The Amended and Restated Lineage 2024 Incentive Award Plan (the “2024 Plan”) is administered by certain committees of the Board and provides for the award of RSUs, performance share awards, LTIP Units, stock options, stock appreciation rights, restricted stock, stock payments, dividend equivalents, and other incentive awards, each as defined in the 2024 Plan, to eligible employees, consultants, and members of the Board (collectively, “Plan participants”).

Certain Plan participants were granted awards of RSUs covering shares of the Company’s common stock or interests in the Operating Partnership in the form of LTIP Units. LTIP Units are a class of partnership interests in the Operating Partnership which may be issued to eligible Plan participants for the performance of services to or for benefit of the Company and Operating Partnership. Further description of LTIP Units is available in Note 2, Capital structure and noncontrolling interests. Stock-based compensation in the form of LTIP Units is recorded in Noncontrolling interests in the condensed consolidated statements of redeemable noncontrolling interests and equity.

Certain RSUs and LTIP Units contain only a service vesting condition (“time-based”) and certain RSUs and LTIP Units contain vesting conditions based on service, Company performance, and market performance (“performance-based”).

Performance-based stock units granted during the three months ended March 31, 2026 consisted of the following: 245,072 units with a grant date fair value of $10 million in connection with various grants with a one-year vesting period for executive, corporate, and operations leaders.


	Time-Based RSUs	Weighted Average Grant Date Fair Value per Unit		Performance-Based RSUs	Weighted Average Grant Date Fair Value per Unit




Unvested as of December 31, 2025	2,132,006	$	63.25	520,740	$	64.17
Awards granted	—	—		245,072	39.20
Awards vested	(18,359)	52.07		(79,707)	60.70
Awards forfeited	(43,355)	57.62		(71,073)	60.56
Unvested as of March 31, 2026	2,070,292	$	63.46	615,032	$	55.87

As of March 31, 2026, there was $72 million of unrecognized stock-based compensation expense related to unvested time-based RSUs that is expected to be recognized over a weighted-average period of 1.4 years.

As of March 31, 2026, there was $20 million of unrecognized stock-based compensation expense related to unvested performance-based RSUs that is expected to be recognized over a weighted-average period of 1.2 years.


	Time-Based LTIP Units	Weighted Average Grant Date Fair Value per Unit		Performance-Based LTIP Units	Weighted Average Grant Date Fair Value per Unit




Unvested as of December 31, 2025	1,018,783	$	80.20	2,242,978	$	83.54

Awards vested	(8,537)	58.57		—	—

Unvested as of March 31, 2026	1,010,246	$	80.39	2,242,978	$	83.54

As of March 31, 2026, there was $43 million of unrecognized stock-based compensation cost related to unvested time-based LTIP Units that is expected to be recognized over a weighted-average period of 1.1 years.

As of March 31, 2026, there was $16 million of unrecognized stock-based compensation cost related to unvested performance-based LTIP Units that is expected to be recognized over a weighted-average period of 1.3 years.

The following table summarizes the Company’s stock-based compensation expense by line item in the condensed consolidated statements of operations and comprehensive income (loss):


	Three Months Ended March 31,
(in millions)		2026		2025
Cost of operations		$	3	$	1
General and administrative expense		27		36
Acquisition, transaction, and other expense		—		3
Total stock-based compensation expense		$	30	$	40


	Three Months Ended March 31,
(in millions)		2026		2025
Restricted Stock Units:
Time-based		$	15	$	16
Performance-based		2		2
LTIP Units:
Time-based		9		14
Performance-based		4		8




Total stock-based compensation expense		$	30	$	40