Lineage, Inc. Files Q2 2024 10-Q
Ticker: LINE · Form: 10-Q · Filed: Aug 21, 2024 · CIK: 1868159
Sentiment: neutral
Topics: 10-Q, REIT, financials
TL;DR
Lineage Inc. 10-Q filed. Q2 2024 financials out. REIT performance update.
AI Summary
Lineage, Inc. filed its 10-Q for the period ending June 30, 2024. The company, previously known as Lineage Growth Properties, Inc., is a Real Estate Investment Trust (REIT) based in Novi, Michigan. The filing covers financial performance and operations for the second quarter and the first half of 2024.
Why It Matters
This filing provides investors with the latest financial performance data for Lineage, Inc., crucial for understanding the company's operational health and investment potential in the real estate sector.
Risk Assessment
Risk Level: medium — As a REIT, Lineage, Inc. is subject to real estate market fluctuations and interest rate sensitivity, which can impact its financial performance and stock value.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 20240821 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Lineage, Inc. (company) — Filer of the 10-Q
- Lineage Growth Properties, Inc. (company) — Former name of Lineage, Inc.
- 20240630 (date) — End of the reporting period
- 20240821 (date) — Filing date
- Novi, MI (location) — Business and mailing address
FAQ
What is the primary business of Lineage, Inc.?
Lineage, Inc. is a Real Estate Investment Trust (REIT) as indicated by its SIC code [6798].
When did Lineage, Inc. change its name?
The company changed its name from Lineage Growth Properties, Inc. on June 17, 2021 (20210617).
What is the fiscal year end for Lineage, Inc.?
The fiscal year end for Lineage, Inc. is December 31 (1231).
Where is Lineage, Inc. located?
Lineage, Inc. is located in Novi, Michigan (MI), with its business and mailing address at 46500 Humboldt Drive.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024 (20240630).
Filing Stats: 4,876 words · 20 min read · ~16 pages · Grade level 20 · Accepted 2024-08-21 16:32:21
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share LINE Nasdaq Global Select Ma
Filing Documents
- line-20240630.htm (10-Q) — 2510KB
- lineage-2024ceoamendedandr.htm (EX-10.16) — 157KB
- lineage-2024amendedandrest.htm (EX-10.17) — 132KB
- exhibit311-ceo302xq22024.htm (EX-31.1) — 11KB
- exhibit312-cfo302xq22024.htm (EX-31.2) — 10KB
- exhibit321-ceo906xq22024.htm (EX-32.1) — 4KB
- exhibit322-cfo906xq22024.htm (EX-32.2) — 4KB
- 0001868159-24-000004.txt ( ) — 12942KB
- line-20240630.xsd (EX-101.SCH) — 76KB
- line-20240630_cal.xml (EX-101.CAL) — 97KB
- line-20240630_def.xml (EX-101.DEF) — 428KB
- line-20240630_lab.xml (EX-101.LAB) — 889KB
- line-20240630_pre.xml (EX-101.PRE) — 694KB
- line-20240630_htm.xml (XML) — 2210KB
Financial Information
Part I. Financial Information 4
Financial Statements
Item 1. Financial Statements 4
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 42
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 69
Controls and Procedures
Item 4. Controls and Procedures 69
Other Information
Part II. Other Information 71
Legal Proceedings
Item 1. Legal Proceedings 71
Risk Factors
Item 1A. Risk Factors 71
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 71
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 71
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 71
Other Information
Item 5. Other Information 71
Exhibits
Item 6. Exhibits 72
Forward-Looking Statements
Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward looking statements as defined by the Private Securities Litigation Reform Act of 1995. In particular, statements pertaining to our business and growth strategies, investment and development activities and trends in our business, contain forward-looking statements. When used in this Quarterly Report on Form 10-Q, the words "estimate," "anticipate," "expect," "believe," "intend," "may," "will," "could," "should," "would," "seek," "position," "support," "drive," "enable," "optimistic," "target," "opportunity," "approximately" or "plan," or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans, or intentions of management. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data, or methods that may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: 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; other risks inherent in the real estate business, including customer defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disa
- Financial Information
Part I - Financial Information
Financial Statements
Item 1. Financial Statements LINEAGE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par values) June 30, December 31, 2024 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 73 $ 68 Restricted cash 3 3 Accounts receivable, net 954 913 Inventories 172 171 Prepaid expenses and other current assets 137 101 Total current assets 1,339 1,256 Non-current assets: Property, plant, and equipment, net 10,491 10,571 Finance lease right-of-use assets, net 1,219 1,243 Operating lease right-of-use assets, net 705 724 Equity method investments 123 113 Goodwill 3,361 3,394 Other intangible assets, net 1,218 1,280 Other assets 300 290 Total assets $ 18,756 $ 18,871 Liabilities, Redeemable Noncontrolling Interests, and Equity Current liabilities: Accounts payable and accrued liabilities $ 1,088 $ 1,137 Accrued distributions 11 110 Deferred revenue 84 94 Current portion of long-term debt, net 39 24 Total current liabilities 1,222 1,365 Non-current liabilities: Long-term finance lease obligations 1,291 1,305 Long-term operating lease obligations 677 692 Deferred income tax liability 351 370 Long-term debt, net 9,302 8,958 Other long-term liabilities 159 159 Total liabilities 13,002 12,849 Commitments and contingencies (Note 16) Redeemable noncontrolling interests 262 349 Stockholders' equity: Common stock, $ 0.01 par value per share – 500 authorized shares; 162 issued and outstanding at June 30, 2024 and December 31, 2023 2 2 Additional paid-in capital - common stock 5,981 5,961 Series A preferred stock, $ 0.01 par value per share – 100 authorized shares; less than 1 issued and outstanding shares, with an aggregate liquidation preference of $ 1 at June 30, 2024 and December 31, 2023 1 1 Retained earnings (accumulated deficit) ( 987 ) ( 879 ) Accumulated other comprehensive income (loss) ( 119 ) ( 34 ) Total stockholders' equity 4,878 5,051 Noncontrolling interests 614 622 Total equity