The AFFO beat vs consensus is notable, but flat revenue and declining same-store NOI limit upside. The maintained guidance and cost-cutting initiatives provide a floor. Watch for occupancy trends in Q2 and any tariff-related commentary on the earnings call for directional cues.
Price Chart
Executive Summary
Lineage, Inc. reported Q1 2026 AFFO of $0.78 per share, beating the $0.58 consensus by 34.5%, while revenue of $1.297B was slightly below the $1.32B estimate. The company maintained its full-year 2026 guidance for adjusted EBITDA of $1.25B-$1.30B and AFFO per share of $2.75-$3.00. Same-store NOI declined 0.9% YoY, but adjusted EBITDA grew 3.3% and margins expanded 70bps, signaling stabilization in the core warehousing business.
Key Financial Metrics
Key Facts
- Q1 2026 AFFO per share of $0.78 beat consensus of $0.58 by 34.5%
- Total revenue of $1.297B was flat YoY and slightly below $1.32B consensus
- GAAP net loss of $(51)M or $(0.18) per diluted share vs. prior year net income
- Adjusted EBITDA increased 3.3% to $314M; margin expanded 70bps to 24.2%
- Full-year 2026 guidance maintained: adjusted EBITDA $1.25B-$1.30B, AFFO per share $2.75-$3.00
- Same-store warehouse NOI declined 0.9% YoY; physical occupancy at 76.4% vs 76.7% prior year
- Global Integrated Solutions segment revenue fell 10.3% YoY to $312M, but NOI was flat at $57M
- Net debt to LTM adjusted EBITDA at 6.0x; adjusted leverage ratio of 5.3x
- Quarterly dividend increased 1% to $0.5325 per share ($2.13 annualized)
- Company on track to achieve $50M+ annualized SG&A and indirect cost reduction by 2027
Financial Impact
AFFO beat of $0.20 per share vs consensus on $1.3B revenue base; guidance maintained with no change to $1.25B-$1.30B adjusted EBITDA range
Risk Factors
- Tariff uncertainty and geopolitical disruptions continue to pressure import/export volumes, which represent ~15% of warehouse throughput
- Net debt to EBITDA at 6.0x is elevated; interest expense rose 40% YoY to $84M
- Same-store NOI has declined for six consecutive quarters, signaling structural headwinds from new supply
- Global Integrated Solutions revenue down 10.3% YoY, partially due to European divestiture
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001868159-26-000027 |
| Document: final-lineageinc1q26earn.htm | 0001868159-26-000027 |
| Document: line-20260506.htm | 0001868159-26-000027 |
| Document: 0001868159-26-000027-index-headers.html | 0001868159-26-000027 |
| Document: 0001868159-26-000027-index.html | 0001868159-26-000027 |
| Document: 0001868159-26-000027.txt | 0001868159-26-000027 |
| 8-K Data (Synthetic) | 0001868159-26-000027 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $35.36 | awaiting T+60 | — | $35.36 (+0.00%) |
Sep 15, 2026 5w ago | Press Release | $37.94 | awaiting T+60 | — | $35.36 (−6.80%) |
Sep 1, 2026 7w ago | Insider Buy | $38.19 | awaiting T+60 | — | $35.36 (−7.41%) |
Aug 5, 2026 11w ago | 8-K | $41.12 | awaiting T+60 | — | $35.36 (−14.01%) |
Jun 12, 2026 19w ago | Institutional Cluster | $44.42 $37.88 | ▼ −14.72% | ▼ −17.99% | $35.36 (−20.40%) |
May 6, 2026 24w ago | 8-K | $37.81 $42.37 | ▲ +12.06% | ▲ +10.00% | $35.36 (−6.48%) |
Apr 23, 2026 26w ago | DEFA14A | $35.55 $43.22 | ▲ +21.58% | ▲ +16.56% | $35.36 (−0.53%) |
Apr 9, 2026 28w ago | 8-K | $34.47 $43.49 | ▲ +26.17% | ▲ +15.39% | $35.36 (+2.58%) |
Feb 28, 2026 34w ago | Institutional Cluster | $40.10 $41.71 | ▲ +4.02% | ▼ −5.30% | $35.36 (−11.81%) |
Feb 28, 2026 34w ago | Institutional Cluster | $40.10 $41.71 | ▲ +4.02% | ▼ −5.30% | $35.36 (−11.81%) |
US Market Status
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