Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Operating Lease, Lease Income

The following table details the components of operating lease income from the leases of which the Company is the lessor:


		For the Year Ended December 31,
		2025				2024
Fixed lease payments		$	69,804			$	12,000
Variable lease payments(1)			7,366				1,338
Straight-line rent adjustment			7,326				940
Amortization of (above)- and below-market leases, net			717				388
Total rental revenue:		$	85,213			$	14,666

(1)

Consists of tenant reimbursements.

Lessee, Operating Lease, Liability, to be Paid, Maturity

The following table presents the undiscounted future minimum rents the Company expects to receive from its net lease properties classified as operating leases as of December 31, 2025:


Year		Future Minimum Rents(1)
2026		$	139,278
2027			144,860
2028			165,007
2029			169,320
2030			161,325
Thereafter			1,305,457
Total:		$	2,085,247

(1)

Aggregate base rents of $478,196 related to executed leases that have not yet commenced are excluded.

Tenant Concentration

For the year ended December 31, 2025, the Company had two tenants from which the Company derived 10% or more of its revenue. For the year ended December 31, 2025, the Company recorded rental revenues of $17,619 and $9,861 from these two tenants, which represented 21% and 12% of its revenue, respectively.