Lineage is the world's largest temperature-controlled warehouse company, structured as a REIT. Lineage stores frozen and perishable food products — proteins, seafood, dairy, packaged foods, and produce — for food producers, retailers, processors, and distributors across 501 warehouses globally, totaling roughly 3.1 billion cubic feet of capacity. The network is concentrated near high-population-density markets and major ports. Lineage operates two segments: Global Warehousing (~86% of NOI), the core business of owning and operating cold storage facilities; and Global Integrated Solutions (~14% of NOI), which provides temperature-controlled transportation, refrigerated railcar leasing, foodservice distribution, and e-commerce fulfillment. Warehousing revenue comes from storage fees (charges per pallet stored) and warehouse services fees (handling charges per pallet movement). Because warehouses carry largely fixed costs — primarily labor and energy — incremental occupancy gains flow through to NOI at high margins. Lineage has been shifting customers toward long-term contracts with minimum storage guarantees, which covered ~46% of storage revenues at year-end 2025, providing a revenue floor during softer inventory cycles. Lineage owns roughly 80% of its warehousing portfolio, and the REIT structure supports a tax-efficient cost of capital for M&A and development. Growth comes from same-warehouse NOI improvement, greenfield development (often with anchor customers), and acquisitions — 126 over 18 years. A key organic initiative is LinOS, Lineage's proprietary warehouse execution system, which optimizes labor tasks in real time and is targeting broad rollout in 2026.