LINE
Lineage, INC
NASDAQ
Form 4: Lineage Inc. Executive Jeffrey Alvarez Rivera Awarded LTIP Units
Sentiment:
SEC Form 4 Filing
21 April 2025 5:05 PM
Jeffrey Alvarez Rivera, Global Chief Operations Officer of Lineage Inc., received 17,886 LTIP units on April 17, 2025, which vest annually over three years and can be converted into Partnership Common Units.
Summary
- On April 17, 2025, Jeffrey Alvarez Rivera, the Global Chief Operations Officer of Lineage Inc., was granted 17,886 LTIP Units.
- These units are part of the Lineage OP, LP Operating Partnership's agreement dated July 24, 2024.
- The LTIP Units vest in equal annual installments over three years, starting April 1, 2026, contingent upon continued service with the Issuer.
- Vested LTIP Units can be converted into Partnership Common Units on a one-for-one basis, subject to achieving certain capital account balances.
- Holders of Partnership Common Units can redeem them for cash or common stock of the Issuer after at least 18 months from the grant date.
- The reporting person's signature was provided by Brian Golper, as Attorney-in-Fact, on April 21, 2025.
Sentiment
Score: 7
Explanation: The document reflects a standard executive compensation practice, indicating stability and alignment of interests. The sentiment is neutral to positive as it incentivizes management.
Positives
- The grant of LTIP units incentivizes the Global Chief Operations Officer to remain with the company.
- The vesting schedule aligns the executive's interests with the long-term performance of the company.
- The ability to convert LTIP units into common stock provides a direct link to shareholder value.
Risks
- The executive must remain employed with the company for the vesting period to receive the full benefit of the LTIP units.
- The value of the LTIP units is dependent on the performance of the Operating Partnership and the price of Lineage Inc.'s common stock.
Future Outlook
The document outlines the vesting schedule and conversion/redemption options for the LTIP units, indicating a long-term incentive plan for the executive.
Industry Context
Granting LTIP units is a common practice in the industry to align executive compensation with company performance and retain key personnel.
Comparison to Industry Standards
- LTIP grants are a standard component of executive compensation packages in publicly traded companies.
- Vesting schedules of three years are typical to ensure long-term commitment.
- The ability to convert units into common stock aligns with industry practices to incentivize executives to increase shareholder value.
- Similar companies like Americold Realty Trust and AGRO Merchants Group also utilize LTIPs as part of their executive compensation strategy.
Stakeholder Impact
- Shareholders may view the LTIP grant positively as it incentivizes the executive to improve company performance.
- Employees may see the grant as a sign of the company's commitment to its leadership team.
Key Dates
- July 24, 2024: Date of the Agreement of Limited Partnership of the Operating Partnership.
- April 17, 2025: Date of the transaction: grant of LTIP Units.
- April 1, 2026: First vesting date for 1/3 of the LTIP Units.
- April 1, 2027: Second vesting date for 1/3 of the LTIP Units.
- April 1, 2028: Final vesting date for 1/3 of the LTIP Units.
- April 21, 2025: Date of signature by Attorney-in-Fact.
Keywords
LTIP Units, Lineage Inc., Jeffrey Alvarez Rivera, Executive Compensation, Form 4, Partnership Common Units, Vesting
LINE
Lineage, INC
NASDAQ
Sector: Real Estate
Filings with Classifications
Worse than expected
30 April 2025 7:12 AM
Quarterly Report
- The company's net revenues decreased compared to the same period last year.
- The company reported a net loss attributable to Lineage, Inc.
- Same warehouse NOI decreased, reflecting customer inventory rationalization.
- General and administrative expenses increased significantly due to higher stock-based compensation expenses.
Worse than expected
30 April 2025 7:06 AM
Earnings Release
- Revenue decreased by (2.7)% compared to the previous year.
- Adjusted EBITDA decreased by (7.0)%, and the adjusted EBITDA margin also declined.
- Same warehouse NOI decreased by (7.9)%, indicating challenges in maintaining growth in existing facilities.
Better than expected
28 April 2025 7:08 AM
Proxy Statement
- The company's IPO was the largest of 2024 and the largest REIT IPO in history, reducing leverage to under 5x.
- Lineage generated $5.3 billion in total revenue and maintained a 78% same warehouse physical occupancy rate.
- Over $760 million was deployed in growth capital, including acquisitions and greenfield developments.
- The company reached its 100th patent and continued piloting the rollout of LinOS, its proprietary warehouse execution system.
Worse than expected
26 February 2025 7:16 AM
Annual Results
- The company experienced a net loss of $0.8 billion, which is worse than expected.
Capital raise
26 February 2025 7:16 AM
Annual Results
- The company may attempt to access property-level secured debt, bank debt and the unsecured bond market, in each case across multiple currencies and geographies, which would provide it with capital-raising flexibility to fund its operations.
Capital raise
26 February 2025 7:09 AM
Earnings Release and Investor Presentation
- The company completed the largest REIT IPO of all time, raising $5.1B.
- The company has the capacity to deploy more than $1.5 billion of capital in 2025.
Worse than expected
6 November 2024 7:13 AM
Quarterly Report
- The company reported a significant net loss of $543 million, compared to a net loss of $50 million in the same period last year.
- The company's acquisition, transaction, and other expenses were significantly higher than the previous year, primarily due to IPO-related costs.
- The company's economic and physical occupancy rates decreased compared to the same period last year.
Better than expected
6 November 2024 7:05 AM
Quarterly Report
- The company's AFFO growth of 51.8% and AFFO per share growth of 20.0% significantly exceeded expectations.
- The successful IPO and achievement of investment-grade credit ratings are also better than expected results.
Worse than expected
21 August 2024 4:32 PM
Quarterly Report
- The company reported a net loss of $80 million for the quarter, a significant decrease compared to the prior year.
- The company's same warehouse pool saw a decrease in NOI of $8 million or 2.3% due to revenue and cost of operations factors.
Capital raise
21 August 2024 4:32 PM
Quarterly Report
- The company closed its IPO on July 26, 2024, raising approximately $4.875 billion in net proceeds.
- The company issued 56,882,051 shares of common stock at a price of $78.00 per share.
- The underwriters exercised their option to purchase an additional 8,532,307 shares of common stock on July 31, 2024.
Capital raise
24 July 2024 8:43 PM
Registration Statement
- Lineage, Inc. is registering 11,364,358 additional shares of common stock for potential sale.
- The maximum aggregate offering price for these shares is $886,419,924.00.
- This capital raise could be used for various corporate purposes, including acquisitions or debt repayment.
Capital raise
22 July 2024 6:55 AM
S-11/A Filing
- Lineage is offering 47,000,000 shares of common stock in an IPO.
- The company estimates net proceeds of approximately $3.4 billion from the offering.
- The company intends to use the net proceeds to repay debt and for general corporate purposes.
- Norges Bank Investment Management has indicated an interest in purchasing up to $900 million in shares.
Worse than expected
22 July 2024 6:55 AM
S-11/A Filing
- Preliminary estimates for the quarter ended June 30, 2024 indicate a decrease in total revenue, same warehouse NOI, average physical occupancy, and average economic occupancy compared to the same period in 2023.
Worse than expected
16 July 2024 7:03 AM
Merger Announcement
- Preliminary estimates for the quarter ended June 30, 2024 indicate a decrease in same warehouse NOI compared to the same period in 2023.
Capital raise
16 July 2024 7:03 AM
Merger Announcement
- Lineage is offering 47,000,000 shares of its common stock in an initial public offering.
- The underwriters have the option to purchase up to an additional 7,050,000 shares.
- Norges Bank Investment Management has indicated an interest in purchasing up to $900 million in shares.
Worse than expected
26 June 2024 9:08 AM
Initial Public Offering
- Lineage reported a net loss of $162.8 million for the twelve months ended March 31, 2024.
Capital raise
26 June 2024 9:08 AM
Initial Public Offering
- Lineage, Inc. is offering shares of its common stock in an initial public offering.
- The company intends to use the net proceeds from the offering to repay a $2.4 billion delayed-draw term loan and for general corporate purposes.
- A directed share program will reserve a percentage of the shares for sale to company insiders and partners.
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