Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

Investments in real estate, net consisted of the following ($ in thousands):


		June 30, 2025				December 31, 2024
Building and building improvements		$	599,869			$	268,327
Land and land improvements			247,963				106,654
Furniture, fixtures and equipment			7,010				3,881
Total			854,842				378,862
Accumulated depreciation			(20,950	)			(13,792	)
Investments in real estate, net		$	833,892			$	365,070

Summary of Property Acquired

The following table provides details of the properties acquired during the six months ended June 30, 2025 ($ and square feet in thousands):


Property Type		Purchase Price(1)				Number of Transactions				Number of Properties				Sq. Ft./Units
Industrial properties		$	222,197				3				31			1,298 sq. ft.
Multifamily			286,877				6				6			1,320 units
Total		$	509,074				9				37

(1) Purchase price is inclusive of acquisition-related costs.

Schedule of Purchase Price Allocation of Properties Acquired

The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2025 ($ in thousands):


		For the Six Months Ended June 30,
		2025
Building and building improvements		$	330,881
Land and land improvements			141,227
Furniture, fixtures, and equipment			3,031
In-place lease and above market intangibles			28,270
Below market intangibles			(4,211	)
Lease inducement asset			11,279
Deferred rental income			(1,403	)
Total purchase price			509,074
Assumed mortgage note, net			(35,313	)
Net working capital assumed			(3,456	)
Deposit applied			(4,033	)
Contributions from non-controlling interests			(6,772	)
Net purchase price		$	459,500