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Lineage Reports Stabilizing Cold Storage Demand as Capacity Cuts Take Hold

Lineage said customer inventory levels have stabilized in the third quarter, though some accounts maintain reduced stock positions. The Novi, Michigan company continues closing underutilized facilities to improve leverage and tighten supply. Lineage and rival Americold have eliminated 9 million square feet of capacity—roughly 4%—over two years. Lineage alone shuttered 16 locations since early 2025, representing 2.6 million square feet and 212,000 pallet positions. Same-warehouse occupancy reached 76.2%, up 110 basis points year-over-year. The company reported third-quarter adjusted EBITDA of $317 million, down 7% annually. An 8% decline in food-container volumes pressured results, with weakness in seafood operations as elevated fuel costs curtailed fishing activity. CEO Greg Lehmkuhl noted occupancy gains mark the second consecutive quarter of year-over-year improvement.