Lineage, Inc. — Form 8-K
Filed August 5, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 42/100
What the filing says
Lineage reported Q2 2026 revenue of $1,361M (+0.8% YoY), GAAP net loss of $32M ($0.13 per share), adjusted EBITDA of $320M (-1.8% YoY), and AFFO of $198M per share of $0.76 (-6.2% YoY). Same-warehouse physical occupancy improved 90 bps YoY to 75.8%, but same-warehouse NOI declined 2.9% due to rate pressure. The company raised full-year 2026 guidance for SSNOI growth to (3)% to 0% from (4)% to (1%), adjusted EBITDA to $1.26–1.29B from $1.25–1.30B, and AFFO per share to $2.80–3.05 from $2.75–3.00. The Big Bear facility fire caused an estimated $15M headwind to 2H26 results. Dividend held at $0.5325/share quarterly.
Why this rating
Modest operational improvement (occupancy up) offset by revenue/profitability declines and near-flat guidance. Material fire risk quantified at $15M (~1.2% of annual EBITDA midpoint). Results stabilizing but lack momentum. Event significant relative to $3.1B market cap but not trajectory-altering.
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