Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Investment property, net	$ 4,928,448	$ 3,475,298
Investments in real estate-related securities	172,127	164,590
Cash and cash equivalents	172,148	132,413
Restricted cash	9,637	8,783
Derivative instruments	28,773	19,041
Tenant and other receivables, net	93,477	89,005
Intangible lease assets, net	408,529	250,747
Financing lease right-of-use asset, net	15,348	15,479
Deferred leasing costs, net	89,971	61,986
Deferred financing costs, net	6,274	615
Other assets	67,856	57,980
Total assets	5,992,588	4,275,937
Liabilities:
Accounts payable and accrued expenses	123,713	92,860
Intangible lease liabilities, net	82,557	54,113
Financing lease liability	17,523	17,475
Financing obligations	1,231,287	545,410
Distributions payable	14,943	13,360
Notes payable, net	2,372,045	1,617,598
Total liabilities	4,013,912	2,460,798
Commitments and contingencies (Note 13)	0	0
Stockholders’ equity:
Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none issued or outstanding as of December 31, 2025 and 2024	0	0
Common shares, $0.001 par value per share (Note 8)	296	266
Additional paid-in capital	2,885,443	2,609,433
Accumulated distributions in excess of earnings	(929,266)	(776,566)
Accumulated other comprehensive income (loss)	22,203	(17,994)
Total stockholders’ equity	1,978,676	1,815,139
Noncontrolling interests	0	0
Total equity	1,978,676	1,815,139
Total liabilities and equity	5,992,588	4,275,937
Related party
Liabilities:
Other liabilities	81,503	55,033
Nonrelated party
Liabilities:
Other liabilities	$ 90,341	$ 64,949