During the three months ended June 30, 2025, the Company acquired a preferred equity interest in a joint venture, which is considered to be a VIE of which the Company is the primary beneficiary and as such is consolidated within the Company's condensed consolidated financial statements. The purpose of the joint venture is to construct a build-to-suit research and development facility subject to a net lease for a single tenant. The Company accounted for this transaction as an asset acquisition under ASC 805 and a summary of the a purchase price allocation, inclusive of capitalized costs, as of the acquisition date is below:


	Amounts
Cash	$	13,602
Land		20,113
Construction in progress		14,903
Tenant improvements		4,679
Prepaid expenses		2,255
Accounts payable		(3,731	)
Tenant contributions related to real estate under development		(35,730	)
Total purchase price	$	16,091
Non-controlling interest		(10,346	)
Net purchase price	$	5,745

The land is 130,547 square feet and located in New Brunswick, New Jersey. The land, construction in progress and tenant improvements are recorded as real estate under development on the condensed consolidated balance sheets. During the three months ended June 30, 2025, the Company funded an additional $10,971 in costs related to the development, which are recorded as real estate under development on the condensed consolidated balance sheets.

As of June 30, 2025, the tenant contributed an aggregate $36,860 used to fund costs related to the development, which are recorded as tenant contributions related to real estate under development on the condensed consolidated balance sheets.

The interest held by the Company's joint venture partner is $10,364 and recorded as non-controlling interests on the condensed consolidated balance sheets.