v3.26.1
Equity and Noncontrolling Interests (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Summary of Shares Offering Prices The following table provides a summary of the Class I Common Shares, Class A Common Shares, Class S Common Shares, Class D Common Shares, Class ER-I Common Shares, Class ER-A Common Shares, Class ER-S Common Shares, and Class ER-D Common Shares offering prices in effect for the six months ended June 30, 2026:

 

 

 

Offering price

 

 Effective date

 

Class I

 

 

Class A

 

 

Class D

 

 

Class S

 

 

Class ER-I

 

 

Class ER-A

 

 

Class ER-D

 

 

Class ER-S

 

 January 1, 2026 through February 3, 2026

 

$

27.30

 

 

$

29.03

 

 

$

27.30

 

 

$

28.29

 

 

$

27.30

 

 

$

29.03

 

 

$

27.30

 

 

$

28.29

 

 February 4, 2026 through April 27, 2026

 

$

27.46

 

 

$

29.20

 

 

$

27.46

 

 

$

28.46

 

 

$

27.46

 

 

$

29.20

 

 

$

27.46

 

 

$

28.46

 

 April 28, 2026 through June 30, 2026

 

$

27.58

 

 

$

29.32

 

 

$

27.58

 

 

$

28.58

 

 

$

27.58

 

 

$

29.32

 

 

$

27.58

 

 

$

28.58

 
Schedule of Reconciliation of the Common Share Activity

The following table provides a reconciliation of the Class I Common Share, Class A Common Share, Class S Common Share, Class D Common Share, Class ER-I Common Share, Class ER-A Common Share, Class ER-S Common Share, and Class ER-D Common Share activity for the six months ended June 30, 2026:

 

 

Class I

 

Class A

 

Class D

 

Class S

 

Class
ER-I

 

Class
ER-A

 

Class
ER-D

 

Class
ER-S

 

 December 31, 2025

 

5,759,806

 

 

9,994,066

 

 

68,911

 

 

-

 

 

843,290

 

 

190,511

 

 

39,991

 

 

-

 

 Issuance of common shares

 

40,261

 

 

131,360

 

 

48,414

 

 

-

 

 

40,251

 

 

79,968

 

 

3,663

 

 

-

 

 Issuance of common shares under DRIP

 

25,135

 

 

22,473

 

 

491

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Repurchase of common shares

 

(114,002

)

 

(109,698

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Conversion of OP Units to common shares

 

23,399

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 March 31, 2026

 

5,734,599

 

 

10,038,201

 

 

117,816

 

 

-

 

 

883,541

 

 

270,479

 

 

43,654

 

 

-

 

 Issuance of common shares

 

40,445

 

 

173,168

 

 

97,435

 

 

-

 

 

55,710

 

 

140,609

 

 

3,277

 

 

-

 

 Issuance of common shares under DRIP

 

25,263

 

 

21,508

 

 

577

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Repurchase of common shares

 

(135,602

)

 

(204,906

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Conversion of OP Units to common shares

 

37,040

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 June 30, 2026

 

5,701,745

 

 

10,027,971

 

 

215,828

 

 

-

 

 

939,251

 

 

411,088

 

 

46,931

 

 

-

 

 

The following table provides a reconciliation of the Class I Common Share, Class A Common Share, Class S Common Share, and Class ER Common Share activity for the six months ended June 30, 2025:

 

 

Class I

 

Class A

 

Class D

 

Class S

 

Class
ER-I (a)

 

Class
ER-A

 

Class
ER-D

 

Class
ER-S

 

 December 31, 2024

 

5,981,146

 

 

10,322,475

 

 

-

 

 

-

 

 

258,454

 

 

-

 

 

-

 

 

-

 

 Issuance of common shares

 

107,906

 

 

27,601

 

 

-

 

 

-

 

 

259,866

 

 

-

 

 

-

 

 

-

 

 Issuance of common shares under DRIP

 

23,722

 

 

21,365

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Repurchase of common shares

 

(267,003

)

 

(118,678

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Conversion of OP Units to common shares

 

22,718

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 March 31, 2025

 

5,868,489

 

 

10,252,763

 

 

-

 

 

-

 

 

518,320

 

 

-

 

 

-

 

 

-

 

 Issuance of common shares

 

85,272

 

 

80,596

 

 

-

 

 

-

 

 

236,597

 

 

-

 

 

-

 

 

-

 

 Issuance of common shares under DRIP

 

24,437

 

 

21,112

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Repurchase of common shares

 

(129,331

)

 

(200,897

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Conversion of OP Units to common shares

 

6,848

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 June 30, 2025

 

5,855,715

 

 

10,153,574

 

 

-

 

 

-

 

 

754,917

 

 

-

 

 

-

 

 

-

 

 

(a) On June 10, 2025, pursuant to the Third Amended and Restated Declaration of Trust of the Company, the Company renamed the Class ER Common Shares as Class ER-I Common Shares.
Summary of Monthly Distributions Declared Per Share

The following table provides a summary of the monthly distributions declared per share for the six months ended June 30, 2026:

 

 

 

Class I

 

 

Class A

 

 

Class D

 

 

Class ER-I

 

 

Class ER-A

 

 

Class ER-D

 

January

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

February

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

March

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

April

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

May

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

June

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

 

$

0.8694

 

 

$

0.8694

 

 

$

0.8694

 

 

$

0.8694

 

 

$

0.8694

 

 

$

0.8694

 

 
Summary of Properties Acquired Through Operating Partnership by Issuing OP Units

During the six months ended June 30, 2026, the Company, through the Operating Partnership, acquired the following properties via merger agreements with DSTs that were previously managed by the Sponsor on behalf of its investors and issued the following OP units in conjunction with these acquisitions:

 

Date

 

Properties acquired

 

OP Units issued for properties acquired

 

 

Relative fair value for properties acquired

 

 

OP Units issued for cash

 

 

Consideration received for OP Units issued for cash

 

March 20, 2026

 

16

 

 

1,150,957

 

 

$

68,364,000

 

 

 

34,404

 

 

$

949,000

 

March 26, 2026

 

23

 

 

1,519,114

 

 

$

90,886,000

 

 

 

39,517

 

 

$

1,081,000

 

June 11, 2026

 

12

 

 

1,379,145

 

 

$

55,740,000

 

 

 

29,484

 

 

$

813,000

 

June 25, 2026

 

28

 

 

1,923,384

 

 

$

118,217,000

 

 

 

165,086

 

 

$

4,553,000