Lineage, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Failed sale-leaseback financing obligations
(15)Failed sale-leaseback financing obligations
The Company’s outstanding obligations for failed sale-leasebacks of real estate-related long-lived assets were as follows:
| (in millions) | Implicit Interest Rate | Maturity | December 31, 2025 | December 31, 2024 |
|---|---|---|---|---|
| Arras | 0.15% | December 2035 | $21 | $20 |
| Harnes 2 | 0.19% | July 2037 | 50 | 48 |
| Total failed sale-leaseback financing obligations | 71 | 68 | ||
| Less: Current portion of failed sale-leaseback financing obligations | (6) | (6) | ||
| Failed sale-leaseback financing obligations, net | $65 | $62 | ||
Certain sale-leaseback transactions assumed in prior acquisitions did not qualify for sale accounting under U.S. GAAP and are accounted for as financing arrangements. Accordingly, the related assets are reflected in the consolidated balance sheets within Property, plant, and equipment, net, with a corresponding failed sale-leaseback financing obligation included within Accounts payable and accrued liabilities and Other long-term liabilities. The arrangements include early purchase options that can be exercised by the Company prior to maturity. The financing obligations are reduced by quarterly payments and are treated as financing outflows, and the interest component is treated as an operating cash outflow.
As of December 31, 2025, the future principal payments for the failed sale-leaseback financing obligations are as follows (in millions):
| Year ending December 31: | |
|---|---|
| 2026 | $6 |
| 2027 | 6 |
| 2028 | 6 |
| 2029 | 6 |
| 2030 | 6 |
| 2031 and thereafter | 41 |
| Total failed sale-leaseback financing obligation | $71 |
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