v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Investments in real estate, net $ 805,269 $ 426,292
Investment in real estate debt, net [2] 74,424 [1] 74,217 [3]
Cash and cash equivalents 316,076 261,571
Restricted cash 22,849 29,767
Intangible assets, net 164,423 94,582
Real estate under development 50,667 0
Other assets 16,679 6,683
Total assets [4] 1,450,387 893,112
Liabilities    
Secured debt, net 452,627 108,359
Tenant contributions related to real estate under development 36,860 0
Intangible liabilities, net 30,473 26,207
Subscriptions received in advance 22,193 29,767
Total liabilities [4] 615,078 214,673
Commitments and contingencies (Note 15) 0 0
Redeemable common shares, par value Class E shares, $0.01 per share, 1,225,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024 (Note 9) 24,932 24,757
Redeemable non-controlling interests (Note 9) 509 505
Equity    
Common shares, par value $0.01 per share, 42,905,673 and 34,705,985 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively (Note 12) 429 347
Additional paid-in capital 817,931 659,755
Accumulated deficit and cumulative distributions (21,164) (9,305)
Equity 797,196 650,797
Non-controlling interests in third-party ventures 12,556 2,255
Non-controlling interest attributable to preferred shareholders 116 125
Total equity 809,868 653,177
Total liabilities and equity 1,450,387 893,112
Related Party    
Liabilities    
Other liabilities 44,708 38,915
Nonrelated Party    
Liabilities    
Other liabilities $ 28,217 $ 11,425
[1] Net of a $695 CECL Allowance.
[2] Net of a current expected credit loss allowance of $695 as of June 30, 2025 and December 31, 2024.
[3] Net of a $695 CECL Allowance.
[4] The condensed consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”), which can only be used to settle the obligations of the VIEs of $109,576 and $46,538 as of June 30, 2025 and December 31, 2024, respectively, and liabilities, which includes third-party liabilities, for which the creditors or beneficial interest holders do not have recourse against the Company of $76,591 and $1,436 as of June 30, 2025 and December 31, 2024, respectively.