v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Investments in real estate, net $ 1,683,423 $ 1,693,921
Investment in real estate debt, net [2] 75,018 [1] 74,921 [3]
Cash and cash equivalents 328,944 102,616
Restricted cash and restricted cash equivalents 68,370 32,229
Intangible assets, net 328,042 336,039
Real estate under development 124,442 100,991
Other assets 25,395 21,852
Total assets [4] 2,633,634 2,362,569
Liabilities    
Secured debt, net 1,193,273 1,104,656
Intangible liabilities, net 65,899 67,359
Tenant contributions related to real estate under development 81,584 71,434
Subscriptions received in advance 66,950 30,871
Total liabilities [4] 1,522,791 1,370,734
Commitments and contingencies (Note 16) 0 0
Redeemable common shares, par value Class E shares, $0.01 per share, 1,225,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025 (Note 9) 25,420 25,167
Redeemable non-controlling interests (Note 9) 519 514
Equity    
Common shares, par value $0.01 per share, 59,385,429 and 52,131,183 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively (Note 12) 594 521
Additional paid-in capital 1,139,688 997,431
Accumulated deficit and cumulative distributions (67,514) (44,141)
Equity 1,072,768 953,811
Non-controlling interests in third-party ventures 12,051 12,258
Non-controlling interest attributable to preferred shareholders 85 85
Total equity 1,084,904 966,154
Total liabilities and equity 2,633,634 2,362,569
Related Party    
Liabilities    
Other liabilities 58,805 49,455
Nonrelated Party    
Liabilities    
Other liabilities $ 56,280 $ 46,959
[1] Net of a $549 CECL Allowance.
[2] Net of a current expected credit loss allowance of $549 as of March 31, 2026 and December 31, 2025.
[3] Net of a $549 CECL Allowance.
[4] The condensed consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”), which can only be used to settle the obligations of the VIEs of $175,278 and $162,861 as of March 31, 2026 and December 31, 2025, respectively, and liabilities, which includes third-party liabilities, for which the creditors or beneficial interest holders do not have recourse against the Company of $129,322 and $118,654 as of March 31, 2026 and December 31, 2025, respectively.