Basic EPS is calculated by dividing net income (loss) attributable to common stockholders of the Company by the weighted average common shares outstanding during the reporting period. Diluted EPS is calculated by dividing net income (loss) attributable to common stockholders adjusted for any dilutive instruments of the Company by the weighted average common shares and common share equivalents outstanding during the reporting period. A reconciliation of the basic and diluted EPS is as follows:


	Three Months Ended March 31,
(in millions, except per share amounts)		2026		2025
Earnings (loss) per share - basic and diluted:
Net income (loss) attributable to Lineage, Inc.		$	(46)	$	—

Less: Redeemable noncontrolling interest redemption value adjustment		(5)		(2)


Net income (loss) attributable to common stockholders - basic and diluted		$	(41)	$	2



Weighted average common shares outstanding - basic and diluted		227		228

Net income (loss) per share attributable to common stockholders - basic and diluted		$	(0.18)	$	0.01

The Company’s potential dilutive securities have been excluded from the computation of diluted net earnings (loss) per share, as they are antidilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net earnings (loss) per share attributable to common stockholders is the same.

•Non-Company LPs who hold partnership common units have certain redemption rights which allow them to require the Operating Partnership to repurchase the partnership common units in exchange for cash or, at the option of the Company, shares of Lineage, Inc. common stock. Other classes of Operating Partnership and LLH equity interests held by Non-Company LPs and BG Maverick, including Legacy OP Units, LTIP Units, and OPEUs may also be exchanged for partnership common units at future dates. The shares of Lineage, Inc. common stock which could be issued in connection with a hypothetical repurchase of currently outstanding partnership common units or potentially outstanding partnership common units issued in exchange for Legacy OP Units, LTIP Units, and OPEUs represent potential common share equivalents.

•The Company issued certain put options with special redemption and top-up rights in 2024 (the “Put Options”). In accordance with ASC 260, Earnings per Share, the incremental shares associated with satisfaction of the Put Options utilizing proceeds of a hypothetical issuance of common shares at market prices represent potential common share equivalents. Payments of top-up rights in the form of shares of common stock represented potential common share equivalents as of March 31, 2025. All Put Options were settled in 2025.

•Before the redemption of the Legacy Class A-4 OP units by the seller of MTC Logistics during the three months ended June 30, 2025, as described in Note 2, Capital structure and noncontrolling interests, the holder could elect to receive any combination of cash or Operating Partnership units that equal the excess of $34 million over the fair market value of the units. The Operating Partnership units that could have been issued in connection with this hypothetical election represented potential common share equivalents as of March 31, 2025.

•The Preference Shares further described in Note 2, Capital structure and noncontrolling interests will be redeemed for cash or a variable number of shares of the Company’s common stock on October 1, 2026. The Company’s common shares that could be issued to the Co-Investor in settlement of the Preference Shares represent potential common share equivalents.

•Contingent consideration in the form of Operating Partnership units issued in a 2020 acquisition, which shall be issued if a certain customer exercises its purchase option, represent potential common share equivalents as of March 31, 2026 and 2025.

•Time-based RSUs and performance-based RSUs that were unvested as of March 31, 2026 and 2025 represent potential common share equivalents because upon vesting, the Company will issue common shares to the awardee.