v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (28,642) $ (28,392)
Adjustments to net loss:    
Depreciation and amortization including intangible assets and deferred financing costs 11,301 7,121
Amortization of rent-related intangibles and straight-line rent adjustments (155) (73)
Unrealized (gain) loss on interest rate derivatives (72) 17
Loss on extinguishment of debt 2,960
Changes in operating assets and liabilities:    
Increase in other assets and due from affiliates (2,958) (634)
Increase in due to affiliates 1,417 2,335
Increase (decrease) in accounts payable 277 (177)
Increase in accrued expenses and other liabilities 6,947 1,847
Net cash used in operating activities (11,885) (14,996)
Cash flows from investing activities    
Development of real estate (11,750) (55,921)
Funding of convertible loan receivable to affiliate (5,000)
Other investing activities (150) (91)
Purchase of interest rate caps (13) (40)
Net cash used in investing activities (16,913) (56,052)
Cash flows from financing activities    
Proceeds from construction loans 16,045 60,142
Proceeds from units issued 6,109 8,403
Proceeds from term loans 5,531 175,692
Redemption of noncontrolling interests (1,641)
Prepayment of term loan (1,500) (51,092)
Other financing activities 709 (77)
Repayment of construction loan (113,277)
Payment of deferred financing costs (1,772)
Payment of offering costs (15)
Net cash provided by financing activities 25,253 78,004
Net (decrease) increase in cash and cash equivalents and restricted cash (3,545) 6,956
Cash and cash equivalents and restricted cash, beginning of period 28,672 28,831
Cash and cash equivalents and restricted cash, end of period $ 25,127 $ 35,787