Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real estate, at cost:
Land	$ 772,417	$ 571,272
Buildings and improvements	1,590,714	1,400,393
Total real estate, at cost	2,363,131	1,971,665
Less accumulated depreciation	(188,858)	(143,422)
Property under development	5,500	6,118
Real estate held for investment, net	2,179,773	1,834,361
Assets held for sale	40,976	48,637
Mortgage loans receivable, net	142,464	139,409
Cash, cash equivalents, and restricted cash	14,467	14,320
Lease intangible assets, net	173,440	164,392
Other assets, net	63,076	58,227
Total assets	2,614,196	2,259,346
Liabilities:
Term loans, net	1,093,331	622,608
Revolving credit facility	0	239,000
Mortgage note payable, net	7,814	7,853
Lease intangible liabilities, net	16,910	20,177
Liabilities related to assets held for sale	1,016	1,912
Accounts payable, accrued expenses, and other liabilities	42,559	29,664
Total liabilities	1,161,630	921,214
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.01 par value, 400,000,000 shares authorized; 93,070,533 and 81,602,232 shares issued and outstanding as of December 31, 2025 and 2024, respectively	931	816
Additional paid-in capital	1,701,572	1,507,995
Distributions in excess of retained earnings	(251,926)	(188,046)
Accumulated other comprehensive (loss) income	(4,565)	10,206
Total stockholders’ equity	1,446,012	1,330,971
Noncontrolling interests	6,554	7,161
Total equity	1,452,566	1,338,132
Total liabilities and equity	$ 2,614,196	$ 2,259,346