NOVI, MI - After recently bolstering its network of cutting-edge cold storage warehouses, Lineage is back with more exciting company updates. The company has unveiled its financial results for the third quarter of 2024, noting a 0.5 percent revenue increase to $1.3 billion for the period.
"We are excited to report strong results for our first quarter as a public company, demonstrating our ability to perform well in various economic environments," said Greg Lehmkuhl, President and Chief Executive Officer. "We generated significant AFFO per share growth this quarter aided by our successful IPO and continued strong operating performance. Looking forward, we are well positioned to drive compounding growth, benefiting from our industry-leading real estate portfolio, innovative technology, and our strategic capital deployment engine. To that end, we are pleased to announce the acquisition of ColdPoint Logistics and we are excited to welcome them to the Lineage family."
Some of the other highlights shared in the report include:
- Raised $5.1 billion in gross proceeds from the company's July 2024 IPO, marking the largest IPO of the year
- Adjusted EBITDA increased 5.4 percent to $333 million; adjusted EBITDA margin increased 110bps to 24.9 percent
In two strategic moves to bolster its operations, Lineage recently opened a brand-new fully automated cold storage warehouse in Hazleton, Pennsylvania, and completed its $223 million acquisition of ColdPoint Logistics at the beginning of this month. The tactical acquisition has expanded the company’s existing presence in the Kansas City market.
More details on the company’s third-quarter performance can be found here.
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