Analysts' Top Real Estate Picks: Lineage, Inc. (LINE), reAlpha Tech Corp. (AIRE)We are decreasing our 2025 AFFO/sh. estimate to $3.39 from $3.40 and 2026 AFFO/sh. estimate to $3.49 from $3.50. We are adjusting our estimates to better reflect seasonality, notably ~47% of FY25 NOI in 1H (implying similar QoQ NOI results for 2Q). In addition, we are modeling ~$55m capex/Q vs. a seasonally larger 4Q prior. Assumptions underlying our model: 2025: -1.8% same warehouse NOI, 39.6% same warehouse margin, $247m GIS NOI, $1.35bn Adj. EBITDA, $568m acq. at 7.9% cash cap rate, ~$52m in net dev. completion contributions at 10% yield, $1.3bn in LT debt at 5.4% 2026: +4.5% same warehouse NOI, 40.0% same warehouse margin, $255m GIS NOI, $1.47bn Adj. EBITDA, $350m acq.