v3.25.2
Capital structure and noncontrolling interests (Tables)
 6 Months Ended
Jun. 30, 2025
Noncontrolling Interest [Abstract]  
Class of Treasury Stock The following table provides the number of shares repurchased, average price paid per share, and total amount paid for share repurchases for the six months ended June 30, 2024, excluding repurchases related to the withholding of common stock for employee taxes related to vested stock-based compensation arrangements described below:
Total number of shares repurchased254,680
Average price paid per share$98.37 
Total consideration paid for share repurchases (in millions)$25 
Schedule of Capital Units
The Operating Partnership’s capital structure as of June 30, 2025 and December 31, 2024 was as follows:
June 30, 2025December 31, 2024
Partnership common units owned by Lineage, Inc.228,717,652 228,191,656 
Partnership common units owned by Non-Company LPs789,649 984,089 
Legacy Class A OP Units and Legacy Class B OP Units owned by Non-Company LPs21,029,599 20,929,599 
Redeemable Legacy Class A OP Units owned by Non-Company LPs— 319,006 
LTIP Units held by Non-Company LPs3,611,143 2,995,153 
Total254,148,043 253,419,503 
Schedule of Ownership Interests Third parties own the following interests in the below Other Consolidated Subsidiaries:
June 30, 2025December 31, 2024
Cool Port Oakland Holdings, LLC13.3 %13.3 %
Lineage Jiuheng Logistics (HK) Group Company Ltd.40.0 %40.0 %
Kloosterboer BLG Coldstore GmbH49.0 %49.0 %
Turvo India Pvt. Ltd.1.0 %1.0 %
Redeemable Noncontrolling Interest
Below is a summary of all activity for the Company’s redeemable noncontrolling interests, which are discussed in further detail above.
(in millions)Redeemable Noncontrolling Interests - Operating Partnership UnitsConvertible Redeemable Noncontrolling Interests - Preference SharesRedeemable Noncontrolling Interest - Operating SubsidiariesTotal Redeemable Noncontrolling Interests
Balance as of December 31, 2023$120 $221 $8 $349 
Distributions(1)— — (1)
Redemption of redeemable noncontrolling interests(6)— — (6)
Expiration of redemption option(92)— — (92)
Redeemable noncontrolling interest redemption value adjustment6 — — 6 
Balance as of March 31, 202427 221 8 256 
Redeemable noncontrolling interest redemption value adjustment— 4 — 4 
Accretion of redeemable noncontrolling interests1 — 1 2 
Balance as of June 30, 2024$28 $225 $9 $262 
(in millions)Redeemable Noncontrolling Interests - Operating Partnership UnitsConvertible Redeemable Noncontrolling Interests - Preference SharesRedeemable Noncontrolling Interest - Operating SubsidiariesTotal Redeemable Noncontrolling Interests
Balance as of December 31, 2024$32 $— $11 $43 
Redeemable noncontrolling interest redemption value adjustment2 — (4)(2)
Balance as of March 31, 202534 — 7 41 
Redemption of redeemable noncontrolling interests(28)— — (28)
Expiration of redemption option(6)— — (6)
Balance as of June 30, 2025$— $— $7 $7 
Below is a summary of all activity for the Company’s noncontrolling interests, which are discussed in further detail above.
(in millions)Operating Partnership UnitsNoncontrolling Interests in Other Consolidated SubsidiariesManagement Profits Interests Class C UnitsTotal Noncontrolling Interests
Balance as of December 31, 2023$598 $15 $9 $622 
Distributions(11)(1)— (12)
Stock-based compensation— — 2 2 
Other comprehensive income (loss)(8)— — (8)
Expiration of redemption option27 — — 27 
Net income (loss)(5)1 (4)(8)
Reallocation of noncontrolling interests7 — — 7 
Balance as of March 31, 2024608 15 7 630 
Distributions(12)— — (12)
Stock-based compensation— — 2 2 
Other comprehensive income (loss)(3)— — (3)
Net income (loss)(8)— (4)(12)
Reallocation of noncontrolling interests9 — — 9 
Balance as of June 30, 2024$594 $15 $5 $614 
(in millions)Operating Partnership UnitsNoncontrolling Interests in Other Consolidated SubsidiariesNoncontrolling Interest in Other Consolidated Subsidiaries - OPEUTotal Noncontrolling Interests
Balance as of December 31, 2024$944 $14 $55 $1,013 
Distributions(13)— (1)(14)
Stock-based compensation21 — — 21 
Other comprehensive income (loss)5 — — 5 
Reallocation of noncontrolling interests(6)— — (6)
Balance as of March 31, 2025951 14 54 1,019 
Distributions(12)— (1)(13)
Stock-based compensation7 — — 7 
Other comprehensive income (loss)17 — 1 18 
Expiration of redemption option6 — — 6 
Net income (loss)(1)— — (1)
Reallocation of noncontrolling interests(7)— — (7)
OP Units reclassification(7)— — (7)
Balance as of June 30, 2025$954 $14 $54 $1,022 
Dividends Declared
The following table summarizes dividends declared to common stockholders during the current period and dividends accrued as of December 31, 2024.
Quarter EndedRecord DatePayment DateDividend per Common ShareDividend Payment (in millions)
December 31, 2024December 31, 2024January 21, 2025$0.5275 $120 
March 31, 2025March 31, 2025April 21, 2025$0.5275 $120 
June 30, 2025June 30, 2025July 21, 2025$0.5275 $121 
Schedule of Options Indexed to Issuer's Equity
A summary of the outstanding Put Options, by Put Option Exercise Window, as of June 30, 2025 is as follows:
(in millions, except number of shares)Shares subject to Put OptionIntrinsic ValueMaximum Redemption Value
June 1, 2025 to June 6, 2025616,022 $50 $78 
September 1, 2025 to September 8, 20251,058,328 78 125 
October 3, 2025 to October 10, 2025111,713 14 18 
Total1,786,063 $142 $221 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The following table includes a rollforward of the Put Options classified as Level 3 in the fair value hierarchy.
(in millions)Put Options
Balance as of December 31, 2024$107 
Fair value adjustments2 
Balance as of March 31, 2025109 
Fair value adjustments26 
Unrealized foreign currency translation adjustment7 
Reclassification out of Level 3(50)
Balance as of June 30, 2025$92