EQT Exeter Real Estate Income Trust 10-K 29 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 28, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	333-273163
Entity Registrant Name	EQT Exeter Real Estate Income Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	88-4108741
Entity Address, Address Line One	Five Radnor Corporate Center
Entity Address, Address Line Two	100 Matsonford Road, Suite 250
Entity Address, City or Town	Radnor
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	610
Local Phone Number	828-3200
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		58,500
Entity Central Index Key	0001946997
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Financial Statement Error Correction [Flag]	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	New York, New York
Auditor Firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 405,049	$ 199,935
Total Assets	405,049	199,935
Liabilities and Equity
Total Liabilities	0	0
Equity [Abstract]
Preferred stock	220,000	0
Additional paid-in capital	327,748	199,800
Accumulated deficit	(143,284)	(65)
Total Equity	405,049	199,935
Total Liabilities and Equity	405,049	199,935
Common Stock
Equity [Abstract]
Common stock	0	200
Common Stock Class T
Equity [Abstract]
Common stock	0	0
Common Stock Class S
Equity [Abstract]
Common stock	0	0
Common Stock Class D
Equity [Abstract]
Common stock	0	0
Common Stock Class I
Equity [Abstract]
Common stock	0	0
Common Stock Class E
Equity [Abstract]
Common stock	$ 585	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	100,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,100,000,000	1,000,000,000
Common stock, issued (in shares)	58,500	20,000
Common stock, outstanding (in shares)	58,500	20,000
Preferred Class A
Preferred stock, issued (in shares)	220	0
Preferred stock, outstanding (in shares)	220	0
Preferred stock, liquidation preference per share (in dollars per share)	$ 1,000
Preferred stock, redemption premium (in dollars per share)	$ 50
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	0	1,000,000,000
Common stock, issued (in shares)	0	20,000
Common stock, outstanding (in shares)	0	20,000
Common Stock Class T
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Common Stock Class S
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Common Stock Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Common Stock Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Common Stock Class E
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	100,000,000	0
Common stock, issued (in shares)	58,500	0
Common stock, outstanding (in shares)	58,500	0
Common Stock Class E | Restricted Stock
Common stock, issued (in shares)	38,500	0
Common stock, outstanding (in shares)	38,500	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	4 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Expenses
General and administrative expenses	$ 65	$ 130,875
Total Expenses	65	130,875
Net loss	(65)	(130,875)
Dividends to preferred stockholders	0	(12,344)
Net loss attributable to common stockholders, basic	(65)	(143,219)
Net loss attributable to common shareholders, diluted	$ (65)	$ (143,219)
Net loss per share of common stock - basic (in dollars per share)	$ (0.01)	$ (7.16)
Net loss per share of common stock - diluted (in dollars per share)	$ (0.01)	$ (7.16)
Weighted-average shares of common stock outstanding - basic (in shares)	9,934	20,000
Weighted-average shares of common stock outstanding - diluted (in shares)	9,934	20,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($)	Total	Preferred Stock Class A	Common Stock	Common Stock Common Stock Class T	Common Stock Common Stock Class S	Common Stock Common Stock Class D	Common Stock Common Stock Class I	Common Stock Common Stock Class E	Additional Paid- In Capital	Accumulated Deficit
Beginning balance at Sep. 01, 2022	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(65)									(65)
Common stock issued	200,000		200						199,800
Ending balance at Dec. 31, 2022	199,935	0	200	0	0	0	0	0	199,800	(65)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(130,875)									(130,875)
Common stock reclassification	0		$ (200)					200
Issuance of preferred stock	220,000	220,000
Preferred stock dividend	(12,344)									(12,344)
Stock based compensation	128,333								128,333
Issuance of restricted stock awards	0							385	(385)
Ending balance at Dec. 31, 2023	$ 405,049	$ 220,000		$ 0	$ 0	$ 0	$ 0	$ 585	$ 327,748	$ (143,284)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	4 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
CASH FLOW USED IN OPERATING ACTIVITIES
Net loss	$ (65)	$ (130,875)
Non-cash compensation expense	0	128,333
Net cash used in operating activities	(65)	(2,542)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from preferred stock issuance	0	220,000
Dividends paid on preferred shares	0	(12,344)
Net cash provided by financing activities	0	207,656
Net increase (decrease) in cash	(65)	205,114
Cash and cash equivalents at beginning of period	200,000	199,935
Cash and cash equivalents at end of period	$ 199,935	$ 405,049

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	Organization and Business Purpose EQT Exeter Real Estate Income Trust, Inc. (the “Company”) was formed on September 2, 2022, as a Maryland corporation and intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2024. The Company was organized to invest primarily in stabilized, income oriented commercial real estate in the United States. The Company is the sole general partner of EQT Exeter REIT Operating Partnership, LP, a Delaware limited partnership (“EQRT OP”). EQRT Special Limited Partner LLC, a Delaware limited liability company (the “Special Limited Partner”) and an affiliate of the Company's advisor, owns a special limited partner interest in EQRT OP. Substantially all of the Company’s business will be conducted through EQRT OP, which as of December 31, 2023, had not commenced its principal operations. The Company and EQRT OP are externally managed by Exeter Property Group, LLC (the “Adviser”), an affiliate of EQT AB (the “Sponsor”).

Capitalization

Capitalization	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Capitalization	Capitalization As of December 31, 2023 and December 31, 2022, the Company was authorized to issue up to 2,100,000,000 and 1,000,000,000 shares of common stock, par value $0.01 per share, respectively, and up to 100,000,000 and 10,000,000 shares of preferred stock, par value $0.01 per share, respectively. Of the 100,000,000 shares of preferred stock authorized as of December 31, 2023, 220 shares were issued and classified as Class A shares. See Note 8, "Subsequent Events." As of December 31, 2023 and December 31, 2022, the Company had the following classes of common stock authorized, issued and outstanding: December 31, 2023 December 31, 2022 Classification Par Value Per Share Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Common Stock $0.01 — — 1,000,000,000 20,000 Class T Shares $0.01 500,000,000 — — — Class S Shares $0.01 500,000,000 — — — Class D Shares $0.01 500,000,000 — — — Class I Shares $0.01 500,000,000 — — — Class E Shares (1) $0.01 100,000,000 58,500 — — Total 2,100,000,000 58,500 1,000,000,000 20,000 (1) On September 1, 2023, the Company issued an aggregate of 38,500 unvested restricted shares of Class E common stock, $0.01 par value per share, with a grant date fair value of $10.00 per share, to the Company's four independent directors as compensation for their services pursuant to the Company’s independent director compensation plan. On August 1, 2023, the Company registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5,000,000,000 in shares of common stock, consisting of up to $4,000,000,000 in shares in its primary offering and up to $1,000,000,000 in shares pursuant to its distribution reinvestment plan (the “Offering”). The Company intends to sell any combination of four classes of shares of its common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes in the Offering have different upfront selling commissions and dealer manager fees, and different ongoing distribution fees. The terms of the Offering required the Company to hold investors’ funds from the Offering in an interest-bearing escrow account until the Company received purchase orders for at least $25,000,000 of its common stock or units of EQRT OP in the Offering or in separate private transactions (including purchase orders by the Adviser, the Sponsor, their affiliates and the Company’s directors and officers, which purchases were not limited in amount) and the Company’s board of directors authorized the release of funds in the escrow account to the Company. On March 19, 2024, EQRT OP issued 6,220,000 Class E units to EQT Exeter Holdings US, Inc. (“EQT Exeter Holdings”), an affiliate of the Sponsor, for an aggregate purchase price of $62,200,000, or $10.00 per unit. As such, as of March 19, 2024, the Company satisfied the minimum offering requirement for all jurisdictions other than Pennsylvania and the Company’s board of directors authorized the Company to break escrow in the Offering. See Note 8, “Subsequent Events.” Until the release of proceeds from escrow, the per share purchase price for shares of the Company’s common stock in its primary offering was $10.00 per share plus applicable upfront selling commissions and dealer manager fees. Thereafter, the purchase price per share for each class of common stock will vary and will generally equal the Company’s prior month’s net asset value (“NAV”) per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. EQT Exeter Holdings has committed to purchase $200,000,000 in Class E shares of the Company’s common stock or Class E units of EQRT OP, or a combination thereof (the “Sponsor Committed Amount”); provided that EQT Exeter Holdings may invest a smaller amount to the extent the reduction is offset by an investment by other affiliates of the Sponsor and their officers and employees. The Sponsor Committed Amount is inclusive of the 6,220,000 Class E units of EQRT OP acquired by EQT Exeter Holdings on March 19, 2024 for an aggregate purchase price of $62,200,000, or $10.00 per unit. Class E shares and Class E units are not available for purchase in the Offering. Class E shares and Class E units are only available for purchase in private transactions by (i) the Adviser, the Sponsor and their affiliates, (ii) employees of the Adviser, the Sponsor and their affiliates and (iii) the Company’s officers and directors. During the escrow period, the per share purchase price for Class E shares and Class E units was $10.00 per share or unit. After the close of the escrow period, Class E shares and Class E units will be sold at the then-current transaction price, which will generally be the prior month’s NAV per share or unit for such class. The Class E shares and Class E units are not subject to any upfront selling commissions, dealer manager fees, distribution fees, management fees payable to the Adviser or the performance participation allocation to the Special Limited Partner. For information regarding repurchases of Class E shares and Class E units acquired in connection with the Sponsor Committed Amount, see Note 3, “Summary of Significant Accounting Policies—Share Repurchases”. As of December 31, 2023 and December 31, 2022, the Company was capitalized with a $200,000 investment by the Adviser in exchange for the issuance of 20,000 shares of the Company’s common stock. These shares were reclassified as Class E shares of common stock on June 21, 2023. The Adviser may not sell, transfer or dispose of these 20,000 shares to any party other than an affiliate of the Adviser while the Sponsor or any affiliate serves as the sponsor to the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and EQRT OP and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s financial position and results of operations. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates. There is no comprehensive income (loss) so the consolidated statement of comprehensive income (loss) is not presented. Cash and Cash Equivalents Cash represents cash held in banks, and cash on hand. The Company may at times have bank balances in excess of federally insured amounts. The amount of cash exceeding federally insured limits at December 31, 2023 was $157,549. The Company did not hold any cash equivalents as of December 31, 2023 or December 31, 2022. Income Taxes The Company was a taxable corporation for the year ended December 31, 2023 and the period ended December 31, 2022. The Company intends to make an election to be taxed and to operate in a manner that will allow it to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ending December 31, 2024. Until that time, the Company will be subject to taxation at regular corporate rates under the Internal Revenue Code. The Company had no taxable income for the year ended December 31, 2023 and for the period ended December 31, 2022. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 100% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Organization and Offering Expenses The Adviser or its affiliates are initially paying all organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and distribution fees) through March 19, 2025, which is the first anniversary of the date the Company broke escrow for the Offering. Pursuant to the advisory agreement among the Company, EQRT OP and the Adviser, the Company will reimburse the Adviser for all such advanced expenses ratably over a 60-month period commencing March 19, 2025. As of December 31, 2023 and 2022, the Adviser and its affiliates have incurred organization and offering costs on the Company’s behalf of $5,470,431 and $1,850,487, respectively. These costs are not recorded in the accompanying consolidated financial statements because such costs did not represent liabilities of the Company until March 19, 2024, the date the Company broke escrow for the Offering. When recorded by the Company, organizational expenses will be expensed as incurred, and offering expenses will be charged to stockholders’ equity as such amounts will be reimbursed to the Adviser or its affiliates from the gross proceeds of the Offering. Any amount due to the Adviser but not paid will be recognized as a liability on the consolidated balance sheet. Operating Expenses Operating expenses incurred directly by the Company are expensed in the period incurred. Such amounts totaled $130,875 and $65 for the year ended December 31, 2023 and for the period ended December 31, 2022. The Adviser will advance, on behalf of the Company, certain of the Company's general and administrative expenses through the earlier of (i) the first date that the aggregate NAV of the Company's outstanding shares of common stock, along with EQRT OP units held by parties other than the Company, reaches $500 million and (ii) March 19, 2025, which is one year from the date on which the Company broke escrow in the Offering, at which point the Company will reimburse the Adviser for all such advanced general and administrative expenses ratably over the 60 months following such date. As of December 31, 2023 and 2022, the Adviser has advanced $960,534 and $0 for such costs. When recorded by the Company, advanced general and administrative expenses will be expensed as incurred. These amounts are not recorded in the accompanying consolidated financial statements because such costs did not represent liabilities of the Company until March 19, 2024, the date the Company broke escrow for the Offering. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington investors and clients of certain selected dealers that do not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of the Company’s common stock unless they elect to receive their distributions in cash. Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington investors and clients of certain selected dealers that do not permit automatic enrollment in the Company’s distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The purchase price for shares purchased under the distribution reinvestment plan will be equal to the most recently disclosed transaction price for such shares at the time of the record date for the distribution. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares under the distribution reinvestment plan; however, all outstanding Class T, Class S and Class D shares, including those purchased under the distribution reinvestment plan, will be subject to ongoing distribution fees. Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to a number of limitations in the share repurchase plan. The aggregate NAV of total repurchases of Class T, Class S, Class D, Class I, and Class E shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company’s common stock, if any, but excluding any Early Repurchase Deduction (defined below) applicable to the repurchased shares) is limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to stockholders as of the end of the immediately preceding three months). EQT Exeter Holdings and affiliates of the Sponsor and their officers and employees purchasing Class E shares and Class E units in satisfaction of the Sponsor Committed Amount must agree to hold all such shares and units they acquire until the earlier of (i) the first date that the aggregate NAV of the Company’s outstanding shares of common stock, along with EQRT OP units held by parties other than the Company, reaches $1.0 billion and (ii) March 19, 2027, which is three years from the date of the initial investment by EQT Exeter Holdings. Following such date, holders of Class E shares and Class E units purchased in connection with the Sponsor Committed Amount may request the Company repurchase such Class E shares or Class E units; provided, that (1) the Company will only process repurchases of such Class E shares or Class E units for cash after all other Stockholder repurchase requests have been processed, (2) such repurchases of Class E shares for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases and (3) upon a repurchase request, EQRT OP will repurchase Class E units for Class E shares or cash (at the holder’s election) unless the board of directors of the Company determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of EQRT OP, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate net asset value of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in the share repurchase plan treating all outstanding EQRT OP units held by persons other than the Company as having been exchanged for shares of the Company as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations under the share repurchase plan. For the avoidance of doubt, repurchases of Class E units for Class E shares will not be subject to the requirement that all other stockholder repurchase requests under the share repurchase plan have been processed and will not be subject to the 2% monthly and 5% quarterly limitations on repurchases. Repurchases of Class E shares and Class E units acquired in connection with the Sponsor Committed Amount will not be subject to the Early Repurchase Deduction. Shares held by the Adviser acquired as payment of the Adviser’s management fee will not be subject to the share repurchase plan, including with respect to any repurchase limits or the Early Repurchase Deduction, and will not be included in the calculation of the Company’s aggregate NAV for purposes of the 2% monthly or 5% quarterly limitations on repurchases. Notwithstanding the foregoing, the Company has adopted a policy that requires the affiliated-transactions committee of the Company’s board of directors to approve any repurchase request of the Adviser for Class E shares received as payment for the management fee that, when combined with any stockholder repurchase requests submitted through the share repurchase plan, would cause the Company to exceed the 2% monthly or 5% quarterly repurchase limitations of the share repurchase plan. Such approval must find that the repurchase will not impair the Company’s capital or operations and is consistent with the fiduciary duties of the Company’s independent directors. In addition, holders of Class E units issued in connection with distributions on the performance participation interest may request EQRT OP repurchase such Class E units for Class E shares or cash (at the holder’s election) unless the board of directors of the Company determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of EQRT OP, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate net asset value of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in the share repurchase plan treating all outstanding EQRT OP units held by persons other than the Company as having been exchanged for shares of the Company as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations under the share repurchase plan. In addition, any repurchases of Class E units in respect of distributions on the performance participation interest will not be subject to the Early Repurchase Deduction. Shares would be repurchased at a price equal to the transaction price in effect on the applicable repurchase date, subject to any Early Repurchase Deduction. Shares that have not been outstanding for at least one year would be repurchased at 98% of the transaction price (“Early Repurchase Deduction”). The Early Repurchase Deduction will not apply to shares acquired through the Company’s distribution reinvestment plan nor will it apply in the following circumstances (subject to the conditions described in the share repurchase plan): repurchases resulting from death, qualifying disability or divorce; in the event that a stockholder’s shares are repurchased because the stockholder has failed to maintain the $500 minimum account balance; or due to trade or operational error. The Company will begin the share repurchase plan in the first month of the first full calendar quarter following the conclusion of the escrow period for the Offering. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. The Company’s board of directors may make exceptions to modify or suspend the share repurchase plan if it deems in its reasonable judgment such action to be in the Company’s best interest. The Company’s board of directors will not terminate the share repurchase plan absent a liquidity event which results in the Company’s stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law. Share Based Payments The Company records compensation cost related to the restricted common stock awards for its independent directors based on the grant date fair value which is amortized into expense over the vesting period on a straight-line basis. Net Loss per Share of Common Stock

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company and EQRT OP entered into an advisory agreement with the Adviser on July 31, 2023. Pursuant to the advisory agreement, the Adviser is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors. The Company will pay the Adviser an annual management fee (payable monthly in arrears) equal to 1.25% of the aggregate NAV represented by the Company’s Class T shares, Class S shares, Class D shares and Class I shares. Additionally, to the extent that EQRT OP issues EQRT OP units to parties other than the Company, EQRT OP will pay the Adviser a management fee equal to 1.25% of the aggregate NAV of EQRT OP attributable to such EQRT OP units not held by the Company per annum, payable monthly in arrears. No management fee will be paid with respect to Class E shares or Class E units of EQRT OP. The management fee will be paid, at the Adviser’s election, in cash, Class E shares of common stock, or Class E units of EQRT OP. The Adviser has agreed to waive its management fee for the first six full calendar months following March 19, 2024, the date the Company broke escrow for the Offering. If the Adviser elects to receive any portion of its management fee in Class E shares or Class E units of EQRT OP, the Company may be obligated to repurchase such Class E shares or Class E units from the Adviser at a later date. Such repurchases will be outside the Company’s share repurchase plan and thus will not be subject to the repurchase limits of the share repurchase plan or any Early Repurchase Deduction. See Note 3, “Summary of Significant Accounting Policies – Share Repurchases.” So long as the advisory agreement has not been terminated, the Special Limited Partner will hold a performance participation interest in EQRT OP that entitles it to receive an allocation from EQRT OP equal to 12.5% of the annual Total Return, subject to a 5% annual Hurdle Amount and a High-Water Mark, with a Catch-Up (each term as defined in the EQRT OP Second Amended and Restated Limited Partnership Agreement). Such allocation will be measured annually and accrued monthly. Class E units of EQRT OP will not be subject to the performance participation allocation. Distributions on the performance participation interest may be distributable in cash or Class E units at the election of the Special Limited Partner. In addition, EQTE Brokerage LLC, (the “Dealer Manager”), an affiliate of the Adviser, serves as the dealer manager for the Offering. The Dealer Manager registered as a broker dealer with the SEC and the Financial Industry Regulatory Authority, Inc. (“FINRA”) on May 16, 2023. The Company entered into an agreement (the “Dealer Manager Agreement”) with the Dealer Manager in connection with the Offering on August 1, 2023. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering; however, such amounts may vary for certain selected dealers provided that the sum will not exceed 3.5% of the transaction price. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. The Dealer Manager is entitled to receive upfront selling commissions of up to 1.5% of the transaction price of each Class D share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class I shares, Class E shares or shares of any class sold pursuant to the Company’s distribution reinvestment plan. Subject to FINRA limitations on underwriting compensation and certain other limitations and subject to the provisions for the conversion of Class T shares, Class S shares and Class D shares into Class I shares, the Dealer Manager will also receive a distribution fee of 0.85%, 0.85% and 0.25% per annum of the aggregate NAV of the Company’s outstanding Class T shares, Class S shares and Class D shares, respectively. There is no distribution fee with respect to Class I shares or Class E shares. The distribution fees will be paid monthly in arrears. The Dealer Manager will reallow (pay) all or a portion of the distribution fees to selected dealers and servicing broker-dealers, and will rebate distribution fees to the Company to the extent a broker-dealer is not eligible to receive them. The Company will cease paying the distribution fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account at the end of the month in which the Dealer Manager in conjunction with the transfer agent determines that total upfront selling commissions, dealer manager fees and distribution fees paid with respect to the shares held by such stockholder within such account would equal or exceed, in the aggregate, 8.75% (or a lower limit as set forth in the applicable agreement between the Dealer Manager and a selected dealer at the time such shares were issued) of the gross proceeds from the sale of such shares and purchased in a primary offering (i.e., an offering other than a distribution reinvestment plan) (collectively, the “Fee Limit”). At the end of such month, each such Class T share, Class S share or Class D share in such account (including shares in such account purchased through the distribution reinvestment plan or received as a stock dividend) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share. The Company will accrue the cost of the distribution fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. The Company intends to retain an affiliate of the Adviser to provide property management and leasing services for most, if not all, of the properties the Company acquires. The Company may retain an affiliate of the Adviser to provide development and construction services for certain properties the Company acquires. In addition, the Company may retain certain of the Adviser’s affiliates for necessary services relating to the Company’s investments or its operations, including accounting services, valuation support services, account management services, corporate secretarial services, data management services, directorship services, information technology services, finance/ budget services, human resources, judicial processes, legal services, operational services, risk management services, tax services, treasury services, loan management services, property, title and/or other types of insurance and related services, transaction support services, transaction consulting services and other similar operational matters. The Adviser’s affiliates may charge fees and expenses to the Company for the provision of such services. EQRT OP may also issue equity incentive compensation to certain employees of such affiliates for services provided. Any compensation paid to the Adviser’s affiliates for any such services will not reduce the management fee nor the performance participation allocation. In addition to the organization, offering and general and administrative expense reimbursements described herein, the Company intends to reimburse the Adviser for out-of-pocket costs and expenses the Adviser incurs in connection with the services it provides to the Company, including, but not limited to, (i) the actual cost of goods and services used by the Company and obtained from third parties, including fees paid to administrators, consultants, attorneys, technology providers and other service providers, and brokerage fees paid in connection with the purchase and sale of investments and securities, and (ii) expenses of managing and operating the Company’s properties, whether payable to an affiliate or a non-affiliated person. The Company does not intend to pay the Adviser any acquisition, financing (except interest payments to the lender in cases where the lender is an affiliate of the Adviser) or other similar fees in connection with making investments. The Company will, however, reimburse the Adviser for out-of-pocket expenses in connection with the selection and acquisition of properties and real estate related securities, whether or not such investments are acquired, and make payments to third parties in connection with making investments. On July 11, 2023, the Adviser and EQRT OP entered into an Investment Management Agreement (the “Investment Management Agreement”) with J.P. Morgan Investment Management Inc. (“JP Morgan”). Pursuant to the Investment Management Agreement, JP Morgan will serve as a sub-advisor to the Adviser and act as the investment manager for the Company’s portfolio of short-term investments, which may include real estate related securities. Under the terms of the Investment Management Agreement, JP Morgan’s fee for its services will be paid entirely by the Adviser and not by the Company. As of November 4, 2022, the Company was capitalized with a $200,000 investment by the Adviser in exchange for 20,000 shares of the Company’s common stock. All of these shares were reclassified as Class E shares of common stock on June 21, 2023. On June 9, 2023, the Company issued 220 shares of Class A preferred stock to eight officers and employees of the Adviser and its affiliates at a price of $1,000 per share. See Note 2, "Capitalization."

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Economic Dependency	Economic Dependency The Company is dependent on the Adviser and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Adviser and its affiliates are unable or unwilling to provide such services, the Company would be required to find alternative service providers.

Share Based Compensation

Share Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share Based Compensation	Share Based Compensation The Company's board of directors approved the EQT Exeter Real Estate Income Trust, Inc. Independent Director Compensation Plan (the "Director Compensation Plan"), pursuant to which, up to 500,000 shares of the Company's Class E common stock are available for issuance. On September 1, 2023, the Company issued an aggregate of 38,500 restricted shares of Class E common stock to the Company’s four independent directors as compensation for their services pursuant to the Director Compensation Plan. The restricted shares of Class E common stock will vest (i) on the one year anniversary of the grant date, provided that the independent director remains on the board of directors on such vesting date, or (ii) upon the earlier occurrence of his or her termination of service due to his or her death, disability or, if approved by the board of directors, upon a change of control of the Company or for “good reason.” During the year ended December 31, 2023 and the period ended December 31, 2022, the Company recorded $128,333 and $0 of restricted stock amortization in general and administrative expenses in the consolidated statements of operations. The following summarizes the activity for Class E common stock issued pursuant to the Director Compensation Plan during the year ended December 31, 2023: For the Year Ended As of December 31, 2023 Type Restricted Stock Weighted Average Grant Date Fair Value (per share) Remaining Amortization Period Unrecognized Compensation Cost Unvested restricted shares as of December 31, 2022 — Granted 38,500 $ 10.00 8 months $ 256,667 Forfeited — Vested — Unvested restricted shares, December 31, 2023 38,500

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events As of the date of this filing, the Company has evaluated subsequent events and determined that, except as disclosed herein, no events have occurred which would require an adjustment to or additional disclosure in the consolidated financial statements. Amended and Restated Advisory Agreement On March 19, 2024, the Company entered into an amended and restated advisory agreement (the “Amended and Restated Advisory Agreement”) by and among the Company, EQRT OP and the Adviser. The Amended and Restated Advisory Agreement reflects the addition of the Class A-I and Class A-II shares and the different management fees associated with such shares. See “—Charter Amendment and Articles Supplementary” below regarding the designation of Class A-I and Class A-II shares. The Company will pay the Adviser a management fee of 0.50% of the aggregate NAV represented by the Company’s Class A-I shares per annum payable monthly in arrears and a management fee of 0.90% of the aggregate NAV represented by the Company’s Class A-II shares per annum payable monthly in arrears. The Amended and Restated Advisory Agreement modifies the previous Advisory Agreement dated July 31, 2023 to clarify that the Adviser will advance on behalf of the Company certain of the Company’s general and administrative expenses through the earlier of (i) the first date that the aggregate NAV of the Company’s outstanding shares of common stock, along with EQRT OP units held by parties other than the Company, reaches $500 million and (ii) March 19, 2025, which is one year from the date on which the Company broke escrow in the Offering, rather than one year from the commencement of the offering, as stated in the previous Advisory Agreement. The Amended and Restated Advisory Agreement clarifies that such advanced general and administrative expenses will be reimbursed by the Company in 60 equal monthly installments commencing with the first month following such date. The Amended and Restated Advisory Agreement amends the organization and offering expenses payable or reimbursable by the Company to provide that the Company will pay or reimburse the Adviser or the Dealer Manager for expenses of employees of the Dealer Manager incurred in the performance of wholesaling activities in the Company’s offerings, including but not limited to business entertainment expenses, travel, meal and lodging expenses incurred in connection with attending retail seminars sponsored by selected dealers, meetings with selected dealers and potential selected dealers or other conferences in connection with the Company’s offerings. The Adviser continues to be responsible for the payment of wholesaling compensation expenses of persons associated with the Dealer Manager without reimbursement from the Company. Purchase and Sale Agreement for Georgetown Property On March 20, 2024, the Company, through an indirect subsidiary (the “Buyer”), acquired a 449,642 square foot light manufacturing and distribution warehouse facility on approximately 55 acres of land in Georgetown, Texas (the “Georgetown Property”). The Georgetown Property, constructed in 2023, is 100% leased to a single tenant. On December 21, 2023, the Adviser entered into a purchase and sale agreement, as subsequently amended, with Longhorn Junction Owner (TX), LP (the “Seller”), an affiliate of Portman Holdings, to acquire the Georgetown Property. The Seller is not affiliated with the Company or the Adviser. On March 20, 2024, the Adviser assigned the purchase and sale agreement to the Buyer for $1,500,000, which was the amount of the deposit under the purchase and sale agreement. The Adviser advanced $103,602 of closing costs on the Company's behalf for this acquisition. The Company repaid the Adviser for the deposit and advanced closing costs on March 20, 2024. The purchase price of the Georgetown Property was $60,932,800, exclusive of closing costs. The Company funded the acquisition of the Georgetown Property with proceeds from the sale of Class E units of EQRT OP to EQT Exeter Holdings. Property Management Agreement In connection with the acquisition of the Georgetown Property, on March 20, 2024, the Company, through the Buyer, entered into a property management agreement with Exeter Property Group Advisors, LLC (the “Property Manager”), an affiliate of the Adviser (the “Property Management Agreement”). The Property Management Agreement has a term through the end of the 2024 calendar year and will be renewed automatically for successive one year periods unless terminated by either party, giving the other party notice not less than thirty (30) days prior to the expiration of the then-current term. Pursuant to the Property Management Agreement, the Company will pay the Property Manager management fees equal to the lesser of the then-current market rate for services provided and the amount of such fee per the terms of the tenant lease. The Company will pay the Property Manager leasing commissions based on the then-current market rate; provided if the tenant is represented by a broker, the aggregate commissions would be no more than the then-current market rate. The Company will reimburse the Property Manager for all reasonable and actual expenditures. S econd Amended and Restated Limited Partnership Agreement of EQRT OP On March 19, 2024, the Company entered into a Second Amended and Restated Limited Partnership Agreement of EQRT OP (the “Amended Operating Partnership Agreement”) by and among the Company, the Special Limited Partner and the other limited partners thereto in order to update certain terms related to the redemption of Class E units (i) issued to the Adviser and its affiliates and their officers and employees in connection with the Sponsor Committed Amount, (ii) issued in connection with the performance participation interest in EQRT OP and (iii) issued in lieu of management fees payable pursuant to the Advisory Agreement among the Company, EQRT OP and the Adviser. The Amended Operating Partnership Agreement also reflects the addition of Class A-I and Class A-II units of the EQRT OP. The terms of the Special Limited Partner’s performance participation allocation are the same for Class A-I and Class A-II units as for Class T, Class S, Class D and Class I units. Sponsor Subscription Agreement and Escrow Break On March 19, 2024, the Company entered into a subscription agreement (the “Sponsor Subscription Agreement”) with EQT Exeter Holdings which permits the Company to issue and sell to EQT Exeter Holdings an aggregate of $200,000,000 in Class E shares of the Company’s common stock or Class E units of EQRT OP, or a combination thereof, provided that EQT Exeter Holdings may invest a smaller amount to the extent the reduction is offset by investments by other affiliates of the Sponsor and their officers and employees. On March 19, 2024, pursuant to the terms of the Sponsor Subscription Agreement, EQRT OP issued 6,220,000 Class E units to EQT Exeter Holdings for an aggregate purchase price of $62,200,000, or $10.00 per unit. With EQT Exeter Holdings’ investment in units of EQRT OP, the Company satisfied the minimum offering requirement for all jurisdictions other than Pennsylvania and the Company’s board of directors authorized the Company to break escrow in the Offering. Charter Amendment and Articles Supplementary On March 20, 2024, the Company filed Articles of Amendment (the “Articles of Amendment”) to the Company’s Articles of Amendment and Restatement, dated June 20, 2023 (the “Charter”) with the Maryland State Department of Assessments and Taxation (“SDAT”) to increase the number of shares of capital stock that the Company has authority to issue to 2,300,000,000 and the number of shares of common stock, par value $0.01 per share, that the Company has authority to issue to 2,200,000,000. Immediately following the filing of the Articles of Amendment, the Company filed with the SDAT Articles Supplementary (the “Articles Supplementary”) to the Charter, pursuant to which the Company classified and designated 50,000,000 authorized but unissued shares of Class A-I common stock and 50,000,000 authorized but unissued shares of Class A-II common stock. Share Repurchase Plan Amendment Effective as of March 18, 2024, the Company’s board of directors amended the share repurchase plan to (i) reflect updates to the terms of repurchase of Class E shares or Class E units and (ii) to reflect the addition of Class A-I shares and Class A-II shares. Amended and Restated Distribution Reinvestment Plan In connection with the designation of the Class A-I shares and Class A-II shares, effective as of March 18, 2024, the Company’s board of directors approved the Amended and Restated Distribution Reinvestment Plan to reflect the addition of Class A-I shares and Class A-II shares. Valuation Guidelines Amendment

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	4 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (65)	$ (130,875)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated		false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and EQRT OP and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s financial position and results of operations. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates. There is no comprehensive income (loss) so the consolidated statement of comprehensive income (loss) is not presented.
Cash and Cash Equivalents	Cash and Cash Equivalents
Income Taxes	Income Taxes The Company was a taxable corporation for the year ended December 31, 2023 and the period ended December 31, 2022. The Company intends to make an election to be taxed and to operate in a manner that will allow it to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ending December 31, 2024. Until that time, the Company will be subject to taxation at regular corporate rates under the Internal Revenue Code. The Company had no taxable income for the year ended December 31, 2023 and for the period ended December 31, 2022. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 100% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Organization and Offering Expenses	Organization and Offering Expenses The Adviser or its affiliates are initially paying all organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and distribution fees) through March 19, 2025, which is the first anniversary of the date the Company broke escrow for the Offering. Pursuant to the advisory agreement among the Company, EQRT OP and the Adviser, the Company will reimburse the Adviser for all such advanced expenses ratably over a 60-month period commencing March 19, 2025. As of December 31, 2023 and 2022, the Adviser and its affiliates have incurred organization and offering costs on the Company’s behalf of $5,470,431 and $1,850,487, respectively. These costs are not recorded in the accompanying consolidated financial statements because such costs did not represent liabilities of the Company until March 19, 2024, the date the Company broke escrow for the Offering. When recorded by the Company, organizational expenses will be expensed as incurred, and offering expenses will be charged to stockholders’ equity as such amounts will be reimbursed to the Adviser or its affiliates from the gross proceeds of the Offering. Any amount due to the Adviser but not paid will be recognized as a liability on the consolidated balance sheet.
Operating Expenses	Operating Expenses Operating expenses incurred directly by the Company are expensed in the period incurred. Such amounts totaled $130,875 and $65 for the year ended December 31, 2023 and for the period ended December 31, 2022.
Distribution Reinvestment Plan	Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington investors and clients of certain selected dealers that do not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of the Company’s common stock unless they elect to receive their distributions in cash. Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington investors and clients of certain selected dealers that do not permit automatic enrollment in the Company’s distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The purchase price for shares purchased under the distribution reinvestment plan will be equal to the most recently disclosed transaction price for such shares at the time of the record date for the distribution. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares under the distribution reinvestment plan; however, all outstanding Class T, Class S and Class D shares, including those purchased under the distribution reinvestment plan, will be subject to ongoing distribution fees.
Share Repurchases	Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to a number of limitations in the share repurchase plan. The aggregate NAV of total repurchases of Class T, Class S, Class D, Class I, and Class E shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company’s common stock, if any, but excluding any Early Repurchase Deduction (defined below) applicable to the repurchased shares) is limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to stockholders as of the end of the immediately preceding three months). EQT Exeter Holdings and affiliates of the Sponsor and their officers and employees purchasing Class E shares and Class E units in satisfaction of the Sponsor Committed Amount must agree to hold all such shares and units they acquire until the earlier of (i) the first date that the aggregate NAV of the Company’s outstanding shares of common stock, along with EQRT OP units held by parties other than the Company, reaches $1.0 billion and (ii) March 19, 2027, which is three years from the date of the initial investment by EQT Exeter Holdings. Following such date, holders of Class E shares and Class E units purchased in connection with the Sponsor Committed Amount may request the Company repurchase such Class E shares or Class E units; provided, that (1) the Company will only process repurchases of such Class E shares or Class E units for cash after all other Stockholder repurchase requests have been processed, (2) such repurchases of Class E shares for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases and (3) upon a repurchase request, EQRT OP will repurchase Class E units for Class E shares or cash (at the holder’s election) unless the board of directors of the Company determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of EQRT OP, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate net asset value of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in the share repurchase plan treating all outstanding EQRT OP units held by persons other than the Company as having been exchanged for shares of the Company as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations under the share repurchase plan. For the avoidance of doubt, repurchases of Class E units for Class E shares will not be subject to the requirement that all other stockholder repurchase requests under the share repurchase plan have been processed and will not be subject to the 2% monthly and 5% quarterly limitations on repurchases. Repurchases of Class E shares and Class E units acquired in connection with the Sponsor Committed Amount will not be subject to the Early Repurchase Deduction. Shares held by the Adviser acquired as payment of the Adviser’s management fee will not be subject to the share repurchase plan, including with respect to any repurchase limits or the Early Repurchase Deduction, and will not be included in the calculation of the Company’s aggregate NAV for purposes of the 2% monthly or 5% quarterly limitations on repurchases. Notwithstanding the foregoing, the Company has adopted a policy that requires the affiliated-transactions committee of the Company’s board of directors to approve any repurchase request of the Adviser for Class E shares received as payment for the management fee that, when combined with any stockholder repurchase requests submitted through the share repurchase plan, would cause the Company to exceed the 2% monthly or 5% quarterly repurchase limitations of the share repurchase plan. Such approval must find that the repurchase will not impair the Company’s capital or operations and is consistent with the fiduciary duties of the Company’s independent directors. In addition, holders of Class E units issued in connection with distributions on the performance participation interest may request EQRT OP repurchase such Class E units for Class E shares or cash (at the holder’s election) unless the board of directors of the Company determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of EQRT OP, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate net asset value of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in the share repurchase plan treating all outstanding EQRT OP units held by persons other than the Company as having been exchanged for shares of the Company as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations under the share repurchase plan. In addition, any repurchases of Class E units in respect of distributions on the performance participation interest will not be subject to the Early Repurchase Deduction. Shares would be repurchased at a price equal to the transaction price in effect on the applicable repurchase date, subject to any Early Repurchase Deduction. Shares that have not been outstanding for at least one year would be repurchased at 98% of the transaction price (“Early Repurchase Deduction”). The Early Repurchase Deduction will not apply to shares acquired through the Company’s distribution reinvestment plan nor will it apply in the following circumstances (subject to the conditions described in the share repurchase plan): repurchases resulting from death, qualifying disability or divorce; in the event that a stockholder’s shares are repurchased because the stockholder has failed to maintain the $500 minimum account balance; or due to trade or operational error. The Company will begin the share repurchase plan in the first month of the first full calendar quarter following the conclusion of the escrow period for the Offering. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. The Company’s board of directors may make exceptions to modify or suspend the share repurchase plan if it deems in its reasonable judgment such action to be in the Company’s best interest. The Company’s board of directors will not terminate the share repurchase plan absent a liquidity event which results in the Company’s stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law.
Share Based Payments	Share Based Payments
Net Loss per Share of Common Stock	Net Loss per Share of Common Stock

Capitalization (Tables)

Capitalization (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of common stock by class	As of December 31, 2023 and December 31, 2022, the Company had the following classes of common stock authorized, issued and outstanding: December 31, 2023 December 31, 2022 Classification Par Value Per Share Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Common Stock $0.01 — — 1,000,000,000 20,000 Class T Shares $0.01 500,000,000 — — — Class S Shares $0.01 500,000,000 — — — Class D Shares $0.01 500,000,000 — — — Class I Shares $0.01 500,000,000 — — — Class E Shares (1) $0.01 100,000,000 58,500 — — Total 2,100,000,000 58,500 1,000,000,000 20,000 (1) On September 1, 2023, the Company issued an aggregate of 38,500 unvested restricted shares of Class E common stock, $0.01 par value per share, with a grant date fair value of $10.00 per share, to the Company's four independent directors as compensation for their services pursuant to the Company’s independent director compensation plan.

Share Based Compensation (Table

Share Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of share based compensation activity	The following summarizes the activity for Class E common stock issued pursuant to the Director Compensation Plan during the year ended December 31, 2023: For the Year Ended As of December 31, 2023 Type Restricted Stock Weighted Average Grant Date Fair Value (per share) Remaining Amortization Period Unrecognized Compensation Cost Unvested restricted shares as of December 31, 2022 — Granted 38,500 $ 10.00 8 months $ 256,667 Forfeited — Vested — Unvested restricted shares, December 31, 2023 38,500

Capitalization - Narrative (Det

Capitalization - Narrative (Details)	Mar. 19, 2024 USD ($) $ / shares	Aug. 01, 2023 USD ($) class $ / shares	Jun. 09, 2023 $ / shares shares	Mar. 20, 2024 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 01, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Common stock authorized for issuance (in shares)					2,100,000,000	1,000,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Preferred stock, authorized (in shares)					100,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Value of common stock in offering (up to) | $		$ 5,000,000,000
Number of classes of stock | class		4
Investment by Adviser | $					$ 405,049	$ 199,935	$ 0
Common stock, issued (in shares)					58,500	20,000
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Common stock authorized for issuance (in shares)				2,200,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.01
Common Stock, Class T, Class S, Class D, Class I and Class E
Subsidiary, Sale of Stock [Line Items]
Common stock authorized for issuance (in shares)					2,100,000,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock authorized for issuance (in shares)					0	1,000,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Common stock, issued (in shares)					0	20,000
Common Stock | Related Party
Subsidiary, Sale of Stock [Line Items]
Common stock, issued (in shares)						20,000
Common Stock | Related Party | Common Stock Including Additional Paid in Capital
Subsidiary, Sale of Stock [Line Items]
Investment by Adviser | $						$ 200,000
Common Stock Class E
Subsidiary, Sale of Stock [Line Items]
Common stock authorized for issuance (in shares)					100,000,000	0
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Common stock, issued (in shares)					58,500	0
Common Stock Class E | Related Party
Subsidiary, Sale of Stock [Line Items]
Common stock, issued (in shares)					20,000
Common Stock Class E | Related Party | Common Stock Including Additional Paid in Capital
Subsidiary, Sale of Stock [Line Items]
Investment by Adviser | $					$ 200,000
Preferred Class A
Subsidiary, Sale of Stock [Line Items]
Preferred stock, outstanding (in shares)					220	0
Preferred stock, redemption premium (in dollars per share) | $ / shares					$ 50
Preferred Class A | Related Party
Subsidiary, Sale of Stock [Line Items]
Dividend rate (as a percentage)			10%
Liquidation preference per share (in dollars per share) | $ / shares			$ 1,000
Preferred stock, redemption premium (in dollars per share) | $ / shares			50
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Value of common stock in offering (up to) | $		$ 4,000,000,000
Price per share (in dollars per share) | $ / shares		$ 10
Offering Pursuant to Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Value of common stock in offering (up to) | $		$ 1,000,000,000
Minimum investor funds received for release of escrow | $		25,000,000
Private Placement | Common Stock Class E | Related Party
Subsidiary, Sale of Stock [Line Items]
Commitment to purchase shares | $		$ 200,000,000
Private Placement | Common Stock Class E | Related Party | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Price per share (in dollars per share) | $ / shares	$ 10
Commitment to purchase shares | $	$ 200,000,000
Preferred Stock Issued to Eight Officers and Employees of the Adviser and its Affiliates | Preferred Class A | Related Party
Subsidiary, Sale of Stock [Line Items]
Price per share (in dollars per share) | $ / shares			$ 1,000
Shares/units issued in sale of stock/units (in shares/units)			220

Capitalization - Schedule of co

Capitalization - Schedule of common stock by class (Details)	Sep. 01, 2023 director $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock authorized for issuance (in shares)		2,100,000,000	1,000,000,000
Common stock, issued (in shares)		58,500	20,000
Common stock, outstanding (in shares)		58,500	20,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock authorized for issuance (in shares)		0	1,000,000,000
Common stock, issued (in shares)		0	20,000
Common stock, outstanding (in shares)		0	20,000
Common Stock Class T
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock authorized for issuance (in shares)		500,000,000	0
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
Common Stock Class S
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock authorized for issuance (in shares)		500,000,000	0
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
Common Stock Class D
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock authorized for issuance (in shares)		500,000,000	0
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
Common Stock Class I
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock authorized for issuance (in shares)		500,000,000	0
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
Common Stock Class E
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock authorized for issuance (in shares)		100,000,000	0
Common stock, issued (in shares)		58,500	0
Common stock, outstanding (in shares)		58,500	0
Common Stock Class E | Restricted Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, issued (in shares)		38,500	0
Common stock, outstanding (in shares)		38,500	0
Common Stock Class E | Director | Restricted Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Unvested shares issued (in shares)	38,500
Grant date fair value of restricted shares (in dollars per share) | $ / shares	$ 10
Number of directors | director	4

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	4 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2023
Class of Stock [Line Items]
Cash held in banks over federally insured amounts		$ 157,549
Cash equivalents	$ 0	0	$ 0
Taxable income		$ 0	0
Term of reimbursement of organization and operating expenses		60 months
Organization and offering expenses incurred but not yet recorded	1,850,487	$ 5,470,431	1,850,487
General and administrative expenses	65	130,875
Threshold amount of NAV not held by company		$ 500,000,000
Reimbursement term after commencement of offering		1 year		1 year
Period of reimbursement of advance		60 months
Term of shares requiring early repurchase deduction (less than)		1 year
Repurchase percentage of shares under early repurchase deduction		98%
Minimum account balance required		$ 500
General and Administrative Expense
Class of Stock [Line Items]
Organization and offering expenses incurred but not yet recorded	$ 0	$ 960,534	$ 0
Related Party | Common Stock Class E | Private Placement
Class of Stock [Line Items]
Stock repurchase, monthly repurchase maximum percentage		2%
Stock repurchase, quarterly repurchase maximum percentage		5%
NAV required of shares not held by company before shares can be repurchased		$ 1,000,000,000
Term required of shares not held by company before shares can be repurchased		3 years

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - $ / shares	Aug. 01, 2023	Jul. 31, 2023
Primary Offering
Related Party Transaction [Line Items]
Price per share (in dollars per share)	$ 10
Related Party | EQRT OP
Related Party Transaction [Line Items]
Performance participation interest allocation, percent of total return		12.50%
Performance benchmark, annual hurdle amount		5%
Related Party | Common Class T, Class S, Class D and Class I shares
Related Party Transaction [Line Items]
Management fee, percent of NAV		1.25%
Related Party | Common Class T, Class S, Class D and Class I shares | EQRT OP
Related Party Transaction [Line Items]
Management fee, percent of NAV of shares now owned by company		1.25%
Related Party | Common Stock Class E | EQRT OP
Related Party Transaction [Line Items]
Management fee, percent of NAV of shares now owned by company		0%
Related Party | Common Stock Class T | EQTE Brokerage LLC
Related Party Transaction [Line Items]
Distribution fee percentage		0.85%
Related Party | Common Stock Class T | EQTE Brokerage LLC | Primary Offering
Related Party Transaction [Line Items]
Dealer manager agreement, percent selling commission		3%
Upfront dealer manager fee percentage		0.50%
Maximum percentage of transaction price		3.50%
Related Party | Common Stock Class S | EQTE Brokerage LLC
Related Party Transaction [Line Items]
Distribution fee percentage		0.85%
Related Party | Common Stock Class S | EQTE Brokerage LLC | Primary Offering
Related Party Transaction [Line Items]
Dealer manager agreement, percent selling commission		3.50%
Related Party | Common Stock Class D | EQTE Brokerage LLC
Related Party Transaction [Line Items]
Distribution fee percentage		0.25%
Related Party | Common Stock Class D | EQTE Brokerage LLC | Primary Offering
Related Party Transaction [Line Items]
Dealer manager agreement, percent selling commission		1.50%
Related Party | Common Class I and Class E | EQTE Brokerage LLC
Related Party Transaction [Line Items]
Distribution fee percentage		0%
Related Party | Common Class T, Class S and Class D | EQTE Brokerage LLC | Primary Offering
Related Party Transaction [Line Items]
Dealer management agreement fees and commissions, maximum percentage of NAV		8.75%

Share Based Compensation - Narr

Share Based Compensation - Narrative (Details)		4 Months Ended	12 Months Ended
	Sep. 01, 2023 director shares	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) shares
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock amortization | $		$ 0	$ 128,333
Director | Restricted Stock | Common Stock Class E
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested shares issued (in shares)	38,500
Director Compensation Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of independent directors | director	4
Vesting period	1 year
Director Compensation Plan | Restricted Stock | Common Stock Class E
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested shares issued (in shares)			38,500
Director Compensation Plan | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of common stock available for issuance (in shares)			500,000

Share Based Compensation - Summ

Share Based Compensation - Summary of share based compensation activity (Details) - Restricted Stock - Director Compensation Plan - Common Stock Class E	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested restricted shares, beginning balance (in shares)	0
Granted (in shares)	38,500
Forfeited (in shares)	0
Vested (in shares)	0
Unvested restricted shares, ending balance (in shares)	38,500
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Grant date fair value of restricted shares (in dollars per share) | $ / shares	$ 10
Remaining Amortization Period	8 months
Unrecognized Compensation Cost | $	$ 256,667

Subsequent Events (Details)

Subsequent Events (Details)	Mar. 20, 2024 USD ($) ft² a $ / shares shares	Mar. 19, 2024 USD ($) $ / shares shares	Aug. 01, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Jul. 31, 2023	Dec. 31, 2022 $ / shares shares
Subsequent Event [Line Items]
Threshold amount of NAV not held by company				$ 500,000,000
Reimbursement term after commencement of offering				1 year	1 year
Common stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01
Common stock authorized for issuance (in shares) | shares				2,100,000,000		1,000,000,000
Common Stock Class E
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01
Common stock authorized for issuance (in shares) | shares				100,000,000		0
Related Party | Common Stock Class E | Private Placement
Subsequent Event [Line Items]
Commitment to purchase shares			$ 200,000,000
Subsequent Event
Subsequent Event [Line Items]
Threshold amount of NAV not held by company		$ 500,000,000
Reimbursement of advance for offering expenses, term, after break of escrow		1 year
Number of monthly installments		60 months
Preferred and common stock, authorized (in shares) | shares	2,300,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock authorized for issuance (in shares) | shares	2,200,000,000
Subsequent Event | Common Class A-I
Subsequent Event [Line Items]
Common stock authorized for issuance (in shares) | shares	50,000,000
Subsequent Event | Common Class A-II
Subsequent Event [Line Items]
Common stock authorized for issuance (in shares) | shares	50,000,000
Subsequent Event | Class E Units | Private Placement
Subsequent Event [Line Items]
OP units issued in sale of units (in units) | shares		6,220,000
Purchase price of units sold		$ 62,200,000
Price per unit (in dollars per unit) | $ / shares		$ 10
Subsequent Event | Related Party | Common Class A-I
Subsequent Event [Line Items]
Management fee, percent of NAV		0.50%
Subsequent Event | Related Party | Common Class A-II
Subsequent Event [Line Items]
Management fee, percent of NAV		0.90%
Subsequent Event | Related Party | Common Stock Class E | Private Placement
Subsequent Event [Line Items]
Commitment to purchase shares		$ 200,000,000
Price per unit (in dollars per unit) | $ / shares		$ 10
Subsequent Event | Georgetown Property
Subsequent Event [Line Items]
Deposit under purchase and sale agreement	$ 1,500,000
Subsequent Event | Georgetown Property | Related Party
Subsequent Event [Line Items]
Closing costs advanced by adviser	$ 103,602
Subsequent Event | Georgetown, Texas | Georgetown Property | Exeter Property Group Advisors, LLC
Subsequent Event [Line Items]
Term of property management agreement	1 year
Notice of termination required for property management agreement	30 days
Subsequent Event | Georgetown, Texas | Georgetown Property | Manufacturing and Distribution Warehouse Facility
Subsequent Event [Line Items]
Area of real estate property | ft²	449,642
Purchase price of real estate	$ 60,932,800
Subsequent Event | Georgetown, Texas | Georgetown Property | Land and Land Improvements
Subsequent Event [Line Items]
Area of real estate property | a	55
Percent leased	100%