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Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

14. RELATED PARTY TRANSACTIONS

Predecessor transactions

Related parties consist of the Predecessor’s general partner, their employees, officers, directors and parties related to them and entities under their control. In addition to disclosures elsewhere in these condensed consolidated financial statements:

(a)
During the three and nine months ended September 30, 2024, the Predecessor incurred asset management fees of $1.0 million and $3.1 million, respectively, and property management fees and direct costs of $0.5 million and $1.5 million, respectively, payable to NARS.
(b)
On October 2, 2024, the Company completed the Internalization and issued 931,490 OP Units as consideration (see Note 10).

Successor transactions

(a)
For the three and nine months ended September 30, 2025, the Company incurred outsourcing service fees of less than $0.1 million and $0.4 million, respectively, to North American Asset Management Corp. (“NAAM”), an affiliate of the Predecessor. The services are limited to property accounting and human resources support.