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Lineage Inc. (NASDAQ:LINE), a real estate investment trust currently trading near its 52-week low of $52.75, announced today that it has appointed PricewaterhouseCoopers LLP (PwC) as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. According to InvestingPro data, the company’s stock has declined over 26% in the past six months, reflecting ongoing operational challenges. The decision was made by the Audit Committee of the Board of Directors on Monday and is contingent upon PwC completing standard client acceptance procedures.
The move follows the Audit Committee’s approval to dismiss KPMG LLP as the company’s independent auditor after the filing of Lineage’s Form 10-Q for the first quarter of 2025. KPMG’s audit reports for the fiscal years ended December 31, 2024, and December 31, 2023, did not contain any adverse opinion or disclaimer of opinion, and were not qualified or modified regarding uncertainty, audit scope, or accounting principles.
Lineage Inc. reported no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the fiscal years or the interim period up to April 1, 2025. However, a material weakness in internal control over financial reporting was identified as of December 31, 2023, which was related to the company’s risk assessment and control operations. InvestingPro analysis reveals the company’s current ratio of 0.86, indicating that short-term obligations exceed liquid assets, which underscores the importance of robust financial controls. This weakness was subsequently remediated by the end of 2024, as detailed in the company’s Annual Report on Form 10-K.
KPMG has been provided with the disclosures in the current report and has furnished a letter to the SEC, dated today, confirming their agreement with the statements made by Lineage Inc.
Prior to appointing PwC, during the fiscal years ended December 31, 2024, and December 31, 2023, and the interim period through April 1, 2025, Lineage Inc. did not consult PwC on any accounting principles or transactions, nor was there any disagreement or reportable event as described in Regulation S-K.
The information regarding the change in Lineage’s certifying accountant is based on the company’s recent SEC filing. With its next earnings report due on April 30, 2025, investors seeking deeper insights can access comprehensive financial analysis and 10 additional ProTips through InvestingPro, including detailed assessments of the company’s financial health and growth prospects.
In other recent news, Lineage Inc has expanded its presence in the Pacific Northwest through the acquisition of three warehouses from Bellingham Cold Storage. This move adds approximately 24 million cubic feet of space to Lineage’s network, enhancing its operations in a key distribution hub for seafood and agricultural products. Additionally, Lineage announced a quarterly cash dividend of $0.5275 per share for the first quarter of 2025, reflecting the company’s commitment to shareholder value.
Meanwhile, Citi initiated coverage on Lineage with a Neutral rating and a $64 price target, noting the company’s scale and potential for growth, albeit alongside operational challenges. RBC Capital Markets adjusted its price target for Lineage to $74, maintaining an Outperform rating, citing the innovative linOS system as a promising growth driver. Goldman Sachs also revised its price target to $71 while maintaining a Buy rating, highlighting Lineage’s potential to outperform its peers in the REIT sector. These developments underscore Lineage’s strategic initiatives and the varied analyst outlooks on its future performance.
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