v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Real estate:    
Land $ 226,449,000 $ 226,751,000
Buildings and improvements 985,771,000 968,186,000
Real estate investment property, at cost, total 1,212,220,000 1,194,937,000
Less accumulated depreciation (102,415,000) (89,628,000)
Real estate, net 1,109,805,000 1,105,309,000
Intangible lease assets, net 62,189,000 65,142,000
RSLCA notes receivable from affiliates 24,855,000 29,243,000
Restricted cash 11,071,000 11,920,000
Cash and cash equivalents 9,456,000 9,348,000
Receivables 9,762,000 9,831,000
Notes receivable from affiliates 21,400,000 21,400,000
Right-of-use asset 4,724,000 4,700,000
Other assets 2,836,000 1,836,000
Due from affiliates $ 1,503,000 $ 0
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] srt:AffiliatedEntityMember srt:AffiliatedEntityMember
TOTAL ASSETS $ 1,257,601,000 $ 1,258,729,000
LIABILITIES AND EQUITY    
Mortgage loans payable, net 561,863,000 584,765,000
Revolving credit facility 107,971,000 82,452,000
Intangible lease liabilities, net 23,613,000 22,930,000
Accounts payable, accrued expenses and other liabilities 12,188,000 10,332,000
Right-of-use liability 5,290,000 5,185,000
Pending trade deposits 1,253,000 3,096,000
Distributions payable 3,760,000 3,690,000
Due to affiliates $ 281,000 $ 500,000
Other Liability, Related Party, Type [Extensible Enumeration] srt:AffiliatedEntityMember srt:AffiliatedEntityMember
Total liabilities $ 716,219,000 $ 712,950,000
Commitments and Contingencies
Equity:    
Additional paid-in capital 435,156,000 429,528,000
Cumulative distributions in excess of net income (95,539,000) (83,740,000)
Accumulated other comprehensive (loss) (310,000) (56,000)
Total shareholders' equity 339,476,000 345,898,000
Noncontrolling interests attributable to operating partnership 201,906,000 199,881,000
Total equity 541,382,000 545,779,000
TOTAL LIABILITIES AND EQUITY 1,257,601,000 1,258,729,000
Class A Common Shares    
Equity:    
Common Stock 102,000 103,000
Class I Common Shares    
Equity:    
Common Stock 59,000 60,000
Class S Common Shares    
Equity:    
Common Stock
Class D Common Shares    
Equity:    
Common Stock
Class ER-A Common Shares    
Equity:    
Common Stock
Class ER-I Common Shares    
Equity:    
Common Stock 8,000 3,000
Class ER-S Common Shares    
Equity:    
Common Stock
Class ER-D Common Shares    
Equity:    
Common Stock