v3.26.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Schedule of Consolidated VIE Included in the Condensed Consolidated Balance Sheets
The following table presents a summary of selected financial data of the consolidated VIEs included in the Condensed Consolidated Balance Sheets:
(in thousands)September 30,
2026		December 31,
2025
Assets
Accounted for using the operating method:
Land$11,178 $7,644 
Land improvements9,743 2,707 
Buildings and improvements64,239 40,664 
Total accounted for using the operating method85,160 51,015 
Less accumulated depreciation(3,255)(2,131)
Accounted for using the operating method, net81,905 48,884 
Property under development243,739 114,094 
Investment in rental property, net325,644 162,978 
Intangible lease assets, net1,377 2,097 
Other assets14,369 17,825 
Total assets$341,390 $182,900 
Liabilities
Intangible lease liabilities, net$360 $425 
Other liabilities7,405 1,925 
Total liabilities$7,765 $2,350 
Schedule of Investments in Property Under Development
The following tables summarize the Company’s investments in property under development:
(in thousands)September 30,
2026		December 31,
2025
Development, construction and improvement costs$473,221 $261,541 
Capitalized interest10,896 4,271 
Property under development$484,117 $265,812 
(in thousands)For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2026202520262025
Investment in properties under development, excluding capitalized costs$173,884 $60,536 $387,208 $159,924 
Schedule of Impairment Charge
The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company’s long-term hold strategy with respect to the individual properties:
(in thousands)For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2026202520262025
Number of properties27818
Impairment charge$1,474 $6,999 $5,019 $35,067 
Schedule of Restricted Cash Restricted cash consisted of the following:
(in thousands)September 30,
2026		December 31,
2025
Escrow funds and other$1,588 $3,102 
Schedule of Rents Received in Advance Rent received in advance consisted of the following:
(in thousands)September 30,
2026		December 31,
2025
Rent received in advance$18,367 $18,498 
Schedule of Balances of Financial Instruments Measured at Fair Value on Recurring Basis
The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9):
(in thousands)September 30, 2026
TotalLevel 1Level 2Level 3
Interest rate swap, assets$36,026 $— $36,026 $— 
(in thousands)December 31, 2025
TotalLevel 1Level 2Level 3
Interest rate swap, assets$18,248 $— $18,248 $— 
Interest rate swap, liabilities(1,501)— (1,501)— 
Schedule of Carrying Amount Reported on Condensed Consolidated Balance Sheets
The following table summarizes the carrying amount reported in the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which includes the fair value of interest rate swaps:
(in thousands)September 30,
2026		December 31,
2025
Carrying amount$2,895,700 $2,522,753 
Fair value2,948,958 2,564,437 
Schedule of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases
Right-of-use assets and lease liabilities associated with operating and finance leases were included in the accompanying Condensed Consolidated Balance Sheets as follows:
(in thousands)Financial Statement PresentationSeptember 30,
2026		December 31,
2025
Operating leases:
Right-of-use assetsPrepaid expenses and other assets$9,058 $9,578 
Lease liabilitiesAccounts payable and other liabilities9,098 9,580 
Financing leases:
Right-of-use assetsPrepaid expenses and other assets2,187 2,221 
Lease liabilitiesAccounts payable and other liabilities2,772 2,729