Commitment and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company is involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, the Company believes the ultimate resolution of such claims and litigation will not have a material adverse effect on its financial position, results of operations or liquidity.

During the nine months ended September 30, 2024, the Company acquired 23 investments related to build-to-suit arrangements with maximum contractual funding obligations of $228,620. During the nine months ended September 30, 2024, the Company paid and/or accrued $52,325, resulting in a remaining unrecognized contractual obligation amount of $176,295 as of September 30, 2024. During the nine months ended September 30, 2024, the Company placed one of the assets in service, resulting in 22 remaining investments related to build-to-suit arrangements as of September 30, 2024. Refer to Note 3 - Investments in Real Estate, net for additional discussion. Our estimate of the Company’s total future commitments to complete the construction of the build-to-suit assets is $117,137 as of September 30, 2024.

During the nine months ended September 30, 2024, the Company made an indirect investment through BOREC Spider Member LLC in CoreWeave JV, which will construct an asset under a build-to-suit arrangement. See Note 4 - Investments in Unconsolidated Real Estate Affiliates for additional discussion.