# EDGAR Filing Document

**Accession Number:** 0001868159
**File Stem:** 0001868159-25-000093
**Filing Date:** 2025-8
**Character Count:** 146789
**Document Hash:** 6446edb9e508b97e34e6a56f064bf477
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001868159-25-000093.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001868159-25-000093

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage, Inc.
- **CENTRAL INDEX KEY:** 0001868159
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42191
- **FILM NUMBER:** 251187399

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lineage Growth Properties, Inc.
- **DATE OF NAME CHANGE:** 20210617

?xml version='1.0' encoding='ASCII'? line-20250806

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 8-K**

**___________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**August 6, 2025**

**Date of Report (date of earliest event reported)**

**___________________________________**

**Lineage, Inc.**

**(Exact name of registrant as specified in its charter)**

**___________________________________**

---

| | | |
|:---|:---|:---|
| **Maryland**<br>**(State or other jurisdiction of** <br>**incorporation or organization)** | **001-42191**<br>**(Commission File Number)** | **82-1271188**<br>**(I.R.S. Employer Identification Number)** |
| **46500 Humboldt Drive**<br>**Novi, Michigan 48377** | **46500 Humboldt Drive**<br>**Novi, Michigan 48377** | **46500 Humboldt Drive**<br>**Novi, Michigan 48377** |
| **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** |
| **(800) 678-7271** | **(800) 678-7271** | **(800) 678-7271** |
| **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** |

---

**___________________________________**

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

**☐** **Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)**

**☐** **Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

**☐** **Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))**

**☐** **Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))**

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| Common stock, par value $0.01 per share | LINE | Nasdaq Global Select Market |

---

**Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).**

**Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐**

**If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;☐**

------

**Item 2.02 - Results of Operations and Financial Condition**

On August 6, 2025, Lineage, Inc. ("Lineage") issued an earnings release (the "Earnings Release") announcing its results for the quarter ended June 30, 2025. A copy of the Earnings Release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.

The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 7.01 - Regulation FD Disclosure**

On August 6, 2025, in connection with the issuance of the Earnings Release noted above, Lineage has also made available on its website materials that contain supplemental information about its results for the quarter ended June 30, 2025 ("Earnings Presentation and Supplemental Financial Information"). A copy of the Earnings Presentation and Supplemental Financial Information is attached as Exhibit 99.2 to this current report on Form 8-K, and is incorporated by reference herein.

The information contained in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 - Financial Statements and Exhibits**

(d): The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u> |
| 99.1 | <u>[Lineage, Inc. Reports](earningsreleaseex991-linea.htm)[Second](earningsreleaseex991-linea.htm)[-Quarter 2025 Financial Results](earningsreleaseex991-linea.htm)</u> |
| 99.2 | <u>[Lineage, Inc. Second-Quarter 2025 Earnings Presentation and Supplemental Financial Information](final-lineageinc2q25earn.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **Lineage, Inc.** | |
| (Registrant) | |
| August 6, 2025 | /s/ Robert Crisci |
| Date | (Signature) |
| | Robert Crisci |
| | Chief Financial Officer |

---

## Exhibit 99.1

![image_0.jpg](image_0.jpg)

 **Lineage, Inc. Reports Second-Quarter 2025 Financial Results**

**NOVI, Mich. – August 6, 2025** – Lineage, Inc. (NASDAQ: LINE) (the "Company"), the world's largest global temperature-controlled warehouse REIT, today announced its financial results for the second quarter of 2025.

**Second-Quarter 2025 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue increased 0.9% to $1,350 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net loss of $(7) million, or $(0.03) per diluted common share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA decreased (2.4)% to $326 million; adjusted EBITDA margin decreased (90)bps to 24.1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AFFO increased 55.1% to $211 million; AFFO per share increased 8.0% to $0.81

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed inaugural $500 million investment grade bond offering of 5-year unsecured notes with a 5.25% coupon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared quarterly dividend of $0.5275 per share, representing annualized dividend rate of $2.11 per share

"We delivered second-quarter results in line with our expectations," said Greg Lehmkuhl, president and chief executive officer of Lineage. "We achieved AFFO per share growth driven by our continued focus on serving our customers and operational excellence while navigating a challenging period for our industry.

"We saw muted seasonal inventory levels late in the second quarter and early into the third and are therefore lowering our outlook for the year. While we expect continued sequential improvement in both same warehouse and total NOI in the second half, we are taking a more measured view of the balance of the year. Our focus remains on revenue growth, optimizing labor productivity, and controlling the controllables, setting the stage for strong operating leverage when our industry rebounds," concluded Lehmkuhl.

**Initiating Third-Quarter and Updating Full-Year 2025 Guidance**

Lineage now expects full-year 2025 adjusted EBITDA of $1.29 to $1.34 billion (versus prior guidance of $1.35 to $1.40 billion) and Adjusted FFO ("AFFO") per share of $3.20 to $3.40 (versus prior guidance of $3.40 to $3.60).

The Company expects third-quarter 2025 adjusted EBITDA of $326 to $336 million and AFFO per share of $0.75 to $0.79.

The Company's guidance excludes the impact of unannounced future acquisitions or developments.

Please refer to the Lineage's Earnings Presentation and Supplemental Information for additional details related to the Company's guidance.

**Second-Quarter 2025 Financial Results Conference Call and Earnings Presentation with Supplemental**

Please visit ir.onelineage.com/events-and-presentations to view Lineage's second-quarter 2025 Earnings Presentation and Supplemental Information.

Lineage will host a conference call and webcast today at 8:00 a.m. Eastern Time to discuss the company's second-quarter 2025 financial results. Interested parties may listen by visiting the Lineage Investor Relations website at ir.onelineage.com. A replay of the webcast will be available for approximately one year on the Company's investor relations website.

**About Lineage**

Lineage, Inc. (NASDAQ: LINE) is the world's largest global temperature-controlled warehouse REIT with a network of over 485 strategically located facilities totaling approximately 88 million square feet and approximately 3.1 billion cubic feet of

------

![image_0.jpg](image_0.jpg)

capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world's largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world. Learn more at onelineage.com and join us on <u>LinkedIn</u>, <u>Facebook</u>, <u>Instagram</u>, and <u>X</u>.

---

| | |
|:---|:---|
| **Investor Relations Contact** | **Media Contact** |
| Evan Barbosa | Megan Hendricksen |
| VP, Investor Relations | VP, Global Marketing & Communications |
| ir@onelineage.com | pr@onelineage.com |

---

**Forward-Looking Statements** 

Certain statements contained in this Press Release, other than historical facts, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Lineage operates, and beliefs of, and assumptions made by, the Company and involve uncertainties that could significantly affect Lineage's financial results. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "can," "intend," "anticipate," "estimate," "believe," "continue," "possible," "initiatives," "measures," "poised," "focus," "seek," "objective," "goal," "vision," "drive," "opportunity," "target," "strategy," "expect," "plan," "potential," "potentially," "preparing," "projected," "future," "tomorrow," "long-term," "should," "could," "would," "might," "help," "aimed", or other similar words. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. Such statements include, but are not limited to statements about Lineage's plans, strategies, initiatives, and prospects and statements about its future results of operations, capital expenditures and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: general business and economic conditions; continued volatility and uncertainty in the credit markets and broader financial markets, including potential fluctuations in the Consumer Price Index and changes in foreign currency exchange rates; the impact of tariffs and global trade disruptions on us and our customers; other risks inherent in the real estate business, including customer defaults, potential liability related to environmental matters, illiquidity of real estate investments and potential damages from natural disasters;&nbsp;&nbsp;&nbsp;&nbsp;the availability of suitable acquisitions and our ability to acquire properties or businesses on favorable terms; our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; our ability to meet budgeted or stabilized returns on our development and expansion projects within expected time frames, or at all; our ability to manage our expanded operations, including expansion into new markets or business lines; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions and greenfield developments; our failure to successfully integrate and operate acquired or developed properties or businesses; our ability to renew significant customer contracts; the impact of supply chain disruptions, including the impact on labor availability, raw material availability, manufacturing and food production, and transportation; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the degree and nature of our competition; our failure to generate sufficient cash flows to service our outstanding indebtedness; our ability to access debt and equity capital markets; continued volatility in interest rates; increased power, labor, or construction costs; changes in consumer demand or preferences for products we store in our warehouses; decreased storage rates or increased vacancy rates; labor shortages or our inability to attract and retain talent; changes in, or the failure or inability to comply with, government regulation; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks, or processes; our failure to maintain our status as a real estate investment trust ("REIT") for U.S. federal income tax purposes; changes in local, state, federal, and international laws and regulations, including related to taxation, tariffs, real estate and zoning laws, and increases in real property tax rates; the impact of any financial, accounting, legal, tax or regulatory issues or litigation that may affect us, and any other risks discussed in the Company's filings with the SEC, including our Annual Report on Form 10-K for the

------

![image_0.jpg](image_0.jpg)

year ended December 31, 2024 filed with the SEC. Should one of more of the risks or uncertainties described above occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Forward-looking statements in this Press Release speak only as of the date of this Press Release, and undue reliance should not be placed on such statements. We undertake no obligation to, nor do we intend to, update, or otherwise revise, any such statements that may become untrue because of subsequent events.

While the forward-looking statements are considered reasonable by the Company, they are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and cannot be predicted with accuracy and may not be realized. There can be no assurance that the forward-looking statements can or will be attained or maintained. Actual operating results may vary materially from the forward-looking statements included in this Press Release.

**Availability of Information on Lineage's Website and Social Media Channels**

Investors and others should note that Lineage routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Lineage Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Lineage LinkedIn account (linkedin.com/company/onelineage/); the Lineage Facebook account (facebook.com/lineagelogistics); the Lineage Instagram account (instagram.com/onelineage/); the Lineage X account (twitter.com/OneLineage)) as a means of disclosing information about the Company's business to our customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Lineage Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Lineage to review the information that it shares at the Investor Relations link located at the top of the page on onelineage.com and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Resources" section of the Lineage Investor Relations website at ir.onelineage.com. The contents of these websites are not incorporated by reference into this Press Release or any report or document Lineage files with the SEC, and any references to the websites are intended to be inactive textual references only.

*Source: Lineage, Inc.*

------

**LINEAGE, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

*(in millions, except par values)*

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| | **(Unaudited)** | **(Unaudited)** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash | $82 | $175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 891 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 174 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 201 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1348 | 1285 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment, net | 11323 | 10627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease right-of-use assets, net | 1143 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 625 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investments | 133 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 3505 | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 1150 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 217 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $19444 | $18661 |
| **Liabilities, Redeemable Noncontrolling Interests, and Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $1160 | $1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued dividends and distributions | 135 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 83 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt, net | 32 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1410 | 1493 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term finance lease obligations | 1239 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease obligations | 605 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability | 328 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 5735 | 4906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 461 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 9778 | 8967 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | 7 | 43 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value per share – 500 authorized shares; 229 and 228 issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital - common stock | 10817 | 10764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (2103) | (1855) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (79) | (273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 8637 | 8638 |
| Noncontrolling interests | 1022 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 9659 | 9651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, redeemable noncontrolling interests, and equity | $19444 | $18661 |

---

------

**LINEAGE, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)** 

*(in millions, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Net revenues | $1350 | $1338 | $2642 | $2666 |
| Cost of operations | 920 | 891 | 1796 | 1775 |
| General and administrative expense | 143 | 127 | 297 | 251 |
| Depreciation expense | 170 | 164 | 328 | 322 |
| Amortization expense | 54 | 55 | 108 | 108 |
| Acquisition, transaction, and other expense | 37 | 12 | 52 | 20 |
| Restructuring, impairment, and (gain) loss on disposals | 3 | 15 | (18) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expense | 1327 | 1264 | 2563 | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 23 | 74 | 79 | 175 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity income (loss), net of tax | 3 | (1) | (1) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on foreign currency transactions, net | 26 | 2 | 42 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (67) | (148) | (127) | (287) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt |  |  |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating income (expense), net | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (37) | (147) | (85) | (306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) before income taxes | (14) | (73) | (6) | (131) |
| Income tax expense (benefit) | (7) | 7 | 1 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | (7) | (80) | (7) | (128) |
| Less: Net income (loss) attributable to noncontrolling interests | (1) | (12) | (1) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Lineage, Inc. | $(6) | $(68) | (6) | (108) |
| Other comprehensive income (loss), net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on foreign currency hedges and interest rate hedges | (14) | (13) | (31) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 184 | (12) | 248 | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income (loss) | 163 | (105) | 210 | (224) |
| &nbsp;&nbsp;Less: Comprehensive income (loss) attributable to noncontrolling interests | 17 | (15) | 22 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income (loss) attributable to Lineage, Inc. | $146 | $(90) | $188 | $(193) |
| Basic earnings (loss) per share | $(0.03) | $(0.46) | $(0.02) | $(0.73) |
| Diluted earnings (loss) per share | $(0.03) | $(0.46) | $(0.02) | $(0.73) |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 229 | 162 | 228 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 229 | 162 | 228 | 162 |

---

------

**LINEAGE, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)**

*(in millions)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Common Stock** | **Common Stock** | **Common Stock** | | | | | |
| |<br>**Redeemable noncontrolling interests** | **Number of shares** | **Amount at par value** | **Additional paid-in capital** |<br>**Series A preferred stock** |<br>**Retained earnings (accumulated deficit)** |<br>**Accumulated other comprehensive income (loss)** |<br>**Noncontrolling interests** |<br>**Total <br>equity** |
| Balance as of December 31, 2023 | $349 | 162 | $2 | $5961 | $1 | $(879) | $(34) | $622 | $5673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (1) |  |  |  |  |  |  | (12) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  | 3 |  |  |  | 2 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  |  |  | (63) | (8) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of redeemable noncontrolling interests | (6) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of common stock |  |  |  | (25) |  |  |  |  | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration of redemption option | (92) |  |  | 65 |  |  |  | 27 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interest redemption value adjustment | 6 |  |  | (6) |  |  |  |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  |  | (40) |  | (8) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reallocation of noncontrolling interests |  |  |  | (7) |  |  |  | 7 |  |
| Balance as of March 31, 2024 | 256 | 162 | 2 | 5991 | 1 | (919) | (97) | 630 | 5608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issuances, net of equity raise costs |  |  |  | 1 |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions |  |  |  |  |  |  |  | (12) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  | 4 |  |  |  | 2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  |  |  | (22) | (3) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interest redemption value adjustment | 4 |  |  | (4) |  |  |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of redeemable noncontrolling interests | 2 |  |  | (2) |  |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  |  | (68) |  | (12) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reallocation of noncontrolling interests |  |  |  | (9) |  |  |  | 9 |  |
| Balance as of June 30, 2024 | $262 | 162 | $2 | $5981 | $1 | $(987) | $(119) | $614 | $5492 |

---

------

**LINEAGE, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)**

*(in millions, except per share amounts)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Common Stock** | **Common Stock** | **Common Stock** | | | | |
| |<br>**Redeemable noncontrolling interests** | **Number of shares** | **Amount at par value** | **Additional paid-in capital** |<br>**Retained earnings (accumulated deficit)** |<br>**Accumulated other comprehensive income (loss)** |<br>**Noncontrolling interests** |<br>**Total <br>equity** |
| Balance as of December 31, 2024 | $43 | 228 | $2 | $10764 | $(1855) | $(273) | $1013 | $9651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU) |  |  |  |  | (121) |  | (14) | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  | 19 |  |  | 21 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  |  | 42 | 5 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interest redemption value adjustment | (2) |  |  | 2 |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reallocation of noncontrolling interests |  |  |  | 6 |  |  | (6) |  |
| Balance as of March 31, 2025 | 41 | 228 | 2 | 10791 | (1976) | (231) | 1019 | 9605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU) |  |  |  |  | (121) |  | (13) | (134) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  | 1 |  | 22 |  |  | 7 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withholding of common stock for employee taxes |  |  |  | (10) |  |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  |  | 152 | 18 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of redeemable noncontrolling interests | (28) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration of redemption option | (6) |  |  |  |  |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | (6) |  | (1) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reallocation of noncontrolling interests |  |  |  | 7 |  |  | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OP Units reclassification |  |  |  | 7 |  |  | (7) |  |
| Balance as of June 30, 2025 | $7 | 229 | $2 | $10817 | $(2103) | $(79) | $1022 | $9659 |

---

------

**LINEAGE, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(in millions)*

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| | **(Unaudited)** | **(Unaudited)** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(7) | $(128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived and intangible assets | 1 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on insurance recovery | (40) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 436 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt, net |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs, discount, and above/below market debt | 5 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 69 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on foreign currency transactions, net | (42) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | (9) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Put Options fair value adjustment | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | 1 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities (excluding effects of acquisitions): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (36) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses, other assets, and other long-term liabilities | (24) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 15 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities and deferred revenue | (6) | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets and lease obligations | 4 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 397 | 260 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired | (439) | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property, plant, and equipment | (314) | (333) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from insurance recovery on impaired long-lived assets | 38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Emergent Cold LatAm Holdings, LLC | (7) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repayment of notes by related parties |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activity | (2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (718) | (398) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and other distributions | (268) | (123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of redeemable noncontrolling interests | (28) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares for employee income taxes on stock-based compensation | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing fees | (5) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt, net of discount | 495 | 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of long-term debt and finance leases | (156) | (3341) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred and contingent consideration liabilities | (3) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on revolving line of credit | 1442 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on revolving line of credit | (1238) | (1127) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of common stock |  | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activity | (3) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 226 | 144 |
| Impact of foreign exchange rates on cash, cash equivalents, and restricted cash | 2 | (1) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (93) | 5 |
| Cash, cash equivalents, and restricted cash at the beginning of the period | 175 | 71 |
| **Cash, cash equivalents, and restricted cash at the end of the period** | $82 | $76 |

---

------

***Global Warehousing Segment***

The following table presents the operating results of our global warehousing segment for the three months ended June 30, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | |
| | **2025** | **2024** |<br>**Change** |
|  | ***(in millions except revenue per pallet)*** | ***(in millions except revenue per pallet)*** |  |
| Warehouse storage | $514 | $510 | 0.8% |
| Warehouse services | 456 | 456 | —% |
| **Total global warehousing segment revenues** | **970** | **966** | **0.4%** |
| Labor<sup>(1)</sup> | 368 | 356 | 3.4% |
| Power | 51 | 50 | 2.0% |
| Other warehouse costs<sup>(2)</sup> | 184 | 176 | 4.5% |
| **Total global warehousing segment cost of operations** | **603** | **582** | **3.6%** |
| **Global warehousing segment NOI** | $**367** | $**384** | **(4.4)%** |
| Total global warehousing segment margin | 37.8% | 39.8% | (200) bps |
| Number of warehouse sites | 481 | 464 |  |
| **<u>Warehouse storage</u>**<sup>(3)</sup> |  |  |  |
| <u>Average economic occupancy</u> |  |  |  |
| Average occupied economic pallets (in thousands) | 7998 | 8098 | (1.2)% |
| Economic occupancy percentage | 79.1% | 82.9% | (380) bps |
| Storage revenue per economic occupied pallet | $64.12 | $63.01 | 1.8% |
| <u>Average physical occupancy</u> |  |  |  |
| Average physical occupied pallets (in thousands) | 7412 | 7479 | (0.9)% |
| Average physical pallet positions (in thousands) | 10107 | 9764 | 3.5% |
| Physical occupancy percentage | 73.3% | 76.6% | (330) bps |
| Storage revenue per physical occupied pallet | $69.20 | $68.26 | 1.4% |
| **<u>Warehouse services</u>**<sup>(3)</sup> |  |  |  |
| Throughput pallets (in thousands) | 13130 | 13177 | (0.4)% |
| Warehouse services revenue per throughput pallet | $31.77 | $31.63 | 0.4% |
| *(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2025.* | *(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2025.* | *(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2025.* | *(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2025.* |
| *(2) Includes real estate rent expense (operating leases) of $23 million and $25 million for the three months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $5 million and $4 million for the three months ended June 30, 2025 and 2024, respectively.* | *(2) Includes real estate rent expense (operating leases) of $23 million and $25 million for the three months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $5 million and $4 million for the three months ended June 30, 2025 and 2024, respectively.* | *(2) Includes real estate rent expense (operating leases) of $23 million and $25 million for the three months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $5 million and $4 million for the three months ended June 30, 2025 and 2024, respectively.* | *(2) Includes real estate rent expense (operating leases) of $23 million and $25 million for the three months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $5 million and $4 million for the three months ended June 30, 2025 and 2024, respectively.* |
| *(3) Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf ("managed sites").* | *(3) Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf ("managed sites").* | *(3) Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf ("managed sites").* | *(3) Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf ("managed sites").* |

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------

***Global Warehousing Segment***

The following table presents the operating results of our global warehousing segment for the six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | | |
| | **2025** | **2024** | **Change** | **Change** |
|  | ***(in millions except revenue per pallet)*** | ***(in millions except revenue per pallet)*** |  |  |
| Warehouse storage&nbsp;&nbsp;&nbsp;&nbsp; | $1005 | $1026 | (2.0) | % |
| Warehouse services&nbsp;&nbsp;&nbsp;&nbsp; | 909 | 909 |  | % |
| **Total global warehousing segment revenues** | **1914** | **1935** | **(1.1)** | **%** |
| Labor<sup>(1)</sup> | 724 | 710 | 2.0 | % |
| Power&nbsp;&nbsp;&nbsp;&nbsp; | 100 | 97 | 3.1 | % |
| Other warehouse costs<sup>(2)</sup> | 363 | 359 | 1.1 | % |
| **Total global warehousing segment cost of operations** | **1187** | **1166** | **1.8** | **%** |
| **Global warehousing segment NOI&nbsp;&nbsp;&nbsp;&nbsp;** | $**727** | $**769** | **(5.5)** | **%** |
| Total global warehousing segment margin&nbsp;&nbsp;&nbsp;&nbsp; | 38.0% | 39.7% | (170) | bps |
| Number of warehouse sites&nbsp;&nbsp;&nbsp;&nbsp; | 481 | 464 |  |  |
| **<u>Warehouse storage</u>**<sup>(3)</sup> |  |  |  |  |
| <u>Average economic occupancy</u> |  |  |  |  |
| Average occupied economic pallets (in thousands) | 8027 | 8143 | (1.4) | % |
| Economic occupancy percentage&nbsp;&nbsp;&nbsp;&nbsp; | 80.0% | 83.3% | (330) | bps |
| Storage revenue per economic occupied pallet&nbsp;&nbsp;&nbsp;&nbsp; | $125.05 | $125.97 | (0.7) | % |
| <u>Average physical occupancy</u> |  |  |  |  |
| Average physical occupied pallets (in thousands) | 7459 | 7541 | (1.1) | % |
| Average physical pallet positions (in thousands) | 10028 | 9780 | 2.5 | % |
| Physical occupancy percentage&nbsp;&nbsp;&nbsp;&nbsp; | 74.4% | 77.1% | (270) bps | (270) bps |
| Storage revenue per physical occupied pallet&nbsp;&nbsp;&nbsp;&nbsp; | $134.59 | $136.08 | (1.1) | % |
| **<u>Warehouse services</u>**<sup>(3)</sup> |  |  |  |  |
| Throughput pallets (in thousands)&nbsp;&nbsp;&nbsp;&nbsp; | 26114 | 26051 | 0.2 | % |
| Warehouse services revenue per throughput pallet&nbsp;&nbsp;&nbsp;&nbsp; | $31.86 | $32.01 | (0.5) | % |
| *(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.* | *(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.* | *(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.* | *(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.* | *(1) Labor cost of operations excludes $4 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.* |
| *(2) Includes real estate rent expense (operating leases) of $46 million and $50 million for the six months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $10 million and $9 million for the six months ended June 30, 2025 and 2024, respectively.* | *(2) Includes real estate rent expense (operating leases) of $46 million and $50 million for the six months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $10 million and $9 million for the six months ended June 30, 2025 and 2024, respectively.* | *(2) Includes real estate rent expense (operating leases) of $46 million and $50 million for the six months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $10 million and $9 million for the six months ended June 30, 2025 and 2024, respectively.* | *(2) Includes real estate rent expense (operating leases) of $46 million and $50 million for the six months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $10 million and $9 million for the six months ended June 30, 2025 and 2024, respectively.* | *(2) Includes real estate rent expense (operating leases) of $46 million and $50 million for the six months ended June 30, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $10 million and $9 million for the six months ended June 30, 2025 and 2024, respectively.* |
| *(3) Warehouse storage and warehouse services metrics exclude managed sites.* | *(3) Warehouse storage and warehouse services metrics exclude managed sites.* | *(3) Warehouse storage and warehouse services metrics exclude managed sites.* | *(3) Warehouse storage and warehouse services metrics exclude managed sites.* | *(3) Warehouse storage and warehouse services metrics exclude managed sites.* |

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------

*Same Warehouse Results*

The following tables present revenues, cost of operations, same warehouse NOI, and margins for our same warehouses for the three and six months ended June 30, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | |
| | **2025** | **2024** |<br>**Change** |
|  | ***(in millions except revenue per pallet)*** | ***(in millions except revenue per pallet)*** |  |
| Warehouse storage | $462 | $477 | (3.1)% |
| Warehouse services | 421 | 432 | (2.5)% |
| **Total same warehouse revenues** | **883** | **909** | **(2.9)%** |
| Labor | 333 | 336 | (0.9)% |
| Power | 45 | 46 | (2.2)% |
| Other warehouse costs | 162 | 161 | 0.6% |
| **Total same warehouse cost of operations** | **540** | **543** | **(0.6)%** |
| **Same warehouse NOI** | $**343** | $**366** | **(6.3)%** |
| Total same warehouse margin | 38.8% | 40.3% | (150) bps |
| Number of same warehouse sites | 421 | 421 |  |
| **<u>Warehouse storage</u>**<sup>(1)</sup> |  |  |  |
| <u>Economic occupancy</u> |  |  |  |
| Average occupied economic pallets (in thousands) | 7307 | 7611 | (4.0)% |
| Economic occupancy percentage | 80.6% | 83.4% | (280) bps |
| Storage revenue per economic occupied pallet | $63.25 | $62.73 | 0.8% |
| <u>Physical occupancy</u> |  |  |  |
| Average physical occupied pallets (in thousands) | 6763 | 7018 | (3.6)% |
| Average physical pallet positions (in thousands) | 9062 | 9130 | (0.7)% |
| Physical occupancy percentage | 74.6% | 76.9% | (230) bps |
| Storage revenue per physical occupied pallet | $68.34 | $68.04 | 0.4% |
| **<u>Warehouse services</u>**<sup>(1)</sup> |  |  |  |
| Throughput pallets (in thousands) | 11967 | 12368 | (3.2)% |
| Warehouse services revenue per throughput pallet | $31.89 | $31.75 | 0.4% |
| *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* |

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------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | | |
| | **2025** | **2024** | **Change** | **Change** |
|  | ***(in millions except revenue per pallet)*** | ***(in millions except revenue per pallet)*** |  |  |
| Warehouse storage | $917 | $958 | (4.3) | % |
| Warehouse services | 838 | 859 | (2.4) | % |
| **Total same warehouse revenues** | **1755** | **1817** | **(3.4)** | **%** |
| Labor | 663 | 671 | (1.2) | % |
| Power | 89 | 89 |  | % |
| Other warehouse costs | 324 | 327 | (0.9) | % |
| **Total same warehouse cost of operations** | **1076** | **1087** | **(1.0)** | **%** |
| **Same warehouse NOI** | $**679** | $**730** | **(7.0)** | **%** |
| Total same warehouse margin | 38.7% | 40.2% | (150) | bps |
| Number of same warehouse sites | 421 | 421 |  |  |
| **<u>Warehouse storage</u>**<sup>(1)</sup> |  |  |  |  |
| <u>Economic occupancy</u> |  |  |  |  |
| Average occupied economic pallets (in thousands) | 7387 | 7627 | (3.1) | % |
| Economic occupancy percentage | 81.5% | 83.6% | (210) | bps |
| Storage revenue per economic occupied pallet | $124.09 | $125.62 | (1.2) | % |
| <u>Physical occupancy</u> |  |  |  |  |
| Average physical occupied pallets (in thousands) | 6859 | 7050 | (2.7) | % |
| Average physical pallet positions (in thousands) | 9066 | 9126 | (0.7) | % |
| Physical occupancy percentage | 75.7% | 77.3% | (160) | bps |
| Storage revenue per physical occupied pallet&nbsp;&nbsp;&nbsp;&nbsp; | $133.67 | $135.90 | (1.6) | % |
| **<u>Warehouse services</u>**<sup>(1)</sup> |  |  |  |  |
| Throughput pallets (in thousands)&nbsp;&nbsp;&nbsp;&nbsp; | 23861 | 24432 | (2.3) | % |
| Warehouse services revenue per throughput pallet&nbsp;&nbsp;&nbsp;&nbsp; | $31.93 | $32.10 | (0.5) | % |
| *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* |

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------

*Non-Same Warehouse Results*

The following tables present revenues, cost of operations, non-same warehouse NOI, and margins for our non-same warehouses for the three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | |
| | **2025** | **2024** | **Change** | **Change** |
|  | ***(in millions except revenue per pallet)*** | ***(in millions except revenue per pallet)*** |  |  |
| Warehouse storage&nbsp;&nbsp;&nbsp;&nbsp; | $52 | $33 | 57.6 | % |
| Warehouse services&nbsp;&nbsp;&nbsp;&nbsp; | 35 | 24 | 45.8 | % |
| **Total non-same warehouse revenues** | **87** | **57** | **52.6** | **%** |
| Labor | 35 | 20 | 75.0 | % |
| Power | 6 | 4 | 50.0 | % |
| Other warehouse costs | 22 | 15 | 46.7 | % |
| **Total non-same warehouse cost of operations** | **63** | **39** | **61.5** | **%** |
| **Non-same warehouse NOI** | $**24** | $**18** | 33.3 | % |
| Total non-same warehouse margin | 27.6% | 31.6% | (400) | bps |
| Number of non-same warehouse sites | 60 | 43 |  |  |
| **<u>Warehouse storage</u>**<sup>(1)</sup> |  |  |  |  |
| Economic occupancy |  |  |  |  |
| Average occupied economic pallets (in thousands) | 691 | 487 | 41.9 | % |
| Economic occupancy percentage&nbsp;&nbsp;&nbsp;&nbsp; | 66.1% | 76.8% | (1070) bps | (1070) bps |
| Storage revenue per economic occupied pallet&nbsp;&nbsp;&nbsp;&nbsp; | $73.29 | $67.74 | 8.2 | % |
| Physical occupancy |  |  |  |  |
| Average physical occupied pallets (in thousands) | 649 | 461 | 40.8 | % |
| Average physical pallet positions (in thousands) | 1045 | 634 | 64.8 | % |
| Physical occupancy percentage&nbsp;&nbsp;&nbsp;&nbsp; | 62.1% | 72.7% | (1060) bps | (1060) bps |
| Storage revenue per physical occupied pallet&nbsp;&nbsp;&nbsp;&nbsp; | $78.12 | $71.61 | 9.1 | % |
| **<u>Warehouse services</u>** <sup>(1)</sup> |  |  |  |  |
| Throughput pallets (in thousands) | 1163 | 809 | 43.8 | % |
| Warehouse services revenue per throughput pallet | $30.50 | $29.84 | 2.2 | % |
| *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | | |
| | **2025** | **2024** | **Change** | **Change** |
|  | ***(in millions except revenue per pallet)*** | ***(in millions except revenue per pallet)*** |  |  |
| Warehouse storage&nbsp;&nbsp;&nbsp;&nbsp; | $88 | $68 | 29.4 | % |
| Warehouse services&nbsp;&nbsp;&nbsp;&nbsp; | 71 | 50 | 42.0 | % |
| **Total non-same warehouse revenues&nbsp;&nbsp;&nbsp;&nbsp;** | **159** | **118** | **34.7** | **%** |
| Labor | 61 | 39 | 56.4 | % |
| Power&nbsp;&nbsp;&nbsp;&nbsp; | 11 | 8 | 37.5 | % |
| Other warehouse costs | 39 | 32 | 21.9 | % |
| **Total non-same warehouse cost of operations&nbsp;&nbsp;&nbsp;&nbsp;** | **111** | **79** | **40.5** | **%** |
| **Non-same warehouse NOI&nbsp;&nbsp;&nbsp;&nbsp;** | $**48** | $**39** | 23.1 | % |
| Total non-same warehouse margin&nbsp;&nbsp;&nbsp;&nbsp; | 30.2% | 33.1% | (290) | bps |
| Number of non-same warehouse sites | 60 | 43 |  |  |
| **<u>Warehouse storage</u>**<sup>(1)</sup> |  |  |  |  |
| <u>Economic occupancy</u> |  |  |  |  |
| Average occupied economic pallets (in thousands) | 640 | 516 | 24.0 | % |
| Economic occupancy percentage&nbsp;&nbsp;&nbsp;&nbsp; | 66.5% | 78.9% | (1240) | bps |
| Storage revenue per economic occupied pallet&nbsp;&nbsp;&nbsp;&nbsp; | $135.26 | $132.06 | 2.4 | % |
| <u>Physical occupancy</u> |  |  |  |  |
| Average physical occupied pallets (in thousands) | 600 | 491 | 22.2 | % |
| Average physical pallet positions (in thousands) | 962 | 654 | 47.1 | % |
| Physical occupancy percentage&nbsp;&nbsp;&nbsp;&nbsp; | 62.4% | 75.1% | (1270) | bps |
| Storage revenue per physical occupied pallet&nbsp;&nbsp;&nbsp;&nbsp; | $144.23 | $138.76 | 3.9 | % |
| **<u>Warehouse services</u>**<sup>(1)</sup> |  |  |  |  |
| Throughput pallets (in thousands)&nbsp;&nbsp;&nbsp;&nbsp; | 2253 | 1619 | 39.2 | % |
| Warehouse services revenue per throughput pallet&nbsp;&nbsp;&nbsp;&nbsp; | $31.11 | $30.62 | 1.6 | % |
| *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* | *(1) Warehouse storage and warehouse services metrics exclude managed sites.* |

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***Global Integrated Solutions Segment***

The following tables present the operating results of our global integrated solutions segment for the three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | |
| | **2025** | **2024** | **Change** | **Change** |
|  | ***(in millions)*** | ***(in millions)*** |  |  |
| Global Integrated Solutions segment revenues&nbsp;&nbsp;&nbsp;&nbsp; | $380 | $372 | 2.2 | % |
| Global Integrated Solutions segment cost of operations<sup>(1)</sup> | 312 | 309 | 1.0 | % |
| Global Integrated Solutions segment NOI&nbsp;&nbsp;&nbsp;&nbsp; | $**68** | $**63** | **7.9** | **%** |
| Global Integrated Solutions margin&nbsp;&nbsp;&nbsp;&nbsp; | 17.9% | 16.9% | 100 | bps |
| *(1) Cost of operations excludes $1 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2025.* | *(1) Cost of operations excludes $1 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2025.* | *(1) Cost of operations excludes $1 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2025.* | *(1) Cost of operations excludes $1 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2025.* | *(1) Cost of operations excludes $1 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended June 30, 2025.* |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | | |
| | **2025** | **2024** | **Change**  | **Change**  |
|  | ***(in millions)*** | ***(in millions)*** |  |  |
| Global Integrated Solutions segment revenues&nbsp;&nbsp;&nbsp;&nbsp; | $728 | $731 | (0.4) | % |
| Global Integrated Solutions segment cost of operations<sup>(1)</sup> | 603 | 609 | (1.0) | % |
| Global Integrated Solutions segment NOI&nbsp;&nbsp;&nbsp;&nbsp; | $**125** | $**122** | **2.5** | **%** |
| Global Integrated Solutions margin&nbsp;&nbsp;&nbsp;&nbsp; | 17.2% | 16.7% | 50 | bps |
| *(1) Cost of operations excludes $2 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.* | *(1) Cost of operations excludes $2 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.* | *(1) Cost of operations excludes $2 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.* | *(1) Cost of operations excludes $2 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.* | *(1) Cost of operations excludes $2 million of stock-based compensation expense and related employer-paid payroll taxes for the six months ended June 30, 2025.* |

---

**Capital Expenditures**

***Maintenance Capital Expenditures***

The following table sets forth our recurring maintenance capital expenditures.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| *(in millions)* | | | | |
| Global warehousing | $35 | $34 | $64 | $54 |
| Global integrated solutions | 4 | 4 | 5 | 9 |
| Information technology and other | 3 | 10 | 5 | 15 |
| Maintenance capital expenditures | $42 | $48 | $74 | $78 |

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***Integration Capital Expenditures***

The following table sets forth our integration capital expenditures.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| *(in millions)* | | | | |
| Global warehousing | $15 | $10 | $23 | $18 |
| Global integrated solutions |  | 1 |  | 1 |
| Information technology and other | 3 | 4 | 7 | 13 |
| Integration capital expenditures | $18 | $15 | $30 | $32 |

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***External Growth Capital Investments***

The following table sets forth our external growth capital investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| *(in millions)* | | | | |
| Acquisitions, including equity issued and net of cash acquired and adjustments <sup>(1)</sup> | $439 | $14 | $439 | $73 |
| Greenfield and expansion expenditures | 53 | 95 | 90 | 131 |
| Energy and economic return initiatives | 25 | 25 | 41 | 47 |
| Information technology transformation and growth initiatives | 18 | 15 | 32 | 27 |
| External growth capital investments | $535 | $149 | $602 | $278 |
| *(1) Excludes buildings and land acquired through exercise of finance lease purchase options, where amount paid did not exceed the finance lease liability.* | *(1) Excludes buildings and land acquired through exercise of finance lease purchase options, where amount paid did not exceed the finance lease liability.* | *(1) Excludes buildings and land acquired through exercise of finance lease purchase options, where amount paid did not exceed the finance lease liability.* | *(1) Excludes buildings and land acquired through exercise of finance lease purchase options, where amount paid did not exceed the finance lease liability.* | *(1) Excludes buildings and land acquired through exercise of finance lease purchase options, where amount paid did not exceed the finance lease liability.* |

---

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**Non-GAAP Financial Measures Reconciliations**

**Reconciliation of Total Segment NOI to Net Income (Loss)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(in millions)* | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $(7) | $(80) | $(7) | $(128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense and related employer-paid payroll taxes in cost of operations | 5 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 143 | 127 | 297 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 170 | 164 | 328 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 54 | 55 | 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, transaction, and other expense | 37 | 12 | 52 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring, impairment, and (gain) loss on disposals | 3 | 15 | (18) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity (income) loss, net of tax | (3) | 1 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on foreign currency transactions, net | (26) | (2) | (42) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 67 | 148 | 127 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt |  |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating (income) expense, net | (1) |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (7) | 7 | 1 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment NOI | $435 | $447 | $852 | $891 |

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**Reconciliation of EBITDA, EBITDAre, and Adjusted EBITDA to Net Income (Loss)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(in millions)* | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $(7) | $(80) | $(7) | $(128) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 224 | 219 | 436 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net&nbsp;&nbsp;&nbsp;&nbsp; | 67 | 148 | 127 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit)&nbsp;&nbsp;&nbsp;&nbsp; | (7) | 7 | 1 | (3) |
| EBITDA&nbsp;&nbsp;&nbsp;&nbsp; | $277 | $294 | $557 | $586 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of real estate assets&nbsp;&nbsp;&nbsp;&nbsp; | 3 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment write-downs on real estate property&nbsp;&nbsp;&nbsp;&nbsp; |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of EBITDAre of noncontrolling interests&nbsp;&nbsp;&nbsp;&nbsp; | (1) |  | (1) | (1) |
| EBITDAre&nbsp;&nbsp;&nbsp;&nbsp; | $279 | $302 | $559 | $593 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sale of non-real estate assets&nbsp;&nbsp;&nbsp;&nbsp; |  | (1) | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating (income) expense, net&nbsp;&nbsp;&nbsp;&nbsp; | (1) |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, restructuring, and other | 48 | 17 | 65 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology transformation&nbsp;&nbsp;&nbsp;&nbsp; | 7 | 7 | 12 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on property destruction | (13) | 1 | (37) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on foreign currency exchange transactions, net&nbsp;&nbsp;&nbsp;&nbsp; | (26) | (2) | (42) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense and related employer-paid payroll taxes | 30 | 6 | 70 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate impairment |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation related to unconsolidated JVs | 2 | 4 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation adjustments of noncontrolling interests&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 1 |
| Adjusted EBITDA&nbsp;&nbsp;&nbsp;&nbsp; | $326 | $334 | $630 | $661 |
| Net revenues | $1350 | $1338 | $2642 | $2666 |
| Adjusted EBITDA margin | 24.1% | 25.0% | 23.8% | 24.8% |

---

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**Reconciliation of FFO, Core FFO, and Adjusted FFO to Net Income (Loss)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(in millions, except per share information)* | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $(7) | $(80) | $(7) | $(128) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate depreciation | 94 | 91 | 179 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-place lease intangible amortization&nbsp;&nbsp;&nbsp;&nbsp; | 1 | 3 | 2 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of real estate assets&nbsp;&nbsp;&nbsp;&nbsp; | 3 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment write-downs on real estate property&nbsp;&nbsp;&nbsp;&nbsp; |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate depreciation, (gain) loss on sale of real estate and real estate impairments on unconsolidated JVs&nbsp;&nbsp;&nbsp;&nbsp; |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of noncontrolling interests&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | (1) |
| FFO&nbsp;&nbsp;&nbsp;&nbsp; | $91 | $22 | $178 | $61 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sale of non-real estate assets&nbsp;&nbsp;&nbsp;&nbsp; |  | (1) | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease ROU asset amortization - real estate related&nbsp;&nbsp;&nbsp;&nbsp; | 18 | 18 | 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate impairment&nbsp;&nbsp;&nbsp;&nbsp; |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating (income) expense, net&nbsp;&nbsp;&nbsp;&nbsp; | (1) |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, restructuring, and other | 52 | 18 | 72 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology transformation | 7 | 7 | 12 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on property destruction | (13) | 1 | (37) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on foreign currency transactions, net&nbsp;&nbsp;&nbsp;&nbsp; | (26) | (2) | (42) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 7 |
| Core FFO&nbsp;&nbsp;&nbsp;&nbsp; | $128 | $63 | $217 | $149 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate depreciation and amortization&nbsp;&nbsp;&nbsp;&nbsp; | 103 | 101 | 203 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease ROU asset amortization - non-real estate&nbsp;&nbsp;&nbsp;&nbsp; | 8 | 6 | 16 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and discount on debt | 3 | 5 | 6 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount / premium&nbsp;&nbsp;&nbsp;&nbsp; |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes expense (benefit)&nbsp;&nbsp;&nbsp;&nbsp; | (20) | (1) | (9) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight line net operating rent | (1) |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of above / below market leases |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense and related employer-paid payroll taxes | 30 | 6 | 70 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring maintenance capital expenditures&nbsp;&nbsp;&nbsp;&nbsp; | (42) | (48) | (74) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation related to unconsolidated JVs&nbsp;&nbsp;&nbsp;&nbsp; | 1 | 2 | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of noncontrolling interests&nbsp;&nbsp;&nbsp;&nbsp; | 1 | 3 |  | 1 |
| Adjusted FFO&nbsp;&nbsp;&nbsp;&nbsp; | $211 | $136 | $430 | $284 |
| ***Reconciliation of weighted average common shares outstanding:*** | ***Reconciliation of weighted average common shares outstanding:*** | ***Reconciliation of weighted average common shares outstanding:*** | ***Reconciliation of weighted average common shares outstanding:*** | ***Reconciliation of weighted average common shares outstanding:*** |
| Weighted average common shares outstanding | 229 | 162 | 228 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partnership common units and OP Units held by Non-Company LPs | 22 | 20 | 22 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity compensation and other unvested units | 7 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted diluted weighted average common shares outstanding | 258 | 182 | 257 | 182 |
| Adjusted FFO per diluted common share | $0.81 | $0.75 | $1.67 | $1.56 |

---

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**Non-GAAP Financial Measures Notes**

We use the following non-GAAP financial measures as supplemental performance measures of our business: segment NOI, FFO, Core FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, and Adjusted EBITDA margin. We also use same warehouse and non-same warehouse metrics described above.

We calculate total segment NOI (or "NOI") as our total revenues less our cost of operations (excluding any depreciation and amortization, general and administrative expense, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, restructuring and impairment expense, gain and loss on sale of assets, and acquisition, transaction, and other expense). We use segment NOI to evaluate our segments for purposes of making operating decisions and assessing performance in accordance with ASC 280, *Segment Reporting*. We believe segment NOI is helpful to investors as a supplemental performance measure to net income because it assists both investors and management in understanding the core operations of our business. There is no industry definition of segment NOI and, as a result, other REITs may calculate segment NOI or other similarly-captioned metrics in a manner different than we do.

We calculate EBITDA for Real Estate, or "EBITDAre", in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or "NAREIT", defined as earnings before interest income or expense, taxes, depreciation and amortization, net loss or gain on sale of real estate, net of withholding taxes, impairment write-downs on real estate property, and adjustments to reflect our share of EBITDAre for partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles, and useful life of related assets among otherwise comparable companies.

We also calculate our Adjusted EBITDA as EBITDAre further adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), other nonoperating income or expense, acquisition, restructuring, and other expense, foreign currency exchange gain or loss, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, loss or gain on debt extinguishment and modification, impairment of investments in non-real estate, technology transformation, and reduction in EBITDAre from partially owned entities. We believe that the presentation of Adjusted EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in EBITDAre but which we do not believe are indicative of our core business operations. EBITDAre and Adjusted EBITDA are not measurements of financial performance under GAAP, and our EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Adjusted EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Our calculations of EBITDAre and Adjusted EBITDA have limitations as analytical tools, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect changes in, or cash requirements for, our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect our tax expense or the cash requirements to pay our taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

We use EBITDA, EBITDAre, and Adjusted EBITDA as measures of our operating performance and not as measures of liquidity. We also calculate Adjusted EBITDA margin, which represents Adjusted EBITDA as a percentage of Net revenues and which provides an additional way to compare the above described measure of our operations across periods.

We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the NAREIT. NAREIT defines FFO as net income or loss determined in accordance with GAAP, excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, in-place lease intangible amortization, real estate asset impairment, and our share of reconciling items for partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization, and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.

We calculate core funds from operations, or Core FFO, as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), finance lease ROU asset amortization

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real estate, non-real estate impairments, acquisition, restructuring and other, other nonoperating income or expense, loss on debt extinguishment and modifications and the effects of gain or loss on foreign currency exchange. We also adjust for the impact attributable to non-real estate impairments on unconsolidated joint ventures and natural disaster. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.

However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of recurring maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of FFO and Core FFO as a measure of our performance may be limited.

We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of amortization of deferred financing costs, amortization of debt discount/premium amortization of above or below market leases, straight-line net operating rent, provision or benefit from deferred income taxes, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, non-real estate depreciation and amortization, non-real estate finance lease ROU asset amortization, and recurring maintenance capital expenditures. We also adjust for Adjusted FFO attributable to our share of reconciling items of partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.

FFO, Core FFO, Adjusted FFO, and Adjusted FFO per diluted share are used by management, investors, and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO, Adjusted FFO, and Adjusted FFO per diluted share should be evaluated along with GAAP net income and net income per diluted share (the most directly comparable GAAP measures) in evaluating our operating performance. FFO, Core FFO, and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our condensed consolidated financial statements included elsewhere in this Press Release. FFO, Core FFO, and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do.

We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to non-GAAP financial measure for forward-looking Adjusted EBITDA and Adjusted FFO per share possible without unreasonable effort. This is due to unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.

## Exhibit 99.2

![](final-lineageinc2q25earn001.jpg)

Second Quarter 2025 FINANCIAL RESULTS August 6, 2025

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Forward-Looking Statements. Certain statements contained in this Presentation, other than historical facts, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Lineage operates, and beliefs of, and assumptions made by, the Company and involve uncertainties that could significantly affect Lineage's financial results. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "can," "intend," "anticipate," "estimate," "believe," "continue," "possible," "initiatives," "measures," "poised," "focus," "seek," "objective," "goal," "vision," "drive," "opportunity," "target," "strategy," "expect," "plan," "potential," "potentially," "preparing," "projected," "future," "tomorrow," "long-term," "should," "could," "would," "might," "help," "aimed", or other similar words. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Presentation. Such statements include, but are not limited to statements about Lineage's plans, strategies, initiatives, and prospects and statements about its future results of operations, capital expenditures and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: general business and economic conditions; continued volatility and uncertainty in the credit markets and broader financial markets, including potential fluctuations in the Consumer Price Index and changes in foreign currency exchange rates; the impact of tariffs and global trade disruptions on us and our customers; other risks inherent in the real estate business, including customer defaults, potential liability related to environmental matters, illiquidity of real estate investments and potential damages from natural disasters; the availability of suitable acquisitions and our ability to acquire properties or businesses on favorable terms; our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; our ability to meet budgeted or stabilized returns on our development and expansion projects within expected time frames, or at all; our ability to manage our expanded operations, including expansion into new markets or business lines; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions and greenfield developments; our failure to successfully integrate and operate acquired or developed properties or businesses; our ability to renew significant customer contracts; the impact of supply chain disruptions, including the impact on labor availability, raw material availability, manufacturing and food production, and transportation; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the degree and nature of our competition; our failure to generate sufficient cash flows to service our outstanding indebtedness; our ability to access debt and equity capital markets; continued volatility in interest rates; increased power, labor, or construction costs; changes in consumer demand or preferences for products we store in our warehouses; decreased storage rates or increased vacancy rates; labor shortages or our inability to attract and retain talent; changes in, or the failure or inability to comply with, government regulation; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks, or processes; our failure to maintain our status as a real estate investment trust ("REIT") for U.S. federal income tax purposes; changes in local, state, federal, and international laws and regulations, including related to taxation, tariffs, real estate and zoning laws, and increases in real property tax rates; the impact of any financial, accounting, legal, tax or regulatory issues or litigation that may affect us, and any other risks discussed in the Company's filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024. Should one of more of the risks or uncertainties described above occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Forward-looking statements in this Presentation speak only as of the date of this Presentation, and undue reliance should not be placed on such statements. We undertake no obligation to, nor do we intend to, update, or otherwise revise, any such statements that may become untrue because of subsequent events. There can be no assurance that the forward-looking statements can or will be attained or maintained. The forward-looking statements included in this Presentation have been included for purposes of illustration only, and no assurance can be given that the actual results will correspond with the results contemplated in the forward-looking statements. Market Data. We use market data throughout this Presentation that has generally been obtained from external, independent, and publicly available information and industry publications. None of Lineage, its affiliates, advisers, or representatives have verified such independent sources. Accordingly, neither the Company nor any of its affiliates, advisers or representatives make any representations as to the accuracy or completeness of that data or to update such data after the date of this presentation. Such data involves risk and uncertainties and are subject to change based on various factors. Capacity and market share data provided by the Global Cold Chain Alliance, or GCCA, reflects capacity of companies that report to GCCA. North American GCCA data includes GCCA's estimate of capacity owned and operated by U.S. customers themselves based on data from U.S. Department of Agriculture surveys. Global GCCA data also reflects GCCA's estimate of capacity of companies that do not report to GCCA. Non-GAAP Measures. This Presentation includes certain financial information that is not presented in accordance with generally accepted accounting principles in the United States ("GAAP"). Such non-GAAP financial measures should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on Lineage's statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. You should be aware that Lineage's presentation of these and other non-GAAP financial measures in this Presentation may not be comparable to similarly-titled measures used by other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Lineage believes that in addition to using GAAP results, non-GAAP financial measures can provide meaningful insight in evaluating the Lineage's financial performance and the effectiveness of its business strategies. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the Appendix to this Presentation. Safe Harbor Statement 2

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• Q2 Highlights • Second Half Outlook • Initiating Q3 Guidance and Updated 2025 Guidance • Segment Results • Capital Structure Update • Summary and Q&A Agenda 3

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Q2 2025 Highlights 4 • Q2 25 enterprise results o Revenue up 1% o Adj. EBITDA down (2)% o AFFO per share +8% • Global Warehousing segment in-line with expectations, against elevated inventory levels last year o Same WH NOI down (6)% YoY; sequential improvement vs Q1 o Encouraged by sequential improvement despite the typical Q2 occupancy decline from Q1 • Global Integrated Solutions segment NOI grew 8% • Continued progress on warehouse productivity initiatives, including LinOS pilots • Completed inaugural investment grade offering o $500M of 5-year unsecured notes, 5.25% coupon • Deployed $535M of growth capital during the quarter o Closed landmark Tyson Foods agreements with newly acquired assets performing well o Closed three additional acquisitions

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51. Source: United States Department of Agriculture, National Agricultural Statistics Service: Monthly Cold Storage Report. https://usda.library.cornell.edu/concern/publications/pg15bd892. Second Half Outlook: Muted Seasonal Occupancy 79.7% 68% 72% 76% 80% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 LINE Same WH Physical Utilization Actual and Projected Typical Quarterly USDA Seasonality 2015-2019 Quarterly Average¹ 2025 Actual USDA Seasonality¹ LINE Same Warehouse Utilization vs USDA Inventory Levels Occupancy Outlook USDA represents ~40% of Lineage commodity basket • Reducing outlook for second half occupancy o We experienced muted seasonal inventory levels late Q2 and early Q3 o Continued tariff uncertainty and elevated customer inventory carrying costs • Expect occupancy to increase sequentially through Q3 into Q4 following seasonal pattern, supporting NOI improvement

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6 Second Half Outlook: Price Stability $59.90 $69.20 $45 $60 $75 Q1 2021 Q2 Q3 Q4 2021 Q1 2022 Q2 Q3 Q4 2022 Q1 2023 Q2 Q3 Q4 2023 Q1 2024 Q2 Q3 Q4 2024 Q1 2025 Q2 2025 Rent, Storage, and Blast Revenue per Physical Occupied Pallet Trendline +2.8% CAGR $26.45 $31.77 $10 $25 $40 Q1 2021 Q2 Q3 Q4 2021 Q1 2022 Q2 Q3 Q4 2022 Q1 2023 Q2 Q3 Q4 2023 Q1 2024 Q2 Q3 Q4 2024 Q1 2025 Q2 2025 Services Revenue per Throughput Pallet Trendline +4.8% CAGR • Pricing improved in Q2 vs Q1 and is expected to remain stable for the remainder of the year o Same WH storage revenue per physical occupied pallet +5% vs Q1 • ~90% of this year's contracts have been negotiated • Minimum storage guarantees increased from 42.0% in Q1 to 44.9% in Q2 1. Revenue per pallet is shown for the LINE Total Global Warehouse segment. LINE – Revenue per Pallet History1 Second Half Outlook

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7 Note: Guidance excludes the impact of unannounced future acquisitions or developments. See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 1. Same WH NOI Growth for Q1 2025 is as reported for the Q1 2025 same warehouse pool. Initiating Q3 and Updating FY 2025 Guidance Second Half and Full Year 2025 Guidance Q1 Actual Q2 Actual Q3 Guide Q4 Guide (Implied) FY 2025 Guide Same WH NOI Growth (7.9)%1 (6.3)% (5)% - (3)% (2)% - +4% (5)% - (3)% Total WH NOI Growth (6.5)% (4.4)% (1)% - +1% +2% - 8% (3)% - flat Total GIS NOI Growth (3.4)% +7.9% +10% - 15% +20% - 30% +8% - 12% Adjusted EBITDA ($M) $304 $326 $326 - $336 $334 - $374 $1,290 - $1,340 Prior: $1,350 - $1,400 AFFO per share $0.86 $0.81 $0.75 - $0.79 $0.78 - $0.94 $3.20 - $3.40 Prior: $3.40 - $3.60 Reduced 2H occupancy assumptions driving lower guidance Business continuing to improve sequentially as we execute on internal initiatives in a challenging environment

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8 Positioned to Win Global Integrated Solutions Customer Experience Optimizing Supply Chain Costs Customer Success Largest Global Footprint Procurement Leverage Consolidating Facilities Network Effects Warehouse Productivity LinOS Technology Lean Automation Earning the right to grow with our valued customers

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$966 $970 Q2 24 Q2 25 Revenue Global Warehousing Segment 91. Same WH NOI Growth for Q2 2024 is as reported for the Q2 2024 same warehouse pool. All other details represent the Q2 2025 same warehouse pool. Q2 2025 Highlights • Total segment revenue slightly increased • Same WH NOI down (6)% o Physical occupancy declined (230bps) against elevated inventory levels from 1H24 o Cost of operations decreased (1)% primarily driven by labor productivity initiatives • Continuing to invest for future growth • NOI contribution from M&A and new developments o Tyson Foods agreements on-track; expect $100M of NOI by 2030 o An additional $109M of future NOI from other in process greenfield and expansion projects • $1.1B spent of $1.2B total investment $M 39.1% margin 39.5% margin 35.6% margin Total Segment $384 $367 Q2 24 Q2 25 NOI Same Warehouse Details Q2 2024 Q2 2025 Same WH NOI Growth (2.3)%1 (6.3)% RS&B per Economically Occupied Pallet $62.73 $63.25 Physical Occupancy 76.9% 74.6% Economic Occupancy 83.4% 80.6% Warehouses 421 421 flatYoY growth (4)%YoY growth

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$372 $380 Q2 24 Q2 25 Revenue Global Integrated Solutions Segment 10 $M Total Segment $63 $68 Q2 24 Q2 25 NOI 16.9% margin 17.9% margin +2%YoY growth +8%YoY growth Q2 2025 Highlights • Strong growth led by US transport and direct-to- consumer businesses • Signed agreement to divest asset-based Spanish transportation business • Expect double-digit NOI growth in 2H 2025

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Total debt outstanding of $5.8B • ~3.5 years remaining weighted average term • Weighted average interest rate of 2.9% Total liquidity of ~$1.5B: • $81M in available cash • ~$1.4B capacity on revolving credit facility 11 Capital Structure Update As of 6/30/2025 Total Debt $5,792 Debt-like Obligations $1,677 Gross Debt $7,469 Cash and Equivalents (excluding Restricted Cash) ($81) Net Debt $7,388 LTM Adj. EBITDA $1,298 Net Debt/ LTM Adj. EBITDA 5.7x $M Net Debt to Adjusted EBITDABalance Sheet and Liquidity Recent Debt Activity Completed inaugural investment grade bond offering • $500M • 5.25% coupon rate • 5-year term Note: As of June 30, 2025.

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12 Summary Updated Outlook for 2025 • Q2 results in-line with expectations • Lowering guidance driven by a muted outlook for the seasonal inventory build • Pricing improved sequentially with stable outlook • Expect continued sequential improvement throughout the rest of the year Well Positioned to Win • Positive outlook for long-term dynamics of stable food industry • Continuing progress on internal initiatives, including additional LinOS pilots • Poised for strong operating leverage when industry rebounds

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Supplemental Financial and Operating Data 13

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Q2 2025 Financial Results 14 Total Revenue ($M) Adjusted EBITDA ($M) Adjusted EBITDA Margin AFFO per share $272 $323 $334 $326 Q2 22 Q2 23 Q2 24 Q2 25 22.4% 24.0% 25.0% 24.1% Q2 22 Q2 23 Q2 24 Q2 25 $1,217 $1,346 $1,338 $1,350 Q2 22 Q2 23 Q2 24 Q2 25 +1%(1)%YoY growth +11% (2)%+3%YoY growth +19% (90)bps+100bpsYoY growth +160bps $0.75 $0.81 Q2 24 Q2 25 +8%YoY growth

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15 Additional Modeling Support Note: Guidance excludes the impact of unannounced future acquisitions or developments. See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Full Year 2025 Outlook ($M) Range Comments General and administrative expense, cash $460 - $480 Midpoint decreased by $(20)M Stock-based compensation expense ~$140 No change Interest expense, net $265 - $275 No change to midpoint Income tax expense, current $25 - $35 No change Recurring maintenance capex $180 - $195 Midpoint decreased by $(10)M Adjusted diluted weighted average common shares outstanding ~257M No change

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CONSOLIDATED FINANCIAL PERFORMANCE Global Warehouse Segment - Total 16 1. Labor cost of operations excludes $4 million of stock-based compensation expense for the three and six months ended June 30, 2025. 2. Includes real estate rent expense of $23 million and $25 million for the three months ended June 30, 2025 and 2024, respectively; and non-real estate rent expense (equipment lease and rentals) of $5 million and $4 million for the three months ended June 30, 2025 and 2024, respectively. Includes real estate rent expense of $46 million and $50 million for the six months ended June 30, 2025 and 2024, respectively; and non-real estate rent expense (equipment lease and rentals) of $10 million and $9 million for the six months ended June 30, 2025 and 2024, respectively. 3. Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf ("managed sites"). Three Months Ended June 30, Six Months Ended June 30, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $514 $510 0.8 % $1,005 $1,026 (2.0) % Warehouse services 456 456 — % 909 909 — % Total global warehousing segment revenues $970 $966 0.4 % $1,914 $1,935 (1.1) % Labor1 368 356 3.4 % 724 710 2.0 % Power 51 50 2.0 % 100 97 3.1 % Other warehouse costs2 184 176 4.5 % 363 359 1.1 % Total global warehousing segment cost of operations $603 $582 3.6 % $1,187 $1,166 1.8 % Global warehousing segment NOI $367 $384 (4.4) % $727 $769 (5.5) % Total global warehousing segment margin 37.8 % 39.8 % (200) bps 38.0 % 39.7 % (170) bps Number of warehouse sites 481 464 481 464 Warehouse storage3 Average economic occupancy Average occupied economic pallets (in thousands) 7,998 8,098 (1.2) % 8,027 8,143 (1.4) % Economic occupancy percentage 79.1 % 82.9 % (380) bps 80.0 % 83.3 % (330) bps Storage revenue per economic occupied pallet $64.12 $63.01 1.8 % $125.05 $125.97 (0.7) % Average physical occupancy Average physical occupied pallets (in thousands) 7,412 7,479 (0.9) % 7,459 7,541 (1.1) % Average physical pallet positions (in thousands) 10,107 9,764 3.5 % 10,028 9,780 2.5 % Physical occupancy percentage 73.3 % 76.6 % (330) bps 74.4 % 77.1 % (270) bps Storage revenue per physical occupied pallet $69.20 $68.26 1.4 % $134.59 $136.08 (1.1) % Warehouse services3 Throughput pallets (in thousands) 13,130 13,177 (0.4) % 26,114 26,051 0.2 % Warehouse services revenue per throughput pallet $31.77 $31.63 0.4 % $31.86 $32.01 (0.5) %

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SAME WAREHOUSE FINANCIAL PERFORMANCE Global Warehouse Segment – Same Warehouse 171. Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf ("managed sites"). Three Months Ended June 30, Six Months Ended June 30, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $462 $477 (3.1) % $917 $958 (4.3) % Warehouse services 421 432 (2.5) % 838 859 (2.4) % Total same warehouse revenues $883 $909 (2.9) % $1,755 $1,817 (3.4) % Labor 333 336 (0.9) % 663 671 (1.2) % Power 45 46 (2.2) % 89 89 — % Other warehouse costs 162 161 0.6 % 324 327 (0.9) % Total same warehouse cost of operations $540 $543 (0.6) % $1,076 $1,087 (1.0) % Same warehouse NOI $343 $366 (6.3) % $679 $730 (7.0) % Total same warehouse margin 38.8 % 40.3 % (150) bps 38.7 % 40.2 % (150) bps Number of warehouse sites 421 421 421 421 Warehouse storage1 Average economic occupancy Average occupied economic pallets (in thousands) 7,307 7,611 (4.0) % 7,387 7,627 (3.1) % Economic occupancy percentage 80.6 % 83.4 % (280) bps 81.5 % 83.6 % (210) bps Storage revenue per economic occupied pallet $63.25 $62.73 0.8 % $124.09 $125.62 (1.2) % Average physical occupancy Average physical occupied pallets (in thousands) 6,763 7,018 (3.6) % 6,859 7,050 (2.7) % Average physical pallet positions (in thousands) 9,062 9,130 (0.7) % 9,066 9,126 (0.7) % Physical occupancy percentage 74.6 % 76.9 % (230) bps 75.7 % 77.3 % (160) bps Storage revenue per physical occupied pallet $68.34 $68.04 0.4 % $133.67 $135.90 (1.6) % Warehouse services1 Throughput pallets (in thousands) 11,967 12,368 (3.2) % 23,861 24,432 (2.3) % Warehouse services revenue per throughput pallet $31.89 $31.75 0.4 % $31.93 $32.10 (0.5) %

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NON-SAME WAREHOUSE FINANCIAL PERFORMANCE Global Warehouse Segment – Non-Same Warehouse 181. Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf ("managed sites"). Three Months Ended June 30, Six Months Ended June 30, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $52 $33 57.6 % $88 $68 29.4 % Warehouse services 35 24 45.8 % 71 50 42.0 % Total non-same warehouse revenues $87 $57 52.6 % $159 $118 34.7 % Labor 35 20 75.0 % 61 39 56.4 % Power 6 4 50.0 % 11 8 37.5 % Other warehouse costs 22 15 46.7 % 39 32 21.9 % Total non-same warehouse cost of operations $63 $39 61.5 % $111 $79 40.5 % Non-same warehouse NOI $24 $18 33.3 % $48 $39 23.1 % Total non-same warehouse margin 27.6 % 31.6 % (400) bps 30.2 % 33.1 % (290) bps Number of warehouse sites 60 43 60 43 Warehouse storage1 Average economic occupancy Average occupied economic pallets (in thousands) 691 487 41.9 % 640 516 24.0 % Economic occupancy percentage 66.1% 76.8% (1,070) bps 66.5% 78.9% (1,240) bps Storage revenue per economic occupied pallet $73.29 $67.74 8.2 % $135.26 $132.06 2.4 % Average physical occupancy Average physical occupied pallets (in thousands) 649 461 40.8 % 600 491 22.2 % Average physical pallet positions (in thousands) 1,045 634 64.8 % 962 654 47.1 % Physical occupancy percentage 62.1% 72.7% (1,060) bps 62.4% 75.1% (1,270) bps Storage revenue per physical occupied pallet $78.12 $71.61 9.1 % $144.23 $138.76 3.9 % Warehouse services1 Throughput pallets (in thousands) 1,163 809 43.8 % 2,253 1,619 39.2 % Warehouse services revenue per throughput pallet $30.50 $29.84 2.2 % $31.11 $30.62 1.6 %

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SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST SIX QUARTERS Global Warehouse Segment – Same Warehouse (Q2 2025 Pool) 19 Note: Same Warehouse figures based on the Q2 2025 Same Store asset pool. 1. Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf ("managed sites"). Three Months Ended YoY % Change (in millions except revenue per pallet) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Q2 2025 vs Q2 2024 YTD 2025 vs YTD 2024 Warehouse storage $481 $477 $477 $477 $455 $462 (3.1) % (4.3) % Warehouse services 427 432 439 437 417 421 (2.5) % (2.4) % Total same warehouse revenues $908 $909 $916 $914 $872 $883 (2.9) % (3.4) % Labor $335 $336 $332 $332 $330 $333 (0.9) % (1.2) % Power 43 46 54 48 44 45 (2.2) % — % Other warehouse costs 166 161 163 172 162 162 0.6 % (0.9) % Total same warehouse cost of operations $544 $543 $549 $552 $536 $540 (0.6) % (1.0) % Same warehouse NOI $364 $366 $367 $362 $336 $343 (6.3) % (7.0) % Total same warehouse margin 40.1 % 40.3 % 40.1 % 39.6 % 38.5 % 38.8 % (150)bps (150)bps Number of warehouse sites 421 421 421 421 421 421 Warehouse storage1 Average economic occupancy Average economic occupied pallets (in thousands) 7,642 7,611 7,574 7,785 7,467 7,307 Economic occupancy percentage 83.8 % 83.4 % 83.2 % 85.7 % 82.3 % 80.6 % Storage revenue per economic occupied pallet $62.89 $62.73 $63.00 $61.27 $60.84 $63.25 Average physical occupancy Average physical occupied pallets (in thousands) 7,081 7,018 6,955 7,237 6,954 6,763 Average physical pallet positions (in thousands) 9,122 9,130 9,106 9,083 9,070 9,062 Physical occupancy percentage 77.6 % 76.9 % 76.4 % 79.7 % 76.7 % 74.6 % Storage revenue per physical occupied pallet $67.86 $68.04 $68.61 $65.91 $65.33 $68.34 Warehouse services1 Throughput pallets (in thousands) 12,064 12,368 12,365 12,317 11,894 11,967 Warehouse services revenue per throughput pallet $32.46 $31.75 $32.28 $32.34 $31.97 $31.89

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1. Labor cost of operations excludes stock-based compensation expense of $1 million for the three months ended June 30, 2025 and $2 million for the six months ended June 30, 2025. 2. Transportation includes railcar leasing. Global Integrated Solutions Segment 20 CONSOLIDATED FINANCIAL PERFORMANCE Global Integrated Solutions Breakdown Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2024 Change 2025 2024 Change Global Integrated Solutions segment revenues $380 $372 2.2 % $728 $731 (0.4) % Global Integrated Solutions cost of operations1 $312 $309 1.0 % $603 $609 (1.0) % Global Integrated Solutions segment NOI $68 $63 7.9 % $125 $122 2.5 % Global Integrated Solutions margin 17.9 % 16.9 % 100 bps 17.2 % 16.7 % 50 bps YTD Revenue2

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Greenfield and Expansion Projects 21 Notes: Values expressed in millions unless otherwise stated. Totals may not sum due to rounding. As of June 30, 2025. 1. Total Cost is actual capex spend in addition to any forecasted capex spend subsequent to Go Live for projects that have gone live. Does not include third party costs. 2. Remaining Spend is total project cost less actual spend to date. 3. Percentage of last twelve months revenue less operating expenses divided by stabilized revenue less operating expenses. 4. Defined as stabilized revenue less operating expenses divided by total cost. Greenfield and Expansion Projects Completed Within The Last 36 Months and in Process Project Vintage (Months) Project Count Square Feet (in millions) Cubic Feet (in millions) Pallet Positions (in thousands) Total Cost (in millions)(1) Remaining Spend (in millions)(2) LTM NOI (in millions) Estimated Stabilized NOI (in millions) Stabilized NOI Achieved(3) Estimated Stabilized ROIC(4) 25-36 11 1.2 64 193 $320 $0 $20 $35 58% 11% 13-24 6 1.0 45 139 182 0 10 27 37% 15% 1-12 3 0.5 31 87 286 1 (3) 26 (11%) 9% 1-36 20 2.7 139 419 $788 $1 $27 $88 31% 11% In Process 8 1.0 58 220 $450 $180 ($2) $46 0% 10% Total 28 3.6 196 639 $1,239 $181 $25 $134 19% 11% Incremental NOI from Greenfield and Expansion Projects Estimated Stabilized NOI LTM NOI Achieved Incremental NOI $134M - $25M = $109M Completed Projects by Q2 2025 Same Store Pool Project Count LTM NOI (in millions) Same Warehouse Pool 10 $16 Non-Same Warehouse Pool 10 $11 Total 20 $27

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221. Stated maturity dates assume the exercise of extension options. 2. RCF interest rate is inclusive of the 0.15% facility fee which is applied to the full $3.5 billion capacity. Debt Summary DEBT DETAIL As of June 30, 2025 (in millions) Balance Contracted Interest Rate Stated Maturity Date1 Unsecured Revolving Credit Facility2 $2,001 SOFR + 0.10% + 0.925% 2/15/2029 Unsecured Term Loan – Floating 1,000 SOFR + 0.10% + 0.925% 2/15/2029 Total Unsecured Loans $3,001 Private Placement (USD Tranches) – Series A and B 675 2.39% Various Private Placement (EUR Tranches) – Series C, D, G, H and I 725 2.06% Various Private Placement (GBP Tranches) – Series E and F 377 2.05% Various 5.25% Notes 500 5.25% 7/15/2030 Fuentes 15 Various Various Total Unsecured Notes $2,292 PFS Westfield Real Estate 20 4.78% 12/11/2025 Total CMBS $20 Every Bear 228 4.51% 10/10/2028 Richland (Incl. Expansion) 162 4.10% 1/1/2026 Cool Port 81 SOFR + 1.77% 3/5/2029 Other 8 Various Various Total Other Secured Debt $479 Total Debt $5,792 Current Portion Long-Term Debt (32) Deferred Financing Costs and Discount on Debt Issues (22) Above/Below-Market Debt, Net (3) Total Long-Term Debt, Net $5,735 Current Portion Long-Term Debt 32 Total Debt, Net $5,767 Finance Lease Obligations 1,318 Failed Sale-Leaseback Financing Obligations 74 Kloosterboer Preference Shares 285 Total Debt and Debt-Like Obligations $7,444 Deferred Financing Costs and Discount on Debt Issues 22 Above/Below Market Debt, Net 3 Gross Debt $7,469 Less: Remaining Available Cash and Cash Equivalent (81) Net Debt $7,388

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DEBT COMPOSITION Debt Summary 23Note: As of June 30, 2025. USD $4,331 75% Other 1,461 25% Secured $498 9% Unsecured $5,294 91% Fixed $2,710 47% Floating - Unhedged $582 10% Floating - Hedged $2,500 43% Fixed vs Floating Secured vs Unsecured By Currency $M $M $M $M $2,001 $1,000 $652 $561 $129 $853 $162 $228 $21 $814 $97 $789 $3,218 $853 2025 2026 2027 2028 2029 2030+ Revolver Term Loan A Other Unsecured Debt Secured Debt Equipment Financing Other Secured Debt Debt Maturity

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INTEREST EXPENSE SUMMARY Debt Summary 241. Stated maturity dates assume the exercise of extension options. Interest Expense (in millions) Current Rate Maturity1 Q2 2025 Revolver S + 10bps + 0.925% 2/15/2029 $29 Term Loan A S + 10bps + 0.925% 2/15/2029 14 Private Placement Notes Various Various 10 Oakland Cool Port Financing S + 1.76% 5/5/2029 1 5.25% Notes 5.25% 7/15/2030 1 Other Debt Various Various 9 Total Gross Interest Expense $64 Gain on hedge instruments (19) Capitalized interest (4) Interest income (2) Amortization of deferred financing costs and discount on debt 6 Finance lease liabilities interest 22 Interest Expense, net $67

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251. Debt Service Test is defined as the ratio of Adj. EBITDA to Interest Expense for the trailing twelve months. Debt Covenant Performance As of Required June 30, 2025 5.25% Notes Covenants Limitation on Total Outstanding Debt ≤ 60% 29% Limitation on Secured Debt ≤ 40% 7% Maintenance of Total Unencumbered Assets ≥ 150% 352% Debt Service Test1 ≥ 1.5x 5.1x

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RECURRING MAINTENANCE CAPITAL EXPENDITURES Capital Expenditures and Acquisitions 26 (in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YoY Change Global warehousing $34 $38 $57 $29 $35 2.9 % Global integrated solutions $4 $1 $11 $1 $4 — % Information technology and other $10 $6 $4 $2 $3 (70.0) % Recurring maintenance capital expenditures $48 $45 $72 $32 $42 (12.5) % INTEGRATION CAPITAL EXPENDITURES (in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YoY Change Global warehousing $10 $14 $33 $8 $15 50.0 % Global integrated solutions $1 $– $2 $– $– (100.0) % Information technology and other $4 $5 $8 $4 $3 (25.0) % Integration capital expenditures $15 $19 $43 $12 $18 20.0 % EXTERNAL GROWTH CAPITAL EXPENDITURES, EXCLUDING ACQUISITIONS (in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YoY Change Greenfield and expansion expenditures $95 $66 $73 $37 $53 (44.2) % Energy and economic return initiatives $25 $24 $18 $16 $25 — % Information technology transformation and growth initiatives $15 $23 $5 $14 $18 20.0 % External growth capital investments $135 $113 $96 $67 $96 (28.9) % TOTAL CAPITAL EXPENDITURES AND ACQUISITIONS (in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YoY Change Recurring maintenance capital expenditures $48 $45 $72 $32 $42 (12.5) % Integration capital expenditures $15 $19 $43 $12 $18 20.0 % External growth capital investments $135 $113 $96 $67 $96 (28.9) % Total capital expenditures $198 $177 $211 $111 $156 (21.2) % Acquisitions, including equity issued and net of cash acquired and adjustments $14 $40 $233 $– $439 n.m.1 Total capital expenditures and acquisitions $212 $217 $444 $111 $595 180.7 % 1. n.m. (not meaningful) is used in place of percentage changes where the change is excessive, involves a comparison between income and loss amounts, or involves a comparison to zero.

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Repair and Maintenance Expenses 27 (in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YoY Change Global warehousing $36 $40 $35 $34 $38 5.6 % Global integrated solutions $13 $13 $14 $13 $15 15.4 % Repair and maintenance expenses $49 $53 $49 $47 $53 8.2 %

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HISTORICAL UTILIZATION AND MINIMUM STORAGE GUARANTEES Global Warehouse Segment 28 80.4% 76.8% 77.8% 77.3% 76.7% 77.2% 79.1% 83.4% 81.9% 79.8% 77.7% 80.8% 77.6% 76.6% 75.4% 78.1% 75.4% 73.3% 84.5% 81.1% 82.6% 81.3% 80.2% 81.0% 83.7% 87.7% 87.3% 85.1% 84.3% 87.2% 83.6% 82.9% 82.0% 83.9% 81.0% 79.1% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Physical Utilization Economic Utilization Average Economic and Physical Occupancy in Our Global Warehousing Segment 41.8% 43.5% 43.9% 44.0% 42.0% 44.9% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 45. 0% 50. 0% Contracts with Minimum Storage Guaranteed & Lease Revenue (as % of Rent and Storage Revenue)

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HISTORICAL SAME WAREHOUSE NOI GROWTH – AS REPORTED Global Warehouse Segment 291. As reported. Same Warehouse NOI – Recent Trend1 Q1 Q2 Q3 Q4 FY 2023 22.5% 19.0% 11.0% 9.0% 15.3% 2024 (2.9)% (2.3)% 2.4% 1.2% (0.6)% 2025 (7.9)% (6.3)%

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Consolidated Balance Sheets 30 June 30, December 31, (in millions, except par values) 2025 2024 (unaudited) Assets Current assets: Cash, cash equivalents, and restricted cash $82 $175 Accounts receivable, net 891 826 Inventories 174 187 Prepaid expenses and other current assets 201 97 Total current assets 1,348 1,285 Non-current assets: Property, plant, and equipment, net 11,323 10,627 Finance lease right-of-use assets, net 1,143 1,254 Operating lease right-of-use assets, net 625 627 Equity method investments 133 124 Goodwill 3,505 3,338 Other intangible assets, net 1,150 1,127 Other assets 217 279 Total assets $19,444 $18,661 Liabilities, Redeemable Noncontrolling Interests, and Equity Current liabilities: Accounts payable and accrued liabilities $1,160 $1,220 Accrued dividends and distributions 135 134 Deferred revenue 83 83 Current portion of long-term debt, net 32 56 Total current liabilities 1,410 1,493 Non-current liabilities: Long-term finance lease obligations 1,239 1,249 Long-term operating lease obligations 605 605 Deferred income tax liability 328 304 Long-term debt, net 5,735 4,906 Other long-term liabilities 461 410 Total liabilities 9,778 8,967 Commitments and contingencies Redeemable noncontrolling interests 7 43 Stockholders' equity: Common stock, $0.01 par value per share – 500 authorized shares; 229 and 228 issued and outstanding at June 30, 2025 and December 31, 2024, respectively 2 2 Additional paid-in capital - common stock 10,817 10,764 Retained earnings (accumulated deficit) (2,103) (1,855) Accumulated other comprehensive income (loss) (79) (273) Total stockholders' equity 8,637 8,638 Noncontrolling interests 1,022 1,013 Total equity 9,659 9,651 Total liabilities, redeemable noncontrolling interests, and equity $19,444 $18,661

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Consolidated Statements of Operations 31 Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2025 2024 2025 2024 (unaudited) Net revenues $1,350 $1,338 $2,642 $2,666 Cost of operations 920 891 1,796 1,775 General and administrative expense 143 127 297 251 Depreciation expense 170 164 328 322 Amortization expense 54 55 108 108 Acquisition, transaction, and other expense 37 12 52 20 Restructuring, impairment, and (gain) loss on disposals 3 15 (18) 15 Total operating expense 1,327 1,264 2,563 2,491 Income from operations 23 74 79 175 Other income (expense): Equity income (loss), net of tax 3 (1) (1) (3) Gain (loss) on foreign currency transactions, net 26 2 42 (9) Interest expense, net (67) (148) (127) (287) Gain (loss) on extinguishment of debt — — — (7) Other nonoperating income (expense), net 1 — 1 — Total other income (expense), net (37) (147) (85) (306) Net income (loss) before income taxes (14) (73) (6) (131) Income tax expense (benefit) (7) 7 1 (3) Net income (loss) (7) (80) (7) (128) Less: Net income (loss) attributable to noncontrolling interests (1) (12) (1) (20) Net income (loss) attributable to Lineage, Inc. $(6) $(68) $(6) $(108) Other comprehensive income (loss), net of tax: Unrealized gain (loss) on foreign currency hedges and interest rate hedges (14) (13) (31) (10) Foreign currency translation adjustments 184 (12) 248 (86) Comprehensive income (loss) 163 (105) 210 (224) Less: Comprehensive income (loss) attributable to noncontrolling interests 17 (15) 22 (31) Comprehensive income (loss) attributable to Lineage, Inc. $146 $(90) $188 $(193) Basic earnings (loss) per share $(0.03) $(0.46) $(0.02) $(0.73) Diluted earnings (loss) per share $(0.03) $(0.46) $(0.02) $(0.73) Weighted average common shares outstanding: Basic 229 162 228 162 Diluted 229 162 228 162

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Consolidated Statements of Cash Flows 32 Six Months Ended June 30, (in millions) 2025 2024 (unaudited) Cash flows from operating activities: Net income (loss) $(7) $(128) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 2 2 Impairment of long-lived and intangible assets 1 29 Gain on insurance recovery (40) (23) Depreciation and amortization 436 430 (Gain) loss on extinguishment of debt, net — 7 Amortization of deferred financing costs, discount, and above/below market debt 5 12 Stock-based compensation 69 11 (Gain) loss on foreign currency transactions, net (42) 9 Deferred income tax (9) (24) Put Options fair value adjustment 28 — Other operating activities 1 10 Changes in operating assets and liabilities (excluding effects of acquisitions): Accounts receivable (36) (18) Prepaid expenses, other assets, and other long-term liabilities (24) (24) Inventories 15 (3) Accounts payable and accrued liabilities and deferred revenue (6) (37) Right-of-use assets and lease obligations 4 7 Net cash provided by operating activities $397 $260 Cash flows from investing activities: Acquisitions, net of cash acquired (439) (73) Purchase of property, plant, and equipment (314) (333) Proceeds from sale of assets 6 5 Proceeds from insurance recovery on impaired long-lived assets 38 — Investments in Emergent Cold LatAm Holdings, LLC (7) (13) Proceeds from repayment of notes by related parties — 15 Other investing activity (2) 1 Net cash used in investing activities $(718) $(398)

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Consolidated Statements of Cash Flows (continued) 33 Six Months Ended June 30, (in millions) 2025 2024 (unaudited) Cash flows from financing activities: Dividends and other distributions $(268) $(123) Redemption of redeemable noncontrolling interests (28) (6) Repurchase of common shares for employee income taxes on stock-based compensation (10) — Financing fees (5) (44) Proceeds from long-term debt, net of discount 495 2,481 Repayments of long-term debt and finance leases (156) (3,341) Payment of deferred and contingent consideration liabilities (3) (16) Borrowings on revolving line of credit 1,442 2,358 Repayments on revolving line of credit (1,238) (1,127) Redemption of common stock — (25) Other financing activity (3) (13) Net cash provided by financing activities $226 $144 Impact of foreign exchange rates on cash, cash equivalents, and restricted cash 2 (1) Net increase (decrease) in cash, cash equivalents, and restricted cash (93) 5 Cash, cash equivalents, and restricted cash at the beginning of the period $175 $71 Cash, cash equivalents, and restricted cash at the end of the period $82 $76 Supplemental disclosures of cash flow information: Cash paid for taxes, net of refunds $15 $28 Cash paid for interest, net of capitalized interest 153 319 Noncash activities: Purchases of property, plant, and equipment in Accounts payable and accrued liabilities 83 87 Accrued dividends, distributions, and dividend equivalents 136 11 Assets acquired through exercise of a purchase option in a finance lease 96 —

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34 Appendix: Non-GAAP Reconciliations

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NOI RECONCILIATION TO NET INCOME Non-GAAP Reconciliations 35 Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 1. NOI Margin is calculated as NOI divided by Net revenues. 2. Reflects year-over-year growth for each respective period. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2023 2024 2025 2022 2023 2024 2025 Net Income (Loss) $(17) $(8) $(80) $(7) $(16) $11 $(128) $(7) Stock-based compensation expense and related employer- paid payroll taxes in cost of operations — — — 5 — — — 6 General and administrative expense 96 124 127 143 184 239 251 297 Depreciation expense 118 136 164 170 235 265 322 328 Amortization expense 49 52 55 54 98 104 108 108 Acquisition, transaction, and other expenses 13 15 12 37 32 26 20 52 Restructuring, impairment, and (gain) loss on disposals — 3 15 3 — 7 15 (18) Equity (income) loss, net of Tax — — 1 (3) — — 3 1 (Gain) loss on foreign currency transactions, net 29 3 (2) (26) 26 4 9 (42) Interest expense, net 77 116 148 67 143 231 287 127 (Gain) loss on extinguishment of Debt — — — — — — 7 — Other nonoperating (income) expense, net — — — (1) (1) — — (1) Income tax expense (benefit) 2 — 7 (7) 2 (3) (3) 1 NOI $367 $441 $447 $435 $704 $884 $891 $852 Net revenues $1,217 $1,346 $1,338 $1,350 $2,344 $2,679 $2,666 $2,642 NOI Margin1 30.2 % 32.8 % 33.4 % 32.2 % 30.0 % 33.0 % 33.4 % 32.2 % NOI Growth2 20.2 % 1.4 % (2.7)% 25.6 % 0.8 % (4.4)%

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NOI RECONCILIATION TO NET INCOME - LAST SIX QUARTERS (Q2 2025 Pool) Non-GAAP Reconciliations 36Notes: Same Warehouse figures based on the Q2 2025 Same Store asset pool. See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended (in millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Net Income (Loss) $(48) $(80) $(543) $(80) $— $(7) Stock-based compensation expense and related employer-paid payroll taxes in cost of operations — — 1 2 1 5 General and administrative expense 124 127 143 145 154 143 Depreciation expense 158 164 156 181 158 170 Amortization expense 53 55 54 55 54 54 Acquisition, transaction, and other expense 8 12 592 39 15 37 Restructuring, impairment, and (gain) loss on disposals — 15 8 34 (21) 3 Equity (income) loss, net of Tax 2 1 — 3 4 (3) (Gain) loss on foreign currency transactions, net 11 (2) (14) 30 (16) (26) Interest expense, net 139 148 82 61 60 67 (Gain) loss on extinguishment of debt 7 — 6 4 — — Other nonoperating (income) expense, net — — (1) 2 — (1) Income tax expense (benefit) (10) 7 (45) (41) 8 (7) Total segment NOI $444 $447 $439 $435 $417 $435 NOI by Segment Global warehousing NOI $385 $384 $383 $382 $360 $367 Global integrated solutions NOI 59 63 56 53 57 68 Total segment NOI $444 $447 $439 $435 $417 $435 Global warehousing NOI Same warehouse NOI (Q2 2025 pool) $364 $366 $367 $362 $336 $343 Non-same warehouse NOI 21 18 16 20 24 24 Total global warehousing NOI $385 $384 $383 $382 $360 $367 Same store warehouses (Q2 2025 pool) 421 421 421 421 421 421

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ADJUSTED EBITDA RECONCILIATION TO NET INCOME YTD Non-GAAP Reconciliations 37Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Six Months Ended June 30, (in millions) 2022 2023 2024 2025 Net Income (loss) $(16) $11 $(128) $(7) Adjustments: Depreciation and amortization expense $333 $369 $430 $436 Interest expense, net 143 231 287 127 Income tax expense (benefit) 2 (3) (3) 1 EBITDA $462 $608 $586 $557 Adjustments: Net loss (gain) on sale of real estate assets $— $2 $3 $3 Impairment write-downs on real estate property — 1 5 — Allocation of EBITDAre of noncontrolling interests (3) (2) (1) (1) EBITDAre $459 $609 $593 $559 Adjustments: Net (gain) loss on sale of non-real estate assets $— $(2) $(2) $(2) Other nonoperating (income) expense, net (1) — — (1) Acquisition, restructuring, and other 33 30 26 65 Technology transformation — — 10 12 (Gain) loss on property destruction — — 1 (37) (Gain) loss on foreign currency transactions, net 26 4 9 (42) Stock-based compensation expense and related employer-paid payroll taxes 6 11 11 70 (Gain) loss on extinguishment of debt — — 7 — Non-real estate impairment — — — 1 Impairment of intangible assets — — — — Allocation related to unconsolidated JVs 3 5 5 5 Allocation adjustments of noncontrolling interests — — 1 — Adjusted EBITDA $526 $657 $661 $630 Net revenues $2,344 $2,679 $2,666 $2,642 Adjusted EBITDA as a % of Revenue 22.4 % 24.5 % 24.8 % 23.8 % Adjusted EBITDA Growth 24.9 % 0.6 % (4.7) %

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ADJUSTED EBITDA RECONCILIATION TO NET INCOME QTD Non-GAAP Reconciliations 38Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended June 30, (in millions) 2022 2023 2024 2025 Net Income (loss) $(17) $(8) $(80) $(7) Adjustments: Depreciation and amortization expense 167 188 219 $224 Interest expense, net 77 116 148 67 Income tax expense (benefit) 2 — 7 (7) EBITDA $229 $296 $294 $277 Adjustments: Net loss (gain) on sale of real estate assets — 1 3 3 Impairment write-downs on real estate property — 1 5 — Allocation of EBITDAre of noncontrolling interests (2) (2) — (1) EBITDAre $227 $296 $302 $279 Adjustments: Net (gain) loss on sale of non-real estate assets — (1) (1) — Other nonoperating (income) expense, net (1) — — (1) Acquisition, restructuring, and other 14 16 17 48 Technology transformation — — 7 7 (Gain) loss on property destruction — — 1 (13) (Gain) loss on foreign currency transactions, net 29 3 (2) (26) Stock-based compensation expense and related employer-paid payroll taxes 2 6 6 30 (Gain) loss on extinguishment of debt — — — — Non-real estate impairment — — — — Impairment of intangible assets — — — — Allocation related to unconsolidated JVs 1 3 4 2 Allocation adjustments of noncontrolling interests — — — — Adjusted EBITDA $272 $323 $334 $326 Net revenues $1,217 $1,346 $1,338 $1,350 Adjusted EBITDA as a % of Revenue 22.4 % 24.0 % 25.0 % 24.1 % Adjusted EBITDA Growth 18.8 % 3.4 % (2.4) %

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ADJUSTED EBITDA RECONCILIATION TO NET INCOME - LAST TWELVE MONTHS (LTM) Non-GAAP Reconciliations 39Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended Twelve Months Ended (in millions) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2025 Net Income (loss) $(543) $(80) $— $(7) $(630) Adjustments: Depreciation and amortization expense 210 236 212 224 882 Interest expense, net 82 61 60 67 270 Income tax expense (benefit) (45) (41) 8 (7) (85) EBITDA $(296) $176 $280 $277 $437 Adjustments: Net loss (gain) on sale of real estate assets 2 5 — 3 10 Impairment write-downs on real estate property 4 2 — — 6 Allocation of EBITDAre of noncontrolling interests (1) 1 — (1) (1) EBITDAre $(291) $184 $280 $279 $452 Adjustments: Net (gain) loss on sale of non-real estate assets — 1 (2) — (1) Other nonoperating (income) expense, net (1) 2 — (1) — Acquisition, restructuring, and other 470 46 17 48 581 Technology transformation 5 7 5 7 24 (Gain) loss on property destruction (5) (47) (24) (13) (89) (Gain) loss on foreign currency transactions, net (14) 30 (16) (26) (26) Stock-based compensation expense and related employer-paid payroll taxes 160 44 40 30 274 (Gain) loss on extinguishment of debt 6 4 — — 10 Non-real estate impairment — — 1 — 1 Impairment of intangible assets — 63 — — 63 Allocation related to unconsolidated JVs 4 2 3 2 11 Allocation adjustments of noncontrolling interests (1) (1) — — (2) Adjusted EBITDA $333 $335 $304 $326 $1,298

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ADJUSTED FFO RECONCILIATION TO NET INCOME QTD Non-GAAP Reconciliations 40Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Three Months Ended June 30, Three Months Ended March 31, 2022 2023 2024 2025 2025 Net Income (loss) $(17) $(8) $(80) $(7) $— Adjustments: Real estate depreciation $70 $76 $91 $94 $85 In-place lease intangible amortization 3 2 3 1 1 Net loss (gain) on sale of real estate assets — 1 3 3 — Impairment write-downs on real estate property — 1 5 — — Real estate depreciation, (gain) loss on sale of real estate and real estate impairments on unconsolidated JVs — 1 — — 1 Allocation of noncontrolling interests (1) — — — — FFO $55 $73 $22 $91 $87 Adjustments: Net (gain) loss on sale of non-real estate assets $(1) $— $(1) $— $(2) Finance lease ROU asset amortization - real estate related 18 18 18 18 18 Non-real estatement impairment — — — — 1 Other nonoperating (income) expense, net — — — (1) — Acquisition, restructuring, and other 14 16 18 52 20 Technology transformation — — 7 7 5 (Gain) loss from property destruction — — 1 (13) (24) (Gain) loss on foreign currency transactions, net 29 3 (2) (26) (16) Allocation related to unconsolidated JVs — — — — — Core FFO $115 $110 $63 $128 $89 Adjustments: Non-real estate depreciation and amortization $73 $87 $101 $103 $100 Finance lease ROU asset amortization - non-real estate 3 5 6 8 8 Amortization of deferred financing costs and discount on debt 4 5 5 3 3 Amortization of debt discount / premium — — — — (1) Deferred income taxes expense (benefit) (9) (17) (1) (20) 11 Straight line net operating rent (1) 1 — (1) 1 Amortization of above / below market leases — — (1) — — Stock-based compensation expense and related employer-paid payroll taxes 2 6 6 30 40 Recurring maintenance capital expenditures (32) (41) (48) (42) (32) Allocation related to unconsolidated JVs 1 1 2 1 1 Allocation of noncontrolling interests — — 3 1 (1) Adjusted FFO $156 $157 $136 $211 $219 Reconciliation of weighted average common shares outstanding: Weighted average common shares outstanding 150 162 162 229 228 Partnership common units and OP units held by Non-Company LPs 20 20 20 22 22 Equity compensation and other unvested units — — — 7 6 Adjusted diluted weighted average common shares outstanding 170 182 182 258 256 Adjusted FFO per diluted common share $0.92 $0.86 $0.75 $0.81 $0.86

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ADJUSTED FFO RECONCILIATION TO NET INCOME YTD Non-GAAP Reconciliations 41Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. Six Months Ended June 30, (in millions) 2022 2023 2024 2025 Net Income (loss) $(16) $11 $(128) $(7) Adjustments: Real estate depreciation 141 156 176 179 In-place lease intangible amortization 5 4 5 2 Net loss (gain) on sale of real estate assets — 3 3 3 Impairment write-downs on real estate property — 2 5 — Real estate depreciation, (gain) loss on sale of real estate and real estate impairments on unconsolidated JVs 1 2 1 1 Allocation of noncontrolling interests (1) — (1) — FFO $130 $178 $61 $178 Adjustments: Net (gain) loss on sale of non-real estate assets (1) (2) (2) (2) Finance lease ROU asset amortization - real estate related 37 35 36 36 Impairment of Intangible assets — — — — Other nonoperating (income) expense, net — — — (1) Acquisition, restructuring, and other 33 31 27 72 Technology transformation — — 10 12 (Gain) loss from property destruction — — 1 (37) (Gain) loss on foreign currency transactions, net 26 4 9 (42) (Gain) loss on extinguishment of debt — — 7 — Core FFO $225 $246 $149 $217 Adjustments: Non-real estate depreciation and amortization 143 162 201 203 Finance lease ROU asset amortization - non-real estate 7 11 13 16 Amortization of deferred financing costs and discount on debt 8 10 11 6 Amortization of debt discount / premium — 1 — (1) Deferred income taxes expense (benefit) (8) (32) (24) (9) Straight line net operating rent — 2 (2) — Amortization of above / below market leases — — (1) — Stock-based compensation expense and related employer-paid payroll taxes 6 10 11 70 Recurring maintenance capital expenditures (58) (71) (78) (74) Allocation related to unconsolidated JVs 1 1 3 2 Allocation of noncontrolling interests (1) (1) 1 — Adjusted FFO $323 $339 $284 $430 Reconciliation of weighted average common shares outstanding: Weighted average common shares outstanding 149 162 162 228 Partnership common units and OP units held by Non-Company LPs 20 20 20 22 Equity compensation and other unvested units — — — 7 Adjusted diluted weighted average common shares outstanding 169 182 182 257 Adjusted FFO per diluted common share $1.91 $1.86 $1.56 $1.67

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NET DEBT RECONCILIATION Non-GAAP Reconciliations 42 Note: See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 1. LTM Adjusted EBITDA represents Adjusted EBITDA for the twelve months ended As of June 30, (in millions) 2025 Total debt, net $5,767 Finance lease obligations 1,318 Failed sale-leaseback financing obligations 74 Kloosterboer preference shares 285 Total debt and debt-like obligations $7,444 Deferred financing costs and discount on debt issued 22 Above/below market debt, net 3 Gross debt $7,469 Less: Cash and cash equivalents (excluding restricted cash) 81 Net debt $7,388 LTM Adjusted EBITDA1 $1,298 Net debt to LTM Adjusted EBITDA 5.7x

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We use the following non-GAAP financial measures as supplemental performance measures of our business: segment NOI, FFO, Core FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Adjusted EBITDA margin, and net debt. We also use same warehouse and non-same warehouse metrics. We calculate total segment NOI (or "NOI") as our total revenues less our cost of operations (excluding any depreciation and amortization, general and administrative expense, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, restructuring and impairment expense, gain and loss on sale of assets, and acquisition, transaction, and other expense). We use segment NOI to evaluate our segments for purposes of making operating decisions and assessing performance in accordance with ASC 280, Segment Reporting. We believe segment NOI is helpful to investors as a supplemental performance measure to net income because it assists both investors and management in understanding the core operations of our business. There is no industry definition of segment NOI and, as a result, other REITs may calculate segment NOI or other similarly-captioned metrics in a manner different than we do. We calculate EBITDA for Real Estate, or "EBITDAre", in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or "NAREIT", defined as earnings before interest income or expense, taxes, depreciation and amortization, net loss or gain on sale of real estate, net of withholding taxes, impairment write-downs on real estate property, and adjustments to reflect our share of EBITDAre for partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles, and useful life of related assets among otherwise comparable companies. We also calculate our Adjusted EBITDA as EBITDAre further adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), other nonoperating income or expense, acquisition, restructuring, and other expense, foreign currency exchange gain or loss, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, loss or gain on debt extinguishment and modification, impairment of investments in non-real estate, technology transformation, and reduction in EBITDAre from partially owned entities. We believe that the presentation of Adjusted EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in EBITDAre but which we do not believe are indicative of our core business operations. EBITDAre and Adjusted EBITDA are not measurements of financial performance under GAAP, and our EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Adjusted EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Our calculations of EBITDAre and Adjusted EBITDA have limitations as analytical tools, including the following: • these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures; • these measures do not reflect changes in, or cash requirements for, our working capital needs; • these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness; • these measures do not reflect our tax expense or the cash requirements to pay our taxes; and • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements. We use EBITDA, EBITDAre, and Adjusted EBITDA as measures of our operating performance and not as measures of liquidity. We also calculate Adjusted EBITDA margin, which represents Adjusted EBITDA as a percentage of Net revenues and which provides an additional way to compare the above-described measure of our operations across periods. (continued on following slide) Non-GAAP Financial Measures 43

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(continued) We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the NAREIT. NAREIT defines FFO as net income or loss determined in accordance with GAAP, excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, in-place lease intangible amortization, real estate asset impairment, and our share of reconciling items for partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization, and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We calculate core funds from operations, or Core FFO, as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), finance lease ROU asset amortization real estate, non-real estate impairments, acquisition, restructuring and other, other nonoperating income or expense, loss on debt extinguishment and modifications and the effects of gain or loss on foreign currency exchange. We also adjust for the impact attributable to non-real estate impairments on unconsolidated joint ventures and natural disaster. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential. However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of recurring maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of FFO and Core FFO as a measure of our performance may be limited. We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of amortization of deferred financing costs, amortization of debt discount/premium amortization of above or below market leases, straight-line net operating rent, provision or benefit from deferred income taxes, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, non-real estate depreciation and amortization, non-real estate finance lease ROU asset amortization, and recurring maintenance capital expenditures. We also adjust for Adjusted FFO attributable to our share of reconciling items of partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities. FFO, Core FFO, Adjusted FFO, and Adjusted FFO per diluted share are used by management, investors, and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with GAAP net income and net income per diluted share (the most directly comparable GAAP measures) in evaluating our operating performance. FFO, Core FFO, and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our condensed consolidated financial statements included elsewhere in this Presentation. FFO, Core FFO, and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We calculate net debt as our gross debt (defined as total debt, net plus finance lease obligations, failed sale-leaseback financing obligations, deferred financing costs, above/below market debt, net and the Kloosterboer preference shares), less cash and cash equivalents (excluding restricted cash). Adjusted net debt to LTM Adjusted EBITDA is calculated using adjusted net debt as of period end divided by Adjusted EBITDA for the twelve months then ended. We use this ratio to evaluate our capital structure and financial leverage. This ratio is also commonly used in our industry, and we believe it provides investors, lenders and rating agencies a meaningful supplemental measure of our ability to repay and service our debt obligations. Other REITs may also calculate this ratio or other similarly-captioned metrics in a manner different than we do. We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to non-GAAP financial measure for forward-looking Adjusted EBITDA and Adjusted FFO per share possible without unreasonable effort. This is due to unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant. Non-GAAP Financial Measures 44

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C O N TA C T Thank you 45 Evan Barbosa VP, Investor Relations ir@onelineage.com

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