Lineage, Inc., a leading global temperature-controlled warehouse REIT, reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the third quarter of 2024, Lineage recorded net revenues of $1,335 million, a slight increase from $1,329 million in the same period of 2023. However, for the nine months ended September 30, 2024, revenues decreased to $4,001 million from $4,008 million year-over-year. The Global Warehousing segment contributed $972 million in revenue for Q3 2024, up from $960 million in Q3 2023, while the Global Integrated Solutions segment saw a decline to $363 million from $369 million.
Despite the revenue growth in the warehousing segment, the company reported a net loss of $(543) million for Q3 2024, compared to a loss of $(50) million in Q3 2023. For the nine-month period, the net loss widened to $(671) million from $(39) million in the prior year. This increase in losses was attributed to higher operating expenses, which rose to $1,850 million in Q3 2024 from $1,232 million in Q3 2023, largely due to IPO-related costs and stock-based compensation expenses that surged to $160 million from $8 million.
Lineage's total assets increased to $19,256 million as of September 30, 2024, up from $18,871 million at the end of 2023. Notably, long-term debt decreased significantly to $4,955 million from $8,958 million, reflecting the impact of the company's IPO, which raised net proceeds of $4,873 million. The IPO, completed on July 26, 2024, involved the sale of 56,882,051 shares at $78.00 per share, with underwriters exercising an option for an additional 8,532,307 shares.
The company also made several strategic acquisitions, including Entrepôt du Nord for $60 million and Luik Natie for $52 million, enhancing its operational footprint. However, it faced challenges with economic occupancy rates, which fell to 84.1% from 86.0% year-over-year, indicating a need for improved inventory management amid changing market conditions.
Lineage declared a quarterly cash dividend of $0.38 per share for Q3 2024, payable on October 21, 2024. The company continues to focus on enhancing operational efficiency and integrating acquired businesses while navigating the complexities of a fluctuating economic landscape.
About Lineage, Inc.
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