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Commitments and Contingencies
9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
At September 30, 2025, we had 17 outstanding letter of credit obligations totaling $40,295,000 and expiring between 2025 and 2026. At September 30, 2025, we had outstanding construction in progress of $511,574,000 and were committed to providing additional funds of approximately $269,823,000 to complete construction. Additionally, at September 30, 2025, we had outstanding investments classified as in substance real estate of $960,375,000 and were committed to provide additional funds of $82,311,000 (see Note 8 for additional information). Purchase obligations at September 30, 2025 also include $17,276,000 of contingent purchase obligations to fund capital improvements. Rents due from the tenants are increased to reflect the additional investment in the properties.
We have entered into put-call agreements with third parties in conjunction with certain development projects. Under these agreements, we can initiate a call right or the third party can initiate a put right upon certain conditions being met, which would result in the acquisition of the related property by us, for which we currently have no ownership interest. If all conditions had been met under these agreements as of September 30, 2025, and the put or call rights for each investment had been triggered, the amount payable by us to acquire these properties would have been $337,049,000.