CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
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| Assets | ||||||||||||
| Investments in real estate, net | $ 1,693,921 | $ 426,292 | ||||||||||
| Investment in real estate debt, net | [2] | 74,921 | [1] | 74,217 | [3] | |||||||
| Cash and cash equivalents | 102,616 | 261,571 | ||||||||||
| Restricted cash | 32,229 | 29,767 | ||||||||||
| Intangible assets, net | 336,039 | 94,582 | ||||||||||
| Real estate under development | 100,991 | 0 | ||||||||||
| Other assets | 21,852 | 6,683 | ||||||||||
| Total assets | [4] | 2,362,569 | 893,112 | |||||||||
| Liabilities | ||||||||||||
| Secured debt, net | 1,104,656 | 108,359 | ||||||||||
| Tenant contributions related to real estate under development | 71,434 | 0 | ||||||||||
| Intangible liabilities, net | 67,359 | 26,207 | ||||||||||
| Subscriptions received in advance | 30,871 | 29,767 | ||||||||||
| Total liabilities | [4] | 1,370,734 | 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 December 31, 2025 and 2024 (Note 9) | 25,167 | 24,757 | ||||||||||
| Redeemable non-controlling interests (Note 9) | 514 | 505 | ||||||||||
| Equity | ||||||||||||
| Common shares, par value $0.01 per share, 52,131,183 and 34,705,985 shares issued and outstanding as of December 31, 2025 and 2024, respectively (Note 12) | 521 | 347 | ||||||||||
| Additional paid-in capital | 997,431 | 659,755 | ||||||||||
| Accumulated deficit and cumulative distributions | (44,141) | (9,305) | ||||||||||
| Equity | 953,811 | 650,797 | ||||||||||
| Non-controlling interests in third-party ventures | 12,258 | 2,255 | ||||||||||
| Non-controlling interest attributable to preferred shareholders | 85 | 125 | ||||||||||
| Total equity | 966,154 | 653,177 | ||||||||||
| Total liabilities and equity | 2,362,569 | 893,112 | ||||||||||
| Related Party | ||||||||||||
| Liabilities | ||||||||||||
| Other liabilities | 49,455 | 38,915 | ||||||||||
| Nonrelated Party | ||||||||||||
| Liabilities | ||||||||||||
| Other liabilities | $ 46,959 | $ 11,425 | ||||||||||
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- Definition Real estate under development. No definition available.
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- Definition Subscriptions Received In Advance No definition available.
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- Definition Tenant contributions related to real estate under development. No definition available.
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- Definition Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount after amortization of leases acquired as part of a real property acquisition at below market lease rate with a finite life. No definition available.
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- Definition Amount of cash and cash equivalent. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Carrying amount of the equity interests owned by noncontrolling shareholders, partners, or other equity holders in joint ventures included in the entity's consolidated financial statements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amortized cost, after allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount of equity interests owned by noncontrolling shareholders, partners, or other equity holders in one or more of the entities consolidated into the reporting entity's financial statements other than joint ventures, limited partnerships, operating partnerships or interests held by preferred unit holders. No definition available.
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- Definition Amount of real estate investments, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; (7) other real estate investments; (8) real estate joint ventures; and (9) unconsolidated real estate and other joint ventures not separately presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition As of the reporting date, the aggregate carrying amount of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of accumulated undistributed earnings (deficit). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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