Meta Platforms Inc. entered into a joint venture (JV) with funds managed by Blue Owl Capital to construct a data center complex in Louisiana. We will not consolidate the debt issued by the JV into Meta?s metrics, but once the leases commence in 2029, we will adjust the company?s operating leases to account for the present value of eight years of the company?s operating leases to the JV in our adjusted debt calculation. We consider the residual value guarantee (RVG) as a contingent debt-like obligation because it could provide a minimum return and limit downside risk for the partner if Meta exits and the market value of the data centers deteriorate significantly. However, we currently do not make a debt
