Condensed Consolidated Statements of Cash Flow - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (8,165,000)	$ (2,408,000)	$ (10,362,000)	$ (2,372,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	187,000	100	301,000	100
Performance participation interest - related party	2,273,000	609,000	4,394,000	791,000	$ 800,000
Income from unconsolidated entities, net	(1,728,000)	228,000	(5,707,000)	(1,503,000)
Depreciation and amortization	11,710,000	2,037,000	20,488,000	3,562,000
Share-based compensation			38,000	39,000
Straight-line rents			(719,000)	(310,000)
Amortization of below-market lease intangibles			(50,000)	(98,000)
Amortization of above-market lease intangibles			77,000	0
Amortization of deferred financing costs			645,000	318,000
Unrealized loss on real estate-related securities, net			1,554,000	(13,000)
Unrealized gain on derivative instruments	(954,000)	0	(2,470,000)	0
Distributions of earnings from investments in unconsolidated entities			3,413,000	780,000
Other operating activities			392,000	31,000
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets			2,525,000	(583,000)
Increase in due to affiliates			1,574,000	2,720,000
Increase in accounts payable, accrued expenses and other liabilities			1,136,000	285,000
Net cash provided by operating activities			17,229,000	3,647,000
Cash flows from investing activities:
Investments in unconsolidated entities			(3,720,000)	(11,096,000)
Acquisitions of real estate			(342,453,000)	(71,015,000)
Pre-acquisition deposits			(480,000)	0
Capital improvements to real estate			(223,000)	(24,000)
Purchase of real estate-related securities			(14,235,000)	(4,452,000)
Proceeds from sale of real estate-related securities			0	564,000
Distributions of capital from investments in unconsolidated entities			0	2,512,000
Net cash used in investing activities			(361,111,000)	(83,511,000)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock			87,202,000	61,726,000
Proceeds from issuance of common stock			61,833,000	9,351,000
Repurchase of common stock			(13,995,000)	0
Subscriptions received in advance			6,328,000	0
Proceeds from revolving credit facility			123,400,000	80,900,000
Repayment of revolving credit facility			(136,800,000)	(111,700,000)
Borrowings from mortgages payable			214,925,000	45,000,000
Purchase of derivative instruments			(1,808,000)	0
Payment of deferred financing costs			(2,987,000)	(1,457,000)
Common stock distributions			(11,482,000)	(4,688,000)
Preferred stock dividends			(4,000)	(4,000)
Sale of interest to non-controlling interest			22,462,000	0
Contributions from non-controlling interests			4,963,000	0
Distributions to non-controlling interests			(283,000)	0
Net cash provided by financing activities			353,754,000	79,128,000
Net change in cash and cash equivalents and restricted cash			9,872,000	(736,000)
Cash and cash equivalents and restricted cash, beginning of period			15,499,000	3,718,000	3,718,000
Cash and cash equivalents and restricted cash, end of period	25,371,000	2,982,000	25,371,000	2,982,000	15,499,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	16,144,000	2,123,000	16,144,000	2,123,000	13,754,000
Restricted cash	9,227,000	859,000	9,227,000	859,000	1,745,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	$ 25,371,000	$ 2,982,000	25,371,000	2,982,000	$ 15,499,000
Supplemental disclosures:
Interest paid			4,128,000	736,000
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net			1,331,000	68,000
Issuance of Class E OP Units			3,280,000	0
Issuance of Class E shares for payment of management fees			157,000	0
Accrued capital expenditures			508,000	1,438,000
Distributions payable			2,198,000	825,000
Distribution reinvestment			209,000	27,000
Accrued offering costs due to affiliates			795,000	2,922,000
Adjustment to carrying value of redeemable equity instruments			$ 20,556,000	$ 10,249,000