Lineage, Inc. LINE

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
20/100
Weak

Ranked against 23 peers in REIT - Industrial

About Lineage, Inc.

Lineage, Inc. is the world's largest global temperature-controlled warehouse REIT with a network of over 485 strategically located facilities totaling approximately 88 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, the firm partner with some of food and beverage producers, retailers, and … Full LINE analysis →

Key risks

  • Weak NOI Margins NOI margins lag peers (score 0.04), indicating weak pricing power.
  • Weak AFFO Coverage AFFO generation is weak (score 0.13), threatening dividend sustainability.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Weak
19
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where LINE ranks in REIT - Industrial

Lineage, Inc. ranks #17 of 18 scored companies in REIT - Industrial by moat score — the top 94%. The widest moat in the group is Terreno Realty Corporation (TRNO) at 81/100.

# Company Moat score Rating
10 Extra Space Storage Inc EXR 50/100 Developing
11 CubeSmart CUBE 48/100 Developing
12 Rexford Industrial Realty, Inc. REXR 38/100 Developing
13 National Storage Affiliates Tru NSA 35/100 Developing
14 Plymouth Industrial REIT, Inc. PLYM 33/100 Developing
15 Modiv Industrial, Inc. MDV 30/100 Developing
16 Americold Realty Trust, Inc. COLD 22/100 Weak
17 Lineage, Inc. LINE 20/100 Weak
18 Industrial Logistics Properties ILPT 20/100 Weak

See every Real Estate Investment Trusts company ranked by moat score →

How LINE scores on the REIT Specialized defenses

Rent Pricing Power

Score 18 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 11 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 27 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 24 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 9 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 28 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding LINE's moat

What is Lineage, Inc.'s moat score?

Lineage, Inc. (LINE) scores 20 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as weak. It ranks #17 of 18 scored companies in REIT - Industrial, the top 94%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Industrial. Its strongest defense is Portfolio Quality & Diversification (28/100) and its weakest is Operational Efficiency (9/100).

How does Lineage, Inc. compare with other REIT - Industrial companies?

Lineage, Inc. ranks #17 of 18 scored companies in REIT - Industrial by moat score. The widest moat in REIT - Industrial is Terreno Realty Corporation (TRNO) at 81/100. The companies ranked closest are Americold Realty Trust, Inc. (COLD) at 22 just above it and Industrial Logistics Properties (ILPT) at 20 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Industrial. The defenses are then weighted to produce the overall score out of 100.

Why is Lineage, Inc. scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Lineage, Inc.?

The REIT Specialized template measures 6 defenses, and LINE scores: Rent Pricing Power (18), AFFO Strength (11), Balance Sheet & Cost of Capital (27), Capital Recycling & Growth (24), Operational Efficiency (9), Portfolio Quality & Diversification (28). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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