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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