Lineage, Inc. Reports Full-Year 2025 Financial Results and Initiates 2026 Guidance

About this update from Linear Minerals Corp.

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(NASDAQ: LINE) (the \"Company\"), the world’s largest global temperature-controlled warehouse REIT, today announced its financial results for the fourth quarter and full year of 2025.\n \n \n \n Fourth-Quarter 2025 Financial Highlights\n \n \n \n \n Total revenue decreased (0.2)% to $1,336 million\n \n \n GAAP net income of $6 million, or $0.03 per diluted common share\n \n \n Adjusted EBITDA decreased (2.4)% to $327 million; adjusted EBITDA margin decreased (50)bps to 24.5%\n \n \n AFFO increased 0.5% to $214 million; AFFO per share remained flat at $0.83\n \n \n Declared quarterly dividend of $0.5275 per share, representing annualized dividend rate of $2.11 per share\n \n \n \n \n Full-Year 2025 Financial Highlights\n \n \n \n \n Total revenue remained flat at $5,355 million\n \n \n GAAP net loss of $(113) million, or $(0.43) per diluted common share\n \n \n Adjusted EBITDA decreased (2.3)% to $1,298 million; adjusted EBITDA margin decreased (70)bps to 24.2%\n \n \n AFFO increased 22.7% to $865 million; AFFO per share increased 2.4% to $3.37\n \n \n \n “We closed out 2025 with strong execution across the network, as utilization increased nicely sequentially in line with our expectations, signaling a return of normal seasonality in our business trends,” said Greg Lehmkuhl, president and chief executive officer of Lineage. “For the full year 2025, we delivered solid results amid challenging industry conditions given our continued focus on operational excellence, productivity improvements, and consistent service for our customers. I want to thank our teams who did an outstanding job managing costs and driving efficiency, while also executing on significant new business wins.\n \n \n “As we look ahead to 2026, we are taking a disciplined approach to planning and execution. We will continue to control the controllables, including focusing on administrative costs and capex management, driving labor productivity and energy efficiency and leveraging our network to meet shifting customer needs. We believe this approach positions Lineage to continue building durable, long-term value,” concluded Lehmkuhl.\n \n \n \n Initiating Full-Year 2026 Guidance\n \n \n \n Lineage expects full-year 2026 adjusted EBITDA of $1.25 to $1.30 billion and Adjusted FFO (\"AFFO\") per share of $2.75 to $3.00.\n \n \n The Company's guidance excludes the impact of unannounced future acquisitions or developments.\n \n \n Please refer to Lineage's Earnings Presentation and Supplemental Information for additional details related to the Company's guidance.\n \n \n \n Fourth-Quarter and Full-Year 2025 Financial Results Conference Call and Earnings Presentation with Supplemental\n \n \n \n Please visit ir.onelineage.com/events-and-presentations to view Lineage’s fourth-quarter and full-year 2025 Earnings Presentation and Supplemental Information.\n \n \n Lineage will host a conference call and webcast today at 8:00 a.m. Eastern Time to discuss the Company’s fourth-quarter and full-year 2025 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.\n \n \n \n About Lineage\n \n \n \n Lineage, Inc. (NASDAQ: LINE) is the world’s largest global temperature-controlled warehouse REIT with a network of over 500 strategically located facilities totaling approximately 88 million square feet and approximately 3.1 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\n \n onelineage.com\n \n and join us on\n \n LinkedIn\n \n ,\n \n Facebook\n \n ,\n \n Instagram\n \n , and\n \n X\n \n .\n \n \n \n Forward-Looking Statements\n \n \n \n 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; the impact of tariffs and global trade disruptions on us and our customers; other risks inherent in the real estate business, including customer defaults, potential liability related to environmental matters, illiquidity of real estate investments and potential damages from natural disasters; the availability of suitable acquisitions and our ability to acquire 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 and greenfield developments; 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 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; risks associated with artificial intelligence; our failure to maintain an effective system of internal control over financial reporting; our failure to maintain our status as a real estate investment trust (“REIT”) for U.S. federal income tax purposes; changes in local, state, federal, and international laws and regulations, including related to taxation, tariffs, real estate and zoning laws, and increases in real property tax rates, and challenges to our tax positions; the impact of any financial, accounting, legal, tax or regulatory issues or litigation that may affect us; and any other risks discussed in the Company’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. Should one or 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.\n \n \n 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.\n \n \n \n Availability of Information on Lineage's Website and Social Media Channels\n \n \n \n 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.\n \n \n \n \n \n \n LINEAGE, INC. AND SUBSIDIARIES\n \n \n \n \n CONSOLIDATED BALANCE SHEETS\n \n \n \n \n (in millions, except par values)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n December 31,\n \n \n \n \n \n \n \n \n \n \n December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n Assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash, cash equivalents, and restricted cash\n \n \n \n \n $\n \n \n \n \n 66\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 175\n \n \n \n \n \n \n \n \n \n \n Accounts receivable, net\n \n \n \n \n \n \n \n \n 896\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 826\n \n \n \n \n \n \n \n \n \n \n Inventories\n \n \n \n \n \n \n \n \n 145\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 187\n \n \n \n \n \n \n \n \n \n \n Prepaid expenses and other current assets\n \n \n \n \n \n \n \n \n 132\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 97\n \n \n \n \n \n \n \n \n \n \n Total current assets\n \n \n \n \n \n \n \n \n 1,239\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,285\n \n \n \n \n \n \n \n \n \n \n Non-current assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant, and equipment, net\n \n \n \n \n \n \n \n \n 11,338\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 10,627\n \n \n \n \n \n \n \n \n \n \n Finance lease right-of-use assets, net\n \n \n \n \n \n \n \n \n 1,101\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,254\n \n \n \n \n \n \n \n \n \n \n Operating lease right-of-use assets, net\n \n \n \n \n \n \n \n \n 616\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 627\n \n \n \n \n \n \n \n \n \n \n Equity method investments\n \n \n \n \n \n \n \n \n 131\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 124\n \n \n \n \n \n \n \n \n \n \n Goodwill\n \n \n \n \n \n \n \n \n 3,466\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3,338\n \n \n \n \n \n \n \n \n \n \n Other intangible assets, net\n \n \n \n \n \n \n \n \n 1,090\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,127\n \n \n \n \n \n \n \n \n \n \n Other assets\n \n \n \n \n \n \n \n \n 204\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 279\n \n \n \n \n \n \n \n \n \n \n Total assets\n \n \n \n \n $\n \n \n \n \n 19,185\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 18,661\n \n \n \n \n \n \n \n \n \n \n \n Liabilities, Redeemable Noncontrolling Interests, and Equity\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Accounts payable and accrued liabilities\n \n \n \n \n $\n \n \n \n \n 1,331\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,220\n \n \n \n \n \n \n \n \n \n \n Accrued dividends and distributions\n \n \n \n \n \n \n \n \n 134\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 134\n \n \n \n \n \n \n \n \n \n \n Deferred revenue\n \n \n \n \n \n \n \n \n 81\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 83\n \n \n \n \n \n \n \n \n \n \n Current portion of long-term debt, net\n \n \n \n \n \n \n \n \n 2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 56\n \n \n \n \n \n \n \n \n \n \n Total current liabilities\n \n \n \n \n \n \n \n \n 1,548\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,493\n \n \n \n \n \n \n \n \n \n \n Non-current liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Long-term finance lease obligations\n \n \n \n \n \n \n \n \n 1,216\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,249\n \n \n \n \n \n \n \n \n \n \n Long-term operating lease obligations\n \n \n \n \n \n \n \n \n 599\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 605\n \n \n \n \n \n \n \n \n \n \n Deferred income tax liability\n \n \n \n \n \n \n \n \n 303\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 304\n \n \n \n \n \n \n \n \n \n \n Long-term debt, net\n \n \n \n \n \n \n \n \n 6,107\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4,906\n \n \n \n \n \n \n \n \n \n \n Other long-term liabilities\n \n \n \n \n \n \n \n \n 169\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 410\n \n \n \n \n \n \n \n \n \n \n Total liabilities\n \n \n \n \n \n \n \n \n 9,942\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8,967\n \n \n \n \n \n \n \n \n \n \n Commitments and contingencies\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Redeemable noncontrolling interests\n \n \n \n \n \n \n \n \n 7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 43\n \n \n \n \n \n \n \n \n \n \n Stockholders’ equity:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Common stock, $0.01 par value per share – 500 authorized shares; 227 issued and outstanding at December 31, 2025 and 228 issued and outstanding at December 31, 2024\n \n \n \n \n \n \n \n \n 2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2\n \n \n \n \n \n \n \n \n \n \n Additional paid-in capital - common stock\n \n \n \n \n \n \n \n \n 10,780\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 10,764\n \n \n \n \n \n \n \n \n \n \n Retained earnings (accumulated deficit)\n \n \n \n \n \n \n \n \n (2,439\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (1,855\n \n \n \n \n )\n \n \n \n \n \n \n Accumulated other comprehensive income (loss)\n \n \n \n \n \n \n \n \n (97\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (273\n \n \n \n \n )\n \n \n \n \n \n \n Total stockholders’ equity\n \n \n \n \n \n \n \n \n 8,246\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8,638\n \n \n \n \n \n \n \n \n \n \n Noncontrolling interests\n \n \n \n \n \n \n \n \n 990\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,013\n \n \n \n \n \n \n \n \n \n \n Total equity\n \n \n \n \n \n \n \n \n 9,236\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9,651\n \n \n \n \n \n \n \n \n \n \n Total liabilities, redeemable noncontrolling interests, and equity\n \n \n \n \n $\n \n \n \n \n 19,185\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 18,661\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LINEAGE, INC. AND SUBSIDIARIES\n \n \n \n \n CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)\n \n \n \n \n (in millions, except per share amounts)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Three Months Ended\n \n December 31,\n \n \n \n \n \n \n \n \n \n \n Year Ended\n \n December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n Net revenues\n \n \n \n \n $\n \n \n \n \n 1,336\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,339\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 5,355\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 5,340\n \n \n \n \n \n \n \n \n \n \n Cost of operations\n \n \n \n \n \n \n \n \n 906\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 906\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3,634\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3,578\n \n \n \n \n \n \n \n \n \n \n General and administrative expense\n \n \n \n \n \n \n \n \n 132\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 145\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 574\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 539\n \n \n \n \n \n \n \n \n \n \n Depreciation expense\n \n \n \n \n \n \n \n \n 173\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 181\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 675\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 659\n \n \n \n \n \n \n \n \n \n \n Amortization expense\n \n \n \n \n \n \n \n \n 56\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 55\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 220\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 217\n \n \n \n \n \n \n \n \n \n \n Acquisition, transaction, and other expense\n \n \n \n \n \n \n \n \n 3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 39\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 67\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 651\n \n \n \n \n \n \n \n \n \n \n Goodwill impairment\n \n \n \n \n \n \n \n \n 20\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 48\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Restructuring, impairment, and (gain) loss on disposals\n \n \n \n \n \n \n \n \n (21\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 34\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (44\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 57\n \n \n \n \n \n \n \n \n \n \n Total operating expense\n \n \n \n \n \n \n \n \n 1,269\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,360\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5,174\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5,701\n \n \n \n \n \n \n \n \n \n \n Income from operations\n \n \n \n \n \n \n \n \n 67\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (21\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 181\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (361\n \n \n \n \n )\n \n \n \n \n \n \n Other income (expense):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity income (loss), net of tax\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (6\n \n \n \n \n )\n \n \n \n \n \n \n Gain (loss) on foreign currency transactions, net\n \n \n \n \n \n \n \n \n (8\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (30\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 28\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (25\n \n \n \n \n )\n \n \n \n \n \n \n Interest expense, net\n \n \n \n \n \n \n \n \n (73\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (61\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (268\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (430\n \n \n \n \n )\n \n \n \n \n \n \n Gain (loss) on extinguishment of debt\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (4\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (17\n \n \n \n \n )\n \n \n \n \n \n \n Other nonoperating income (expense), net\n \n \n \n \n \n \n \n \n 6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (2\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (50\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (1\n \n \n \n \n )\n \n \n \n \n \n \n Total other income (expense), net\n \n \n \n \n \n \n \n \n (75\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (100\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (296\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (479\n \n \n \n \n )\n \n \n \n \n \n \n Net income (loss) before income taxes\n \n \n \n \n \n \n \n \n (8\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (121\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (115\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (840\n \n \n \n \n )\n \n \n \n \n \n \n Income tax expense (benefit)\n \n \n \n \n \n \n \n \n (14\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (41\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (2\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (89\n \n \n \n \n )\n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n \n \n \n \n 6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (80\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (113\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (751\n \n \n \n \n )\n \n \n \n \n \n \n Less: Net income (loss) attributable to noncontrolling interests\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (9\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (13\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (87\n \n \n \n \n )\n \n \n \n \n \n \n Net income (loss) attributable to Lineage, Inc.\n \n \n \n \n $\n \n \n \n \n 6\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (71\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (100\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (664\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income (loss), net of tax:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unrealized gain (loss) on interest rate hedges and foreign currency hedges\n \n \n \n \n \n \n \n \n (15\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (4\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (61\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (60\n \n \n \n \n )\n \n \n \n \n \n \n Foreign currency translation adjustments\n \n \n \n \n \n \n \n \n 35\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (236\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 258\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (207\n \n \n \n \n )\n \n \n \n \n \n \n Comprehensive income (loss)\n \n \n \n \n \n \n \n \n 26\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (320\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 84\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1,018\n \n \n \n \n )\n \n \n \n \n \n \n Less: Comprehensive income (loss) attributable to noncontrolling interests\n \n \n \n \n \n \n \n \n 2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (34\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (115\n \n \n \n \n )\n \n \n \n \n \n \n Comprehensive income (loss) attributable to Lineage, Inc.\n \n \n \n \n $\n \n \n \n \n 24\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (286\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 76\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (903\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings (loss) per share\n \n \n \n \n $\n \n \n \n \n 0.03\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (0.33\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (0.43\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (3.70\n \n \n \n \n )\n \n \n \n \n \n \n Diluted earnings (loss) per share\n \n \n \n \n $\n \n \n \n \n 0.03\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (0.33\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (0.43\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (3.70\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Weighted average common shares outstanding:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic\n \n \n \n \n \n \n \n \n 228\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 228\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 228\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 191\n \n \n \n \n \n \n \n \n \n \n Diluted\n \n \n \n \n \n \n \n \n 228\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 228\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 228\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 191\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LINEAGE, INC. AND SUBSIDIARIES\n \n \n \n \n CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY\n \n \n \n \n (in millions)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Common Stock\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Redeemable\n \n noncontrolling\n \n interests\n \n \n \n \n \n \n \n \n \n \n Number of\n \n shares\n \n \n \n \n \n \n \n \n \n \n Par value\n \n \n \n \n \n \n \n \n \n \n Additional\n \n paid-in\n \n capital\n \n \n \n \n \n \n \n \n \n \n Series A\n \n preferred\n \n stock\n \n \n \n \n \n \n \n \n \n \n Retained\n \n earnings\n \n (accumulated\n \n deficit)\n \n \n \n \n \n \n \n \n \n \n Accumulated\n \n other\n \n comprehensive\n \n income (loss)\n \n \n \n \n \n \n \n \n \n \n Noncontrolling\n \n interests\n \n \n \n \n \n \n \n \n \n \n Total\n \n \n \n equity\n \n \n \n \n \n \n \n Balance as of December 31, 2023\n \n \n \n \n $\n \n \n \n \n 349\n \n \n \n \n \n \n \n \n \n \n \n \n 162\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 5,961\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (879\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (34\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 622\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 5,673\n \n \n \n \n \n \n \n \n \n \n Common stock issuances, net of equity raise costs\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 65\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 4,874\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4,874\n \n \n \n \n \n \n \n \n \n \n Assumption of the Put Option liability\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (103\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (103\n \n \n \n \n )\n \n \n \n \n \n \n Dividends ($0.91 per common share) and other distributions ($0.91 per OP Unit and OPEU)\n \n \n \n \n \n \n \n \n (1\n \n \n \n \n )\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (209\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (50\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (259\n \n \n \n \n )\n \n \n \n \n \n \n Stock-based compensation\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 176\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 39\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 215\n \n \n \n \n \n \n \n \n \n \n Withholding of common stock for employee taxes\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (1\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (46\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (46\n \n \n \n \n )\n \n \n \n \n \n \n Other comprehensive income (loss)\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (239\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (28\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (267\n \n \n \n \n )\n \n \n \n \n \n \n Conversion of Management Profits Interests Class C units\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (61\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 61\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Redemption of preferred shares and OPEUs\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (46\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (1\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (29\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (76\n \n \n \n \n )\n \n \n \n \n \n \n Reimbursement of Advance Distributions\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 198\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 198\n \n \n \n \n \n \n \n \n \n \n Redemption of redeemable noncontrolling interests\n \n \n \n \n \n \n \n \n (6\n \n \n \n \n )\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Redemption of common stock\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (42\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (42\n \n \n \n \n )\n \n \n \n \n \n \n Reclassification of the Preference Shares\n \n \n \n \n \n \n \n \n (229\n \n \n \n \n )\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (22\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (22\n \n \n \n \n )\n \n \n \n \n \n \n Issuance of OPEUs and settlement of Class D Units\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 114\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 73\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 187\n \n \n \n \n \n \n \n \n \n \n Expiration of redemption option\n \n \n \n \n \n \n \n \n (92\n \n \n \n \n )\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 65\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 27\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 92\n \n \n \n \n \n \n \n \n \n \n Redeemable noncontrolling interest redemption value adjustment\n \n \n \n \n \n \n \n \n 23\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (23\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (23\n \n \n \n \n )\n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n \n \n \n \n (1\n \n \n \n \n )\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (664\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (86\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (750\n \n \n \n \n )\n \n \n \n \n \n \n Reallocation of noncontrolling interests\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (186\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 186\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Balance as of December 31, 2024\n \n \n \n \n $\n \n \n \n \n 43\n \n \n \n \n \n \n \n \n \n \n \n \n 228\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 10,764\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (1,855\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (273\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,013\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 9,651\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LINEAGE, INC. AND SUBSIDIARIES\n \n \n \n \n CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY\n \n \n \n \n (in millions)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Common Stock\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Redeemable\n \n noncontrolling\n \n interests\n \n \n \n \n \n \n \n \n \n \n Number of\n \n shares\n \n \n \n \n \n \n \n \n \n \n Par value\n \n \n \n \n \n \n \n \n \n \n Additional\n \n paid-in\n \n capital\n \n \n \n \n \n \n \n \n \n \n Retained\n \n earnings\n \n (accumulated\n \n deficit)\n \n \n \n \n \n \n \n \n \n \n Accumulated\n \n other\n \n comprehensive\n \n income (loss)\n \n \n \n \n \n \n \n \n \n \n Noncontrolling\n \n interests\n \n \n \n \n \n \n \n \n \n \n Total\n \n \n \n equity\n \n \n \n \n \n \n \n Balance as of December 31, 2024\n \n \n \n \n $\n \n \n \n \n 43\n \n \n \n \n \n \n \n \n \n \n \n \n 228\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 10,764\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (1,855\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (273\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,013\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 9,651\n \n \n \n \n \n \n \n \n \n \n Dividends ($2.11 per common share) and other distributions ($2.11 per OP Unit and OPEU)\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (484\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (55\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (539\n \n \n \n \n )\n \n \n \n \n \n \n Stock-based compensation\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 78\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 48\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 126\n \n \n \n \n \n \n \n \n \n \n Withholding of common stock for employee taxes\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (12\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (12\n \n \n \n \n )\n \n \n \n \n \n \n Other comprehensive income (loss)\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 176\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 21\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 197\n \n \n \n \n \n \n \n \n \n \n Redemption of redeemable noncontrolling interests\n \n \n \n \n \n \n \n \n (28\n \n \n \n \n )\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Redemption of common stock\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (2\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n (82\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (82\n \n \n \n \n )\n \n \n \n \n \n \n Expiration of redemption option\n \n \n \n \n \n \n \n \n (6\n \n \n \n \n )\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6\n \n \n \n \n \n \n \n \n \n \n Redeemable noncontrolling interest redemption value adjustment\n \n \n \n \n \n \n \n \n (2\n \n \n \n \n )\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2\n \n \n \n \n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (100\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (13\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (113\n \n \n \n \n )\n \n \n \n \n \n \n Reallocation of noncontrolling interests\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 20\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (20\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n OP Units reclassification\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n 10\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (10\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Balance as of December 31, 2025\n \n \n \n \n $\n \n \n \n \n 7\n \n \n \n \n \n \n \n \n \n \n \n \n 227\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 10,780\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (2,439\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (97\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 990\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 9,236\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LINEAGE, INC. AND SUBSIDIARIES\n \n \n \n \n CONSOLIDATED STATEMENTS OF CASH FLOWS\n \n \n \n \n (in millions)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Year Ended December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from operating activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n $\n \n \n \n \n (113\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (751\n \n \n \n \n )\n \n \n \n \n \n \n Adjustments to reconcile net income (loss) to net cash provided by operating activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Provision for credit losses\n \n \n \n \n \n \n \n \n 6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5\n \n \n \n \n \n \n \n \n \n \n Impairment of long-lived assets and other intangible assets\n \n \n \n \n \n \n \n \n 4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 98\n \n \n \n \n \n \n \n \n \n \n Goodwill impairment\n \n \n \n \n \n \n \n \n 48\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Gain on insurance recovery\n \n \n \n \n \n \n \n \n (58\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (76\n \n \n \n \n )\n \n \n \n \n \n \n Depreciation and amortization\n \n \n \n \n \n \n \n \n 895\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 876\n \n \n \n \n \n \n \n \n \n \n (Gain) loss on extinguishment of debt, net\n \n \n \n \n \n \n \n \n 3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 17\n \n \n \n \n \n \n \n \n \n \n Amortization of deferred financing costs, discount, and above/below market debt\n \n \n \n \n \n \n \n \n 12\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 19\n \n \n \n \n \n \n \n \n \n \n Stock-based compensation\n \n \n \n \n \n \n \n \n 126\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 215\n \n \n \n \n \n \n \n \n \n \n (Gain) loss on foreign currency transactions, net\n \n \n \n \n \n \n \n \n (28\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 25\n \n \n \n \n \n \n \n \n \n \n Deferred income tax\n \n \n \n \n \n \n \n \n (16\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (105\n \n \n \n \n )\n \n \n \n \n \n \n Put Options fair value adjustment\n \n \n \n \n \n \n \n \n 30\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 31\n \n \n \n \n \n \n \n \n \n \n Proceeds from insurance recoveries - business interruption\n \n \n \n \n \n \n \n \n 8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n (Gain) loss on divestitures, net\n \n \n \n \n \n \n \n \n 52\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n (Gain) loss from sale of assets, net\n \n \n \n \n \n \n \n \n (23\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 10\n \n \n \n \n \n \n \n \n \n \n Vesting of Class D interests\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 185\n \n \n \n \n \n \n \n \n \n \n One-time Internalization expense to Bay Grove\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 200\n \n \n \n \n \n \n \n \n \n \n Other operating activities\n \n \n \n \n \n \n \n \n 8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9\n \n \n \n \n \n \n \n \n \n \n Changes in operating assets and liabilities (excluding effects of acquisitions):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Accounts receivable\n \n \n \n \n \n \n \n \n (37\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 64\n \n \n \n \n \n \n \n \n \n \n Prepaid expenses, other assets, and other long-term liabilities\n \n \n \n \n \n \n \n \n (11\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (29\n \n \n \n \n )\n \n \n \n \n \n \n Inventories\n \n \n \n \n \n \n \n \n (5\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (18\n \n \n \n \n )\n \n \n \n \n \n \n Accounts payable and accrued liabilities and deferred revenue\n \n \n \n \n \n \n \n \n 40\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (85\n \n \n \n \n )\n \n \n \n \n \n \n Right-of-use assets and lease obligations\n \n \n \n \n \n \n \n \n 2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 13\n \n \n \n \n \n \n \n \n \n \n Net cash provided by operating activities\n \n \n \n \n \n \n \n \n 943\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 703\n \n \n \n \n \n \n \n \n \n \n \n Cash flows from investing activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Acquisitions, net of cash acquired\n \n \n \n \n \n \n \n \n (443\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (346\n \n \n \n \n )\n \n \n \n \n \n \n Purchase of property, plant, and equipment\n \n \n \n \n \n \n \n \n (747\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (691\n \n \n \n \n )\n \n \n \n \n \n \n Proceeds from sale of assets\n \n \n \n \n \n \n \n \n 70\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7\n \n \n \n \n \n \n \n \n \n \n Proceeds from divestiture, net of cash\n \n \n \n \n \n \n \n \n 14\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Proceeds from insurance recovery on impaired long-lived assets\n \n \n \n \n \n \n \n \n 51\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 105\n \n \n \n \n \n \n \n \n \n \n Investments in Emergent Cold LatAm Holdings, LLC\n \n \n \n \n \n \n \n \n (9\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (20\n \n \n \n \n )\n \n \n \n \n \n \n Proceeds from repayment of notes by related parties\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15\n \n \n \n \n \n \n \n \n \n \n Other investing activity\n \n \n \n \n \n \n \n \n (3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 11\n \n \n \n \n \n \n \n \n \n \n Net cash used in investing activities\n \n \n \n \n \n \n \n \n (1,067\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (919\n \n \n \n \n )\n \n \n \n \n \n \n \n Cash flows from financing activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Dividends and other distributions\n \n \n \n \n \n \n \n \n (537\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (234\n \n \n \n \n )\n \n \n \n \n \n \n Redemption of redeemable noncontrolling interests\n \n \n \n \n \n \n \n \n (28\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (6\n \n \n \n \n )\n \n \n \n \n \n \n Repurchase of common shares for employee income taxes on stock-based compensation\n \n \n \n \n \n \n \n \n (12\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (46\n \n \n \n \n )\n \n \n \n \n \n \n Financing fees\n \n \n \n \n \n \n \n \n (13\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (45\n \n \n \n \n )\n \n \n \n \n \n \n Proceeds from long-term debt, net of discount\n \n \n \n \n \n \n \n \n 1,298\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2,481\n \n \n \n \n \n \n \n \n \n \n Repayments of long-term debt and finance leases\n \n \n \n \n \n \n \n \n (231\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (7,112\n \n \n \n \n )\n \n \n \n \n \n \n Payment of deferred and contingent consideration liabilities\n \n \n \n \n \n \n \n \n (6\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (46\n \n \n \n \n )\n \n \n \n \n \n \n Borrowings on Revolving Credit Facility\n \n \n \n \n \n \n \n \n 2,834\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4,112\n \n \n \n \n \n \n \n \n \n \n Repayments on Revolving Credit Facility\n \n \n \n \n \n \n \n \n (3,060\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (3,512\n \n \n \n \n )\n \n \n \n \n \n \n Settlement of Put Option liability\n \n \n \n \n \n \n \n \n (144\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (27\n \n \n \n \n )\n \n \n \n \n \n \n Issuance of common stock in IPO, net of equity raise costs\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4,879\n \n \n \n \n \n \n \n \n \n \n Redemption of units issued as stock compensation\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (2\n \n \n \n \n )\n \n \n \n \n \n \n Redemption of common stock\n \n \n \n \n \n \n \n \n (82\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (42\n \n \n \n \n )\n \n \n \n \n \n \n Redemption of OPEUs\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (75\n \n \n \n \n )\n \n \n \n \n \n \n Other financing activity\n \n \n \n \n \n \n \n \n (5\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (5\n \n \n \n \n )\n \n \n \n \n \n \n Net cash provided by financing activities\n \n \n \n \n \n \n \n \n 14\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 320\n \n \n \n \n \n \n \n \n \n \n Impact of foreign exchange rates on cash, cash equivalents, and restricted cash\n \n \n \n \n \n \n \n \n 1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Net increase (decrease) in cash, cash equivalents, and restricted cash\n \n \n \n \n \n \n \n \n (109\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 104\n \n \n \n \n \n \n \n \n \n \n Cash, cash equivalents, and restricted cash at the beginning of the period\n \n \n \n \n \n \n \n \n 175\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 71\n \n \n \n \n \n \n \n \n \n \n \n Cash, cash equivalents, and restricted cash at the end of the period\n \n \n \n \n \n $\n \n \n \n \n 66\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 175\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Global Warehousing Segment\n \n \n \n \n The following table presents the operating results of our global warehousing segment for the three months ended December 31, 2025 and 2024.\n \n \n \n \n \n \n \n \n \n \n Three Months Ended December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change\n \n \n \n \n \n \n \n \n \n \n \n \n \n (in millions except revenue per pallet)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n \n \n \n $\n \n \n \n \n 537\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 508\n \n \n \n \n \n \n \n \n \n \n \n \n 5.7\n \n \n \n \n %\n \n \n \n \n \n \n Warehouse services\n \n \n \n \n \n \n \n \n 486\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 472\n \n \n \n \n \n \n \n \n \n \n \n \n 3.0\n \n \n \n \n %\n \n \n \n \n \n \n \n Total global warehousing segment revenues\n \n \n \n \n \n \n \n \n \n \n 1,023\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 980\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.4\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n Labor\n \n (1)\n \n \n \n \n \n \n \n \n \n 389\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 355\n \n \n \n \n \n \n \n \n \n \n \n \n 9.6\n \n \n \n \n %\n \n \n \n \n \n \n Power\n \n \n \n \n \n \n \n \n 56\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 53\n \n \n \n \n \n \n \n \n \n \n \n \n 5.7\n \n \n \n \n %\n \n \n \n \n \n \n Other warehouse costs\n \n (2)\n \n \n \n \n \n \n \n \n \n 205\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 190\n \n \n \n \n \n \n \n \n \n \n \n \n 7.9\n \n \n \n \n %\n \n \n \n \n \n \n \n Total global warehousing segment cost of operations\n \n \n \n \n \n \n \n \n \n \n 650\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 598\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8.7\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n \n Global warehousing segment NOI\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 373\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 382\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (2.4\n \n \n \n \n \n \n )%\n \n \n \n \n \n \n \n Total global warehousing segment margin\n \n \n \n \n \n \n \n \n 36.5\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 39.0\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (250\n \n \n \n \n ) bps\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Number of warehouse sites\n \n \n \n \n \n \n \n \n 482\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 469\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n (3)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average economic occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average occupied economic pallets (in thousands)\n \n \n \n \n \n \n \n \n 8,530\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8,339\n \n \n \n \n \n \n \n \n \n \n \n \n 2.3\n \n \n \n \n %\n \n \n \n \n \n \n Economic occupancy percentage\n \n \n \n \n \n \n \n \n 83.5\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 83.9\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (40\n \n \n \n \n ) bps\n \n \n \n \n \n \n Storage revenue per economic occupied pallet\n \n \n \n \n $\n \n \n \n \n 62.86\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 60.99\n \n \n \n \n \n \n \n \n \n \n \n \n 3.1\n \n \n \n \n %\n \n \n \n \n \n \n \n Average physical occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average physical occupied pallets (in thousands)\n \n \n \n \n \n \n \n \n 7,948\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7,764\n \n \n \n \n \n \n \n \n \n \n \n \n 2.4\n \n \n \n \n %\n \n \n \n \n \n \n Average physical pallet positions (in thousands)\n \n \n \n \n \n \n \n \n 10,219\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9,935\n \n \n \n \n \n \n \n \n \n \n \n \n 2.9\n \n \n \n \n %\n \n \n \n \n \n \n Physical occupancy percentage\n \n \n \n \n \n \n \n \n 77.8\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 78.1\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (30\n \n \n \n \n ) bps\n \n \n \n \n \n \n Storage revenue per physical occupied pallet\n \n \n \n \n $\n \n \n \n \n 67.46\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 65.50\n \n \n \n \n \n \n \n \n \n \n \n \n 3.0\n \n \n \n \n %\n \n \n \n \n \n \n \n \n Warehouse services\n \n (3)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Throughput pallets (in thousands)\n \n \n \n \n \n \n \n \n 14,033\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 13,334\n \n \n \n \n \n \n \n \n \n \n \n \n 5.2\n \n \n \n \n %\n \n \n \n \n \n \n Warehouse services revenue per throughput pallet\n \n \n \n \n $\n \n \n \n \n 31.73\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 32.46\n \n \n \n \n \n \n \n \n \n \n \n \n (2.2\n \n \n \n \n )%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1) Labor cost of operations excludes $3 million and less than a million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended December 31, 2025 and 2024, respectively.\n \n \n \n \n \n \n \n \n (2) Includes real estate rent expense (operating leases) of $24 million and $24 million for the three months ended December 31, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $5 million and $6 million for the three months ended December 31, 2025 and 2024, respectively.\n \n \n \n \n \n \n \n \n (3) Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf (“managed sites”).\n \n \n \n \n \n \n \n \n \n \n \n Global Warehousing Segment\n \n \n \n \n The following table presents the operating results of our global warehousing segment for the years ended December 31, 2025 and 2024.\n \n \n \n \n \n \n \n \n \n \n Year Ended December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change\n \n \n \n \n \n \n \n \n \n \n \n \n \n (in millions except revenue per pallet)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n \n \n \n $\n \n \n \n \n 2,060\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2,042\n \n \n \n \n \n \n \n \n \n \n \n \n 0.9\n \n \n \n \n %\n \n \n \n \n \n \n Warehouse services\n \n \n \n \n \n \n \n \n 1,890\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,845\n \n \n \n \n \n \n \n \n \n \n \n \n 2.4\n \n \n \n \n %\n \n \n \n \n \n \n \n Total global warehousing segment revenues\n \n \n \n \n \n \n \n \n \n \n 3,950\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3,887\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1.6\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n Labor\n \n (1)\n \n \n \n \n \n \n \n \n \n 1,498\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,417\n \n \n \n \n \n \n \n \n \n \n \n \n 5.7\n \n \n \n \n %\n \n \n \n \n \n \n Power\n \n \n \n \n \n \n \n \n 218\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 208\n \n \n \n \n \n \n \n \n \n \n \n \n 4.8\n \n \n \n \n %\n \n \n \n \n \n \n Other warehouse costs\n \n (2)\n \n \n \n \n \n \n \n \n \n 750\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 728\n \n \n \n \n \n \n \n \n \n \n \n \n 3.0\n \n \n \n \n %\n \n \n \n \n \n \n \n Total global warehousing segment cost of operations\n \n \n \n \n \n \n \n \n \n \n 2,466\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2,353\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.8\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n \n Global warehousing segment NOI\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1,484\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1,534\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (3.3\n \n \n \n \n \n \n )%\n \n \n \n \n \n \n \n Total global warehousing segment margin\n \n \n \n \n \n \n \n \n 37.6\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 39.5\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (190\n \n \n \n \n ) bps\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Number of warehouse sites\n \n \n \n \n \n \n \n \n 482\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 469\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n (3)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average economic occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average occupied economic pallets (in thousands)\n \n \n \n \n \n \n \n \n 8,194\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8,175\n \n \n \n \n \n \n \n \n \n \n \n \n 0.2\n \n \n \n \n %\n \n \n \n \n \n \n Economic occupancy percentage\n \n \n \n \n \n \n \n \n 81.0\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 83.1\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (210\n \n \n \n \n ) bps\n \n \n \n \n \n \n Storage revenue per economic occupied pallet\n \n \n \n \n $\n \n \n \n \n 251.15\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 249.82\n \n \n \n \n \n \n \n \n \n \n \n \n 0.5\n \n \n \n \n %\n \n \n \n \n \n \n \n Average physical occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average physical occupied pallets (in thousands)\n \n \n \n \n \n \n \n \n 7,597\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7,569\n \n \n \n \n \n \n \n \n \n \n \n \n 0.4\n \n \n \n \n %\n \n \n \n \n \n \n Average physical pallet positions (in thousands)\n \n \n \n \n \n \n \n \n 10,119\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9,836\n \n \n \n \n \n \n \n \n \n \n \n \n 2.9\n \n \n \n \n %\n \n \n \n \n \n \n Physical occupancy percentage\n \n \n \n \n \n \n \n \n 75.1\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 77.0\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (190\n \n \n \n \n ) bps\n \n \n \n \n \n \n Storage revenue per physical occupied pallet\n \n \n \n \n $\n \n \n \n \n 270.95\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 269.82\n \n \n \n \n \n \n \n \n \n \n \n \n 0.4\n \n \n \n \n %\n \n \n \n \n \n \n \n \n Warehouse services\n \n (3)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Throughput pallets (in thousands)\n \n \n \n \n \n \n \n \n 54,284\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 52,573\n \n \n \n \n \n \n \n \n \n \n \n \n 3.3\n \n \n \n \n %\n \n \n \n \n \n \n Warehouse services revenue per throughput pallet\n \n \n \n \n $\n \n \n \n \n 31.92\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 32.17\n \n \n \n \n \n \n \n \n \n \n \n \n (0.8\n \n \n \n \n )%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1) Labor cost of operations excludes $9 million and $1 million of stock-based compensation expense and related employer-paid payroll taxes for the year ended December 31, 2025 and 2024, respectively.\n \n \n \n \n \n \n \n \n (2) Includes real estate rent expense (operating leases) of $93 million and $99 million for the year ended December 31, 2025 and 2024, respectively, and non-real estate rent expense (equipment lease and rentals) of $19 million and $18 million for the year ended December 31, 2025 and 2024, respectively.\n \n \n \n \n \n \n \n \n (3) Warehouse storage and warehouse services metrics exclude facilities owned or leased by the customer for which we manage the warehouse operations on their behalf (“managed sites”).\n \n \n \n \n \n \n \n \n \n \n Same Warehouse Results\n \n \n \n The following tables present revenues, cost of operations, same warehouse NOI, and margins for our same warehouses for the three months and years ended December 31, 2025 and 2024.\n \n \n \n \n \n \n \n \n \n \n Three Months Ended December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change\n \n \n \n \n \n \n \n \n \n \n \n \n \n (in millions except revenue per pallet)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n \n \n \n $\n \n \n \n \n 478\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 473\n \n \n \n \n \n \n \n \n \n \n \n \n 1.1\n \n \n \n \n %\n \n \n \n \n \n \n Warehouse services\n \n \n \n \n \n \n \n \n 423\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 435\n \n \n \n \n \n \n \n \n \n \n \n \n (2.8\n \n \n \n \n )%\n \n \n \n \n \n \n \n Total same warehouse revenues\n \n \n \n \n \n \n \n \n \n \n 901\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 908\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (0.8\n \n \n \n \n \n \n )%\n \n \n \n \n \n \n \n Labor\n \n \n \n \n \n \n \n \n 338\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 330\n \n \n \n \n \n \n \n \n \n \n \n \n 2.4\n \n \n \n \n %\n \n \n \n \n \n \n Power\n \n \n \n \n \n \n \n \n 49\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 48\n \n \n \n \n \n \n \n \n \n \n \n \n 2.1\n \n \n \n \n %\n \n \n \n \n \n \n Other warehouse costs\n \n \n \n \n \n \n \n \n 174\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 172\n \n \n \n \n \n \n \n \n \n \n \n \n 1.2\n \n \n \n \n %\n \n \n \n \n \n \n \n Total same warehouse cost of operations\n \n \n \n \n \n \n \n \n \n \n 561\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 550\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.0\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n \n Same warehouse NOI\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 340\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 358\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (5.0\n \n \n \n \n \n \n )%\n \n \n \n \n \n \n \n Total same warehouse margin\n \n \n \n \n \n \n \n \n 37.7\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 39.4\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (170\n \n \n \n \n ) bps\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Number of same warehouse sites\n \n \n \n \n \n \n \n \n 413\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 413\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n (1)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Economic occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average occupied economic pallets (in thousands)\n \n \n \n \n \n \n \n \n 7,663\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7,718\n \n \n \n \n \n \n \n \n \n \n \n \n (0.7\n \n \n \n \n )%\n \n \n \n \n \n \n Economic occupancy percentage\n \n \n \n \n \n \n \n \n 85.3\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 85.7\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (40\n \n \n \n \n ) bps\n \n \n \n \n \n \n Storage revenue per economic occupied pallet\n \n \n \n \n $\n \n \n \n \n 62.35\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 61.37\n \n \n \n \n \n \n \n \n \n \n \n \n 1.6\n \n \n \n \n %\n \n \n \n \n \n \n \n Physical occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average physical occupied pallets (in thousands)\n \n \n \n \n \n \n \n \n 7,123\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7,185\n \n \n \n \n \n \n \n \n \n \n \n \n (0.9\n \n \n \n \n )%\n \n \n \n \n \n \n Average physical pallet positions (in thousands)\n \n \n \n \n \n \n \n \n 8,981\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9,007\n \n \n \n \n \n \n \n \n \n \n \n \n (0.3\n \n \n \n \n )%\n \n \n \n \n \n \n Physical occupancy percentage\n \n \n \n \n \n \n \n \n 79.3\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 79.8\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (50\n \n \n \n \n ) bps\n \n \n \n \n \n \n Storage revenue per physical occupied pallet\n \n \n \n \n $\n \n \n \n \n 67.07\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 65.93\n \n \n \n \n \n \n \n \n \n \n \n \n 1.7\n \n \n \n \n %\n \n \n \n \n \n \n \n \n Warehouse services\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Throughput pallets (in thousands)\n \n \n \n \n \n \n \n \n 11,943\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 12,290\n \n \n \n \n \n \n \n \n \n \n \n \n (2.8\n \n \n \n \n )%\n \n \n \n \n \n \n Warehouse services revenue per throughput pallet\n \n \n \n \n $\n \n \n \n \n 31.97\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 32.19\n \n \n \n \n \n \n \n \n \n \n \n \n (0.7\n \n \n \n \n )%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1) Warehouse storage and warehouse services metrics exclude managed sites.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Year Ended December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change\n \n \n \n \n \n \n \n \n \n \n \n \n \n (in millions except revenue per pallet)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n \n \n \n $\n \n \n \n \n 1,860\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,899\n \n \n \n \n \n \n \n \n \n \n \n \n (2.1\n \n \n \n \n )%\n \n \n \n \n \n \n Warehouse services\n \n \n \n \n \n \n \n \n 1,679\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,725\n \n \n \n \n \n \n \n \n \n \n \n \n (2.7\n \n \n \n \n )%\n \n \n \n \n \n \n \n Total same warehouse revenues\n \n \n \n \n \n \n \n \n \n \n 3,539\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3,624\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (2.3\n \n \n \n \n \n \n )%\n \n \n \n \n \n \n \n Labor\n \n \n \n \n \n \n \n \n 1,329\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,328\n \n \n \n \n \n \n \n \n \n \n \n \n 0.1\n \n \n \n \n %\n \n \n \n \n \n \n Power\n \n \n \n \n \n \n \n \n 192\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 191\n \n \n \n \n \n \n \n \n \n \n \n \n 0.5\n \n \n \n \n %\n \n \n \n \n \n \n Other warehouse costs\n \n \n \n \n \n \n \n \n 654\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 657\n \n \n \n \n \n \n \n \n \n \n \n \n (0.5\n \n \n \n \n )%\n \n \n \n \n \n \n \n Total same warehouse cost of operations\n \n \n \n \n \n \n \n \n \n \n 2,175\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2,176\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n \n Same warehouse NOI\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1,364\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1,448\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (5.8\n \n \n \n \n \n \n )%\n \n \n \n \n \n \n \n Total same warehouse margin\n \n \n \n \n \n \n \n \n 38.5\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 40.0\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (150\n \n \n \n \n ) bps\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Number of same warehouse sites\n \n \n \n \n \n \n \n \n 413\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 413\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n \n (1)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Economic occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average occupied economic pallets (in thousands)\n \n \n \n \n \n \n \n \n 7,429\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7,589\n \n \n \n \n \n \n \n \n \n \n \n \n (2.1\n \n \n \n \n )%\n \n \n \n \n \n \n Economic occupancy percentage\n \n \n \n \n \n \n \n \n 82.7\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 84.0\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (130\n \n \n \n \n ) bps\n \n \n \n \n \n \n Storage revenue per economic occupied pallet\n \n \n \n \n $\n \n \n \n \n 250.25\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 250.32\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n %\n \n \n \n \n \n \n \n Physical occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average physical occupied pallets (in thousands)\n \n \n \n \n \n \n \n \n 6,873\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7,019\n \n \n \n \n \n \n \n \n \n \n \n \n (2.1\n \n \n \n \n )%\n \n \n \n \n \n \n Average physical pallet positions (in thousands)\n \n \n \n \n \n \n \n \n 8,980\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9,037\n \n \n \n \n \n \n \n \n \n \n \n \n (0.6\n \n \n \n \n )%\n \n \n \n \n \n \n Physical occupancy percentage\n \n \n \n \n \n \n \n \n 76.5\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 77.7\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (120\n \n \n \n \n ) bps\n \n \n \n \n \n \n Storage revenue per physical occupied pallet\n \n \n \n \n $\n \n \n \n \n 270.52\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 270.68\n \n \n \n \n \n \n \n \n \n \n \n \n (0.1\n \n \n \n \n )%\n \n \n \n \n \n \n \n \n Warehouse services\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Throughput pallets (in thousands)\n \n \n \n \n \n \n \n \n 47,875\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 49,016\n \n \n \n \n \n \n \n \n \n \n \n \n (2.3\n \n \n \n \n )%\n \n \n \n \n \n \n Warehouse services revenue per throughput pallet\n \n \n \n \n $\n \n \n \n \n 31.79\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 32.07\n \n \n \n \n \n \n \n \n \n \n \n \n (0.9\n \n \n \n \n )%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1) Warehouse storage and warehouse services metrics exclude managed sites.\n \n \n \n \n \n \n \n \n \n \n \n \n Non-Same Warehouse Results\n \n \n \n The following tables present revenues, cost of operations, non-same warehouse NOI, and margins for our non-same warehouses for the three months and years ended December 31, 2025 and 2024.\n \n \n \n \n \n \n \n \n \n \n Three Months Ended December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change\n \n \n \n \n \n \n \n \n \n \n \n \n \n (in millions except revenue per pallet)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n \n \n \n $\n \n \n \n \n 59\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 35\n \n \n \n \n \n \n \n \n \n \n \n \n 68.6\n \n \n \n \n %\n \n \n \n \n \n \n Warehouse services\n \n \n \n \n \n \n \n \n 63\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 37\n \n \n \n \n \n \n \n \n \n \n \n \n 70.3\n \n \n \n \n %\n \n \n \n \n \n \n \n Total non-same warehouse revenues\n \n \n \n \n \n \n \n \n \n \n 122\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 72\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 69.4\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n Labor\n \n \n \n \n \n \n \n \n 51\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 25\n \n \n \n \n \n \n \n \n \n \n \n \n 104.0\n \n \n \n \n %\n \n \n \n \n \n \n Power\n \n \n \n \n \n \n \n \n 7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5\n \n \n \n \n \n \n \n \n \n \n \n \n 40.0\n \n \n \n \n %\n \n \n \n \n \n \n Other warehouse costs\n \n \n \n \n \n \n \n \n 31\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 18\n \n \n \n \n \n \n \n \n \n \n \n \n 72.2\n \n \n \n \n %\n \n \n \n \n \n \n \n Total non-same warehouse cost of operations\n \n \n \n \n \n \n \n \n \n \n 89\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 48\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 85.4\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n \n Non-same warehouse NOI\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 33\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 24\n \n \n \n \n \n \n \n \n \n \n \n \n \n 37.5\n \n \n \n \n %\n \n \n \n \n \n \n Total non-same warehouse margin\n \n \n \n \n \n \n \n \n 27.0\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 33.3\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (630\n \n \n \n \n ) bps\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Number of non-same warehouse sites\n \n \n \n \n \n \n \n \n 69\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 56\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n (1)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Economic occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average occupied economic pallets (in thousands)\n \n \n \n \n \n \n \n \n 867\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 621\n \n \n \n \n \n \n \n \n \n \n \n \n 39.6\n \n \n \n \n %\n \n \n \n \n \n \n Economic occupancy percentage\n \n \n \n \n \n \n \n \n 70.0\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 66.9\n \n \n \n \n %\n \n \n \n \n \n \n \n \n 310\n \n \n \n \n bps\n \n \n \n \n \n \n Storage revenue per economic occupied pallet\n \n \n \n \n $\n \n \n \n \n 67.35\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 56.27\n \n \n \n \n \n \n \n \n \n \n \n \n 19.7\n \n \n \n \n %\n \n \n \n \n \n \n \n Physical occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average physical occupied pallets (in thousands)\n \n \n \n \n \n \n \n \n 825\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 579\n \n \n \n \n \n \n \n \n \n \n \n \n 42.5\n \n \n \n \n %\n \n \n \n \n \n \n Average physical pallet positions (in thousands)\n \n \n \n \n \n \n \n \n 1,238\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 928\n \n \n \n \n \n \n \n \n \n \n \n \n 33.4\n \n \n \n \n %\n \n \n \n \n \n \n Physical occupancy percentage\n \n \n \n \n \n \n \n \n 66.6\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 62.4\n \n \n \n \n %\n \n \n \n \n \n \n \n \n 420\n \n \n \n \n bps\n \n \n \n \n \n \n Storage revenue per physical occupied pallet\n \n \n \n \n $\n \n \n \n \n 70.74\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 60.26\n \n \n \n \n \n \n \n \n \n \n \n \n 17.4\n \n \n \n \n %\n \n \n \n \n \n \n \n \n Warehouse services\n \n (1)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Throughput pallets (in thousands)\n \n \n \n \n \n \n \n \n 2,090\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,044\n \n \n \n \n \n \n \n \n \n \n \n \n 100.2\n \n \n \n \n %\n \n \n \n \n \n \n Warehouse services revenue per throughput pallet\n \n \n \n \n $\n \n \n \n \n 30.34\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 35.58\n \n \n \n \n \n \n \n \n \n \n \n \n (14.7\n \n \n \n \n )%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1) Warehouse storage and warehouse services metrics exclude managed sites.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Year Ended December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change\n \n \n \n \n \n \n \n \n \n \n \n \n \n (in millions except revenue per pallet)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n \n \n \n $\n \n \n \n \n 200\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 143\n \n \n \n \n \n \n \n \n \n \n \n \n 39.9\n \n \n \n \n %\n \n \n \n \n \n \n Warehouse services\n \n \n \n \n \n \n \n \n 211\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 120\n \n \n \n \n \n \n \n \n \n \n \n \n 75.8\n \n \n \n \n %\n \n \n \n \n \n \n \n Total non-same warehouse revenues\n \n \n \n \n \n \n \n \n \n \n 411\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 263\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 56.3\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n Labor\n \n \n \n \n \n \n \n \n 169\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 89\n \n \n \n \n \n \n \n \n \n \n \n \n 89.9\n \n \n \n \n %\n \n \n \n \n \n \n Power\n \n \n \n \n \n \n \n \n 26\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 17\n \n \n \n \n \n \n \n \n \n \n \n \n 52.9\n \n \n \n \n %\n \n \n \n \n \n \n Other warehouse costs\n \n \n \n \n \n \n \n \n 96\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 71\n \n \n \n \n \n \n \n \n \n \n \n \n 35.2\n \n \n \n \n %\n \n \n \n \n \n \n \n Total non-same warehouse cost of operations\n \n \n \n \n \n \n \n \n \n \n 291\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 177\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 64.4\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n \n Non-same warehouse NOI\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 120\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 86\n \n \n \n \n \n \n \n \n \n \n \n \n \n 39.5\n \n \n \n \n %\n \n \n \n \n \n \n Total non-same warehouse margin\n \n \n \n \n \n \n \n \n 29.2\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 32.7\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (350\n \n \n \n \n ) bps\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Number of non-same warehouse sites\n \n \n \n \n \n \n \n \n 69\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 56\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warehouse storage\n \n (1)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Economic occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average occupied economic pallets (in thousands)\n \n \n \n \n \n \n \n \n 765\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 586\n \n \n \n \n \n \n \n \n \n \n \n \n 30.5\n \n \n \n \n %\n \n \n \n \n \n \n Economic occupancy percentage\n \n \n \n \n \n \n \n \n 67.2\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 73.3\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (610\n \n \n \n \n ) bps\n \n \n \n \n \n \n Storage revenue per economic occupied pallet\n \n \n \n \n $\n \n \n \n \n 259.80\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 244.07\n \n \n \n \n \n \n \n \n \n \n \n \n 6.4\n \n \n \n \n %\n \n \n \n \n \n \n \n Physical occupancy\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average physical occupied pallets (in thousands)\n \n \n \n \n \n \n \n \n 724\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 550\n \n \n \n \n \n \n \n \n \n \n \n \n 31.6\n \n \n \n \n %\n \n \n \n \n \n \n Average physical pallet positions (in thousands)\n \n \n \n \n \n \n \n \n 1,139\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 799\n \n \n \n \n \n \n \n \n \n \n \n \n 42.6\n \n \n \n \n %\n \n \n \n \n \n \n Physical occupancy percentage\n \n \n \n \n \n \n \n \n 63.6\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 68.8\n \n \n \n \n %\n \n \n \n \n \n \n \n \n (520\n \n \n \n \n ) bps\n \n \n \n \n \n \n Storage revenue per physical occupied pallet\n \n \n \n \n $\n \n \n \n \n 275.44\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 260.15\n \n \n \n \n \n \n \n \n \n \n \n \n 5.9\n \n \n \n \n %\n \n \n \n \n \n \n \n \n Warehouse services\n \n (1)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Throughput pallets (in thousands)\n \n \n \n \n \n \n \n \n 6,409\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3,557\n \n \n \n \n \n \n \n \n \n \n \n \n 80.2\n \n \n \n \n %\n \n \n \n \n \n \n Warehouse services revenue per throughput pallet\n \n \n \n \n $\n \n \n \n \n 32.83\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 33.62\n \n \n \n \n \n \n \n \n \n \n \n \n (2.3\n \n \n \n \n )%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1) Warehouse storage and warehouse services metrics exclude managed sites.\n \n \n \n \n \n \n \n \n \n \n \n Global Integrated Solutions Segment\n \n \n \n \n The following tables present the operating results of our global integrated solutions segment for the three months and years ended December 31, 2025 and 2024.\n \n \n \n \n \n \n \n \n \n \n Three Months Ended December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change\n \n \n \n \n \n \n \n \n \n \n \n \n \n (in millions)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Global Integrated Solutions segment revenues\n \n \n \n \n $\n \n \n \n \n 313\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 359\n \n \n \n \n \n \n \n \n \n \n \n \n (12.8\n \n \n \n \n )%\n \n \n \n \n \n \n Global Integrated Solutions segment cost of operations\n \n (1)\n \n \n \n \n \n \n \n \n \n 252\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 306\n \n \n \n \n \n \n \n \n \n \n \n \n (17.6\n \n \n \n \n )%\n \n \n \n \n \n \n Global Integrated Solutions segment NOI\n \n \n \n \n \n $\n \n \n \n \n \n \n 61\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 53\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15.1\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n Global Integrated Solutions margin\n \n \n \n \n \n \n \n \n 19.5\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 14.8\n \n \n \n \n %\n \n \n \n \n \n \n \n \n 470\n \n \n \n \n bps\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1) Cost of operations excludes $1 million and $2 million of stock-based compensation expense and related employer-paid payroll taxes for the three months ended December 31, 2025 and 2024, respectively.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Year Ended December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change\n \n \n \n \n \n \n \n \n \n \n \n \n \n (in millions)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Global Integrated Solutions segment revenues\n \n \n \n \n $\n \n \n \n \n 1,405\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,453\n \n \n \n \n \n \n \n \n \n \n \n \n (3.3\n \n \n \n \n )%\n \n \n \n \n \n \n Global Integrated Solutions segment cost of operations\n \n (1)\n \n \n \n \n \n \n \n \n \n 1,154\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,222\n \n \n \n \n \n \n \n \n \n \n \n \n (5.6\n \n \n \n \n )%\n \n \n \n \n \n \n Global Integrated Solutions segment NOI\n \n \n \n \n \n $\n \n \n \n \n \n \n 251\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 231\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8.7\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n Global Integrated Solutions margin\n \n \n \n \n \n \n \n \n 17.9\n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n 15.9\n \n \n \n \n %\n \n \n \n \n \n \n \n \n 200\n \n \n \n \n bps\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1) Cost of operations excludes $5 million and $2 million of stock-based compensation expense and related employer-paid payroll taxes for the year ended December 31, 2025 and 2024, respectively.\n \n \n \n \n \n \n \n Capital Expenditures\n \n \n \n \n \n Recurring Maintenance Capital Expenditures\n \n \n \n \n The following table sets forth our recurring maintenance capital expenditures.\n \n \n \n \n \n \n \n \n \n \n Three Months Ended\n \n December 31,\n \n \n \n \n \n \n \n \n \n \n \n Year Ended\n \n December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n (in millions)\n \n \n \n \n \n \n \n \n \n \n \n \n Global warehousing\n \n \n \n \n $\n \n \n \n \n 42\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 57\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 141\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 149\n \n \n \n \n \n \n \n Global integrated solutions\n \n \n \n \n \n \n \n \n 10\n \n \n \n \n \n \n \n \n \n \n \n \n \n 11\n \n \n \n \n \n \n \n \n \n \n \n \n \n 21\n \n \n \n \n \n \n \n \n \n \n \n \n \n 21\n \n \n \n \n \n \n \n Information technology and other\n \n \n \n \n \n \n \n \n 4\n \n \n \n \n \n \n \n \n \n \n \n \n \n 4\n \n \n \n \n \n \n \n \n \n \n \n \n \n 11\n \n \n \n \n \n \n \n \n \n \n \n \n \n 25\n \n \n \n \n \n \n \n Recurring maintenance capital expenditures\n \n \n \n \n $\n \n \n \n \n 56\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 72\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 173\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 195\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Integration Capital Expenditures\n \n \n \n \n The following table sets forth our integration capital expenditures.\n \n \n \n \n \n \n \n \n \n \n Three Months Ended\n \n December 31,\n \n \n \n \n \n \n \n \n \n \n Year Ended\n \n December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n (in millions)\n \n \n \n \n \n \n \n \n \n \n \n \n Global warehousing\n \n \n \n \n $\n \n \n \n \n 26\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 33\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 68\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 65\n \n \n \n \n \n \n \n Global integrated solutions\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n 2\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1\n \n \n \n \n \n \n \n \n \n \n \n \n \n 3\n \n \n \n \n \n \n \n Information technology and other\n \n \n \n \n \n \n \n \n 3\n \n \n \n \n \n \n \n \n \n \n \n \n \n 8\n \n \n \n \n \n \n \n \n \n \n \n \n \n 14\n \n \n \n \n \n \n \n \n \n \n \n \n \n 26\n \n \n \n \n \n \n \n Integration capital expenditures\n \n \n \n \n $\n \n \n \n \n 29\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 43\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 83\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 94\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n External Growth Capital Investments\n \n \n \n \n The following table sets forth our external growth capital investments.\n \n \n \n \n \n \n \n \n \n \n Three Months Ended\n \n December 31,\n \n \n \n \n \n \n \n \n \n \n Year Ended\n \n December 31,\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n (in millions)\n \n \n \n \n \n \n \n \n \n \n \n \n Acquisitions, including equity issued and net of cash acquired and adjustments\n \n (1)\n \n \n \n \n \n $\n \n \n \n \n 2\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 233\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 443\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 346\n \n \n \n \n \n \n \n Greenfield and expansion expenditures\n \n \n \n \n \n \n \n \n 120\n \n \n \n \n \n \n \n \n \n \n \n \n \n 73\n \n \n \n \n \n \n \n \n \n \n \n \n \n 302\n \n \n \n \n \n \n \n \n \n \n \n \n \n 270\n \n \n \n \n \n \n \n Energy and economic return initiatives\n \n \n \n \n \n \n \n \n 31\n \n \n \n \n \n \n \n \n \n \n \n \n \n 18\n \n \n \n \n \n \n \n \n \n \n \n \n \n 88\n \n \n \n \n \n \n \n \n \n \n \n \n \n 89\n \n \n \n \n \n \n \n Information technology transformation and growth initiatives\n \n \n \n \n \n \n \n \n 17\n \n \n \n \n \n \n \n \n \n \n \n \n \n 5\n \n \n \n \n \n \n \n \n \n \n \n \n \n 66\n \n \n \n \n \n \n \n \n \n \n \n \n \n 55\n \n \n \n \n \n \n \n External growth capital investments\n \n \n \n \n $\n \n \n \n \n 170\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 329\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 899\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 760\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1) Excludes buildings and land acquired through exercise of finance lease purchase options, where amount paid did not exceed the finance lease liability.\n \n \n \n \n \n \n \n \n \n \n Non-GAAP Financial Measures Reconciliations\n \n \n \n \n \n \n \n Reconciliation of Total Segment NOI to Net Income (Loss)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Three Months Ended\n \n December 31,\n \n \n \n \n \n \n \n \n \n \n Year Ended\n \n De...

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