$LINE · Lineage, Inc.
Lineage, Inc. filed its 10-Q for the quarter ended September 30, 2026. Net revenues fell 1.2% YoY to $1.361B, and the company posted a net loss attributable to Lineage of $154M (GAAP EPS -$0.68), versus a $100M loss a year earlier. The quarter included a $109M restructuring, impairment, and (gain) loss on disposals charge, and Global Warehousing segment NOI declined 6.0% to $361M with margin compressing 210bps to 35.8%.
- Q3 revenue fell 1.2% YoY to $1.361B; nine-month revenue was flat at $4.019B.
- Net loss attributable to Lineage widened to $154M from $100M a year ago (EPS -$0.68 vs -$0.44).
- Global Warehousing segment NOI fell 6.0% to $361M; margin dropped 210bps to 35.8%.
- A $109M restructuring, impairment, and disposal charge hit Q3, versus a $5M gain last year.
- Long-term debt rose to $6.813B from $6.107B at year-end 2025.
Extended-hours trading shows LINE at $37.61, down 5.17% versus the $39.66 regular close, indicating investors are reacting negatively to the widened loss and impairment charge.
A widening loss driven by a $109M impairment charge and compressing warehouse margins signals deteriorating profitability for the cold-storage REIT.
Cold-storage REIT peers face similar margin pressure from rising power and labor costs; Lineage's power costs rose 11.3% YoY in the quarter.
Rising power (+11.3%) and labor costs are compressing warehouse margins, while the $109M restructuring/impairment charge signals potential asset value deterioration.