Comparative Analysis of Industrial Real Estate Investments
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 26 2026
0mins
Source: Fool
- Market Positioning: Lineage focuses on global cold storage, managing over 500 facilities with FY 2025 revenue of approximately $5.4 billion, showing only 0.3% growth, while its customer concentration at 33% adds business risk.
- Financial Performance Comparison: Rexford Industrial Realty reported FY 2025 revenue of about $1.0 billion, reflecting a 7.1% year-over-year growth with a net income of approximately $212 million and a net margin of 21.1%, indicating strong performance and high liquidity in the Southern California market.
- Risk Analysis: Lineage faces significant geographic concentration risks with 26% of its assets located in California, and its aggressive acquisition strategy may lead to integration challenges; conversely, Rexford is highly dependent on the Southern California economy, exposing it to potential threats from natural disasters like earthquakes.
- Valuation Comparison: While Rexford's EV/EBITDA stands at 16.6x, slightly higher than Lineage's 15.8x, the latter's P/S ratio of 1.9x indicates a relatively lower market valuation, making it attractive for long-term investors.
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Analyst Views on LINE
Wall Street analysts forecast LINE stock price to fall
15 Analyst Rating
4 Buy
9 Hold
2 Sell
Hold
Current: 43.490
Low
32.00
Averages
39.13
High
47.00
Current: 43.490
Low
32.00
Averages
39.13
High
47.00
About LINE
Lineage, Inc. is a global temperature-controlled warehouse real estate investment trust (REIT) with facilities located across countries in North America, Europe, and Asia-Pacific. The Company’s segments include Global Warehousing and Global Integrated Solutions. The Global Warehousing segment utilizes the Company's industrial real estate properties to provide temperature-controlled warehousing services to its customers. This segment offers storage services and related activities, such as handling, case-picking, order assembly, load consolidation, quality control, and other such value-adding services. The Global Integrated Solutions segment includes global warehousing with specialized cold-chain services. This segment includes redistribution services, multivendor less-than-full-truckload consolidation, transportation brokerage, drayage services to and from ports, freight forwarding, rail transportation services, sales of prepared food, and e-commerce fulfillment services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Comparative Analysis of Industrial Real Estate Investments
- Market Positioning: Lineage focuses on global cold storage, managing over 500 facilities with FY 2025 revenue of approximately $5.4 billion, showing only 0.3% growth, while its customer concentration at 33% adds business risk.
- Financial Performance Comparison: Rexford Industrial Realty reported FY 2025 revenue of about $1.0 billion, reflecting a 7.1% year-over-year growth with a net income of approximately $212 million and a net margin of 21.1%, indicating strong performance and high liquidity in the Southern California market.
- Risk Analysis: Lineage faces significant geographic concentration risks with 26% of its assets located in California, and its aggressive acquisition strategy may lead to integration challenges; conversely, Rexford is highly dependent on the Southern California economy, exposing it to potential threats from natural disasters like earthquakes.
- Valuation Comparison: While Rexford's EV/EBITDA stands at 16.6x, slightly higher than Lineage's 15.8x, the latter's P/S ratio of 1.9x indicates a relatively lower market valuation, making it attractive for long-term investors.
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Comparing Cold Chain Logistics and Southern California Real Estate
- Revenue Comparison: Lineage reported approximately $5.4 billion in revenue for FY 2025, reflecting a modest growth of 0.3% year-over-year, but faced a net loss of nearly $98 million, indicating profitability challenges in the cold chain logistics sector; in contrast, Rexford Industrial Realty achieved around $1.0 billion in revenue with a year-over-year growth of 7.1% and a net income of approximately $212 million, showcasing strong performance in the Southern California market.
- Debt and Liquidity Analysis: Lineage's debt-to-equity ratio stands at about 1.0, indicating a balanced mix of debt and equity, while its current ratio is 0.8, suggesting weaker short-term liquidity; conversely, Rexford maintains a debt-to-equity ratio of 0.4 and a current ratio of 7.2, demonstrating robust liquidity to meet immediate financial obligations.
- Market Risk Assessment: Lineage faces significant geographic concentration risks with nearly 26% of its assets located in California, Washington, and the Netherlands, which may lead to integration challenges due to its aggressive acquisition strategy; meanwhile, Rexford's heavy reliance on the Southern California economy exposes it to local downturns or natural disasters, necessitating external capital for growth.
- Investment Value Evaluation: Despite a 45% decline in Lineage's stock price since its 2024 IPO, its position as a leader in the cold storage industry makes it an attractive investment at a more reasonable valuation; Rexford, with a compounded annual return of 9.9% since 2013, dominates its niche in Southern California, indicating its solid investment value.
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Lineage Fire Impact Assessment and Response Measures
- Fire Overview: A fire broke out last week at Lineage's Big Bear facility in Boyle Heights, Los Angeles, with no injuries reported; however, the facility represents about 1% of Lineage's global capacity, leading to an estimated revenue loss of approximately $40 million.
- Insurance Coverage: Lineage has business interruption insurance that is expected to mitigate income losses from the fire, and the company's scale in Southern California allows it to shift some volume to nearby facilities, helping retain most of its customers.
- Community Support Actions: The company has implemented several measures to support the affected community, including providing air purifiers and masks, food trucks for residents and firefighters, and a $2 million donation to the California Community Impact Fund, demonstrating its commitment to community responsibility.
- Financial Impact Expectations: As the fire occurred in the last two weeks of Q2 2026, most of the financial impact is anticipated to manifest in Q3 and Q4, potentially exerting some pressure on the company's overall performance.
See More
Lineage Declares Q2 2026 Cash Dividend of $0.5325
- Dividend Announcement: Lineage, Inc. has declared a cash dividend of $0.5325 per share for Q2 2026, scheduled for payment on July 21, 2026, which aims to reward shareholders and enhance investor confidence, potentially attracting more long-term investors.
- Record Date: The record date for this dividend is set for June 30, 2026, ensuring that shareholders holding common stock as of this date will receive the dividend, thereby strengthening the relationship between the company and its investors.
- Market Position: As the world's largest temperature-controlled warehouse REIT, Lineage operates over 500 facilities across North America, Europe, and Asia-Pacific, totaling approximately 88 million square feet, showcasing its strong market position and influence in the cold chain logistics sector.
- Supply Chain Solutions: Lineage partners with major food and beverage producers, retailers, and distributors to enhance distribution efficiency and promote sustainability, aiming to minimize supply chain waste and meet global food demands, highlighting its strategic significance in the industry.
See More
Kuehn Law Investigates Lineage Executives' Fiduciary Duties
- Shareholder Litigation Investigation: Kuehn Law, PLLC is investigating whether certain officers and directors of Lineage, Inc. breached their fiduciary duties to shareholders, which could significantly impact the company's reputation and shareholder confidence.
- Misrepresentation of Financial Results: According to a federal securities lawsuit, insiders at Lineage caused the company to temporarily inflate its financial and operational results leading up to the IPO, potentially misleading investors and affecting their returns.
- Market Distortion Factors: The investigation highlights that factors such as the COVID-19 pandemic, increased supply of cold-storage facilities, and unsustainable price hikes by Lineage contributed to artificial market distortions, exacerbating the misrepresentation of financial data.
- Protection of Shareholder Rights: Kuehn Law urges shareholders who purchased LINE stock before August 1, 2024, to contact the firm promptly to enforce their rights within a limited timeframe, ensuring that investors' voices are heard in the financial markets.
See More
Lineage, Inc. Q1 2026 Earnings Call Insights
- Financial Performance Exceeds Expectations: Lineage, Inc. reported a 3.3% increase in adjusted EBITDA to $314 million for Q1, despite a year-over-year decline in AFFO to $201 million or $0.78 per share, primarily due to the expiration of interest rate hedges, indicating gradual stabilization amid industry challenges.
- Rental and Revenue Dynamics: Same-store rent, storage, and blast revenue per physical pallet increased by 2.2% year-over-year, marking the fourth consecutive quarter of growth, although same-store physical occupancy declined by 290 basis points to 76.4%, reflecting intensified market competition.
- 2026 Guidance Reaffirmed: Management reiterated 2026 guidance with same-store NOI expected to contract between negative 4% and negative 1%, and AFFO projected at $2.75 to $3 per share, despite challenges from reduced FX support and normalizing costs, demonstrating confidence in achieving midpoint targets.
- Cost Reduction Plan: The company has identified a plan to remove over $50 million in administrative and indirect costs, aiming to realize approximately half of the savings in 2026 and the full benefit in 2027, which is intended to enhance financial flexibility and support future investments and shareholder returns.
See More
Comparative Analysis of Industrial Real Estate Investments
- Market Positioning: Lineage focuses on global cold storage, managing over 500 facilities with FY 2025 revenue of approximately $5.4 billion, showing only 0.3% growth, while its customer concentration at 33% adds business risk.
- Financial Performance Comparison: Rexford Industrial Realty reported FY 2025 revenue of about $1.0 billion, reflecting a 7.1% year-over-year growth with a net income of approximately $212 million and a net margin of 21.1%, indicating strong performance and high liquidity in the Southern California market.
- Risk Analysis: Lineage faces significant geographic concentration risks with 26% of its assets located in California, and its aggressive acquisition strategy may lead to integration challenges; conversely, Rexford is highly dependent on the Southern California economy, exposing it to potential threats from natural disasters like earthquakes.
- Valuation Comparison: While Rexford's EV/EBITDA stands at 16.6x, slightly higher than Lineage's 15.8x, the latter's P/S ratio of 1.9x indicates a relatively lower market valuation, making it attractive for long-term investors.
See More
Comparing Cold Chain Logistics and Southern California Real Estate
- Revenue Comparison: Lineage reported approximately $5.4 billion in revenue for FY 2025, reflecting a modest growth of 0.3% year-over-year, but faced a net loss of nearly $98 million, indicating profitability challenges in the cold chain logistics sector; in contrast, Rexford Industrial Realty achieved around $1.0 billion in revenue with a year-over-year growth of 7.1% and a net income of approximately $212 million, showcasing strong performance in the Southern California market.
- Debt and Liquidity Analysis: Lineage's debt-to-equity ratio stands at about 1.0, indicating a balanced mix of debt and equity, while its current ratio is 0.8, suggesting weaker short-term liquidity; conversely, Rexford maintains a debt-to-equity ratio of 0.4 and a current ratio of 7.2, demonstrating robust liquidity to meet immediate financial obligations.
- Market Risk Assessment: Lineage faces significant geographic concentration risks with nearly 26% of its assets located in California, Washington, and the Netherlands, which may lead to integration challenges due to its aggressive acquisition strategy; meanwhile, Rexford's heavy reliance on the Southern California economy exposes it to local downturns or natural disasters, necessitating external capital for growth.
- Investment Value Evaluation: Despite a 45% decline in Lineage's stock price since its 2024 IPO, its position as a leader in the cold storage industry makes it an attractive investment at a more reasonable valuation; Rexford, with a compounded annual return of 9.9% since 2013, dominates its niche in Southern California, indicating its solid investment value.
See More
Lineage Fire Impact Assessment and Response Measures
- Fire Overview: A fire broke out last week at Lineage's Big Bear facility in Boyle Heights, Los Angeles, with no injuries reported; however, the facility represents about 1% of Lineage's global capacity, leading to an estimated revenue loss of approximately $40 million.
- Insurance Coverage: Lineage has business interruption insurance that is expected to mitigate income losses from the fire, and the company's scale in Southern California allows it to shift some volume to nearby facilities, helping retain most of its customers.
- Community Support Actions: The company has implemented several measures to support the affected community, including providing air purifiers and masks, food trucks for residents and firefighters, and a $2 million donation to the California Community Impact Fund, demonstrating its commitment to community responsibility.
- Financial Impact Expectations: As the fire occurred in the last two weeks of Q2 2026, most of the financial impact is anticipated to manifest in Q3 and Q4, potentially exerting some pressure on the company's overall performance.
See More
Lineage Declares Q2 2026 Cash Dividend of $0.5325
- Dividend Announcement: Lineage, Inc. has declared a cash dividend of $0.5325 per share for Q2 2026, scheduled for payment on July 21, 2026, which aims to reward shareholders and enhance investor confidence, potentially attracting more long-term investors.
- Record Date: The record date for this dividend is set for June 30, 2026, ensuring that shareholders holding common stock as of this date will receive the dividend, thereby strengthening the relationship between the company and its investors.
- Market Position: As the world's largest temperature-controlled warehouse REIT, Lineage operates over 500 facilities across North America, Europe, and Asia-Pacific, totaling approximately 88 million square feet, showcasing its strong market position and influence in the cold chain logistics sector.
- Supply Chain Solutions: Lineage partners with major food and beverage producers, retailers, and distributors to enhance distribution efficiency and promote sustainability, aiming to minimize supply chain waste and meet global food demands, highlighting its strategic significance in the industry.
See More
Kuehn Law Investigates Lineage Executives' Fiduciary Duties
- Shareholder Litigation Investigation: Kuehn Law, PLLC is investigating whether certain officers and directors of Lineage, Inc. breached their fiduciary duties to shareholders, which could significantly impact the company's reputation and shareholder confidence.
- Misrepresentation of Financial Results: According to a federal securities lawsuit, insiders at Lineage caused the company to temporarily inflate its financial and operational results leading up to the IPO, potentially misleading investors and affecting their returns.
- Market Distortion Factors: The investigation highlights that factors such as the COVID-19 pandemic, increased supply of cold-storage facilities, and unsustainable price hikes by Lineage contributed to artificial market distortions, exacerbating the misrepresentation of financial data.
- Protection of Shareholder Rights: Kuehn Law urges shareholders who purchased LINE stock before August 1, 2024, to contact the firm promptly to enforce their rights within a limited timeframe, ensuring that investors' voices are heard in the financial markets.
See More
Lineage, Inc. Q1 2026 Earnings Call Insights
- Financial Performance Exceeds Expectations: Lineage, Inc. reported a 3.3% increase in adjusted EBITDA to $314 million for Q1, despite a year-over-year decline in AFFO to $201 million or $0.78 per share, primarily due to the expiration of interest rate hedges, indicating gradual stabilization amid industry challenges.
- Rental and Revenue Dynamics: Same-store rent, storage, and blast revenue per physical pallet increased by 2.2% year-over-year, marking the fourth consecutive quarter of growth, although same-store physical occupancy declined by 290 basis points to 76.4%, reflecting intensified market competition.
- 2026 Guidance Reaffirmed: Management reiterated 2026 guidance with same-store NOI expected to contract between negative 4% and negative 1%, and AFFO projected at $2.75 to $3 per share, despite challenges from reduced FX support and normalizing costs, demonstrating confidence in achieving midpoint targets.
- Cost Reduction Plan: The company has identified a plan to remove over $50 million in administrative and indirect costs, aiming to realize approximately half of the savings in 2026 and the full benefit in 2027, which is intended to enhance financial flexibility and support future investments and shareholder returns.
See More
