LINE · CIK 1868159
What Lineage, Inc. told the SEC could break it.
As a temperature-controlled warehouse operator, Lineage's results are unusually sensitive to two outside forces: power and trade flows. Running cold storage is energy-intensive, and power was 8.8% of its global warehousing cost of operations in 2025, so electricity-price moves feed straight into margins. And because roughly 45% of its warehousing net operating income comes from port-adjacent facilities serving imports and exports, tariffs and global trade disruption could affect both Lineage and its customers. Its revenue and assets are also modestly concentrated — its 25 largest customers were about 33% of 2025 revenue (no single one above 10%), and its warehouse footprint clusters in a few geographies led by California (~10%) and Washington (8%), exposing it to localized disruptions.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- electricity / powermedium
Lineage's temperature-controlled warehousing is power-intensive; power costs were 8.8% of its global warehousing segment cost of operations in 2025, exposing margins to electricity price moves.
“Power costs accounted for 8.8% of our total global warehousing segment cost of operations for the year ended December 31, 2025.”
Customer concentration
- 25 largest customerslow
Lineage depends on certain customers for a substantial part of revenue; its 25 largest customers contributed ~33% of total revenues in 2025, though no single customer exceeded 10% (four were ≥2%).
“Our 25 largest customers contributed approximately 33% of our total revenues for the year ended December 31, 2025. As of December 31, 2025, we had four customers that each accounted for at least 2% of our total revenues for the year ended December 31, 2025.”
SEC filing →As of 2026
Geographic concentration
- California / Washington warehouse footprintlow
Lineage's warehouses are concentrated in a few geographies — ~10% in California, 8% Washington, 8% Netherlands, 6% Illinois, 6% Texas (cubic-foot basis) — exposing it to localized disasters or downturns.
“approximately 10% of our owned or leased warehouses were located in California, 8% were in Washington, 8% were in the Netherlands, 6% were in Illinois, and 6% were in Texas (in each case, on a cubic-foot basis based on information as of December 31, 2025).”
SEC filing →As of 2026
Regulatory & policy
- tariffs and global trade disruptionlow
Tariffs and global trade disruptions could affect Lineage and its customers — material given ~45% of warehousing NOI is from port-adjacent warehouses serving imports/exports.
“the impact of tariffs and global trade disruptions on us and our customers;”
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