v3.25.1
Consolidated Statements of Equity - USD ($)
Total
Common Shares
Class A
Common Shares
Class I
Common Shares
Class ER
Additional Paid-In Capital
Cumulative Distributions in Excess of Net Income
Accumulated Other Comprehensive (Loss)
Total Shareholders' Equity
Noncontrolling Interest Attributable to Operating Partnership
Beginning balance at Dec. 31, 2023 $ 537,042,000 $ 100,000 $ 58,000   $ 408,358,000 $ (58,448,000) $ (360,000) $ 349,708,000 $ 187,334,000
Beginning balance, shares at Dec. 31, 2023   10,017,613 5,768,982            
Net (loss) (589,000)         (390,000)   (390,000) (199,000)
Unrealized gain (loss) on change in fair value of cash flow hedges 497,000           329,000 329,000 168,000
Issuance of common shares 8,482,000 $ 2,000 $ 1,000   8,479,000     8,482,000  
Issuance of common shares, shares   214,923 85,569            
Issuance of common shares under DRIP 968,000       968,000     968,000  
Issuance of common shares under DRIP, Shares   19,638 16,573            
Repurchase of common shares (8,063,000)   $ (3,000)   (8,060,000)     (8,063,000)  
Repurchase of common shares, shares   (52,959) (251,315)            
Conversion of OP Units to common shares         661,000     661,000 (661,000)
Conversion of OP Units to common shares, shares     24,449            
Offering costs (448,000)       (448,000)     (448,000)  
Distributions (10,310,000)         (6,826,000)   (6,826,000) (3,484,000)
Ending balance at Mar. 31, 2024 527,579,000 $ 102,000 $ 56,000   409,958,000 (65,664,000) (31,000) 344,421,000 183,158,000
Ending balance, shares at Mar. 31, 2024   10,199,215 5,644,258            
Beginning balance at Dec. 31, 2024 545,779,000 $ 103,000 $ 60,000 $ 3,000 429,528,000 (83,740,000) (56,000) 345,898,000 199,881,000
Beginning balance, shares at Dec. 31, 2024   10,322,475 5,981,146 258,454          
Net (loss) (617,000)         (400,000)   (400,000) (217,000)
Unrealized gain (loss) on change in fair value of cash flow hedges (267,000)           (174,000) (174,000) (93,000)
Issuance of common shares 11,280,000 $ 1,000 $ 1,000 $ 2,000 11,276,000     11,280,000  
Issuance of common shares, shares   27,601 107,906 259,866          
Issuance of common shares under DRIP 1,220,000       1,220,000     1,220,000  
Issuance of common shares under DRIP, Shares   21,365 23,722            
Repurchase of common shares (10,263,000) $ (1,000) $ (2,000)   (10,260,000)     (10,263,000)  
Repurchase of common shares, shares   (118,678) (267,003)            
Conversion of OP Units to common shares         604,000     604,000 (604,000)
Conversion of OP Units to common shares, shares     22,718            
Offering costs (582,000)       (582,000)     (582,000)  
Distributions (11,045,000)         (7,183,000)   (7,183,000) (3,862,000)
Ending balance at Mar. 31, 2025 $ 535,505,000 $ 103,000 $ 59,000 $ 5,000 $ 431,786,000 $ (91,323,000) $ (230,000) $ 340,400,000 $ 195,105,000
Ending balance, shares at Mar. 31, 2025   10,252,763 5,868,489 518,320