Lineage Inc. (formerly Lineage Logistics) (LINE -1.39%) is the world's largest temperature-controlled warehouse operator. The real estate investment trust (REIT) owns roughly 485 warehouses with about 3 billion cubic feet of storage in 19 countries. Cold storage warehouses are critical infrastructure to support the food supply chain.
NASDAQ: LINE
Key Data Points
The logistics giant is relatively new to the public markets, completing its initial public offering (IPO) in July 2024. The REIT raised $4.4 billion at an implied market value of $18 billion, making it the biggest IPO of the year and the largest real estate IPO of all time.
IPO
Is Lineage Inc. profitable?
It's important to analyze a company's profitability before buying shares. Profit growth tends to be the primary driver of a stock's performance over the long term. With that in mind, here's a look at Lineage Inc.'s profitability.
The leading temperature-controlled warehouse REIT delivered its first quarterly earnings report as a public company in November 2024. The report showed that Lineage Inc. is profitable. As of 2025, the Q2 report showed that Lineage Inc. has started to operate at a small loss of roughly $6 million.
It should be noted that generally accepted accounting principles (GAAP) metrics like net income aren't the best way to measure a REIT's profitability. Rather, the best metric is adjusted funds from operations (FFO), a non-GAAP metric that measures the cash flows a REIT produces in a period. In Q2 2025, Lineage Inc. reported $211 million of adjusted FFO, or $0.80 per share, up 55.1% and 8%, respectively.
Funds from Operations (FFO)
Does Lineage Inc. pay a dividend?
Lineage Inc.'s strong profitability right out of the gates enabled the company to initiate a quarterly dividend. As of 2025, it makes a dividend payment of $0.53 per share at a net yield of 5.28%. With its dividend payment comfortably below its adjusted FFO, Lineage Inc. retains plenty of cash to fund new investments.
The REIT should continue to grow. During the third quarter, it opened a new, fully automated cold storage warehouse in Hazleton, Pennsylvania. It also acquired ColdPoint Logistics for $223 million in November 2024, expanding its strategic presence in the Kansas City market.
Should I invest in Lineage Logistics?
Investing is a personal endeavor. Not every stock is right for all investors. With that in mind, here are some reasons you might want to invest in Lineage Inc.
- You believe investing in Lineage Inc. would help diversify your portfolio by adding real estate and a company with exposure to the food supply chain sector.
- You want to invest in companies that pay dividends.
- You think Lineage Inc. can grow its profits at an above-average rate in the future.
- You want to invest in a profitable company.
- You want to invest in companies with a strong balance sheet.
Exchange-Traded Fund (ETF)
The bottom line on Lineage Inc.
Lineage Inc. completed the biggest IPO of 2024 and the largest public offering ever in the real estate sector. While it's already the global leader in operating temperature-controlled warehouses, the REIT plans to grow even bigger by continuing to consolidate the industry and invest in building new cold storage facilities. Those investments should help grow its profitability, increasing shareholder value over the long term.
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