Lineage Inc
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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Schedule III
Schedule III - Schedule of Real Estate and Accumulated Depreciation ("Schedule III") reflects the cost and associated accumulated depreciation for the real estate facilities that are owned. The gross cost included in Schedule III includes the cost for buildings, building improvements, refrigeration equipment, land, and land improvements. Schedule III does not reflect leased facilities in the Company’s real estate portfolio.
| Initial costs to Company · Gross amount at which carried as of December 31, 20241, 3, 6 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Property Description | Number of buildings7 | Encumbrances | Land | Buildings and improvements | Costs capitalized subsequent to acquisition1, 2 | Land | Buildings and improvements | Total | Accumulated depreciation1, 4, 6 | Date of construction5 | Date acquired |
| UNITED STATES | |||||||||||
| Alabama | 2 | $— | $6 | $71 | $14 | $7 | $84 | $91 | $(18) | Various | 2014-2022 |
| Arizona | 1 | — | 3 | 18 | — | 3 | 18 | 21 | (10) | 1987 | 2016 |
| California | 19 | (116) | 157 | 500 | 149 | 185 | 621 | 806 | (173) | Various | 2011-2021 |
| Colorado | 3 | — | 8 | 149 | 27 | 20 | 164 | 184 | (32) | Various | 2014-2021 |
| Delaware | 2 | — | 4 | 21 | 3 | 4 | 24 | 28 | (4) | Various | 2022-2023 |
| Florida | 6 | (30) | 16 | 95 | 4 | 16 | 99 | 115 | (15) | Various | 2019-2023 |
| Georgia | 17 | (26) | 51 | 423 | 69 | 60 | 483 | 543 | (105) | Various | 2010-2023 |
| Idaho | 2 | — | 3 | 48 | 4 | 4 | 51 | 55 | (9) | Various | 2020 |
| Illinois | 15 | (20) | 71 | 606 | 43 | 75 | 645 | 720 | (144) | Various | 2012-2021 |
| Indiana | 5 | — | 6 | 81 | 9 | 10 | 86 | 96 | (12) | Various | 2017-2021 |
| Iowa | 7 | — | 9 | 103 | 36 | 13 | 135 | 148 | (49) | Various | 2014-2021 |
| Kansas | 4 | — | 42 | 333 | 25 | 50 | 350 | 400 | (52) | Various | 2014-2024 |
| Kentucky | 2 | — | 2 | 34 | 10 | 2 | 44 | 46 | (15) | Various | 2014-2017 |
| Louisiana | 1 | — | 1 | 6 | 1 | 1 | 7 | 8 | (1) | 1998 | 2020 |
| Maryland | 4 | — | 15 | 66 | 7 | 15 | 73 | 88 | (9) | Various | 2021-2023 |
| Massachusetts | 4 | (57) | 24 | 84 | 39 | 26 | 121 | 147 | (16) | Various | 2019-2023 |
| Michigan | 5 | — | 6 | 66 | 13 | 8 | 77 | 85 | (8) | Various | 2017-2021 |
| Minnesota | 2 | — | 2 | 73 | (11) | 9 | 55 | 64 | (4) | Various | 2021-2022 |
| Mississippi | 1 | — | 1 | 23 | 12 | 2 | 34 | 36 | (12) | 1993 | 2014 |
| Nebraska | 4 | — | 4 | 50 | 32 | 5 | 81 | 86 | (26) | Various | 2014 |
| New Jersey | 5 | (42) | 34 | 188 | 19 | 34 | 207 | 241 | (25) | Various | 2019-2022 |
| New York | 8 | — | 10 | 109 | 18 | 11 | 126 | 137 | (32) | Various | 2020 |
| North Carolina | 2 | — | 3 | 33 | 15 | 3 | 48 | 51 | (13) | Various | 2011-2018 |
| North Dakota | 1 | — | 3 | 13 | — | 3 | 13 | 16 | (3) | 1999 | 2020 |
| Ohio | 6 | — | 11 | 94 | 11 | 12 | 104 | 116 | (22) | Various | 2014-2020 |
| Oklahoma | 2 | — | 4 | 15 | 1 | 4 | 16 | 20 | (3) | Various | 2020-2023 |
| Initial costs to Company · Gross amount at which carried as of December 31, 20241, 3, 6 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Property Description | Number of buildings7 | Encumbrances | Land | Buildings and improvements | Costs capitalized subsequent to acquisition1, 2 | Land | Buildings and improvements | Total | Accumulated depreciation1, 4, 6 | Date of construction5 | Date acquired |
| Oregon | 8 | — | 30 | 226 | 17 | 30 | 243 | 273 | (46) | Various | 2011-2020 |
| Pennsylvania | 8 | — | 68 | 355 | 44 | 71 | 396 | 467 | (75) | Various | 2014-2024 |
| South Carolina | 3 | — | 13 | 60 | 35 | 18 | 90 | 108 | (20) | Various | 2014-2021 |
| South Dakota | 1 | — | 7 | 46 | 31 | 9 | 75 | 84 | (8) | Various | 2020 |
| Tennessee | 1 | — | 1 | 5 | 2 | 1 | 7 | 8 | (1) | 1998 | 2020 |
| Texas | 16 | (27) | 44 | 421 | 119 | 53 | 531 | 584 | (143) | Various | 2011-2024 |
| Utah | 2 | — | 10 | 29 | 2 | 10 | 31 | 41 | (7) | Various | 2014-2022 |
| Virginia | 8 | (29) | 20 | 187 | 10 | 30 | 187 | 217 | (41) | Various | 2011-2023 |
| Washington | 29 | (163) | 55 | 799 | 55 | 59 | 850 | 909 | (181) | Various | 2008-2023 |
| Wisconsin | 6 | — | 10 | 130 | 67 | 16 | 191 | 207 | (31) | Various | 2018-2023 |
| CANADA | 29 | — | 240 | 548 | (60) | 217 | 511 | 728 | (53) | Various | 2020-2024 |
| EUROPE | |||||||||||
| Belgium | 5 | — | 6 | 56 | 1 | 6 | 57 | 63 | (2) | Various | 2020-2024 |
| Denmark | 16 | — | 30 | 183 | 10 | 27 | 196 | 223 | (40) | Various | 2020-2021 |
| France | 2 | — | 4 | 60 | (5) | 3 | 56 | 59 | (3) | Various | 2021 |
| Italy | 3 | — | 11 | 23 | (2) | 10 | 22 | 32 | (2) | Various | 2021-2024 |
| Netherlands | 30 | — | 175 | 382 | 12 | 163 | 406 | 569 | (66) | Various | 2017-2022 |
| Norway | 3 | — | 11 | 43 | (8) | 9 | 37 | 46 | (5) | Various | 2020 |
| Poland | 2 | — | 1 | 28 | 4 | 2 | 31 | 33 | (5) | Various | 2020-2021 |
| Spain | 3 | — | 26 | 57 | 5 | 27 | 61 | 88 | (10) | Various | 2021-2022 |
| United Kingdom | 14 | — | 54 | 268 | 68 | 59 | 331 | 390 | (76) | Various | 2017-2018 |
| ASIA PACIFIC | |||||||||||
| Australia | 14 | — | 62 | 241 | (15) | 56 | 232 | 288 | (34) | Various | 2019-2024 |
| New Zealand | 27 | — | 49 | 109 | 8 | 48 | 118 | 166 | (20) | Various | 2020-2023 |
| Singapore | 1 | — | — | 50 | 1 | — | 51 | 51 | (7) | 2006 | 2022 |
| Sri Lanka | 1 | — | — | 7 | (2) | — | 5 | 5 | (2) | Various | 2020 |
| Vietnam | 5 | — | — | 44 | 2 | — | 46 | 46 | (8) | Various | 2020-2023 |
| Total | $(510) | $1,423 | $7,659 | $951 | $1,506 | $8,527 | $10,033 | $(1,698) | |||
| Initial costs to Company · Gross amount at which carried as of December 31, 20241, 3, 6 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Property Description · Number of buildings7 · Encumbrances · Land · Buildings and improvements · Costs capitalized subsequent to acquisition1, 2 · Land · Buildings and improvements · Total · Accumulated depreciation1, 4, 6 · Date of construction5 · Date acquired | ||||||||||
| Land, buildings, and improvements in the construction in progress balance as of December 31, 2024 | ||||||||||
| United States | 150 | 150 | ||||||||
| Canada | 23 | 23 | ||||||||
| Europe | 64 | 64 | ||||||||
| Asia Pacific | 13 | 13 | ||||||||
| Total in construction in progress | 250 | 250 | ||||||||
| Total assets | $(510) | $1,423 | $7,659 | $951 | $1,506 | $8,777 | $10,283 | $(1,698) | ||
Schedule III - Footnotes
(1) The following table presents a reconciliation of the gross amount of real estate assets, as presented in Schedule III above, to the sum of the historical book value of buildings, building improvements, refrigeration equipment, land, land improvements, and construction in progress, as disclosed in Note 5, Property, plant, and equipment in the consolidated financial statements as of December 31, 2024:
| Gross amount of real estate assets, as disclosed in Note 5: | |
|---|---|
| Buildings, building improvements, and refrigeration equipment | $8,759 |
| Land and land improvements | 1,530 |
| Construction in progress | 396 |
| Total | 10,685 |
| Less: | |
| Book value of real estate assets in leased facilities | (264) |
| Book value of construction in progress on non-real estate assets | (139) |
| Book value of construction in progress on real estate assets in leased facilities | (10) |
| Book value of other miscellaneous(a) | 11 |
| Total reconciling items | (402) |
| Gross amount of real estate assets, as reported on Schedule III | $10,283 |
| Reconciliation of total Schedule III accumulated depreciation as of December 31, 2024: | |
| Accumulated depreciation, as disclosed in Note 5: | $(2,854) |
| Less: | |
| Accumulated depreciation - non-real estate assets | 1,087 |
| Accumulated depreciation - real estate assets in leased facilities | 72 |
| Accumulated depreciation - other miscellaneous(a) | (3) |
| Total reconciling items | 1,156 |
| Accumulated depreciation, as reported on Schedule III | $(1,698) |
(a) Other miscellaneous includes assets held for sale
(2) Amount includes the cumulative impact of foreign currency translation and the effect of any asset disposals or impairments.
(3) The unaudited aggregate cost for Federal tax purposes as of December 31, 2024 of the company real estate assets was approximately 10.8 billion.
(4) The life on which depreciation is computed in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024 ranges from 1 to 40 years.
(5) Various for properties with multiple buildings or with multiple construction dates due to expansions.
(6) The following table summarizes the Company’s real estate cost and accumulated depreciation activity for the years ended December 31:
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Real estate properties, at cost: | |||
| Balance at January 1 | $10,020 | $9,381 | $8,063 |
| Capital expenditures | 309 | 418 | 450 |
| Acquisitions | 292 | 180 | 1,053 |
| Dispositions | (28) | (22) | (7) |
| Impairments | (32) | — | (1) |
| Impact of foreign exchange rate changes and other | (278) | 63 | (177) |
| Balance at December 31 | $10,283 | $10,020 | $9,381 |
| Accumulated depreciation: | |||
| Balance at January 1 | $(1,427) | $(1,116) | $(844) |
| Depreciation Expense | (336) | (309) | (285) |
| Dispositions | 18 | 7 | 2 |
| Impact of foreign exchange rate changes and other | 47 | (9) | 11 |
| Balance at December 31 | $(1,698) | $(1,427) | $(1,116) |
| Total real estate properties, net at December 31 | $8,585 | $8,593 | $8,265 |
(7) Schedule III building counts include owned buildings, which, in certain circumstances, may have been combined when they are a part of the same property.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.