v3.26.1
Business Combination (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination [Abstract]  
Summary of Purchase Price Allocation for the Assets Acquired and Liabilities Assumed Recognized The following table summarizes the purchase price allocation for the assets acquired and liabilities assumed recognized at the acquisition date, as well as the fair value of the noncontrolling interests in the Operating Partnership as of the acquisition date.

 

 

May 1, 2026

 

Fair value of previously held equity method investment (1)

 

$

14,307

 

Fair value of noncontrolling interests (2)

 

 

125,135

 

Total purchase price

 

$

139,442

 

 

 

 

 

Assets acquired:

 

 

 

Land

 

$

69,660

 

Building and improvements

 

 

317,505

 

Cash and cash equivalents

 

 

6,081

 

Restricted cash

 

 

1,938

 

Accounts and rents receivable

 

 

235

 

Acquired lease intangible assets

 

 

40,383

 

Finance lease right-of-use asset

 

 

1,614

 

Operating lease right-of-use assets

 

 

4,994

 

Other assets

 

 

4,004

 

Total assets acquired

 

 

446,414

 

 

 

 

 

Liabilities assumed:

 

 

 

Mortgage loans payable

 

 

269,966

 

Credit facility payable

 

 

13,000

 

Accounts payable and accrued expenses

 

 

3,062

 

Finance lease liability

 

 

1,680

 

Operating lease liability

 

 

1,057

 

Distributions payable

 

 

618

 

Redemptions payable

 

 

1,150

 

Acquired lease intangible liabilities

 

 

13,219

 

Due to related parties

 

 

1,486

 

Other liabilities

 

 

1,734

 

Total liabilities assumed

 

 

306,972

 

 

 

 

 

Total purchase price

 

$

139,442

 
(1)
Calculated based on the NAV per share as of April 30, 2026.
(2)
Calculated based on the NAV per unit as of April 30, 2026.