v3.26.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Real estate properties, at cost:    
Land $ 217,666 $ 163,485
Building and improvements 712,703 603,390
Tenant improvements 9,513 8,649
Total real estate properties, at cost 939,882 775,524
Less: Accumulated depreciation (89,189) (74,769)
Total real estate properties, net 850,693 700,755
Investment in financing leases, net 15,769 15,851
Total real estate investments, net 866,462 716,606
Cash 1,764 1,454
Escrow and reserves 605 643
Rent and other receivables 8,919 5,232
Prepaid expenses and other assets, net 18,645 11,800
Goodwill 1,536 1,536
Deferred rent receivable 9,499 5,373
Lease intangible assets, net 23,390 16,413
Assets held for sale, net 415 0
Total Assets 931,235 759,057
Liabilities:    
Term loans, net 337,610 288,313
Revolving credit facility 11,000 39,000
Secured and other borrowings, net 36,375 33,828
Accounts payable, accrued expenses and other, net 19,157 18,597
Below market leases, net 24,971 19,758
Total Liabilities 429,113 399,496
Commitments and Contingencies
Equity:    
Additional paid-in capital 480,683 358,001
Accumulated other comprehensive income 7,832 954
Accumulated deficit (80,787) (74,024)
Total Stockholders’ Equity 408,063 285,199
Operating partnership unitholders’ non-controlling interests 94,059 74,362
Total Equity 502,122 359,561
Total Liabilities and Equity 931,235 759,057
Class A common stock    
Equity:    
Common stock, value, issued 335 268
Class B common stock    
Equity:    
Common stock, value, issued $ 0 $ 0