v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Real estate:    
Land $ 282,914,000 $ 224,081,000
Buildings and improvements 1,229,332,000 982,635,000
Real estate investment property, at cost, total 1,512,246,000 1,206,716,000
Less accumulated depreciation (132,729,000) (115,945,000)
Real estate, net 1,379,517,000 1,090,771,000
Intangible lease assets, net 79,470,000 57,670,000
RSLCA notes receivable from affiliates 19,049,000 21,007,000
Restricted cash 17,531,000 10,835,000
Cash and cash equivalents 19,436,000 10,664,000
Receivables 12,521,000 9,935,000
Notes receivable from affiliates 21,400,000 [1] 21,400,000
Right-of-use asset 4,777,000 4,750,000
Other assets 4,155,000 2,711,000
Due from affiliates $ 4,992,000 $ 3,509,000
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] srt:AffiliatedEntityMember srt:AffiliatedEntityMember
Assets related to real estate held for sale $ 5,385,000 $ 6,399,000
TOTAL ASSETS 1,568,233,000 1,239,651,000
LIABILITIES AND EQUITY    
Mortgage loans payable, net 579,255,000 514,758,000
Term loan 266,810,000 0
Revolving credit facility 0 157,403,000
Intangible lease liabilities, net 24,977,000 22,039,000
Accounts payable, accrued expenses and other liabilities 18,019,000 13,798,000
Right-of-use liability 5,504,000 5,397,000
Pending trade deposits 1,125,000 1,505,000
Distributions payable 4,303,000 3,777,000
Due to affiliates $ 2,392,000 $ 180,000
Other Liability, Related Party, Type [Extensible Enumeration] srt:AffiliatedEntityMember srt:AffiliatedEntityMember
Total liabilities $ 902,385,000 $ 718,857,000
Commitments and Contingencies
Equity:    
Additional paid-in capital 451,083,000 438,896,000
Cumulative distributions in excess of net income (127,959,000) (110,795,000)
Accumulated other comprehensive (loss) (24,000) (290,000)
Total shareholders' equity 323,273,000 327,981,000
Noncontrolling interests attributable to operating partnership 342,575,000 192,813,000
Total equity 665,848,000 520,794,000
TOTAL LIABILITIES AND EQUITY 1,568,233,000 1,239,651,000
Class A Common Shares    
Equity:    
Common Stock 100,000 100,000
Class I Common Shares    
Equity:    
Common Stock 57,000 58,000
Class S Common Shares    
Equity:    
Common Stock
Class D Common Shares    
Equity:    
Common Stock 2,000 1,000
Class ER-A Common Shares    
Equity:    
Common Stock 4,000 2,000
Class ER-I Common Shares    
Equity:    
Common Stock 9,000 9,000
Class ER-S Common Shares    
Equity:    
Common Stock
Class ER-D Common Shares    
Equity:    
Common Stock
[1] Each note receivable is secured by properties in net-leased DSTs managed by ExchangeRight.