Lineage Q2 2026: Revenue +0.8%, Adj. EBITDA -1.8%, FY26 AFFO Guidance Raised to $2.80-$3.05

summarizeSummary

Lineage reported Q2 2026 revenue of $1.36B (+0.8% YoY) and Adjusted EBITDA of $320M (-1.8% YoY), with same-warehouse occupancy inflecting positively. Full-year AFFO per share guidance was raised to $2.80-$3.05 despite a $15M fire impact.

check_boxKey Events · Earnings and Guidance · LINE

• Q2 Revenue +0.8%, Adj. EBITDA -1.8%

  Total revenue of $1,361M and Adjusted EBITDA of $320M, with AFFO per share of $0.76, all ahead of internal expectations.

• Same-Warehouse Occupancy Inflecting

  Physical occupancy +90bps YoY to 75.8% and economic occupancy +70bps to 81.5%, signaling inventory normalization and industry stabilization.

• FY26 Guidance Raised

  Adjusted EBITDA guidance raised to $1.26-$1.29B and AFFO per share to $2.80-$3.05, with SSNOI growth outlook improved to (3)% to 0%.

• Big Bear Fire Impact

  The Big Bear facility fire is expected to reduce Total WH NOI and Adjusted EBITDA by $15M in the second half of 2026.

auto_awesomeAnalysis · LINE · Real Estate & Construction

Stabilizing trends emerge from Lineage's Q2 results, with same-warehouse physical occupancy climbing 90bps year-over-year and economic occupancy up 70bps—a clear signal of inventory normalization. Adjusted EBITDA of $320M and AFFO per share of $0.76 both exceeded internal expectations. Despite a $15M headwind from the Big Bear facility fire, the company raised the midpoint of its full-year AFFO per share guidance to $2.80-$3.05. The updated SSNOI growth outlook of (3)% to 0% reflects improving fundamentals across most U.S. markets. Tempering these positive operational signals, the concurrent 10-Q filing disclosed an unremediated material weakness and a securities lawsuit.