v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (19,929) $ (16,256)
Adjustments to net loss:    
Depreciation and amortization including intangible assets and deferred financing costs 7,519 4,831
Amortization of rent-related intangibles and straight-line rent adjustments (104) (55)
Unrealized (gain) loss on interest rate derivatives (51) 6
Changes in operating assets and liabilities:    
Increase in other assets and due from affiliates (3,401) (564)
Increase in due to affiliates 530 1,531
Increase (decrease) in accounts payable 26 (219)
Increase in accrued expenses and other liabilities 5,397 1,696
Net cash used in operating activities (10,013) (9,030)
Cash flows from investing activities    
Development of real estate (11,176) (44,176)
Funding of convertible loan receivable to affiliate (5,000)
Other investing activities (130) (34)
Purchase of interest rate caps (4)
Net cash used in investing activities (16,306) (44,214)
Cash flows from financing activities    
Proceeds from construction loans 14,693 46,814
Proceeds from term loans 3,894 3,168
Proceeds from units issued 3,776 4,023
Redemption of noncontrolling interests (1,641)
Prepayment of term loan (1,500)
Other financing activities 446 181
Payment of deferred financing costs (37)
Payment of offering costs (9)
Net cash provided by financing activities 19,668 54,140
Net (decrease) increase in cash and cash equivalents and restricted cash (6,651) 896
Cash and cash equivalents and restricted cash, beginning of period 28,672 28,831
Cash and cash equivalents and restricted cash, end of period $ 22,021 $ 29,727