Lineage (LINE)


Market Price (10/15/2026): $33.79 | Market Cap: $7.7 BilSector: Real Estate | Industry: Industrial REITs

Lineage (LINE)


Market Price (10/15/2026): $33.79
Market Cap: $7.7 Bil
Sector: Real Estate
Industry: Industrial REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%

Attractive yield
Dividend Yield is 7.0%

Low stock price volatility
Vol 12M is 37%

Megatrend and thematic drivers
Megatrends include E-commerce Logistics & Data Centers, and Automation & Robotics. Themes include Cold Storage Facilities, E-commerce Logistics REITs, Show more.

Weak multi-year price returns
2Y Excs Rtn is -84%, 3Y Excs Rtn is -134%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 103%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 51x

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%
1 Attractive yield
Dividend Yield is 7.0%
2 Low stock price volatility
Vol 12M is 37%
3 Megatrend and thematic drivers
Megatrends include E-commerce Logistics & Data Centers, and Automation & Robotics. Themes include Cold Storage Facilities, E-commerce Logistics REITs, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -84%, 3Y Excs Rtn is -134%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 103%
6 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 51x

LINE in ETFs

Weight = LINE's share of each fund

VTI0.00%
ITOT0.00%
IWB0.00%
VB0.03%
USRT0.21%
VNQ0.17%
IYR0.15%
SCHH0.14%
+13 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Lineage (LINE) stock has lost about 20% since 6/30/2026 because of the following key factors:

1. Mixed Fiscal Q2 2026 Financial Performance and Cautious Guidance Contributed to Investor Concerns.

While Lineage Inc. (LINE) surpassed analyst estimates for Funds From Operations (FFO) and revenue for its fiscal Q2 2026, which concluded in June 2026, reporting FFO of $0.76 per share (beating the consensus by $0.98) and revenues of $1.36 billion (a 0.8% year-over-year increase), the company also posted a GAAP net loss of $32 million. The updated full-year fiscal 2026 guidance, which included a forecast for same-store Net Operating Income (NOI) growth between (3)% and 0%, signaled a challenging operational environment, despite improvements in warehouse occupancy. This mixed financial picture and modest outlook likely dampened investor enthusiasm, contributing to the stock's decline.

2. Broader REIT Sector Underperformance and Macroeconomic Headwinds Impacted the Stock.

The Real Estate Investment Trust (REIT) sector, where Lineage operates, experienced a notable downturn during fiscal Q3 2026 (July through September 2026). REITs recorded an average total return of -0.49% in July and -4.48% in August 2026, significantly underperforming major market indices like the NASDAQ, S&P 500, and Dow Jones Industrial Average during August. This sector-wide weakness was exacerbated by macroeconomic factors, including rising global benchmark bond yields stemming from persistent inflationary pressures and ongoing geopolitical risks, which generally exert downward pressure on income-generating real estate assets.

Show more
Updated on 10/1/2026

Lineage (LINE) stock has lost about 20% since 6/30/2026 because of the following key factors:

1. Mixed Fiscal Q2 2026 Financial Performance and Cautious Guidance Contributed to Investor Concerns.

While Lineage Inc. (LINE) surpassed analyst estimates for Funds From Operations (FFO) and revenue for its fiscal Q2 2026, which concluded in June 2026, reporting FFO of $0.76 per share (beating the consensus by $0.98) and revenues of $1.36 billion (a 0.8% year-over-year increase), the company also posted a GAAP net loss of $32 million. The updated full-year fiscal 2026 guidance, which included a forecast for same-store Net Operating Income (NOI) growth between (3)% and 0%, signaled a challenging operational environment, despite improvements in warehouse occupancy. This mixed financial picture and modest outlook likely dampened investor enthusiasm, contributing to the stock's decline.

2. Broader REIT Sector Underperformance and Macroeconomic Headwinds Impacted the Stock.

The Real Estate Investment Trust (REIT) sector, where Lineage operates, experienced a notable downturn during fiscal Q3 2026 (July through September 2026). REITs recorded an average total return of -0.49% in July and -4.48% in August 2026, significantly underperforming major market indices like the NASDAQ, S&P 500, and Dow Jones Industrial Average during August. This sector-wide weakness was exacerbated by macroeconomic factors, including rising global benchmark bond yields stemming from persistent inflationary pressures and ongoing geopolitical risks, which generally exert downward pressure on income-generating real estate assets.

3. Analyst Sentiment Remained Cautious Despite Q2 Beat, Leading to Price Target Adjustments.

Despite Lineage receiving an upgrade from Morgan Stanley to an "Overweight" rating on September 9, 2026, the overall analyst consensus rating for the stock largely remained "Hold" throughout fiscal Q3 2026. Several analyst firms, including Evercore ISI and Scotiabank, maintained their "Hold" ratings and, in some cases, reduced their price targets for LINE in September 2026. These conservative adjustments in analyst outlook likely contributed to the selling pressure on the stock, indicating a cautious view on its near-term growth prospects even after the positive Q2 fiscal 2026 earnings surprise.

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Stock Movement Drivers

Fundamental Drivers

The -20.7% change in LINE stock from 6/30/2026 to 10/14/2026 was primarily driven by a -20.5% change in the company's P/S Multiple.
(LTM values as of)630202610142026Change
Stock Price ($)42.5933.78-20.7%
Change Contribution By: 
Total Revenues ($ Mil)5,3605,3710.2%
P/S Multiple1.81.4-20.5%
Shares Outstanding (Mil)227228-0.4%
Cumulative Contribution-20.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/14/2026
ReturnCorrelation
LINE-20.7% 
Market (SPY)3.1%11.2%
Sector (XLRE)-5.8%38.3%

Fundamental Drivers

The 6.0% change in LINE stock from 3/31/2026 to 10/14/2026 was primarily driven by a 5.6% change in the company's P/S Multiple.
(LTM values as of)331202610142026Change
Stock Price ($)31.8833.786.0%
Change Contribution By: 
Total Revenues ($ Mil)5,3555,3710.3%
P/S Multiple1.41.45.6%
Shares Outstanding (Mil)2282280.0%
Cumulative Contribution6.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/14/2026
ReturnCorrelation
LINE6.0% 
Market (SPY)18.6%27.2%
Sector (XLRE)2.5%45.2%

Fundamental Drivers

The -7.3% change in LINE stock from 9/30/2025 to 10/14/2026 was primarily driven by a -8.6% change in the company's P/S Multiple.
(LTM values as of)930202510142026Change
Stock Price ($)36.4333.78-7.3%
Change Contribution By: 
Total Revenues ($ Mil)5,3165,3711.0%
P/S Multiple1.61.4-8.6%
Shares Outstanding (Mil)2292280.4%
Cumulative Contribution-7.3%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/14/2026
ReturnCorrelation
LINE-7.3% 
Market (SPY)16.5%35.6%
Sector (XLRE)1.1%45.2%

Fundamental Drivers

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Market Drivers

9/30/2023 to 10/14/2026
ReturnCorrelation
LINE  
Market (SPY)86.2%38.3%
Sector (XLRE)33.8%49.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LINE Return----26%-37%3%-52%
Peers Return46%-20%26%-5%8%13%69%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
LINE Win Rate---17%33%50% 
Peers Win Rate75%37%63%48%63%54% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
LINE Max Drawdown-----45%-23% 
Peers Max Drawdown-16%-36%-22%-20%-29%-17% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: COLD, PLD, STAG, EGP, R.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)

About Lineage (LINE)

Lineage (LINE) is the world's largest global temperature-controlled warehouse REIT, playing a crucial role in transforming the global food supply chain. The company provides mission-critical infrastructure for the storage, handling, and movement of food products around the world, specifically addressing the significant issue of food waste caused by inadequate refrigeration. Through its strategically located and scaled network of facilities and a technology-enabled platform, Lineage offers comprehensive solutions to the complexities of the cold chain, linking food from farm to fork.

The company's business operates through two main segments. Its primary segment, Global Warehousing, utilizes high-quality industrial real estate properties to offer temperature-controlled storage and related services. This core offering is complemented by Global Integrated Solutions, which provides supply chain services to facilitate the efficient movement of products, generating cost savings for customers and additional revenue streams for Lineage. With an interconnected global network comprising over 480 warehouses across North America, Europe, and Asia-Pacific, Lineage serves more than 13,000 customers, including major food retailers, manufacturers, processors, and food service distributors, with a highly diversified customer base.

Lineage distinguishes itself through its significant investment in technological innovation, dedicating hundreds of millions to develop and deploy advanced systems. These initiatives include proprietary software, in-house data science teams, and automation capabilities designed to integrate acquisitions, standardize operations, and optimize efficiencies across its network. This strategic focus on technology supports enhanced customer value, strong same-warehouse NOI growth, and robust cash flow generation, positioning Lineage as a leader in applying innovation to the temperature-controlled logistics sector.

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Lineage is like:

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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.

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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

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Here is the management team for Lineage (LINE):

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.

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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.

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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.

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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.

Peer Outperformance in Industrial REITs

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Share of Industrial REITs constituents that LINE has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
0%
of 12 industry peers · -8.4% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Real Estate sector, ranked by 5Y. Industrial REITs is LINE's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care REITs 15 16.9%57.5%58.1% WELL 211% · CTRE 125% · OHI 120%
Retail REITs 22 10.1%36.1%25.3% SKT 152% · SPG 91% · MAC 59%
Other Specialized REITs 11 8.2%24.5%19.2% IRM 220% · OUT 59% · LAMR 59%
Real Estate Development 6 -13.7%17.9%11.3% JOE 58%
Hotel & Resort REITs 16 48.4%42.3%5.4% HST 83% · RHP 75% · DRH 69%
Industrial REITs ← 11 12.2%30.6%-1.3% EGP 29% · FR 24% · PLD 16%
Diversified REITs 13 10.3%36.3%-13.9% WPC 12% · EPRT 10% · LXP 8%
Single-Family Residential REITs 4 -3.0%-1.2%-19.8% AMH -10% · ELS -19% · INVH -21%
Multi-Family Residential REITs 13 -2.9%6.2%-24.0% ESS -2% · VMRK -11% · IRT -16%
Office REITs 18 -9.1%26.4%-34.6% CDP 48% · HIW -8% · SLG -9%
Real Estate Services 24 -23.2%-18.7%-37.6% CBRE 32% · JLL 16% · NMRK -15%
Telecom Tower REITs 3 -0.9%-1.1%-39.5% AMT -20% · SBAC -39% · CCI -40%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

LINECOLDPLDSTAGEGPRMedian
NameLineage Americol.Prologis Stag Ind.EastGrou.Ryder Sy. 
Mkt Price33.7913.82130.2735.88193.63236.2983.08
Mkt Cap7.74.0121.66.910.49.18.4
Rev LTM5,3712,6159,19088175312,8533,993
Op Inc LTM2321803,5323333051,081319
FCF LTM244-2075,241371506687438
FCF 3Y Avg154-485,2003784536266
CFO LTM9873495,2414765062,451746
CFO 3Y Avg8493985,2004494532,417651

Growth & Margins

LINECOLDPLDSTAGEGPRMedian
NameLineage Americol.Prologis Stag Ind.EastGrou.Ryder Sy. 
Rev Chg LTM1.0%-0.2%7.3%9.6%11.0%1.1%4.2%
Rev Chg 3Y Avg--2.3%6.0%8.9%12.4%1.5%6.0%
Rev Chg Q0.8%1.9%11.1%8.1%9.1%5.2%6.7%
QoQ Delta Rev Chg LTM0.2%0.5%2.7%1.9%2.2%1.3%1.6%
Op Inc Chg LTM-7.2%-15.5%4.9%12.7%13.6%-2.7%1.1%
Op Inc Chg 3Y Avg-3.5%4.5%13.9%14.3%-4.0%4.5%
Op Mgn LTM4.3%6.9%38.4%37.8%40.5%8.4%23.1%
Op Mgn 3Y Avg5.7%7.8%37.5%36.5%40.1%8.5%22.5%
QoQ Delta Op Mgn LTM-0.3%-0.3%0.1%-0.3%0.3%-0.2%-0.2%
CFO/Rev LTM18.4%13.4%57.0%54.1%67.1%19.1%36.6%
CFO/Rev 3Y Avg15.9%15.1%61.4%55.7%66.5%19.1%37.4%
FCF/Rev LTM4.5%-7.9%57.0%42.1%67.1%5.3%23.7%
FCF/Rev 3Y Avg2.9%-1.9%61.4%47.0%66.5%-0.0%24.9%

Valuation

LINECOLDPLDSTAGEGPRMedian
NameLineage Americol.Prologis Stag Ind.EastGrou.Ryder Sy. 
Mkt Cap7.74.0121.66.910.49.18.4
P/S1.41.513.27.813.80.74.7
P/Op Inc33.222.034.420.634.08.427.6
P/EBIT51.4-12.721.017.530.98.519.3
P/E-45.6-8.728.927.834.118.323.0
P/CFO7.811.423.214.420.63.712.9
Total Yield4.8%-4.8%6.6%7.1%6.0%7.0%6.3%
Dividend Yield7.0%6.7%3.2%3.5%3.1%1.6%3.4%
FCF Yield 3Y Avg--2.1%4.8%5.5%4.8%-1.9%4.8%
D/E1.01.20.30.50.20.90.7
Net D/E1.01.20.30.50.20.90.7

Returns

LINECOLDPLDSTAGEGPRMedian
NameLineage Americol.Prologis Stag Ind.EastGrou.Ryder Sy. 
1M Rtn-11.4%-6.2%-2.9%-1.9%-1.1%-2.0%-2.4%
3M Rtn-22.0%-11.0%-8.4%-9.2%-8.3%-10.3%-9.7%
6M Rtn-2.7%17.6%-5.4%-4.8%0.7%12.3%-1.0%
12M Rtn-10.2%10.4%16.4%1.5%17.6%32.1%13.4%
3Y Rtn-53.4%-40.7%30.8%18.0%28.9%147.9%23.5%
1M Excs Rtn-13.8%-9.2%-6.3%-5.3%-4.6%-4.9%-5.8%
3M Excs Rtn-26.1%-15.4%-16.1%-17.4%-16.2%-16.7%-16.5%
6M Excs Rtn-13.9%6.5%-16.5%-15.9%-10.5%1.2%-12.2%
12M Excs Rtn-27.6%-6.2%1.9%-14.2%1.2%16.6%-2.5%
3Y Excs Rtn-133.5%-125.7%-48.9%-62.6%-53.8%66.1%-58.2%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Global Warehousing3,9503,8873,8573,4322,656
Global Integrated Solutions1,4051,4531,4851,4961,046
Total5,3555,3405,3424,9283,702


Operating Income by Segment
$ Mil20222021
Global Warehousing1,213963
Global Integrated Solutions234159
Acquisition, restructuring, and other expenses-93-160
Amortization expense-198-188
General and administrative-388-279
Depreciation expense-480-416
Total28979


Price Behavior

Price Behavior
Market Price$33.78 
Market Cap ($ Bil)7.7 
First Trading Date07/25/2024 
Distance from 52W High-23.1% 
   50 Days200 Days
DMA Price$37.69$37.71
DMA Trenddownup
Distance from DMA-10.4%-10.4%
 3M1YR
Volatility28.3%36.8%
Downside Capture193.19117.85
Upside Capture27.0985.04
Correlation (S&P 500)11.8%35.4%
LINE Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.890.820.200.731.01-0.18
Up Beta1.240.15-0.700.571.140.41
Down Beta0.79-0.77-1.120.231.060.02
Up Capture28%47%21%81%77%11%
Bmk +ve Days6162766132424
Stock +ve Days3112457113251
Down Capture214%244%154%106%106%93%
Bmk -ve Days16263760120328
Stock -ve Days18303968136293

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LINE
LINE-10.3%36.8%-0.23-
Sector ETF (XLRE)4.1%14.2%0.0545.5%
Equity (SPY)17.1%12.7%0.9635.4%
Gold (GLD)-0.6%29.4%-0.0219.1%
Commodities (DBC)49.3%20.7%1.82-14.7%
Real Estate (VNQ)5.7%13.7%0.1549.3%
Bitcoin (BTCUSD)-27.9%43.7%-0.6317.7%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LINE
LINE-14.2%35.7%-0.91-
Sector ETF (XLRE)1.6%19.1%-0.0249.8%
Equity (SPY)13.6%17.1%0.6038.3%
Gold (GLD)17.9%18.9%0.7616.6%
Commodities (DBC)10.0%19.5%0.391.0%
Real Estate (VNQ)1.2%18.8%-0.0552.9%
Bitcoin (BTCUSD)8.5%51.8%0.3416.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LINE
LINE-7.4%35.7%-0.91-
Sector ETF (XLRE)6.3%20.4%0.2649.8%
Equity (SPY)15.4%17.9%0.7338.3%
Gold (GLD)12.0%16.4%0.6016.6%
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Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity5.9 Mil
Short Interest: % Change Since 915202612.6%
Average Daily Volume1.0 Mil
Days-to-Cover Short Interest6.0 days
Basic Shares Quantity228.0 Mil
Short % of Basic Shares2.6%

Earnings Returns History

Updated 9/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-2.0%-0.3%-7.5%
5/6/20263.6%6.5%18.4%
2/25/20266.3%5.1%-8.3%
11/5/20250.4%-8.4%-6.4%
8/6/20250.6%-8.7%-9.0%
4/30/2025-14.6%-22.5%-22.2%
2/26/20252.3%7.6%6.8%
11/6/2024-7.4%-10.3%-14.0%
SUMMARY STATS   
# Positive532
# Negative356
Median Positive2.3%6.5%12.6%
Median Negative-7.4%-8.7%-8.6%
Max Positive6.3%7.6%18.4%
Max Negative-14.6%-22.5%-22.2%
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-2.0%-0.3%-7.5%
5/6/20263.6%6.5%18.4%
2/25/20266.3%5.1%-8.3%
11/5/20250.4%-8.4%-6.4%
8/6/20250.6%-8.7%-9.0%
4/30/2025-14.6%-22.5%-22.2%
2/26/20252.3%7.6%6.8%
11/6/2024-7.4%-10.3%-14.0%
SUMMARY STATS   
# Positive532
# Negative356
Median Positive2.3%6.5%12.6%
Median Negative-7.4%-8.7%-8.6%
Max Positive6.3%7.6%18.4%
Max Negative-14.6%-22.5%-22.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202504/30/202510-Q
12/31/202402/26/202510-K
09/30/202411/06/202410-Q
06/30/202408/21/202410-Q
03/31/202407/26/2024424B4
12/31/202201/31/2024DRS/A
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Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202504/30/202510-Q
12/31/202402/26/202510-K
09/30/202411/06/202410-Q
06/30/202408/21/202410-Q
03/31/202407/26/2024424B4
12/31/202201/31/2024DRS/A

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted FFO per shareReported2.82.933.051.7% RaisedGuidance: 2.88 for 2026
2026 Adjusted EBITDAReported1.26 Bil1.27 Bil1.29 Bil0 AffirmedGuidance: 1.27 Bil for 2026


Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted FFO per shareReported2.752.8830 AffirmedGuidance: 2.88 for 2026
2026 Adjusted EBITDAReported1.25 Bil1.27 Bil1.30 Bil0 AffirmedGuidance: 1.27 Bil for 2026

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted FFO per shareReported2.752.883-11.5% Lower NewActual: 3.25 for 2025
2026 Adjusted EBITDAReported1.25 Bil1.27 Bil1.30 Bil-1.7% Lower NewActual: 1.30 Bil for 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Adjusted FFO per shareReported0.680.730.78-5.2% LoweredGuidance: 0.77 for Q3 2025
Q4 2025 Adjusted EBITDAReported319.00 Mil326.50 Mil334.00 Mil-1.4% LoweredGuidance: 331.00 Mil for Q3 2025
2025 Adjusted FFO per shareReported3.23.253.3-1.5% LoweredGuidance: 3.3 for 2025
2025 Adjusted EBITDAReported1.29 Bil1.30 Bil1.30 Bil-1.3% LoweredGuidance: 1.31 Bil for 2025

Insider Activity

Updated 9/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Marchetti, Kevin PatrickCo-Executive ChairmanDirectBuy901202639.5025,000987,5555,478,560Form
2Lemasters, Robb AChief Financial OfficerIRABuy810202641.3320,000826,6382,045,929Form
3Marchetti, Kevin PatrickCo-Executive ChairmanDirectBuy316202637.5013,300498,6994,262,943Form
4Marchetti, Kevin PatrickCo-Executive ChairmanDirectBuy311202639.0511,222438,2663,920,651Form
5Fleming, Abigail SChief Accounting OfficerDirectBuy1124202533.5650016,782196,763Form
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Marchetti, Kevin PatrickCo-Executive ChairmanDirectBuy901202639.5025,000987,5555,478,560Form
2Lemasters, Robb AChief Financial OfficerIRABuy810202641.3320,000826,6382,045,929Form
3Marchetti, Kevin PatrickCo-Executive ChairmanDirectBuy316202637.5013,300498,6994,262,943Form
4Marchetti, Kevin PatrickCo-Executive ChairmanDirectBuy311202639.0511,222438,2663,920,651Form
5Fleming, Abigail SChief Accounting OfficerDirectBuy1124202533.5650016,782196,763Form
6Lemasters, Robb AChief Financial OfficerDirectBuy1117202533.7430,0001,012,1972,024,394Form
7Forste, Adam Matthew SchwartzCo-Executive ChairmanDirectBuy1112202533.8374,0002,503,2503,696,217Form
8Marchetti, Kevin PatrickCo-Executive ChairmanDirectBuy1112202533.7214,500489,0103,007,173Form
9Crisci, RobertChief Financial OfficerDirectBuy1110202534.5610,000345,6303,727,931Form

Investor Activity (13F)

Updated Oct 15, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Darlington Partners Capital Management, LP$90.7 Mil4.1%10ADD +72.5%13F
GRS Advisors, LLC$31.7 Mil3.1%32TRIM -36.2%13F
D1 Capital Partners L.P.$242.5 Mil2.2%44Hold13F
Long Pond Capital, LP$13.5 Mil1.4%32ADD +123.2%13F
GCM Grosvenor Holdings, LLC$9.9 Mil1.1%22Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Long Pond Capital, LP$13.5 Mil1.4%32ADD +123.2%13F
Darlington Partners Capital Management, LP$90.7 Mil4.1%10ADD +72.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
GRS Advisors, LLC$31.7 Mil3.1%32TRIM -36.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
D1 Capital Partners L.P.$242.5 Mil2.2%44Hold13F
Darlington Partners Capital Management, LP$90.7 Mil4.1%10ADD +72.5%13F
GRS Advisors, LLC$31.7 Mil3.1%32TRIM -36.2%13F
Long Pond Capital, LP$13.5 Mil1.4%32ADD +123.2%13F
GCM Grosvenor Holdings, LLC$9.9 Mil1.1%22Hold13F
Core Cache Last Updated: 10/14/2026