Lineage, Inc. (LINE) — payout ratio, four ways
Fiscal year ending 2025-12-31 · sector Real estate · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | negative | The company lost $0.43 per share, so there are no earnings to pay a dividend out of and no ratio exists. |
| Operating cash flow | 56.9% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 274.0% | Counts property acquisitions as though they were maintenance. |
| Funds from operations | 62.3% | The basis the real estate industry uses. Adds back depreciation on buildings that are not losing value. |
Spread between highest and lowest: 217 percentage points. Same filings, different denominators.
Coverage rating 38 / 100 — Strained. ? Peer standing 38/50Direction 0/30Stability 0/20
Funds from operations payout, last 4 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 62.3% |
| 2024-12-31 | 78.3% |
| 2023-12-31 | 12.9% |
| 2022-12-31 | 29.3% |
Among the 47 real estate companies here, 77% pay out a larger share on this basis — this is comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $2.11 ÷ diluted EPS $-0.43
- Operating cash flow — dividends paid $537.0m ÷ operating cash flow $943.0m
- Free cash flow — dividends paid $537.0m ÷ (operating cash flow $943.0m − capex $747.0m)
- Funds from operations — dividends declared per share $2.11 ÷ derived FFO $3.39 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K filed 2026-02-25 · accession
0001868159-26-000012
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- FFO derived (NAREIT approximation)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.