Real Estate Investments (Tables)

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

Fair Value of Identifiable Assets Acquired and Liabilities Assumed

The table below presents the allocation to the estimated fair value of identifiable assets acquired and liabilities assumed as of April 29, 2025. The fair value of the land and in-place leases was derived using market comparables as level 2 inputs in the fair value hierarchy. The values of the building, capital improvements, and all other assets and liabilities were derived using the cost approach as level 3 inputs in the fair value hierarchy.

	The Allied | Harbor Point
Land	$	33,836
Building	219,896
Capital improvements	655
Furniture and fixtures	4,404
In-place leases	468
Cash and cash equivalents	2,688
Accounts receivable	361
Other assets	128
Finance lease right-of-use asset	57
Accounts payable and accrued liabilities	(13,369)
Construction loan payable	(91,140)
Finance lease liabilities	(57)
Net assets acquired	$	157,927

Business Combination

The following table summarizes the consideration for the acquisition of the 23% non-controlling interest:

	June 10, 2025
Cash consideration	$	17,535
Fair value of parcel consideration(1)	16,661
Total purchase price consideration	$	34,196

(1) The fair value of parcel consideration is based on the land parcel and retail building transferred on June 10, 2025.