Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate properties, at cost:
Land	$ 128,457	$ 106,074
Building and improvements	512,248	443,470
Tenant improvements	7,501	6,977
Total real estate properties, at cost	648,206	556,521
Less: Accumulated depreciation	(58,175)	(43,791)
Total real estate properties, net	590,031	512,730
Investment in financing leases, net	15,951	16,042
Total real estate investments, net	605,982	528,772
Cash	1,799	2,235
Escrow and reserves	744	632
Rent and other receivables	6,658	4,750
Prepaid expenses and other assets, net	14,519	13,369
Goodwill	1,536	1,536
Deferred rent receivable	2,639	1,542
In-place lease intangibles, net	12,636	14,154
Above market leases, net	305	355
Total Assets	646,818	567,345
Liabilities:
Term loans, net	248,790	198,801
Revolving credit facility	14,000	9,000
Secured borrowings, net	33,918	32,823
Accounts payable, accrued expenses and other, net	16,441	11,996
Below market leases, net	16,171	13,100
Total Liabilities	329,320	265,720
Commitments and Contingencies
Equity:
Additional paid-in capital	310,031	287,268
Accumulated other comprehensive income	5,230	4,621
Accumulated deficit	(64,211)	(48,546)
Total Stockholders’ Equity	251,285	243,562
Operating partnership unitholders’ non-controlling interests	66,213	58,063
Total Equity	317,498	301,625
Total Liabilities and Equity	646,818	567,345
Class A common stock
Equity:
Common stock, value issued	235	219
Class B common stock
Equity:
Common stock, value issued	$ 0	$ 0