v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ (4,866) $ 10,925
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Management fees 4,884 0
Performance participation allocation 8,290 0
Straight-line rent adjustment (8,593) (2,498)
Amortization of below-market lease, net (963) (203)
Depreciation and amortization 38,381 16,060
Amortization of discount on mortgage loans 322 392
Amortization of real estate debt origination fees (124) (124)
Amortization of deferred financing costs 1,355 223
Amortization of restricted share grants 39 39
Change in current expected credit loss allowance (549) 0
Changes in assets and liabilities    
Other assets 510 103
Net cash provided by operating activities 42,514 28,241
Cash flows from investing activities:    
Acquisition of real estate (351,801) (402,885)
Funding of real estate debt (35) (83)
Investment in unconsolidated joint venture 0 (4,619)
Capital improvements to real estate (865) (1,014)
Funding of deferred lease costs (60) (6,198)
Cash assumed on investment in consolidated joint venture 0 7,857
Funding of construction (53,457) (5,127)
Change in earnest money and other deposits (5,375) 100
Net cash used in investing activities (411,593) (411,969)
Cash flows from financing activities:    
Proceeds from issuance of common shares 331,280 130,063
Subscriptions received in advance 68,644 22,193
Repurchase of common shares (16,278) (1,791)
Contributions from tenants 29,387 1,129
Payment of offering costs (4,386) (2,551)
Proceeds from mortgage loans 89,100 296,250
Payment of deferred financing costs (643) (3,659)
Change in earnest money deposit attributable to secured debt (2,107) 0
Repayment of mortgage loans (937) (572)
Payment of distributions to common shareholders (18,026) (9,682)
Payment of distributions to Operating Partnership units (83) (15)
Payment of distributions to non-controlling interests (412) (50)
Net cash provided by financing activities 475,539 431,315
Net change in cash, cash equivalents and restricted cash 106,460 47,587
Cash, cash equivalents and restricted cash at the beginning of the period 134,845 291,338
Cash, cash equivalents and restricted cash at the end of the period 241,305 338,925
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:    
Cash and cash equivalents 170,536 316,076
Restricted cash 70,769 22,849
Total cash, cash equivalents and restricted cash 241,305 338,925
Supplemental disclosure:    
Interest paid 33,294 7,745
Capital expenditures accrued, but not yet paid 31,900 6,016
Accrued deferred lease costs 5,918 0
Assumption of net assets from consolidated joint venture 0 7,857
Supplemental disclosure of non-cash financing activities:    
Assumption of mortgage loans 0 51,000
Distribution reinvestment 24,352 12,293
Accrued distributions for common shareholders 8,458 4,125
Accrued distributions for redeemable non-controlling interests 21 3
Accrued shareholder servicing fees 13,807 5,394
Accrued offering costs 0 157
Issuance of redeemable Class E shares as payment for management fees 3,918 0
Issuance of redeemable Class E Operating Partnership units as payment for performance participation allocation 4,068 0
Accrued share repurchases 12,459 4,367
Allocation to redeemable common shares 420 174
Allocation to redeemable non-controlling interests 143 10
Nonrelated Party    
Changes in assets and liabilities    
Other liabilities 4,578 2,781
Related Party    
Changes in assets and liabilities    
Other liabilities $ (750) $ 543