Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

At March 31, 2026, we had 23 outstanding letter of credit obligations totaling $47,632,000 and expiring between 2026 and 2027. At March 31, 2026, we had outstanding construction in progress of $764,223,000 and were committed to providing additional funds of approximately $476,431,000 to complete construction. Additionally, at March 31, 2026, we had outstanding investments classified as in substance real estate of $802,391,000 and were committed to provide additional funds of $35,459,000 (see Note 8 for additional information).

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 March 31, 2026, and the put or call rights for each investment had been triggered, the amount payable by us to acquire these properties would have been $406,505,000.