Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Real estate properties, at cost:
Land	$ 157,733	$ 128,457
Building and improvements	581,026	512,248
Tenant improvements	8,468	7,501
Total real estate properties, at cost	747,227	648,206
Less: Accumulated depreciation	(70,307)	(58,175)
Total real estate properties, net	676,920	590,031
Investment in financing leases, net	15,874	15,951
Total real estate investments, net	692,794	605,982
Cash	1,902	1,799
Escrow and reserves	437	744
Rent and other receivables	6,939	6,658
Prepaid expenses and other assets, net	11,572	14,519
Goodwill	1,536	1,536
Deferred rent receivable	4,592	2,639
In-place lease intangibles, net	14,526	12,636
Above market leases, net	255	305
Assets held for sale, net	637	0
Total Assets	735,190	646,818
Liabilities:
Term loans, net	288,173	248,790
Revolving credit facility	25,000	14,000
Secured borrowings, net	33,826	33,918
Accounts payable, accrued expenses and other, net	19,821	16,441
Below market leases, net	19,893	16,171
Total Liabilities	386,713	329,320
Commitments and Contingencies
Equity:
Additional paid-in capital	344,639	310,031
Accumulated other comprehensive income	1,328	5,230
Accumulated deficit	(72,298)	(64,211)
Total Stockholders’ Equity	273,928	251,285
Operating partnership unitholders’ non-controlling interests	74,549	66,213
Total Equity	348,477	317,498
Total Liabilities and Equity	735,190	646,818
Class A common stock
Equity:
Common stock, value, issued	259	235
Class B common stock
Equity:
Common stock, value, issued	$ 0	$ 0