Lineage raises $5.1B in US market's biggest REIT IPO ever

The IPO of cold storage real estate investment trust Lineage Inc. marks the largest listing ever of a US REIT measured by transaction value, S&P Global Market Intelligence data shows.

Lineage, which has more than 480 temperature-controlled warehouses across North America, Europe and Asia-Pacific, raised $5.10 billion in gross proceeds at its July IPO. The second-biggest REIT IPO was by office REIT Paramount Group Inc., which raised $2.64 billion in 2014.

Lineage priced its IPO of 65,414,358 common shares, after giving effect to the overallotment option, at $78 apiece. Lineage's stock price climbed to approximately $86 per share as of Aug. 5.

Americold Realty Trust Inc., the other public US cold storage REIT, raised $833.5 million in its January 2018 listing. Since then, its stock price has significantly outperformed the broader Dow Jones Equity All REIT index.

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2024 REIT IPOs

Lineage's listing brings the total transaction value of US REIT IPOs to roughly $5.86 billion thus far in 2024, according to Market Intelligence data. The other US REIT IPO so far in the year was by American Healthcare REIT Inc., which raised $772.8 million in February.

Other recent REIT IPOs included those by diversified REIT Modiv Industrial Inc., which raised $1 million in 2022, as well as diversified REIT Generation Income Properties and retail REIT Phillips Edison & Co. Inc., raising $16.7 million and $547.4 million, respectively, both in 2021.