Key Points – Second-quarter results exceeded expectations: Adjusted EBITDA was approximately $320 million and AFFO was $198 million, or $0.76 per share, as improved occupancy and cost controls offset trade-related volume pressure. – Full-year guidance improved for core…
erations: Lineage raised same-store NOI growth guidance to negative 3% to flat and AFFO guidance to $2.80-$3.05 per share, while maintaining its adjusted EBITDA midpoint. – Headwinds remain: Throughput declined 1.8%, including a 14% drop in container volumes, while the Big Bear facility fire is expected to reduce EBITDA by about $15 million in the second half and GIS guidance was lowered because of carrier-rate pressure and a legal settlement. Lineage (NASDAQ:LINE) reported second-quarter results that exceeded its internal expectations and consensus estimates as warehouse occupancy improved and cost-control efforts helped offset continued trade-related volume pressure
Adjusted EBITDA totaled approximately $320 million for the quarter, while adjusted funds from operations, or AFFO, was about $198 million, or $0.76 per share. President and Chief Executive Officer Greg Lehmkuhl said the company’s operational trends continued to stabilize, though its full-year outlook still reflects competitive pressures in some U.S. markets and trade-related volume headwinds. “The underlying trajectory of our business through the first half has been encouraging,” Lehmkuhl said. “Operations are performing better than expected, and the signs of stabilization we’ve highlighted over the past couple of quarters have continued.” Warehouse occupancy improves, while throughput remains pressured In the Global Warehousing segment, total warehouse net operating income was approximately $367 million. Same-store NOI declined 2.9% from a year earlier, a result Chief Financial Officer Robb LeMasters said was ahead of expectations.
Favorable foreign exchange contributed 90 basis points to same-store NOI during the quarter….