss of $751 million. However, adjusted EBITDA increased by 4.0% to $1.3 billion, with margins improving by 100 basis points to 24.9%. AFFO for the full year increased by 25.4% to $705 million, and AFFO per share rose by 6.5% to $3.29.
“We are pleased to report a strong finish to 2024, with 10% growth in fourth-quarter adjusted EBITDA, capping a transformational year for our company,” said Greg Lehmkuhl, president and chief executive officer of Lineage, Inc. He emphasized the company’s market leadership, network effects, and operational excellence as key drivers of margin expansion and growth in adjusted EBITDA and AFFO per share.
Looking ahead to 2025, Lehmkuhl expressed confidence in Lineage’s ability to further solidify its position in the global food supply chain. The company plans to focus on providing world-class customer service while continuously improving operational efficiency. Lehmkuhl highlighted initiatives in labor productivity, lean operations, and energy management, along with innovative technology, as providing significant benefits to customers and team members.
“Furthermore, our investment-grade balance sheet and financial outlook provide the capacity to deploy more than $1.5 billion of capital in 2025,” Lehmkuhl stated. He added that Lineage is poised to execute on a robust acquisition and development pipeline, believing the company has never been better positioned for growth.
