v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Investments in real estate, net $ 1,983,812 $ 1,693,921
Investment in real estate debt, net [1] 75,629 74,921 [2]
Cash and cash equivalents 170,536 102,616
Restricted cash 70,769 32,229
Intangible assets, net 387,737 336,039
Real estate under development 175,823 100,991
Other assets 36,691 21,852
Total assets [3] 2,900,997 2,362,569
Liabilities    
Secured debt, net 1,193,502 1,104,656
Tenant contributions related to real estate under development 100,821 71,434
Intangible liabilities, net 88,360 67,359
Subscriptions received in advance 68,644 30,871
Total liabilities [3] 1,604,974 1,370,734
Commitments and contingencies (Note 16) 0 0
Redeemable common shares, par value Class E shares, $0.01 per share, 1,225,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025 (Note 9) 25,588 25,167
Redeemable non-controlling interests (Note 9) 2,775 514
Equity    
Common shares, par value $0.01 per share, 69,993,602 and 52,131,183 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (Note 12) 700 521
Additional paid-in capital 1,348,573 997,431
Accumulated deficit and cumulative distributions (93,531) (44,141)
Equity 1,255,742 953,811
Non-controlling interests in third-party ventures 11,833 12,258
Non-controlling interest attributable to preferred shareholders 85 85
Total equity 1,267,660 966,154
Total liabilities and equity 2,900,997 2,362,569
Related Party    
Liabilities    
Other liabilities 67,267 49,455
Nonrelated Party    
Liabilities    
Other liabilities $ 86,380 $ 46,959
[1] Net of a current expected credit loss allowance of $0 and $549 as of June 30, 2026 and December 31, 2025, respectively.
[2] Net of a $549 CECL Allowance.
[3] The condensed consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”), which can only be used to settle the obligations of the VIEs of $222,921 and $162,861 as of June 30, 2026 and December 31, 2025, respectively, and liabilities, which includes third-party liabilities, for which the creditors or beneficial interest holders do not have recourse against the Company of $170,543 and $118,654 as of June 30, 2026 and December 31, 2025, respectively.