RE:RE:RE:RE:Insight into Oak Hill NewsI'm not following your concern on the 12-year offbook $37mm rent liability. On a comprable basis they are currently paying ~$2.5mm annually for rent + rent associated with acquisitions. The new rent kicks in during 2023 when THNK moves to a new larger office where they pay just under $2.9mm per year so we're talking an incremental $400K in the first five years at a fixed rate. You're right that it's an additional amount, but its not excessive. The rate does increase by an additional $200K after 5 years and $300K starting in year 10 but pro forma Think will be a much larger and presumably far more profitable company by then. If not then yes they can sublease portions of it. None of this is unusual or off market.
Forward rent agreements are quite common especially for rapidly growing companies. Given the number of hires the company is planning it seems perfectly logical to have space lined up. As far as COVID goes many asset owners are happy to renegotiate the space over the near term rather than lose the tenent altogether over a COVID related breach of contract, but by 2023 hopefully that won't be necessary.