Lineage is like:

• The Prologis for the cold chain.
• The Amazon Web Services (AWS) of cold storage.

Lineage provides the following major services:

• Temperature-Controlled Warehousing: Provides high-quality industrial real estate properties for temperature-controlled storage and related services for food products.
• Global Integrated Solutions: Offers supply chain services that complement warehousing to facilitate the efficient movement of food products through the cold chain.

Lineage (symbol: LINE) sells primarily to other companies.

Due to its well-diversified customer base, with no single customer accounting for more than 3.3% of its revenues for the twelve months ended March 31, 2024, Lineage does not disclose specific major customer companies by name in the provided information.

However, Lineage serves more than 13,000 customers, which include major entities within the following categories:

• Food retailers
• Food manufacturers
• Food processors
• Food service distributors

Greg Lehmkuhl - President & Chief Executive Officer

Greg Lehmkuhl has served as President and Chief Executive Officer of Lineage since June 2015. Under his leadership, Lineage executed the largest IPO of 2024 and the largest REIT IPO in history in July 2024. Prior to joining Lineage, Mr. Lehmkuhl held various executive positions at Con-way Inc., including President and Corporate Executive Vice President, and also held management roles at Menlo Logistics, Delphi Automotive, and Penske Logistics.

Robb LeMasters - Chief Financial Officer

Robb LeMasters was appointed Chief Financial Officer of Lineage, effective November 10, 2025, succeeding Rob Crisci. He brings over two decades of finance and executive leadership experience. Most recently, he served as the Chief Financial Officer of BWX Technologies, Inc. Prior to BWX Technologies, Mr. LeMasters was a Managing Director at Blue Harbour Group, an investment firm focused on public markets, and held senior positions at Theleme Partners, The Children's Investment Fund, and Highbridge Capital Management. He began his career as an analyst in the mergers and acquisitions group at Morgan Stanley and subsequently worked as a private equity analyst at Forstmann Little & Co., indicating a pattern of managing companies backed by private equity firms.

Adam Forste - Co-Executive Chairman

Adam Forste is a Co-Founder of Lineage and has served as Co-Executive Chairman since the company's formation. He is also a co-founder and Managing Partner of Bay Grove since 2007, which is Lineage's original owner-operator and a private equity firm. This demonstrates a clear pattern of involvement with private equity firms. Before co-founding Bay Grove, Mr. Forste worked in private equity at KKR and began his career in Morgan Stanley's investment banking group. He co-founded Lineage, which was built through a "buy and build" strategy involving over 120 acquisitions and more than 40 new builds.

Jeff Rivera - Global Chief Operations Officer

Jeff Rivera serves as Lineage's Global Chief Operations Officer. No additional specific background details were found in the provided search results beyond his title.

Sudarsan Thattai - Chief Information Officer & Chief Transformation Officer

Sudarsan Thattai holds the roles of Chief Information Officer and Chief Transformation Officer at Lineage. No additional specific background details were found in the provided search results beyond his title.

Lineage (symbol: LINE) operates in two main segments: global warehousing and global integrated solutions. The addressable markets for these services are as follows:

Global Warehousing (Temperature-Controlled Warehousing Services)

The global cold storage market, which encompasses temperature-controlled warehousing services, was valued at approximately USD 188.81 billion in 2025. It is projected to grow to about USD 462.63 billion by 2035, demonstrating a compound annual growth rate (CAGR) of 9.38% from 2026 to 2035.

North America is a significant market within cold storage, holding more than 35.45% of the revenue share in 2025. Meanwhile, Asia-Pacific is estimated to expand at the fastest CAGR of 10.46% between 2026 and 2035. Europe also represents a substantial portion, accounting for approximately 30% of the global cold storage market share.

Global Integrated Solutions (Cold Chain Logistics)

The global cold chain logistics market, which includes Lineage's integrated supply chain solutions, was valued at USD 328.0 billion in 2025. This market is anticipated to reach USD 941.9 billion by 2034, growing at a CAGR of 12.44% from 2026 to 2034.

North America is a dominant region in the cold chain logistics market, holding a 38.6% market share in 2025. The Asia-Pacific region is also experiencing rapid growth, with its cold chain logistics market valued at USD 134.3 billion in 2025 and projected to maintain the highest growth rate between 2026 and 2035.

Expected Drivers of Future Revenue Growth for Lineage (LINE)

Over the next 2-3 years, Lineage (LINE) is expected to drive future revenue growth through several key initiatives, including strategic expansion, technological advancements, diversification of service offerings, and focused pricing strategies.

1. Strategic Acquisitions and New Facility Development: Lineage plans to deploy over $1.5 billion in capital during 2025 primarily for acquisitions and development projects, aiming to expand its global network and operational capacity. These initiatives include acquiring facilities to enhance port-centric operations and increase international reach, as well as investing in the construction of new, fully automated cold storage warehouses. The company has 24 facilities currently under construction or in the process of ramping up, representing over $1 billion in invested capital, which are anticipated to significantly contribute to future EBITDA once stabilized. This strategic expansion is crucial for solidifying its market standing and broadening its presence in key regions across North America, Europe, and Asia-Pacific.
2. Technological Innovation and Automation: Lineage has made substantial investments in transformational technology initiatives since 2019, allocating over $725 million to enhance customer value and operational efficiencies. This focus includes software development, data science, product development, and automation teams. The company's continued deployment of innovative technologies and automation in its warehouses is expected to improve operational efficiency, reduce unit operating costs, and enable expansion into higher-density, energy-efficient sites. These advancements are also aimed at meeting the rising demands of e-commerce and food safety, providing significant benefits to customers, and positioning Lineage for sustained growth.
3. Diversification into New Product Categories and Services: Lineage is expanding its service offerings beyond traditional food cold storage by entering new product categories, such as specialized storage for pharmaceuticals. This diversification strategy aims to broaden its customer base and generate additional revenue streams. Furthermore, the growth of its Global Integrated Solutions (GIS) segment, which provides value-added supply chain services, is a key driver. While revenue for this segment has seen some fluctuations, its EBITDA increased by 15% in Q4 2025, demonstrating its potential for contributing to overall revenue growth by increasing customer stickiness and complementing the core warehousing business.
4. Net Pricing Increases in Global Warehousing: The company anticipates achieving 1%-2% net pricing increases within its warehousing segment in 2026. This direct increase in pricing for storage and related services will contribute to organic revenue growth, assuming stable or improving occupancy rates.

Share Issuance

• Lineage completed its Initial Public Offering (IPO) in July 2024, raising approximately $4.5 billion through the sale of 57 million shares at $78 per share.
• In March 2021, Lineage raised $1.9 billion in equity, with proceeds intended for global greenfield developments, facility expansions, mergers and acquisitions, and research and development.

Inbound Investments

• The company's Initial Public Offering (IPO) in July 2024 brought in approximately $4.5 billion in capital.
• Lineage secured $1.9 billion in equity funding in March 2021.
• In September 2020, Lineage raised $1.6 billion in equity.

Outbound Investments

• Lineage acquired over 100 companies through the end of 2023.
• In July 2021, Lineage partnered with 8VC, a logistics technology venture capital firm, to enhance investments in the transportation and logistics technology sector.

Capital Expenditures

• Lineage has invested over $725 million in transformational technology initiatives since the start of 2019.
• A substantial portion of the $1.9 billion equity raised in March 2021 was earmarked for global greenfield developments, facility expansions, and research and development.
• The company intends to continue investing in the construction of new cold storage facilities and further consolidate the industry to drive future expansion.