Condensed Consolidated Statement of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Cash flows from operating activities:
Net income	$ 15,814	$ 13,285
Adjustments to reconcile net income to cash provided by operating activities:
Management fee	8,481	4,072
Performance participation allocation	6,829	0
Depreciation and amortization	23,037	13,108
Amortization of tenant lease inducement	409	0
Straight-line rent adjustment	(5,112)	(4,162)
Accretion of tenant loan receivable	(3,636)	(2,460)
Amortization of below-market lease intangibles	(61)	(35)
Amortization of deferred financing costs	1,140	3,130
Income from unconsolidated real estate affiliates	(33,300)	(3,594)
Lease right of use asset amortization	164	164
Amortization of off-market caps	2,191	0
Amortization of mortgage note premium/discount	0	159
Amortization of restricted shares	113	84
Distribution of earnings from unconsolidated real estate affiliates	16,670	1,073
Non-cash interest expense on affiliate line of credit	3,558	4,076
Provision for CECL	(1,018)	(72)
Other	(21)	(12)
Change in assets and liabilities:
(Increase) decrease in other assets	(542)	7,695
Decrease in due to affiliates	(3,853)	(1,290)
Increase in accounts payable and accrued expenses	3,156	10,981
Increase in other liabilities	2,885	751
Net cash provided by operating activities	36,904	46,953
Cash flows from investing activities:
Acquisitions of real estate	0	(234,027)
Capital improvements to real estate	(2,717)	(39,855)
Investment in leases - financing receivable	(3,122)	0
Sale of investments in real estate debt	5,087	23,766
Investment in unconsolidated real estate affiliates	(525,575)	(212,847)
Investment in interest rate swap	0	1,894
Cash flows from off-market interest rate swaps and caps	2,544	0
Net cash used in investing activities	(523,783)	(461,069)
Cash flows from financing activities:
Proceeds from issuance of common shares	532,420	311,284
Payment of distributions to common shareholders	(18,942)	(7,808)
Proceeds from issuance of non-controlling interests	39	0
Payment of distributions to non-controlling interests	(4,992)	(4,988)
Repurchase of common share	(16,887)	(569)
Redemption of non-controlling interests	(3,513)	(20,958)
Proceeds from DST Program	4,523	0
Borrowings under mortgage notes	0	44,654
Repayment of mortgage notes	(139,461)	0
Repayment of other borrowings	(134,150)	0
Payment of deferred financing costs	(989)	(650)
Net cash provided by financing activities	478,125	418,007
Net change in cash and cash equivalents and restricted cash	(8,754)	3,891
Cash and cash equivalents and restricted cash, beginning of period	136,669	133,578
Effects of currency translation on cash, cash equivalents, and restricted cash	(146)	(295)
Cash and cash equivalents and restricted cash, end of period	127,769	137,174
Cash and cash equivalents	55,135	36,898
Restricted cash	72,634	100,276
Total cash and cash equivalents and restricted cash	127,769	137,174
Supplemental disclosures:
Interest paid	20,388	28,451
Accrued unpaid amounts for capital improvements to real estate	1,797	4,861
Accrued unpaid amounts for other intangible assets	28,027	0
Non-cash investing and financing activities:
Assumption of other borrowings in conjunction with investments in unconsolidated real estate affiliates	287,444	0
Issuance of redeemable Class I Shares as interest payment for the affiliate line of credit	3,603	3,805
Issuance of redeemable Class I Shares as settlement of the management fee	7,463	7,096
Redeemable non-controlling interest issued as settlement of performance participation allocation	0	2,504
Allocation to redeemable non-controlling interest	125	15
Allocation to redeemable common shares	15	(3)
Distribution reinvestment	17,293	6,480
Accrued distributions for common shareholders	14,057	1,791
Accrued distributions for non-controlling interests	1,674	1,623
Accrued shareholder servicing fees	63,005	7,308
Unsecured term loan credit facility
Cash flows from financing activities:
Proceeds from line of credit	0	20,000
Unsecured revolving credit facility
Cash flows from financing activities:
Proceeds from line of credit	300,273	104,542
Repayment of revolving credit facility	$ (40,196)	$ (27,500)