Investments in Real Estate, net (Tables)

3 Months Ended

Mar. 31, 2026

Real Estate [Abstract]

Real Estate Investment Financial Statements, Disclosure

Investments in real estate, net consisted of the following:


		March 31, 2026				December 31, 2025
Building and building improvements		$	1,124,964			$	1,124,964
Land and land improvements			467,149				467,149
Site improvements			134,298				133,599
Total			1,726,411				1,725,712
Accumulated depreciation			(42,988	)			(31,791	)
Investments in real estate, net		$	1,683,423			$	1,693,921

Asset Acquisition

The Company did not have any acquisitions during the three months ended March 31, 2026.

The following table details the acquisition values, including capitalized costs, property types and total rentable square feet for acquisitions made by the Company during the three months ended March 31, 2025:


Property Type		Acquisition value				Number of properties				Square feet (in thousands)
Industrial		$	110,825				3				803

The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2025:



	For the Three Months Ended March 31, 2025
Building and building improvements	$	72,064
Land and land improvements		15,710
Site improvements		14,477
In-place leases		10,480
Leasing commissions		3,000
Above-market lease		344
Below-market lease		(5,250	)
Total purchase price	$	110,825
Assumed borrowings(1)		(51,000	)
Net purchase price	$	59,825

(1)

Refer to “Note 7. Secured Debt, net” for more information on mortgage loans assumed.