Lineage, Inc. (NASDAQ: LINE), the temperature-controlled warehouse real estate investment trust, reported financial results for the third quarter of 2026 on November 9, 2026. The company announced that total revenue decreased by 1.2% to $1.361 million for the quarter ended September 30, 2026.
For the same period, the company reported a GAAP net loss of $173 million, or $0.68 per diluted common share. Adjusted EBITDA decreased by 7.0% to $317 million, with the adjusted EBITDA margin falling by 150 basis points to 23.3%. Additionally, Adjusted Funds From Operations (AFFO) decreased by 14.9% to $188 million, or $0.73 per share.
Despite the quarterly declines, Lineage noted that core business trends continued to stabilize. Same-store occupancy grew year-over-year for the second consecutive quarter, with the company citing normalized customer inventory levels.
Regarding the performance, CEO Greg Lehmkuhl stated that overall results were generally in line with expectations, though the company faced a more challenging environment later in the quarter. Lehmkuhl attributed these headwinds to sharply higher oil prices, constrained trucking capacity, and tariff uncertainty, which particularly impacted the Global Integrated Solutions business.
The company has updated its full-year 2026 guidance. Lineage expects full-year adjusted EBITDA to be between $1.25 billion and $1.27 billion and Adjusted FFO per share to be between $2.86 and $2.98. The guidance excludes the impact of unannounced future acquisitions, divestitures, or developments.
Lineage declared a quarterly dividend of $0.5325 per share, representing an annualized dividend rate of $2.13 per share.
