Do the leases signed but not yet commenced that Alphabet, Amazon and Meta report as of December 31, 2026 in their Form 10-K for 2026, that Microsoft reports in its Form 10-Q for the quarter ended December 31, 2026, and that Oracle reports in its Form 10-Q for the quarter ended November 30, 2026, add up to more than $1.2 trillion?
Add, as printed and undiscounted, the amount each filing gives for leases that have not yet commenced: Alphabet, Amazon, Meta and Microsoft at December 31, 2026, and Oracle at November 30, 2026.
- The lease is already debt Signed leases and guarantees are debt today, kept off the books to spare the ratings, on buildings that have no sublease market.
- The cash flows cover it The tenants' cash businesses service the debt; a lab failure hits equity, not bonds, and guarantees are how deals this size clear.
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