v3.25.2
Consolidated Statements of Equity - USD ($)
Total
Common Shares
Class A
Common Shares
Class I
Common Shares
Class ER-I
 [1]
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
Net income (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 under DRIP 968,000       968,000     968,000  
Repurchase of common shares (8,063,000)   3,000   (8,060,000)     (8,063,000)  
Conversion of OP Units to common shares         661,000     661,000 (661,000)
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
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
Net income (loss) (614,000)                
Ending balance at Jun. 30, 2024 527,590,000 103,000 60,000   421,597,000 (72,698,000) 32,000 349,094,000 178,496,000
Beginning 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
Net income (loss) (25,000)         (19,000)   (19,000) (6,000)
Unrealized gain (loss) on change in fair value of cash flow hedges 94,000           63,000 63,000 31,000
Issuance of common shares 13,528,000 1,000 4,000   13,523,000     13,528,000  
Issuance of common shares under DRIP 1,116,000       1,116,000     1,116,000  
Repurchase of common shares (3,900,000)   (1,000)   (3,899,000)     (3,900,000)  
Conversion of OP Units to common shares     1,000   1,223,000     1,224,000 (1,224,000)
Offering costs (324,000)       (324,000)     (324,000)  
Distributions (10,478,000)         (7,015,000)   (7,015,000) (3,463,000)
Ending balance at Jun. 30, 2024 527,590,000 103,000 60,000   421,597,000 (72,698,000) 32,000 349,094,000 178,496,000
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
Net income (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 under DRIP 1,220,000       1,220,000     1,220,000  
Repurchase of common shares (10,263,000) (1,000) (2,000)   (10,260,000)     (10,263,000)  
Conversion of OP Units to common shares         604,000     604,000 (604,000)
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
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
Net income (loss) 4,047,000                
Ending balance at Jun. 30, 2025 541,382,000 102,000 59,000 8,000 435,156,000 (95,539,000) (310,000) 339,476,000 201,906,000
Beginning 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
Net income (loss) 4,664,000         3,012,000   3,012,000 1,652,000
Unrealized gain (loss) on change in fair value of cash flow hedges (126,000)           (80,000) (80,000) (46,000)
Issuance of common shares 11,534,000 1,000 1,000 3,000 11,529,000     11,534,000  
Issuance of common shares under DRIP 1,234,000       1,234,000     1,234,000  
Repurchase of common shares (8,950,000) (2,000) (1,000)   (8,947,000)     (8,950,000)  
Issuance of OP Units 9,455,000               9,455,000
Conversion of OP Units to common shares         182,000     182,000 (182,000)
Offering costs (722,000)       (628,000)     (628,000) (94,000)
Distributions (11,212,000)         (7,228,000)   (7,228,000) (3,984,000)
Ending balance at Jun. 30, 2025 $ 541,382,000 $ 102,000 $ 59,000 $ 8,000 $ 435,156,000 $ (95,539,000) $ (310,000) $ 339,476,000 $ 201,906,000
[1] On June 10, 2025, pursuant to the Third Amended and Restated Declaration of Trust of the Company, the Company renamed the Class ER Common Shares as Class ER-I Common Shares.