v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate, at cost:    
Land $ 934,125 $ 772,417
Buildings and improvements 1,811,936 1,590,714
Total real estate, at cost 2,746,061 2,363,131
Less accumulated depreciation (222,008) (188,858)
Property under development 13,499 5,500
Real estate held for investment, net 2,537,552 2,179,773
Assets held for sale 52,085 40,976
Mortgage loans receivable, net 151,437 142,464
Cash, cash equivalents, and restricted cash 20,047 14,467
Lease intangible assets, net 196,277 173,440
Other assets, net 78,730 63,076
Total assets 3,036,128 2,614,196
Liabilities:    
Term loans, net 1,192,973 1,093,331
Revolving credit facility 198,500 0
Mortgage note payable, net 7,791 7,814
Lease intangible liabilities, net 15,667 16,910
Liabilities related to assets held for sale 1,022 1,016
Accounts payable, accrued expenses, and other liabilities 40,583 42,559
Total liabilities 1,456,536 1,161,630
Commitments and contingencies (Note 13)
Stockholders’ equity    
Common stock, $0.01 par value, 400,000,000 shares authorized; 101,526,575 and 93,070,533 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1,016 931
Additional paid-in capital 1,841,754 1,701,572
Distributions in excess of retained earnings (282,998) (251,926)
Accumulated other comprehensive income (loss) 12,648 (4,565)
Total stockholders’ equity 1,572,420 1,446,012
Noncontrolling interests 7,172 6,554
Total equity 1,579,592 1,452,566
Total liabilities and equity $ 3,036,128 $ 2,614,196