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Lineage
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Latest analysis
Updated Sep 24, 2026
Lineage appoints Paul Beiboer to board; Sudarsan Thattai transitions from Chief Transformation Officer
Lineage announced the appointment of Paul Beiboer, a veteran financial services and agriculture executive with 30+ years at Rabobank, to its Board of Directors and the Talent and Compensation Committee on September 23, 2026. Concurrent with this board transition, Chief Transformation Officer Sudarsan Thattai will have his responsibilities transitioned to other management members effective September 28, 2026, while remaining as a Special Adviser through his planned retirement on April 2, 2027. The moves reflect governance continuity and internal leadership succession planning with no operational or strategic disclosures.
Tone: neutralRevenue
$5.4B
LINE 10-K · FY 2025
Employees
24,000
Revenue FY2024
$5.3B
Headquarters
Novi, MI
Profile
LINE 10-K Item 1 · Feb 25, 2026Lineage is the world's largest global temperature-controlled warehouse REIT, operating 501 warehouses across 88 million square feet in North America, Europe, and Asia-Pacific. The company serves more than 11,000 customers — primarily food retailers, manufacturers, processors, and distributors — through two segments: global warehousing and global integrated solutions. Its competitive differentiation centers on network scale, automation leadership, and proprietary technology platforms.
Read filing description ↓ Collapse description ↑
We are the world's largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties. Our business is competitively positioned to deliver a seamless end-to-end, technology-enabled, customer experience for thousands of customers, each with their own unique requirements in the temperature-controlled supply chain. As of December 31, 2025, we operated an interconnected global temperature-controlled warehouse network, comprising approximately 88 million square feet and 3.1 billion cubic feet of capacity across 501 warehouses predominantly located in densely populated critical-distribution markets, with 326 in North America, 89 in Asia-Pacific, and 86 in Europe. We have a well-diversified and stable customer base and currently serve more than 11,000 customers that include household names of the largest food retailers, manufacturers, processors, and food service distributors in the industry. We view, manage, and report on our business through two segments: global warehousing, which utilizes our high-quality industrial real estate properties to provide temperature-controlled warehousing storage and services to our customers and which represented approximately 86% of our total NOI for the year ended December 31, 2025; and global integrated solutions, which complements warehousing with supply chain services to facilitate the movement of products through the food supply chain to generate cost savings for customers and additional revenue streams for our company and which represented approximately 14% of our total NOI for the year ended December 31, 2025. We believe we are the premier technology-enabled temperature-controlled warehousing REIT in the world, with 83 fully- and semi-automated warehouses, proprietary technology platforms, and 169 patents issued as of December 31, 2025.
Primary products
- Temperature-controlled warehousing storage
- Warehouse services (handling, receipt, case-picking, order assembly, cross-docking)
- Multi-vendor less-than-full-truckload consolidation
- Drayage services
- Over-the-road trucking
- Freight forwarding
Business segments
End markets
Geographies
Named customers
Approximately 33.0% of our total revenue for the year ended December 31, 2025 came from our top 25 customers. Our customer base was highly diversified, with no customer accounting for more than 3.6% of revenues for the year ended December 31, 2025.
Named competitors
“We are the largest temperature-controlled warehousing company globally by cubic feet of storage space, including in some of the world's largest developed markets, such as the United States, Canada, the United Kingdom, Continental Europe, Australia, and New Zealand.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net revenues were essentially flat year-over-year, with Global Warehousing revenues growing modestly offset by a decline in Global Integrated Solutions revenues.
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