Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Revenues | ||||
| Rental revenue (including reimbursable) | $ 57,822 | $ 45,158 | $ 111,849 | $ 87,748 |
| Interest income on loans receivable | 2,906 | 3,128 | 5,941 | 6,203 |
| Other revenue | 556 | 0 | 556 | 245 |
| Total revenues | 61,284 | 48,286 | 118,346 | 94,196 |
| Operating expenses | ||||
| Property | 5,717 | 4,484 | 11,121 | 9,287 |
| General and administrative | 5,841 | 5,475 | 11,596 | 10,644 |
| Depreciation and amortization | 25,807 | 21,506 | 50,270 | 42,429 |
| Provisions for impairment | 4,199 | 4,422 | 6,261 | 8,038 |
| Transaction costs, net | 6 | 73 | (54) | 120 |
| Total operating expenses | 41,570 | 35,960 | 79,194 | 70,518 |
| Other (expense) income | ||||
| Interest expense, net | (15,554) | (12,638) | (29,820) | (24,098) |
| Gain on sales of real estate, net | 1,662 | 3,533 | 1,781 | 5,608 |
| Loss on debt extinguishment | 0 | 0 | 0 | (46) |
| Other income (expense), net | 567 | 81 | 1,001 | (124) |
| Total other expense, net | (13,325) | (9,024) | (27,038) | (18,660) |
| Net income before income taxes | 6,389 | 3,302 | 12,114 | 5,018 |
| Income tax expense | (78) | (13) | (92) | (29) |
| Net income | 6,311 | 3,289 | 12,022 | 4,989 |
| Less: net income attributable to noncontrolling interests | 26 | 17 | 50 | 26 |
| Net income attributable to common stockholders | $ 6,285 | $ 3,272 | $ 11,972 | $ 4,963 |
| Amounts available to common stockholders per common share: | ||||
| Basic (in dollars per share) | $ 0.06 | $ 0.04 | $ 0.12 | $ 0.06 |
| Diluted (in dollars per share) | $ 0.06 | $ 0.04 | $ 0.12 | $ 0.06 |
| Weighted average common shares: | ||||
| Basic (in shares) | 97,354,281 | 81,895,840 | 96,454,101 | 81,770,860 |
| Diluted (in shares) | 102,788,997 | 82,494,129 | 100,953,305 | 82,314,021 |
| Change in value on derivatives, net | $ 10,307 | $ (5,644) | $ 17,285 | $ (15,508) |
| Total comprehensive income (loss) | 16,618 | (2,355) | 29,307 | (10,519) |
| Less: comprehensive income (loss) attributable to noncontrolling interests | 69 | (12) | 122 | (54) |
| Comprehensive income (loss) attributable to common stockholders | $ 16,549 | $ (2,343) | $ 29,185 | $ (10,465) |
| X | ||||||||||
- Definition Transaction Costs No definition available.
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| X | ||||||||||
- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expense for allocation of cost of tangible and intangible assets over their useful lives directly used in production of good and rendering of service. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense incurred and directly related to generating revenue by lessor from operating lease of rented property and equipment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Interest and fee income from commercial and residential real estate loans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of interest expense classified as nonoperating. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount, after tax and reclassification, of gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of revenue that is not accounted for under Topic 606, classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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