6. Real Estate Under Development

Nokia Bell Labs

In June 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 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 purchase price allocation, inclusive of capitalized costs, as of the acquisition date is below:

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 consolidated balance sheets. As of December 31, 2025, the Company funded $46,755 in costs related to the development, which are recorded as real estate under development on the consolidated balance sheets.

As of December 31, 2025, the tenant contributed an aggregate $71,434 used to fund costs related to the development, which are recorded as tenant contributions related to real estate under development on the consolidated balance sheets.

The interest held by the Company's joint venture partner is $10,248 and recorded as non-controlling interests on the consolidated balance sheets.

Jewel Osco

In August 2025, the Company purchased a 242,355 square foot parcel of land in St. John, Indiana for $5,144, inclusive of closing costs in connection with a built-to-suit arrangement for a single tenant. As of December 31, 2025, the Company funded $2,338 in costs related to the development, which, along with the land, is recorded as real estate under development on the consolidated balance sheets.