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”).

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”). Performance-based RSUs and performance-based LTIP Units vest based on the achievement of Company performance metrics over the applicable performance period, which vary by grant year and award population. Awards granted in 2024 and 2025 are subject to performance targets based on Same Warehouse NOI Growth (“SS NOI Growth”) and cumulative Adjusted Funds from Operations per share (“AFFO per share”) over the performance period. Awards granted in 2026 are subject to performance targets based on a cumulative Same Warehouse NOI target and a cumulative AFFO per share target. Certain performance-based RSUs granted to executive, corporate, and operations leaders are instead subject to a performance target based on Adjusted EBITDA, as defined in the applicable award agreement. No performance-based LTIP Units are subject to an Adjusted EBITDA-based performance target. Certain performance-based RSUs and performance-based LTIP Units are also subject to a modifier based on the Company's relative total shareholder return (“TSR”) measured against a specified peer group or index over the same performance period, which can increase or decrease the number of units ultimately earned.

For performance-based RSUs and performance-based LTIP Units that include a relative TSR modifier, the grant date fair value of the TSR component is estimated using a Monte Carlo simulation model, incorporating assumptions for expected stock price volatility, risk-free interest rate, expected term, and dividend yield, consistent with ASC 718, Compensation—Stock Compensation. Because the TSR modifier is a market condition reflected in the grant date fair value of the award, compensation cost attributable to the TSR modifier is not subsequently reassessed for probability of achievement and continues to be recognized over the requisite service period, provided the requisite service is rendered, regardless of whether the TSR condition is ultimately satisfied.

Time-based stock units granted during the six months ended June 30, 2026 consisted of the following: a) 1,040,883 units with a three-year vesting period and a grant date fair value of $34 million in connection with the annual grant for executive, corporate, and operations leaders; and b) 17,960 units with a one-year vesting period and a grant date fair value of $1 million in connection with the annual grant for Board members.

Performance-based stock units granted during the six months ended June 30, 2026 consisted of the following: a) 245,072 units with a one-year vesting period and a grant date fair value of $10 million in connection with the annual grant for executive, corporate, and operations leaders; and b) 75,123 units with a three-year vesting period and a grant date fair value of $3 million in connection with the annual grant for executive, corporate, and operations leaders.

During the three months ended June 30, 2026, the Company reassessed the probability of achieving the performance conditions associated with its outstanding performance-based RSU awards granted in 2025. Based on updated forecasts and year-to-date performance results, management determined that it was no longer probable that the SS NOI Growth and cumulative AFFO per share targets applicable to the 2025 grants would be fully achieved by the end of the respective performance period. Accordingly, the Company reversed $5 million of previously recognized stock-based compensation expense related to these awards. This reassessment did not affect performance-based awards granted in other periods or performance-based RSUs subject to Adjusted EBITDA performance targets, for which management continues to believe achievement of the applicable targets remains probable as of June 30, 2026.


	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	1,058,843	33.09		320,195	38.10
Awards vested	(888,500)	69.25		(79,707)	60.70
Awards forfeited	(104,260)	54.88		(79,459)	60.93
Unvested as of June 30, 2026	2,198,089	$	46.69	681,769	$	53.41

Time-based LTIP Units granted during the six months ended June 30, 2026 consisted of the following: a) 147,472 units with a three-year vesting period and a grant date fair value of $5 million in connection with the annual grant for executive, corporate, and operations leaders; and b) 63,637 units with a one-year vesting period and a grant date fair value of $2 million in connection with the annual grant for executive, corporate, and operations leaders.

Performance-based LTIP Units granted during the six months ended June 30, 2026 consisted of the following: a) 239,056 units with a three-year vesting period and a grant date fair value of $8 million in connection with the annual grant for executive, corporate, and operations leaders; and b) 224,319 units with a one-year vesting period and a grant date fair value of $7 million in connection with the annual grant for executive, corporate, and operations leaders.

Consistent with the performance-based RSUs, the Company reevaluated the likelihood of achieving certain performance conditions associated with outstanding performance-based LTIP awards and concluded that it is no longer probable the applicable performance targets for SS NOI Growth and AFFO per share will be fully achieved by the end of the performance period for awards granted in 2025. As a result, during the three months ended June 30, 2026, the Company reversed previously recognized stock-based compensation expense of $5 million related to these awards.


	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 granted	211,109	32.78		463,375	33.22
Awards vested	(458,900)	58.57		—	—

Unvested as of June 30, 2026	770,992	$	75.99	2,706,353	$	74.92


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Cost of operations	$	3	$	4	$	6	$	5
General and administrative expense	20		23		47		59
Acquisition, transaction, and other expense	—		2		—		5
Total stock-based compensation expense	$	23	$	29	$	53	$	69


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Restricted Stock Units:
Time-based	$	16	$	19	$	31	$	35
Performance-based	(2)		3		—		5
LTIP Units:
Time-based	11		9		20		23
Performance-based	(2)		(2)		2		6




Total stock-based compensation expense	$	23	$	29	$	53	$	69