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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Leases
(14)Leases
The Company leases real estate, most significantly warehouses for use in operations, as well as equipment for use within owned and leased warehouses. The Company also leases vehicles, trailers, and other equipment. The Company has not pledged any assets as collateral related to the Company’s existing leases as of December 31, 2025 and December 31, 2024.
Right-of-use asset balances are as follows:
| (in millions) | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Finance lease right-of-use assets | $1,638 | $1,706 |
| Less: Accumulated amortization | (537) | (452) |
| Finance lease right-of-use assets, net | $1,101 | $1,254 |
| Operating lease right-of-use assets | $858 | $828 |
| Less: Accumulated amortization | (242) | (201) |
| Operating lease right-of-use assets, net | $616 | $627 |
Lease liabilities are presented in the following line items in the consolidated balance sheets:
| December 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| (in millions) | Finance Leases | Operating Leases | Finance Leases | Operating Leases |
| Accounts payable and accrued liabilities | $79 | $55 | $165 | $50 |
| Long-term finance lease obligations | 1,216 | — | 1,249 | — |
| Long-term operating lease obligations | — | 599 | — | 605 |
| Total lease obligations | $1,295 | $654 | $1,414 | $655 |
Future minimum lease payments for each of the next five years and thereafter as of December 31, 2025 are as follows (in millions):
| Years Ending December 31: | Finance Leases | Operating Leases |
|---|---|---|
| 2026 | $165 | $96 |
| 2027 | 161 | 96 |
| 2028 | 151 | 86 |
| 2029 | 150 | 76 |
| 2030 | 129 | 70 |
| 2031 and thereafter | 1,428 | 656 |
| Total lease payments | 2,184 | 1,080 |
| Less: Imputed interest | (889) | (426) |
| Total lease obligations | $1,295 | $654 |
Supplemental consolidated balance sheets information related to leases is as follows:
| December 31, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Weighted average remaining lease term (in years): | ||
| Finance | 14.9 | 14.5 |
| Operating | 15.9 | 15.9 |
| Weighted average discount rate: | ||
| Finance | 6.9% | 6.8% |
| Operating | 6.4% | 6.5% |
The components of lease expense are as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Finance lease cost: | |||
| Amortization of ROU assets | $105 | $101 | $93 |
| Interest on lease liabilities | 92 | 93 | 92 |
| Operating lease cost | 103 | 114 | 115 |
| Variable & short-term lease cost | 39 | 38 | 28 |
| Sublease income | (15) | (16) | (9) |
| Total lease cost | $324 | $330 | $319 |
Supplemental cash flow information related to leases is as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Cash paid for amounts included in the measurement of lease liability | |||
| Operating cash flows from finance leases | $90 | $92 | $90 |
| Finance cash flows from finance leases | $168 | $70 | $55 |
| Operating cash flows from operating leases | $96 | $100 | $92 |
| ROU assets obtained in exchange for lease obligations (excluding the effect of acquisitions) | |||
| Finance leases | $23 | $60 | $37 |
| Operating leases | $21 | $21 | $89 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.