v3.26.1
Consolidated Statements of Equity - USD ($)
Total
Common Shares
Class A
Common Shares
Class I
Common Shares
Class D
Common Shares
Class ER-A
Common Shares
Class ER-I
Common Shares
Class ER-D
Additional Paid-In Capital
Cumulative Distributions in Excess of Net Income
Accumulated Other Comprehensive (Loss)
Total Shareholders' Equity
Noncontrolling Interest Attributable to Operating Partnership
Beginning balance at Dec. 31, 2024 $ 545,779,000 $ 103,000 $ 60,000     $ 3,000 [1]   $ 429,528,000 $ (83,740,000) $ (56,000) $ 345,898,000 $ 199,881,000
Net (loss) (617,000)               (400,000)   (400,000) (217,000)
Unrealized gain (loss) on change in fair value of cash flow hedges (267,000)                 (174,000) (174,000) (93,000)
Issuance of common shares 11,280,000 1,000 1,000     2,000 [1]   11,276,000     11,280,000  
Issuance of common shares under DRIP 1,220,000             1,220,000     1,220,000  
Repurchase of common shares (10,263,000) (1,000) (2,000)         (10,260,000)     (10,263,000)  
Conversion of OP Units to common shares               604,000     604,000 (604,000)
Offering costs (582,000)             (582,000)     (582,000)  
Distributions (11,045,000)               (7,183,000)   (7,183,000) (3,862,000)
Ending balance at Mar. 31, 2025 535,505,000 103,000 59,000     5,000 [1]   431,786,000 (91,323,000) (230,000) 340,400,000 195,105,000
Beginning balance at Dec. 31, 2024 545,779,000 103,000 60,000     3,000 [1]   429,528,000 (83,740,000) (56,000) 345,898,000 199,881,000
Net (loss) 4,047,000                      
Ending balance at Jun. 30, 2025 541,382,000 102,000 59,000     8,000 [1]   435,156,000 (95,539,000) (310,000) 339,476,000 201,906,000
Beginning balance at Mar. 31, 2025 535,505,000 103,000 59,000     5,000 [1]   431,786,000 (91,323,000) (230,000) 340,400,000 195,105,000
Net (loss) 4,664,000               3,012,000   3,012,000 1,652,000
Unrealized gain (loss) on change in fair value of cash flow hedges (126,000)                 (80,000) (80,000) (46,000)
Issuance of common shares 11,534,000 1,000 1,000     3,000 [1]   11,529,000     11,534,000  
Issuance of common shares under DRIP 1,234,000             1,234,000     1,234,000  
Repurchase of common shares (8,950,000) (2,000) (1,000)         (8,947,000)     (8,950,000)  
Issuance of OP Units 9,455,000                     9,455,000
Conversion of OP Units to common shares               182,000     182,000 (182,000)
Offering costs (722,000)             (628,000)     (628,000) (94,000)
Distributions (11,212,000)               (7,228,000)   (7,228,000) (3,984,000)
Ending balance at Jun. 30, 2025 541,382,000 102,000 59,000     8,000 [1]   435,156,000 (95,539,000) (310,000) 339,476,000 201,906,000
Beginning balance at Dec. 31, 2025 520,794,000 100,000 58,000 $ 1,000 $ 2,000 9,000   438,896,000 (110,795,000) (290,000) 327,981,000 192,813,000
Net (loss) (238,000)               (152,000)   (152,000) (86,000)
Unrealized gain (loss) on change in fair value of cash flow hedges 185,000                 135,000 135,000 50,000
Issuance of common shares 9,782,000 1,000 1,000   1,000     9,779,000     9,782,000  
Issuance of common shares under DRIP 1,305,000             1,305,000     1,305,000  
Repurchase of common shares (6,071,000) (1,000) (1,000)         (6,069,000)     (6,071,000)  
Issuance of OP Units 71,387,000                     71,387,000
Conversion of OP Units to common shares               635,000     635,000 (635,000)
Offering costs (460,000)             (460,000)     (460,000)  
Distributions (11,433,000)               (7,368,000)   (7,368,000) (4,065,000)
Ending balance at Mar. 31, 2026 585,251,000 100,000 58,000 1,000 3,000 9,000   444,086,000 (118,315,000) (155,000) 325,787,000 259,464,000
Beginning balance at Dec. 31, 2025 520,794,000 100,000 58,000 1,000 2,000 9,000   438,896,000 (110,795,000) (290,000) 327,981,000 192,813,000
Net (loss) (3,881,000)                      
Ending balance at Jun. 30, 2026 665,848,000 100,000 57,000 2,000 4,000 9,000 $ 1,000 451,083,000 (127,959,000) (24,000) 323,273,000 342,575,000
Beginning balance at Mar. 31, 2026 585,251,000 100,000 58,000 1,000 3,000 9,000   444,086,000 (118,315,000) (155,000) 325,787,000 259,464,000
Net (loss) (3,643,000)               (2,208,000)   (2,208,000) (1,435,000)
Unrealized gain (loss) on change in fair value of cash flow hedges 218,000                 131,000 131,000 87,000
Issuance of common shares 14,613,000 2,000   1,000 1,000   1,000 14,608,000     14,613,000  
Issuance of common shares under DRIP 1,291,000             1,291,000     1,291,000  
Repurchase of common shares (9,223,000) (2,000) (1,000)         (9,220,000)     (9,223,000)  
Issuance of OP Units 90,524,000                     90,524,000
Conversion of OP Units to common shares               1,005,000     1,005,000 (1,005,000)
Offering costs (687,000)             (687,000)     (687,000)  
Distributions (12,496,000)               (7,436,000)   (7,436,000) (5,060,000)
Ending balance at Jun. 30, 2026 $ 665,848,000 $ 100,000 $ 57,000 $ 2,000 $ 4,000 $ 9,000 $ 1,000 $ 451,083,000 $ (127,959,000) $ (24,000) $ 323,273,000 $ 342,575,000
[1] 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.