Related Party Arrangements (Tables)

6 Months Ended

Jun. 30, 2026

Related Party Transactions [Abstract]

Schedule of Non Cash Activity to Related Party

The following table summarizes the fees incurred on our behalf by, and expenses reimbursable to, our Manager and its affiliates, including our Sponsor, in accordance with the terms of our relevant agreements with such parties (amounts in thousands):

		2026				2025				2026				2025
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Amounts included in the Consolidated Statements of Operations
Costs incurred by our Manager and its affiliates ⁽¹⁾		$	819			$	697			$	1,709			$	1,444
Management fees ⁽²⁾			852				827				1,701				1,652
Insurance ⁽³⁾			299				120				594				243
Property management oversight fees ⁽²⁾			76				—				130				—
Director compensation			21				23				43				43
Costs and expenses related parties		$	2,067			$	1,667			$	4,177			$	3,382

Capitalized costs included in the Consolidated Balance Sheets
Development fee and reimbursements		$	33			$	918			$	87			$	2,084
Insurance ⁽³⁾			6				534				18				1,078
Capitalized costs		$	39			$	1,452			$	105			$	3,162

⁽¹⁾

Includes wage, overhead and other reimbursements to our Manager and its affiliates, including our Sponsor, and certain of our Sponsor’s subsidiaries, associates and affiliates (collectively, the “Sponsor Group”). Such costs are included in General and administrative in our consolidated statements of operations.

⁽²⁾	Included in Property expenses in our consolidated statements of operations.

⁽³⁾

Our insurance premiums are prepaid and are included in Other assets on the consolidated balance sheets and are amortized monthly to either Property expenses or General and administrative in our consolidated statements of operations or Real estate under construction on the consolidated balance sheets based on the nature of the insurance coverage.

Schedule of Due to Affiliates

The following table summarizes amounts included in Due to affiliates in our consolidated balance sheets (amounts in thousands):

Schedule of Due to Affiliates

		June 30, 2026				December 31, 2025
		(unaudited)
Management fees		$	6,780			$	5,329
Development fees			2,675				2,664
Employee cost sharing and reimbursements ⁽¹⁾			378				1,226
Property management oversight fees			76				43
Director compensation			21				21
Insurance			—				83
Amounts due to affiliates		$	9,930			$	9,366

⁽¹⁾	Includes wage, overhead and other reimbursements to our Manager and its affiliates, including members of the Sponsor Group.