Lineage, Inc.

United States

East

Alabama · 5 · 872 · 32 · 89

Delaware · 2 · 343 · 10 · 18

Florida · 11 · 1,663 · 73 · 194

Georgia · 18 · 3,156 · 104 · 258

Illinois · 17 · 5,294 · 185 · 562

Indiana · 5 · 1,010 · 34 · 100

Kentucky · 2 · 445 · 13 · 46

Maryland · 4 · 926 · 32 · 87

Massachusetts · 7 · 946 · 38 · 106

Michigan · 4 · 1,156 · 23 · 95

Mississippi · 1 · 253 · 8 · 21

New Jersey · 12 · 1,810 · 79 · 218

New York · 6 · 1,368 · 39 · 136

North Carolina · 2 · 345 · 11 · 27

Ohio · 5 · 866 · 27 · 68

Pennsylvania · 10 · 3,149 · 119 · 340

South Carolina · 3 · 661 · 27 · 71

Tennessee · 2 · 420 · 16 · 47

Virginia · 11 · 1,580 · 58 · 164

Wisconsin · 5 · 1,574 · 53 · 168

West

Arizona · 3 · 503 · 18 · 57

California · 42 · 7,820 · 295 · 849

Colorado · 3 · 854 · 33 · 94

Idaho · 2 · 471 · 16 · 58

Iowa · 7 · 981 · 30 · 95

Kansas · 5 · 2,196 · 81 · 227

Louisiana · 3 · 550 · 17 · 49

Minnesota · 2 · 332 · 13 · 40

Nebraska · 4 · 617 · 17 · 57

North Dakota · 1 · 158 · 6 · 19

Oklahoma · 1 · 139 · 4 · 16

Oregon · 8 · 2,010 · 66 · 263

South Dakota · 1 · 454 · 21 · 66

Texas · 20 · 4,590 · 177 · 541

Utah · 2 · 202 · 7 · 24

Washington · 38 · 6,834 · 240 · 987

Canada · 33 · 4,985 · 169 · 526

Total North America · 307 · 61,533 · 2,191 · 6,783

Belgium · 6 · 1,268 · 50 · 223

Denmark · 15 · 2,540 · 68 · 304

France · 4 · 823 · 54 · 166

Germany · 1 · 207 · 9 · 41

Italy · 3 · 498 · 10 · 43

Netherlands · 30 · 6,017 · 234 · 941

Norway · 5 · 466 · 14 · 96

Poland · 6 · 933 · 36 · 194

Spain · 2 · 605 · 24 · 164

United Kingdom · 14 · 3,038 · 139 · 543

Total Europe · 86 · 16,395 · 638 · 2,715

Australia · 31 · 3,958 · 136 · 501

New Zealand · 51 · 2,528 · 62 · 344

Singapore · 1 · 186 · 8 · 27

Sri Lanka · 1 · 105 · 3 · 15

Vietnam · 5 · 795 · 29 · 117

Total Asia-Pacific · 89 · 7,572 · 238 · 1,004

Total Global Warehousing Segment · 482 · 85,500 · 3,067 · 10,502

Global Integrated Services Segment (2)

United States

East

Illinois · 3 · 704 · 26 · —

Massachusetts · 1 · 105 · 2 · —

New York · 3 · 543 · 19 · —

Ohio · 2 · 132 · 3 · —

Tennessee · 1 · 96 · 3 · —

Virginia · 1 · 107 · 3 · —

Wisconsin · 1 · 178 · 5 · —

West

California · 1 · 98 · 3 · —

Nebraska · 1 · 50 · 1 · —

Nevada · 1 · 34 · 1 · —

Oklahoma · 1 · 58 · 1 · —

Texas · 2 · 203 · 7 · —

Washington · 1 · 58 · 2 · —

Total Global Integrated Services Segment · 19 · 2,366 · 76 · —

Total · 501 · 87,866 · 3,143 · 10,502

(1) Periodically, we update our square feet and cubic feet measurements using the latest available technology, such as Light Detection and Ranging (LiDAR) scans, to ensure the best estimates of warehouse size. The number of our pallet positions is also periodically reviewed and updated, as racking configuration and warehouse utilization may change over time.

(2) Pallet positions for Global Integrated Services do not have a material impact on revenues and therefore are not disclosed.

• Our growth may strain our management and resources, which may have a material adverse effect on us.
• A portion of our future growth depends upon acquisitions and we may be unable to identify, complete, and successfully integrate acquisitions, which may impede our growth, and our future acquisitions may not achieve their intended benefits or may disrupt our plans and operations.
• We may be unable to successfully expand our operations into new markets or new lines of business.
• We are dependent on Bay Grove to provide certain services to us pursuant to the transition services agreement, and it may be difficult to replace the services provided under such agreement.
• We have uncapped expense payment and indemnification obligations with respect to various costs incurred by BGLH, Bay Grove, and their affiliates.
• Pandemics or disease outbreaks, and associated responses, may disrupt our business, including among other things, increasing our costs, impacting our supply chain, and impacting demand for cold storage, which could have a material adverse impact on our business.
• We may be vulnerable to security breaches or cybersecurity incidents, which could disrupt our operations and have a material adverse effect on our financial condition and operating results.
• We depend on IT systems to operate our business, and issues with maintaining, upgrading, or implementing these systems, could have a material adverse effect on our business.
• We may be subject to risks associated with artificial intelligence.
• Privacy and data security concerns, and data collection and transfer restrictions and related regulations may adversely affect our business.
• We are subject to additional risks with respect to our current and potential international operations and properties.
• Competition in certain of our markets has increased recently and may increase further or in other markets over time if our competitors open new warehouses or expand their logistics or integrated service offerings that compete with our offerings.
• Power costs may increase or be subject to volatility, which could result in increased costs that we may be unable to recover.
• We depend on certain customers for a substantial amount of our revenues.
• Interest rate and hedging activity exposes us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate.
• We may incur liabilities or harm our reputation as a result of quality-control issues associated with our global warehouse storage business and other services provided by our integrated solutions business.
• We are subject to risks related to corporate social and environmental responsibility and reputation.
• We may be unable to achieve or demonstrate progress on our net-zero goal, or face heightened scrutiny, for our global operations by calendar 2040.
• Our temperature-controlled warehouse infrastructure and systems may become obsolete or unmarketable, and we may not be able to upgrade our equipment cost-effectively or at all.
• The transportation services provided by our integrated solutions business are dependent in part on in-house trucking services and in part on third-party truckload carrier and rail services, each of which subjects us to risks.
• We may be unable to maintain railcar assets on lease at satisfactory lease rates.
• We depend on key personnel and specialty personnel, and a deterioration of employee relations could harm our business and operating and financial results.
• We could experience power outages, disruptions in the supply of utilities, outbreak of fire or other calamity or breakdowns of our refrigeration equipment.
• We hold leasehold interests in over 100 of our warehouses, and we may be forced to vacate our warehouses if we default on our obligations thereunder and we will be forced to vacate our warehouses if we are unable to renew such leases upon their expiration.
• Our results of operations are affected by certain commodity markets.
• We face ongoing litigation risks which could result in material liabilities and harm to our business regardless of whether we prevail in any particular matter.
• We are a “controlled company” within the meaning of Nasdaq rules and, as a result, qualify for, and may rely on, exemptions from certain corporate governance requirements. You do not have the same protections afforded to stockholders of companies that are subject to such requirements.
• We have and expect to continue to incur increased costs as a result of operating as a newly public company, and our management is required to devote substantial time and attention to compliance efforts.
• If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately determine or disclose our financial results. As a result, our stockholders could lose confidence in our financial results.
• We identified a material weakness in our internal control over financial reporting as of December 31, 2025. Material weaknesses or a failure to maintain an effective system of internal control over financial reporting could prevent us from
• accurately reporting our financial results in a timely manner, which would likely have a negative effect on the market price of our common stock.
• Charges for impairment of goodwill, long-lived assets, or finite lived intangible assets and declines in real estate valuations could adversely affect our financial condition and results of operations.
• Geopolitical conflicts may adversely affect our business and results of operations.
• General Risks Related to the Real Estate Industry
• Our performance and value are subject to economic conditions affecting the real estate market generally, and temperature-controlled warehouses in particular, as well as the broader economy.
• We could incur significant costs under environmental laws related to the presence and management of asbestos, anhydrous ammonia, and other chemicals and underground storage tanks.
• We could incur significant costs related to environmental conditions, liabilities, and regulations.
• Risks related to climate change could have a material adverse effect on our results of operations.
• Our insurance coverage may be insufficient to cover potential environmental liabilities.
• Our properties may contain or develop harmful molds or have other air quality issues, which could lead to financial liability for adverse health effects to our employees or third parties, and costs of remediating the problem.
• Illiquidity of real estate investments, particularly our specialized temperature-controlled warehouses, could significantly impede our ability to respond to adverse changes in the performance of our business and properties.
• We could experience uninsured or under-insured losses related to our global warehousing business, including our real property, as well as our integrated solutions business.
• Costs of complying with governmental laws and regulations could adversely affect us and our customers.
• We are currently invested in various joint ventures and may invest in additional joint ventures in the future and face risks stemming from our partial ownership interests in such properties, which could materially and adversely affect the value of any such joint venture investments.
• Risks Related to Our Indebtedness
• We have significant indebtedness outstanding, which may expose us to the risk of default under our debt obligations.
• Increases in interest rates could increase the amount of our debt payments and interest expense.
• Market conditions could adversely affect our ability to refinance existing indebtedness or obtain additional financing for growth on acceptable terms or at all, which could materially and adversely affect us.
• Our existing indebtedness contains, and any future indebtedness is likely to contain, covenants that restrict our ability to engage in certain activities.
• Secured indebtedness exposes us to the possibility of foreclosure, which could result in the loss of our investment in certain of our subsidiaries or in a property or group of properties or other assets subject to indebtedness and limits our ability to raise future capital.
• Risks Related to Our Organizational Structure
• Our Co-Executive Chairmen have substantial influence over our business, and our Co-Executive Chairmen’s interests, and the interests of certain members of our management, differ from our interests and those of our other stockholders in certain respects.
• Our rights and the rights of our stockholders to take action against our directors and officers are limited.
• Our charter and bylaws contain provisions that may delay, defer, or prevent an acquisition of our common stock or a change in control.
• Certain provisions of Maryland law may limit the ability of a third-party to acquire control of us.
• Termination of the employment of certain members of our senior management team could be costly and prevent a change in control of our company.
• Our board of directors may change our investment and financing policies without stockholder approval, and we may become more highly leveraged, which may increase our risk of default under our debt obligations.
• We are a holding company with no direct operations and rely on funds received from our operating partnership to pay liabilities and distributions to our stockholders.
• Conflicts of interest exist or could arise in the future with our operating partnership or its partners.
• Our bylaws designate any state court of competent jurisdiction in Maryland and the United States District Court located in Maryland, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders and provide that claims related to causes of action under the Securities Act may only be brought in federal district courts, which could limit our stockholders’ ability to bring a claim in a judicial forum that the stockholders believe is a more favorable judicial forum for disputes with us or our directors, officers or other employees.
• Risks Related to Ownership of Shares of Our Common Stock
• The market price and trading volume of shares of our common stock may be volatile.
• There can be no assurance that we will be able to make or maintain cash distributions, and certain agreements related to our indebtedness may, under certain circumstances, limit or eliminate our ability to make distributions to our common stockholders.
• Increases in market interest rates may result in a decrease in the value of shares of our common stock.
• Broad market fluctuations could negatively impact the market price of shares of our common stock.
• Future offerings of debt, which would be senior to shares of our common stock upon liquidation, and/or preferred equity securities that may be senior to shares of our common stock for purposes of distributions or upon liquidation, may materially and adversely affect the market price of shares of our common stock.
• Future contractual repurchase obligations may materially and adversely affect the market price of shares of our common stock and may reduce future distributions.
• Sales of substantial amounts of our common stock in the public markets, or the perception that they might occur, could reduce the price of our common stock and may dilute your voting power and your ownership interest in us.