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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Rental revenue (including reimbursable) $ 182,136 $ 150,823 $ 123,967
Interest income on loans receivable 12,625 11,561 7,388
Other revenue 245 400 550
Total revenues 195,006 162,784 131,905
Operating expenses      
Property 19,211 17,422 16,413
General and administrative 21,723 19,722 20,176
Depreciation and amortization 86,376 76,871 63,677
Provisions for impairment 17,268 29,969 7,083
Transaction costs 218 359 456
Total operating expenses 144,796 144,343 107,805
Other (expense) income      
Interest expense, net (51,302) (30,324) (19,058)
Gain on sales of real estate, net 7,686 1,876 1,175
Loss on debt extinguishment (46) 0 (128)
Other income (expense), net 444 (1,944) 752
Total other expense, net (43,218) (30,392) (17,259)
Net income (loss) before income taxes 6,992 (11,951) 6,841
Income tax (expense) benefit (54) (49) 49
Net income (loss) 6,938 (12,000) 6,890
Net income (loss) attributable to noncontrolling interests 37 (63) 53
Net income (loss) attributable to common stockholders $ 6,901 $ (11,937) $ 6,837
Amounts available to common stockholders per common share:      
Basic (in dollars per share) $ 0.08 $ (0.16) $ 0.11
Diluted (in dollars per share) $ 0.08 $ (0.16) $ 0.11
Weighted average common shares:      
Basic (in shares) 82,702,387 76,517,767 63,922,973
Diluted (in shares) 84,204,748 76,517,767 64,665,439
Change in value on derivatives, net $ (14,851) $ 1,269 $ (14,822)
Total comprehensive loss (7,913) (10,731) (7,932)
Comprehensive loss attributable to noncontrolling interests (43) (57) (39)
Comprehensive loss attributable to common stockholders $ (7,870) $ (10,674) $ (7,893)