NOVI, Mich.--(BUSINESS WIRE)--
Lineage, Inc. (NASDAQ: LINE) (the "Company"), the world’s largest global temperature-controlled warehouse REIT, today announced its financial results for the third quarter of 2024.
Third-Quarter 2024 Highlights
-
Raised $5.1 billion in gross proceeds from the Company's July 2024 IPO, marking the largest IPO of the year and largest real estate IPO of all-time
-
Total revenue increased 0.5% to $1.3 billion
-
Net loss of ($543) million, or ($2.44) per diluted common share
-
Total NOI increased 2.1% to $439 million
-
Adjusted EBITDA increased 5.4% to $333 million; adjusted EBITDA margin increased 110bps to 24.9%
-
AFFO increased 51.8% to $208 million; AFFO per share increased 20.0% to $0.90
-
Used IPO proceeds to reduce $4.9 billion of debt; achieved investment grade credit ratings from Fitch and Moody's
-
Declared initial quarterly dividend of $0.38 per share, representing annualized dividend rate of $2.11 per share
-
Opened a new, fully automated cold storage warehouse in Hazleton, PA, the newest addition to Lineage’s automated facility portfolio backed by proprietary software and in-house automation teams
-
Acquired ColdPoint Logistics for $223 million on November 1st, expanding Lineage’s existing presence in the strategic Kansas City market
"We are excited to report strong results for our first quarter as a public company, demonstrating our ability to perform well in various economic environments," said Greg Lehmkuhl, president and chief executive officer of Lineage, Inc. "We generated significant AFFO per share growth this quarter aided by our successful IPO and continued strong operating performance. Looking forward, we are well positioned to drive compounding growth, benefiting from our industry-leading real estate portfolio, innovative technology, and our strategic capital deployment engine. To that end, we are pleased to announce the acquisition of ColdPoint Logistics and we are excited to welcome them to the Lineage family."
2024 Outlook
The Company expects full-year 2024 Adjusted FFO (“AFFO”) per share of $3.16 to $3.20.
For the fourth quarter of 2024, the Company expects AFFO of $180 to $190 million, AFFO per share of $0.70 to $0.74, and low single-digit same warehouse NOI growth.
The Company's outlook excludes the impact of unannounced future acquisitions or developments.
Third-Quarter 2024 Financial Results Conference Call and Earnings Presentation with Supplemental
Please visit ir.onelineage.com/events-and-presentations to view Lineage’s third-quarter 2024 earnings presentation and supplemental financial information.
Lineage will host a conference call and webcast today at 8:00 a.m. Eastern Time to discuss the company’s third-quarter 2024 financial results. Interested parties may listen by visiting the Lineage Investor Relations website at ir.onelineage.com. A replay of the webcast will be available for approximately one year on the Company's investor relations website.
About Lineage
Lineage, Inc. (NASDAQ: LINE) is the world’s largest global temperature-controlled warehouse REIT with a network of over 480 strategically located facilities totaling over 84 million square feet and approximately 3.0 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world’s largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world. Learn more at onelineage.com and join us on
LinkedIn,
Facebook,
Instagram, and
X.
Forward-Looking Statements
Certain statements contained in this Press Release, other than historical facts, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Lineage operates, and beliefs of, and assumptions made by, the Company and involve uncertainties that could significantly affect Lineage’s financial results. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “can,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “possible,” “initiatives,” “measures,” “poised,” “focus,” “seek,” “objective,” “goal,” “vision,” “drive,” “opportunity,” “target,” “strategy,” “expect,” “plan,” “potential,” “potentially,” “preparing,” “projected,” “future,” “tomorrow,” “long-term,” “should,” “could,” “would,” “might,” “help,” “aimed,” or other similar words. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. Such statements include, but are not limited to statements about Lineage’s plans, strategies, initiatives, and prospects and statements about its future results of operations, capital expenditures and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: general business and economic conditions; continued volatility and uncertainty in the credit markets and broader financial markets, including potential fluctuations in the Consumer Price Index and changes in foreign currency exchange rates; other risks inherent in the real estate business, including customer defaults, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; the availability of suitable acquisitions and our ability to acquire those properties or businesses on favorable terms; our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; our ability to meet budgeted or stabilized returns on our development and expansion projects within expected time frames, or at all; our ability to manage our expanded operations, including expansion into new markets or business lines; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; our failure to successfully integrate and operate acquired or developed properties or businesses; our ability to renew significant customer contracts; the impact of supply chain disruptions, including the impact on labor availability, raw material availability, manufacturing and food production and transportation; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the degree and nature of our competition; our failure to generate sufficient cash flows to service our outstanding indebtedness; our ability to access debt and equity capital markets; continued increases and volatility in interest rates; increased power, labor or construction costs; changes in consumer demand or preferences for products we store in our warehouses; decreased storage rates or increased vacancy rates; labor shortages or our inability to attract and retain talent; changes in, or the failure or inability to comply with, government regulation; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; our failure to maintain our status as a real estate investment trust for U.S. federal income tax purposes; changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us, and any other risks discussed in the Company’s filings with the SEC, including our prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended. Should one of more of the risks or uncertainties described above occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Forward-looking statements in this Press Release speak only as of the date of this Press Release, and undue reliance should not be placed on such statements. We undertake no obligation to, nor do we intend to, update, or otherwise revise, any such statements that may become untrue because of subsequent events.
While the forward-looking statements are considered reasonable by the Company, they are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and cannot be predicted with accuracy and may not be realized. There can be no assurance that the forward-looking statements can or will be attained or maintained. Actual operating results may vary materially from the forward-looking statements included in this Press Release.
Availability of Information on Lineage's Website and Social Media Channels
Investors and others should note that Lineage routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Lineage Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Lineage LinkedIn account (linkedin.com/company/onelineage/); the Lineage Facebook account (facebook.com/lineagelogistics); the Lineage Instagram account (instagram.com/onelineage/); the Lineage X account (twitter.com/OneLineage)) as a means of disclosing information about the Company's business to our customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Lineage Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Lineage to review the information that it shares at the Investor Relations link located at the top of the page on onelineage.com and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Resources" section of the Lineage Investor Relations website at ir.onelineage.com. The contents of these websites are not incorporated by reference into this press release or any report or document Lineage files with the SEC, and any references to the websites are intended to be inactive textual references only.
|
LINEAGE, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in millions, except par values)
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2024
|
|
|
|
2023
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
$
|
409
|
|
|
$
|
68
|
|
|
Restricted cash
|
|
3
|
|
|
|
3
|
|
|
Accounts receivable, net
|
|
901
|
|
|
|
913
|
|
|
Inventories
|
|
175
|
|
|
|
171
|
|
|
Prepaid expenses and other current assets
|
|
111
|
|
|
|
101
|
|
|
Total current assets
|
|
1,599
|
|
|
|
1,256
|
|
|
Non-current assets:
|
|
|
|
|
Property, plant, and equipment, net
|
|
10,665
|
|
|
|
10,571
|
|
|
Finance lease right-of-use assets, net
|
|
1,305
|
|
|
|
1,243
|
|
|
Operating lease right-of-use assets, net
|
|
659
|
|
|
|
724
|
|
|
Equity method investments
|
|
120
|
|
|
|
113
|
|
|
Goodwill
|
|
3,444
|
|
|
|
3,394
|
|
|
Other intangible assets, net
|
|
1,221
|
|
|
|
1,280
|
|
|
Other assets
|
|
243
|
|
|
|
290
|
|
|
Total assets
|
$
|
19,256
|
|
|
$
|
18,871
|
|
|
Liabilities, Redeemable Noncontrolling Interests, and Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable and accrued liabilities
|
$
|
1,276
|
|
|
$
|
1,137
|
|
|
Accrued dividends and distributions
|
|
97
|
|
|
|
110
|
|
|
Deferred revenue
|
|
83
|
|
|
|
94
|
|
|
Current portion of long-term debt, net
|
|
39
|
|
|
|
24
|
|
|
Total current liabilities
|
|
1,495
|
|
|
|
1,365
|
|
|
Non-current liabilities:
|
|
|
|
|
Long-term finance lease obligations
|
|
1,296
|
|
|
|
1,305
|
|
|
Long-term operating lease obligations
|
|
632
|
|
|
|
692
|
|
|
Deferred income tax liability
|
|
322
|
|
|
|
370
|
|
|
Long-term debt, net
|
|
4,955
|
|
|
|
8,958
|
|
|
Other long-term liabilities
|
|
434
|
|
|
|
159
|
|
|
Total liabilities
|
|
9,134
|
|
|
|
12,849
|
|
|
Commitments and contingencies (Note 17)
|
|
|
|
|
Redeemable noncontrolling interests
|
|
39
|
|
|
|
349
|
|
|
Stockholders’ equity:
|
|
|
|
|
Common stock, $0.01 par value per share – 500 authorized shares; 228 issued and outstanding at September 30, 2024 and 162 issued and outstanding at December 31, 2023
|
|
2
|
|
|
|
2
|
|
|
Additional paid-in capital - common stock
|
|
10,744
|
|
|
|
5,961
|
|
|
Series A preferred stock, $0.01 par value per share – 100 authorized shares; no issued and outstanding shares at September 30, 2024 and less than 1 issued and outstanding shares, with an aggregate liquidation preference of $1 at December 31, 2023
|
|
—
|
|
|
|
1
|
|
|
Retained earnings (accumulated deficit)
|
|
(1,662
|
)
|
|
|
(879
|
)
|
|
Accumulated other comprehensive income (loss)
|
|
(58
|
)
|
|
|
(34
|
)
|
|
Total stockholders’ equity
|
|
9,026
|
|
|
|
5,051
|
|
|
Noncontrolling interests
|
|
1,057
|
|
|
|
622
|
|
|
Total equity
|
|
10,083
|
|
|
|
5,673
|
|
|
Total liabilities, redeemable noncontrolling interests, and equity
|
$
|
19,256
|
|
|
$
|
18,871
|
|
|
LINEAGE, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
|
|
(in millions, except per share amounts)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
2024
|
|
|
|
2023
|
|
|
|
2024
|
|
|
|
2023
|
|
|
|
(unaudited)
|
|
Net revenues
|
$
|
1,335
|
|
|
$
|
1,329
|
|
|
$
|
4,001
|
|
|
$
|
4,008
|
|
|
Cost of operations
|
|
897
|
|
|
|
899
|
|
|
|
2,672
|
|
|
|
2,694
|
|
|
General and administrative expense
|
|
143
|
|
|
|
122
|
|
|
|
394
|
|
|
|
361
|
|
|
Depreciation expense
|
|
156
|
|
|
|
137
|
|
|
|
478
|
|
|
|
402
|
|
|
Amortization expense
|
|
54
|
|
|
|
51
|
|
|
|
162
|
|
|
|
155
|
|
|
Acquisition, transaction, and other expense
|
|
592
|
|
|
|
19
|
|
|
|
612
|
|
|
|
45
|
|
|
Restructuring, impairment, and (gain) loss on disposals
|
|
8
|
|
|
|
4
|
|
|
|
23
|
|
|
|
11
|
|
|
Total operating expense
|
|
1,850
|
|
|
|
1,232
|
|
|
|
4,341
|
|
|
|
3,668
|
|
|
Income from operations
|
|
(515
|
)
|
|
|
97
|
|
|
|
(340
|
)
|
|
|
340
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
Equity income (loss), net of tax
|
|
—
|
|
|
|
(2
|
)
|
|
|
(3
|
)
|
|
|
(2
|
)
|
|
Gain (loss) on foreign currency transactions, net
|
|
14
|
|
|
|
(5
|
)
|
|
|
5
|
|
|
|
(9
|
)
|
|
Interest expense, net
|
|
(82
|
)
|
|
|
(126
|
)
|
|
|
(369
|
)
|
|
|
(357
|
)
|
|
Gain (loss) on extinguishment of debt
|
|
(6
|
)
|
|
|
—
|
|
|
|
(13
|
)
|
|
|
—
|
|
|
Other nonoperating income (expense), net
|
|
1
|
|
|
|
(19
|
)
|
|
|
1
|
|
|
|
(19
|
)
|
|
Total other income (expense), net
|
|
(73
|
)
|
|
|
(152
|
)
|
|
|
(379
|
)
|
|
|
(387
|
)
|
|
Net income (loss) before income taxes
|
|
(588
|
)
|
|
|
(55
|
)
|
|
|
(719
|
)
|
|
|
(47
|
)
|
|
Income tax expense (benefit)
|
|
(45
|
)
|
|
|
(5
|
)
|
|
|
(48
|
)
|
|
|
(8
|
)
|
|
Net income (loss)
|
|
(543
|
)
|
|
|
(50
|
)
|
|
|
(671
|
)
|
|
|
(39
|
)
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
(58
|
)
|
|
|
(11
|
)
|
|
|
(78
|
)
|
|
|
(13
|
)
|
|
Net income (loss) attributable to Lineage, Inc.
|
$
|
(485
|
)
|
|
$
|
(39
|
)
|
|
$
|
(593
|
)
|
|
$
|
(26
|
)
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on foreign currency hedges and interest rate hedges
|
|
(46
|
)
|
|
|
(10
|
)
|
|
|
(56
|
)
|
|
|
(29
|
)
|
|
Foreign currency translation adjustments
|
|
115
|
|
|
|
(78
|
)
|
|
|
29
|
|
|
|
(29
|
)
|
|
Comprehensive income (loss)
|
|
(474
|
)
|
|
|
(138
|
)
|
|
|
(698
|
)
|
|
|
(97
|
)
|
|
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
|
(50
|
)
|
|
|
(21
|
)
|
|
|
(81
|
)
|
|
|
(20
|
)
|
|
Comprehensive income (loss) attributable to Lineage, Inc.
|
$
|
(424
|
)
|
|
$
|
(117
|
)
|
|
$
|
(617
|
)
|
|
$
|
(77
|
)
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share
|
$
|
(2.44
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(3.54
|
)
|
|
$
|
(0.30
|
)
|
|
Diluted earnings (loss) per share
|
$
|
(2.44
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(3.54
|
)
|
|
$
|
(0.30
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
210
|
|
|
|
162
|
|
|
|
178
|
|
|
|
162
|
|
|
Diluted
|
|
210
|
|
|
|
162
|
|
|
|
178
|
|
|
|
162
|
|
|
LINEAGE, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling
interests
|
|
Number of
shares
|
|
Amount at par
value
|
|
Additional
paid-in capital
|
|
Series A
preferred stock
|
|
Retained
earnings
(accumulated
deficit)
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Noncontrolling
interests
|
|
Total
equity
|
|
Balance as of December 31, 2023
|
|
$
|
349
|
|
|
162
|
|
|
$
|
2
|
|
|
$
|
5,961
|
|
|
$
|
1
|
|
|
$
|
(879
|
)
|
|
$
|
(34
|
)
|
|
$
|
622
|
|
|
$
|
5,673
|
|
|
Distributions
|
|
|
(1
|
)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
(12
|
)
|
|
Stock-based compensation
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
5
|
|
|
Other comprehensive income (loss)
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(63
|
)
|
|
|
(8
|
)
|
|
|
(71
|
)
|
|
Redemption of redeemable noncontrolling interests
|
|
|
(6
|
)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Redemption of common stock
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
(25
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(25
|
)
|
|
Expiration of redemption option
|
|
|
(92
|
)
|
|
—
|
|
|
|
—
|
|
|
|
65
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
27
|
|
|
|
92
|
|
|
Accretion of redeemable noncontrolling interests
|
|
|
6
|
|
|
—
|
|
|
|
—
|
|
|
|
(6
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6
|
)
|
|
Net income (loss)
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(40
|
)
|
|
|
—
|
|
|
|
(8
|
)
|
|
|
(48
|
)
|
|
Reallocation of noncontrolling interests
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
(7
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
|
|
—
|
|
|
Balance as of March 31, 2024
|
|
|
256
|
|
|
162
|
|
|
|
2
|
|
|
|
5,991
|
|
|
|
1
|
|
|
|
(919
|
)
|
|
|
(97
|
)
|
|
|
630
|
|
|
|
5,608
|
|
|
Common stock issuances, net of equity raise costs
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
Distributions
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
(12
|
)
|
|
Stock-based compensation
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
6
|
|
|
Other comprehensive income (loss)
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(22
|
)
|
|
|
(3
|
)
|
|
|
(25
|
)
|
|
Redeemable noncontrolling interest adjustment
|
|
|
4
|
|
|
—
|
|
|
|
—
|
|
|
|
(4
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4
|
)
|
|
Accretion of redeemable noncontrolling interests
|
|
|
2
|
|
|
—
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
Net income (loss)
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(68
|
)
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
(80
|
)
|
|
Reallocation of noncontrolling interests
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
(9
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9
|
|
|
|
—
|
|
|
Balance as of June 30, 2024
|
|
|
262
|
|
|
162
|
|
|
|
2
|
|
|
|
5,981
|
|
|
|
1
|
|
|
|
(987
|
)
|
|
|
(119
|
)
|
|
|
614
|
|
|
|
5,492
|
|
|
Common stock issuances, net of equity raise costs
|
|
|
—
|
|
|
65
|
|
|
|
—
|
|
|
|
4,873
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,873
|
|
|
Assumption of the Put Option liability
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(103
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(103
|
)
|
|
Dividends ($0.38 per common share) and other distributions ($0.38 per OP Unit and OPEU)
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(87
|
)
|
|
|
—
|
|
|
|
(13
|
)
|
|
|
(100
|
)
|
|
Stock-based compensation
|
|
|
—
|
|
|
2
|
|
|
|
—
|
|
|
|
147
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13
|
|
|
|
160
|
|
|
Withholding of common stock for employee taxes
|
|
|
—
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
(46
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(46
|
)
|
|
Other comprehensive income (loss)
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
61
|
|
|
|
8
|
|
|
|
69
|
|
|
Conversion of Management Profits Interests Class C units
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
(61
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
61
|
|
|
|
—
|
|
|
Redemption of preferred shares and OPEUs
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
(46
|
)
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(29
|
)
|
|
|
(76
|
)
|
|
Reimbursement of Advance Distributions
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
198
|
|
|
|
198
|
|
|
Reclassification of the Preference Shares
|
|
|
(229
|
)
|
|
—
|
|
|
|
—
|
|
|
|
(22
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(22
|
)
|
|
Issuance of OPEUs and settlement of Class D Units
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
114
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
73
|
|
|
|
187
|
|
|
Redeemable noncontrolling interest adjustment
|
|
|
4
|
|
|
—
|
|
|
|
—
|
|
|
|
(4
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4
|
)
|
|
Accretion of redeemable noncontrolling interests
|
|
|
3
|
|
|
—
|
|
|
|
—
|
|
|
|
(3
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3
|
)
|
|
Net income (loss)
|
|
|
(1
|
)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(485
|
)
|
|
|
—
|
|
|
|
(57
|
)
|
|
|
(542
|
)
|
|
Reallocation of noncontrolling interests
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
(189
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
189
|
|
|
|
—
|
|
|
Balance as of September 30, 2024
|
|
$
|
39
|
|
|
228
|
|
|
$
|
2
|
|
|
$
|
10,744
|
|
|
$
|
—
|
|
|
$
|
(1,662
|
)
|
|
$
|
(58
|
)
|
|
$
|
1,057
|
|
|
$
|
10,083
|
|
|
LINEAGE, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling
interests
|
|
Number of
shares
|
|
Amount at par
value
|
|
Additional
paid-in capital
|
|
Series A
preferred stock
|
|
Retained
earnings
(accumulated
deficit)
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Noncontrolling
interests
|
|
Total
equity
|
|
Balance as of December 31, 2022
|
|
$
|
298
|
|
|
|
160
|
|
|
$
|
2
|
|
|
$
|
5,915
|
|
|
$
|
1
|
|
|
$
|
(713
|
)
|
|
$
|
(37
|
)
|
|
$
|
641
|
|
|
$
|
5,809
|
|
|
Common stock issuances, net of equity raise costs
|
|
|
|
|
2
|
|
|
|
—
|
|
|
|
140
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
140
|
|
|
Contributions from noncontrolling interests
|
|
|
|
|
|
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
5
|
|
|
Distributions
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|