Lineage Business Summary

Lineage, Inc. (LINE) is the world’s largest temperature-controlled industrial Real Estate Investment Trust (REIT), operating a global network of over 450 facilities across 18 countries. The company generates revenue through a dual-stream model consisting of warehouse storage fees and value-added warehouse services, such as handling, transportation, and direct-to-consumer fulfillment. Its operations are divided into two primary business segments: Global Warehousing, which accounts for the vast majority of its Net Operating Income (NOI), and Global Integrated Solutions (GIS), which focuses on end-to-end supply chain optimization and logistics. Lineage maintains a dominant market-leading position, competing directly with Americold Logistics, United States Cold Storage (USCS), and NewCold, while distinguishing itself through its proprietary LinOS technology platform and massive scale in the cold chain sector. Lineage was founded in 2012 by Adam Forste and Kevin Marchetti, former Morgan Stanley investment bankers who established the firm through their investment vehicle, Bay Grove Capital. The company is currently led by President and CEO W. Gregory Lehmkuhl, who has served in the role since 2015, alongside CFO Robb LeMasters and Sudarsan Thattai, who serves as Chief Information Officer and Chief Transformation Officer. The founding duo, Forste and Marchetti, continue to guide the company as Co-Executive Chairmen. Lineage is backed by a high-pedigree investor base including Stonepeak Partners, D1 Capital Partners, and Oxford Properties Group, with a board of directors that includes prominent industry figures such as Shellye Archambeau and John Carrafiell.