Investments in Real Estate (Tables)
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12 Months Ended |
Dec. 31, 2025 |
|---|
| Real Estate Investments, Net [Abstract] |
|
| Summary of Investments in Real Estate, Net |
Investments in real estate, net consisted of the following ($ in thousands):
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|
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|
|
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December 31, 2025 |
|
|
December 31, 2024 |
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Building and building improvements |
|
$ |
590,628 |
|
|
$ |
219,684 |
|
Land and land improvements |
|
|
98,465 |
|
|
|
29,244 |
|
Furniture, fixtures and equipment |
|
|
5,348 |
|
|
|
1,094 |
|
Tenant improvements |
|
|
6,736 |
|
|
|
2,513 |
|
Total |
|
|
701,177 |
|
|
|
252,535 |
|
Accumulated depreciation |
|
|
(16,765 |
) |
|
|
(6,868 |
) |
Investment in real estate, net |
|
$ |
684,412 |
|
|
$ |
245,667 |
|
|
| Summary of Properties Acquired |
The following table provides further details of the properties acquired during the years ended December 31, 2025 and 2024 ($ in thousands):
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Location |
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Property Type |
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Acquisition Date |
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Total Purchase Price (1) |
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2025 Acquisitions: |
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|
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2865 Charter Street |
|
Columbus, Ohio |
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Industrial |
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March 2025 |
|
$ |
75,230 |
|
Parc Westborough |
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Westborough, Massachusetts |
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Multifamily |
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May 2025 |
|
|
96,687 |
|
3707 W NC 10 Hwy |
|
Newton, North Carolina |
|
Industrial |
|
August 2025 |
|
|
55,261 |
|
8681 W Jefferson Street |
|
Tolleson, Arizona |
|
Industrial |
|
September 2025 |
|
|
33,998 |
|
2400 S Council Road |
|
Oklahoma City, Oklahoma |
|
Industrial |
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December 2025 |
|
|
60,135 |
|
111 Eames Street |
|
Wilmington, Massachusetts |
|
Industrial |
|
December 2025 |
|
|
17,114 |
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100 John Road |
|
Canton, Massachusetts |
|
Industrial |
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December 2025 |
|
|
15,651 |
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1450 S Loop Road |
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Alameda, California |
|
Industrial |
|
December 2025 |
|
|
21,542 |
|
The Brooke at Rocky Point |
|
Tampa, Florida |
|
Multifamily |
|
December 2025 |
|
|
95,534 |
|
Total 2025 acquisitions |
|
|
|
|
|
|
|
$ |
471,152 |
|
|
|
|
|
|
|
|
|
|
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2024 Acquisitions: |
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|
|
|
|
|
|
|
|
4553 Cayce Road |
|
Byhalia, Mississippi |
|
Industrial |
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May 2024 |
|
$ |
57,839 |
|
The Beckett |
|
Charleston, South Carolina |
|
Multifamily |
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May 2024 |
|
|
49,402 |
|
Total 2024 acquisitions |
|
|
|
|
|
|
|
$ |
107,241 |
|
(1)Purchase price is inclusive of closing costs.
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| Summary of Purchase Price Allocation for Property Acquired |
The following table summarizes the purchase price allocation for the properties acquired during the years ended December 31, 2025 and 2024 ($ in thousands):
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December 31, 2025 |
|
|
December 31, 2024 |
|
Building and building improvements |
|
$ |
370,943 |
|
|
$ |
86,888 |
|
Land and land improvements |
|
|
68,968 |
|
|
|
6,404 |
|
In-place lease intangibles |
|
|
36,546 |
|
|
|
9,950 |
|
Furniture, fixtures and equipment |
|
|
4,177 |
|
|
|
1,094 |
|
Tenant improvements |
|
|
4,224 |
|
|
|
1,892 |
|
Above-market lease intangibles |
|
|
1,077 |
|
|
|
1,013 |
|
Below-market lease intangibles |
|
|
(14,783 |
) |
|
|
- |
|
Total purchase price |
|
$ |
471,152 |
|
|
$ |
107,241 |
|
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