v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ (2,965) $ 5,627
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Management fees 2,173 0
Performance participation allocation 4,068 0
Straight-line rent adjustment (4,114) (921)
Amortization of (above)- below-market lease, net (378) (357)
Depreciation and amortization 18,173 6,656
Amortization of discount on mortgage loans 126 196
Amortization of real estate debt origination fees (62) (61)
Amortization of deferred financing costs 670 88
Amortization of restricted share grants 20 20
Changes in assets and liabilities    
Other assets 630 (1,515)
Net cash provided by operating activities 21,291 12,710
Cash flows from investing activities:    
Acquisition of real estate 0 (59,824)
Funding of real estate debt (35) (83)
Investment in unconsolidated joint venture 0 (2,113)
Capital improvements to real estate (699) (868)
Funding of deferred lease costs (60) 0
Funding of construction (23,072) 0
Change in earnest money and other deposits 0 250
Net cash used in investing activities (23,866) (62,638)
Cash flows from financing activities:    
Proceeds from issuance of common shares 116,158 48,094
Subscriptions received in advance 66,950 28,601
Repurchase of common shares (6,083) (245)
Contributions from tenants 10,492 0
Payment of offering costs (1,981) (1,223)
Proceeds from mortgage loans 89,100 106,250
Payment of deferred financing costs (643) (1,304)
Change in earnest money deposit attributable to secured debt 70 (2,000)
Repayment of mortgage loans (472) (291)
Payment of distributions to common shareholders (8,333) (4,669)
Payment of distributions to operating partnership units (12) (8)
Payment of distributions to non-controlling interests (202) (41)
Net cash provided by financing activities 265,044 173,164
Net change in cash, cash equivalents, and restricted cash and cash equivalents 262,469 123,236
Cash, cash equivalents and restricted cash at the beginning of the period 134,845 291,338
Cash, cash equivalents and restricted cash and restricted cash equivalents at the end of the period 397,314 414,574
Reconciliation of cash, cash equivalents and restricted cash and restricted cash equivalents to the consolidated balance sheet:    
Cash and cash equivalents 328,944 385,240
Restricted cash and restricted cash equivalents 68,370 29,334
Total cash, cash equivalents and restricted cash and restricted cash equivalents 397,314 414,574
Supplemental disclosure:    
Interest paid 15,467 2,528
Capital expenditures accrued, but not yet paid 1,015 0
Supplemental disclosure of non-cash financing activities:    
Assumption of mortgage loans 0 51,000
Distribution reinvestment 11,210 5,696
Accrued distributions for common shareholders 7,159 3,720
Accrued distributions for redeemable non-controlling interests 4 3
Accrued shareholder servicing fees 5,314 3,444
Accrued offering costs 0 5
Issuance of redeemable Class E shares as payment for management fees 1,398 0
Accrued share repurchases 10,194 1,547
Allocation to redeemable common shares 252 86
Allocation to redeemable non-controlling interests 18 6
Nonrelated Party    
Changes in assets and liabilities    
Other liabilities 3,325 1,932
Related Party    
Changes in assets and liabilities    
Other liabilities $ (375) $ 1,045