v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Total rental revenue: $ 19,472,000 $ 1,250,000 $ 32,469,000 $ 1,627,000
Total revenues 19,472,000 1,250,000 32,469,000 1,627,000
Expenses        
Rental property operating 1,885,000 27,000 3,502,000 34,000
Depreciation and amortization 9,404,000 787,000 16,060,000 927,000
General and administrative 1,059,000 1,686,000 2,133,000 1,686,000
Organization costs 0 1,920,000 0 1,920,000
Total expenses 12,348,000 4,420,000 21,695,000 4,567,000
Other income (expenses)        
Income from investment in real estate debt 1,694,000 0 3,365,000 0
Other income 2,021,000 4,071,000 5,838,000 4,071,000
Interest expense (5,541,000) (237,000) (9,052,000) (521,000)
Total other income (expenses) (1,826,000) 3,834,000 151,000 3,550,000
Net income 5,298,000 664,000 10,925,000 610,000
Net income attributable to non-controlling interests in Operating Partnership unit holders 5,000 1,000 9,000 1,000
Net loss attributable to non-controlling interests in third-party ventures (6,000) 0 (4,000) 0
Net income attributable to common shareholders $ 5,299,000 $ 663,000 $ 10,920,000 $ 609,000
Net income per share of common share, basic (USD per share) $ 0.12 $ 0.04 $ 0.27 $ 0.07
Net income per share of common share, diluted (USD per share) $ 0.12 $ 0.04 $ 0.27 $ 0.07
Weighted-average shares of common shares outstanding, basic (in shares) 42,973,606 17,385,245 40,810,541 8,692,646
Weighted-average shares of common shares outstanding, diluted (in shares) 42,973,606 17,385,245 40,810,541 8,692,646