EQT Exeter Real Estate Income Trust 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 14, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,790
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001946997
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets
Investments in real estate, net	$ 53,412,058	$ 0
Cash and cash equivalents	2,336,532	405,049
Real estate related intangibles, net	7,159,237	0
Other assets	2,600,044	0
Deferred offering costs	5,243,432	0
Total Assets	70,751,303	405,049
Liabilities and (Deficit) Equity
Accounts payable and accrued expenses	593,551	0
Due to affiliates	8,553,481	0
Total Liabilities	9,147,032	0
Redeemable non-controlling interest	64,830,771	0
Equity [Abstract]
Preferred stock	$ 220,000	$ 220,000
Common stock, outstanding (in shares)	58,644	58,500
Common stock, issued (in shares)	58,644	58,500
Additional paid-in capital	$ 521,688	$ 327,748
Accumulated deficit	(3,968,774)	(143,284)
Total (Deficit) Equity	(3,226,500)	405,049
Total Liabilities, Redeemable non-controlling interest and (Deficit) Equity	70,751,303	405,049
Common Class T
Equity [Abstract]
Common stock	$ 0	$ 0
Common stock, outstanding (in shares)	0	0
Common stock, issued (in shares)	0	0
Common Class S
Equity [Abstract]
Common stock	$ 0	$ 0
Common stock, outstanding (in shares)	0	0
Common stock, issued (in shares)	0	0
Common Class D
Equity [Abstract]
Common stock	$ 0	$ 0
Common stock, outstanding (in shares)	0	0
Common stock, issued (in shares)	0	0
Common Class I
Equity [Abstract]
Common stock	$ 0	$ 0
Common stock, outstanding (in shares)	0	0
Common stock, issued (in shares)	0	0
Common Class A-I
Equity [Abstract]
Common stock	$ 0	$ 0
Common stock, outstanding (in shares)	0	0
Common stock, issued (in shares)	0	0
Common Class A-II
Equity [Abstract]
Common stock	$ 0	$ 0
Common stock, outstanding (in shares)	0	0
Common stock, issued (in shares)	0	0
Class E
Equity [Abstract]
Common stock	$ 586	$ 585
Common stock, outstanding (in shares)	58,644	58,500
Common stock, issued (in shares)	58,644	58,500

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,200,000,000	2,100,000,000
Common stock, issued (in shares)	58,644	58,500
Common stock, outstanding (in shares)	58,644	58,500
Preferred Class A
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	220	220
Preferred stock, outstanding (in shares)	220	220
Preferred stock, liquidation preference per share (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, redemption premium (in dollars per share)	$ 50	$ 50
Common Stock
Common stock, authorized (in shares)		2,100,000,000
Common Class T
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Common Class S
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Common Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Common Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Class E
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	58,644	58,500
Common stock, outstanding (in shares)	58,644	58,500
Class E | Restricted Stock
Common stock, issued (in shares)	38,500
Common stock, outstanding (in shares)	38,500
Common Class A-I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000,000	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Common Class A-II
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000,000	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total rental revenue	$ 1,002,556	$ 0	$ 1,128,597	$ 0
Revenues	1,002,556	0	1,128,597	0
Expenses
Rental property operating expenses	56,304	0	60,240	0
General and administrative expenses	612,947	965	2,084,697	965
Organization expenses	0	0	1,186,955	0
Depreciation and amortization	472,470	0	509,394	0
Total Expenses	1,141,721	965	3,841,286	965
Other Income
Interest income	16,263	0	18,220	0
Total other income	16,263	0	18,220	0
Net Loss	(122,902)	(965)	(2,694,469)	(965)
Dividends to preferred stockholders	(5,500)	(1,344)	(11,000)	(1,344)
Adjust redeemable non-controlling interest to redemption value	(1,207,736)	0	(3,750,913)	0
Net loss attributable to redeemable non-controlling interest	122,509	0	2,637,469	0
Net loss attributable to common stockholders, basic	(1,213,629)	(2,309)	(3,818,913)	(2,309)
Net loss attributable to common shareholders, diluted	$ (1,213,629)	$ (2,309)	$ (3,818,913)	$ (2,309)
Net loss per share of common stock - basic (in dollars per share)	$ (60.31)	$ (0.12)	$ (189.79)	$ (0.12)
Net loss per share of common stock - diluted (in dollars per share)	$ (60.31)	$ (0.12)	$ (189.79)	$ (0.12)
Weighted-average shares of common stock outstanding - basic (in shares)	20,122	20,000	20,122	20,000
Weighted-average shares of common stock outstanding - diluted (in shares)	20,122	20,000	20,122	20,000

Consolidated Statements of Chan

Consolidated Statements of Changes in (Deficit) Equity and Redeemable Non-Controlling Interest - USD ($)	Total	Preferred Stock Class A	Common Stock	Additional Paid- In Capital	Accumulated Deficit
Beginning balance at Mar. 31, 2023	$ 199,935	$ 0	$ 200	$ 199,800	$ (65)
Beginning balance (in shares) at Mar. 31, 2023			20,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(965)				(965)
Issuance of preferred stock	220,000	220,000
Preferred stock dividend	(1,344)				(1,344)
Ending balance at Jun. 30, 2023	417,626	220,000	$ 200	199,800	(2,374)
Ending balance (in shares) at Jun. 30, 2023			20,000
Beginning balance at Dec. 31, 2023	$ 405,049	220,000	$ 585	327,748	(143,284)
Beginning balance (in shares) at Dec. 31, 2023	58,500		58,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	$ (56,607)				(56,607)
Stock based compensation	96,250			96,250
Adjust redeemable non-controlling interest to redemption value	(2,543,177)
Ending balance at Mar. 31, 2024	(2,098,485)	220,000	$ 585	423,998	(2,743,068)
Ending balance (in shares) at Mar. 31, 2024			58,500
Beginning balance at Dec. 31, 2023	0
Redeemable Non-controlling interest
Net loss	(2,514,960)
Contribution from redeemable non-controlling interest	62,200,000
Adjust redeemable non-controlling interest to redemption value	2,543,177
Offering costs	(75,205)
Ending balance at Mar. 31, 2024	62,153,012
Beginning balance at Dec. 31, 2023	$ 405,049	220,000	$ 585	327,748	(143,284)
Beginning balance (in shares) at Dec. 31, 2023	58,500		58,500
Ending balance at Jun. 30, 2024	$ (3,226,500)	220,000	$ 586	521,688	(3,968,774)
Ending balance (in shares) at Jun. 30, 2024	58,644		58,644
Beginning balance at Dec. 31, 2023	$ 0
Ending balance at Jun. 30, 2024	64,830,771
Ending balance at Mar. 31, 2024	(2,098,485)	220,000	$ 585	423,998	(2,743,068)
Ending balance (in shares) at Mar. 31, 2024			58,500
Beginning balance at Mar. 19, 2024	62,153,012
Redeemable Non-controlling interest
Net loss	(122,509)
Adjust redeemable non-controlling interest to redemption value	1,207,736
Ending balance at Mar. 31, 2024	62,153,012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(390)				(390)
Stock based compensation	96,250			96,250
Preferred stock dividend	(11,000)				(11,000)
Adjust redeemable non-controlling interest to redemption value	(1,207,736)
Distribution reinvestment (in shares)			144
Distribution reinvestment	1,441		$ 1	1,440
Distributions declared on common stock	(6,580)				(6,580)
Ending balance at Jun. 30, 2024	$ (3,226,500)	$ 220,000	$ 586	$ 521,688	$ (3,968,774)
Ending balance (in shares) at Jun. 30, 2024	58,644		58,644
Redeemable Non-controlling interest
Net loss	$ (122,509)
Contribution from redeemable non-controlling interest	2,300,000
Distributions to redeemable non-controlling interest	(707,468)
Adjust redeemable non-controlling interest to redemption value	1,207,736
Ending balance at Jun. 30, 2024	$ 64,830,771

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS PROVIDED BY/ (USED IN) OPERATING ACTIVITIES
Net loss attributable to common stockholders	$ (2,694,469)	$ (965)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	509,394	0
Straight-line rent amortization	(146,605)	0
Non-cash compensation expense	192,500	0
Change in assets and liabilities
Other assets	(130,018)	0
Due to affiliates	3,085,254	0
Accounts payable and accrued expenses	335,446	0
Net cash provided by/(used in) operating activities	1,151,502	(965)
CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisitions of real estate	(60,944,202)	0
Net cash used in investing activities	(60,944,202)	0
CASH FLOWS FROM FINANCING ACTIVITIES
Contributions from redeemable non-controlling interest	64,500,000	0
Payment of deposit	(2,297,000)	0
Dividends paid on preferred stock	0	220,000
Dividends paid on preferred stock	(11,000)	(1,344)
Distributions paid on common stock	(2,934)	0
Distributions paid on redeemable non-controlling interest	(464,883)	0
Net cash provided by financing activities	61,724,183	218,656
Net increase in cash and cash equivalents	1,931,483	217,691
Cash and cash equivalents at beginning of period	405,049	199,935
Cash and cash equivalents at end of period	2,336,532	417,626
Non-cash investing and financing activity
Accrued offering costs due to affiliates	5,318,637	0
Other accrued costs due to affiliates	149,590	0
Accrued acquisition costs	13,317	0
Working capital assumed	107,579	0
Distribution reinvestment	1,439	0
Common stock
Non-cash investing and financing activity
Distribution accrued and not paid	2,205	0
Redeemable noncontrolling interest
Non-cash investing and financing activity
Distribution accrued and not paid	$ 242,585	$ 0

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 2024
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 is conducted through EQRT OP. The Company commenced its principal operations with the acquisition of its first real estate investment on March 20, 2024. The Company and EQRT OP are externally managed by Exeter Property Group, LLC (the “Adviser”), an affiliate of EQT AB (the “Sponsor”). The Company intends to elect to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ending December 31, 2024. In order to qualify and to maintain qualification as a REIT, the Company will be required to, among other things, distribute as dividends at least 90% of its REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains, to stockholders and meet certain tests regarding the nature of its income and assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") and include the accounts of the Company and the Company's subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements, 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 for the interim period. 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. The accompanying unaudited consolidated interim financial statements do not include all information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2023 as filed with the SEC. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or any future period. There is no comprehensive income (loss) therefore the consolidated statement of comprehensive income (loss) is not presented. Principles of Consolidation The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIEs") of which it is considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as the primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE's economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. EQRT OP is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. The share of assets, liabilities and operations of the Company related to EQRT OP units held by parties other than the Company are included in redeemable non-controlling interest in the mezzanine equity section on the Company's consolidated balance sheet. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may at times have bank balances in excess of federally insured amounts. As of June 30, 2024, the Company held $1,262,830 of cash equivalents and did not hold any cash equivalents as of December 31, 2023. Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1- quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2- quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3- pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The fair values of financial instruments, including cash and cash equivalents, accounts receivable and other financial instruments, included in other assets, accounts payable, accrued expenses and other liabilities approximate their respective carrying values at June 30, 2024 or December 31, 2023. Investment in Real Estate and Lease Intangibles Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the operations of acquired properties are included in the Company's results of operations from their respective dates of acquisition. The Company allocates the purchase price to acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) based on their respective fair values at the date of acquisition. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The fair value of acquired in-place leases is the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs, and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease term. The amortization of in-place lease intangibles is recorded in depreciation and amortization expense on the Company's consolidated statements of operations. Acquired above- and below-market lease values are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company's estimate of fair value lease rates for the corresponding in-place leases. The capitalized above- and below-market rentals are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the in-place lease value will be charged to amortization expense and the unamortized portion of above-market or below-market lease value will be charged to rental revenue. The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Buildings and improvements 10 — 40 years Lease intangibles and leasehold improvements Lease term Significant improvements to properties are capitalized, whereas repairs and maintenance expenses at the Company's properties are expensed as incurred and included in rental property operating expenses on the Company's consolidated statements of operations. Impairment of Real Estate Portfolio The Company will review its real estate portfolio to ascertain if there are any indicators of impairment in the value of any of its real estate assets, including deferred costs and intangibles, in order to determine if there is any need for an impairment charge. For each real estate asset owned for which indicators of impairment exist, if the undiscounted cash flow analysis yields an amount which is less than the assets’ carrying amount, an impairment loss will be recorded to the extent that the fair value is lower than the asset’s carrying amount. Real estate assets that are expected to be disposed of are valued at the lower of carrying amount or fair value less costs to sell on an individual asset basis. Any impairment charge taken with respect to any part of the Company's real estate portfolio will reduce the Company's earnings and assets to the extent of the amount of any impairment charge, but it will not affect the Company's cash flow or its distributions until such time as the Company disposes of the property. Revenue Recognition The Company's rental revenue consists of base rent and tenant reimbursement income arising from tenant leases at the Company's properties under operating leases. Base rent is recognized on a straight-line basis over the life of the lease, including any rent step-ups or abatements. The Company accounts for base rental revenue (lease component) and common area expense reimbursement (non-lease component) as one lease component under Accounting Standards Codification 842, "Leases". Expenses paid by the lessee directly to a third party on behalf of the Company under triple-net lease arrangements, where the tenant is solely responsible for property-related costs such as real estate taxes, are excluded from non-lease components and from recognition in the Company’s statement of operations. Conversely, tenant reimbursements for non-lease components, such as utilities, insurance, and real estate taxes, are classified within this lease component. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant creditworthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. Any future cash receipt on leases that were previously deemed uncollectible will be recorded as income on a cash basis. Income Taxes The Company was a taxable corporation for the year ended December 31, 2023. 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 Code commencing with its taxable year ending December 31, 2024. 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 Pursuant to the advisory agreement among the Company, EQRT OP, and the Adviser, the Adviser or its affiliates have agreed to pay for 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 its initial public offering (the "Offering"). The Company will reimburse the Adviser for all such advanced expenses ratably over a 60-month period commencing March 19, 2025. As of June 30, 2024 and December 31, 2023, the Adviser and its affiliates have incurred organization and offering costs on the Company’s behalf of $6,505,592 and $5,470,431, respectively, in the Offering and in private offerings. As of June 30, 2024, the Company has $5,243,432 of deferred offering costs on its consolidated balance sheet. These costs will be charged to equity as shares are sold in the offerings. Operating Expenses 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 net asset value ("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 the first anniversary of the date the Company broke escrow for 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 June 30, 2024 and December 31, 2023, the Adviser has advanced $2,038,165 and $960,534, respectively, for such costs. 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

Investment in Real Estate

Investment in Real Estate	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate Investment in real estate, net, consisted of the following: June 30, 2024 Building and building improvements $ 31,895,302 Land and land improvements 21,795,966 Total 53,691,268 Accumulated depreciation (279,210) Investment in real estate, net $ 53,412,058 Acquisitions On March 20, 2024, the Company, through an indirect subsidiary, acquired a manufacturing and distribution warehouse facility in Georgetown, Texas (the "Georgetown Property"). The following table summarizes the purchase price allocation: Building and building improvements $ 31,895,302 Land and land improvements 21,795,966 In-place lease intangibles 2,364,599 Tenant origination costs 5,009,231 Total purchase price $ 61,065,098 Working capital assumed (107,579) Unpaid acquisition costs (13,317) Net purchase price $ 60,944,202

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The Company did not have any intangibles as of December 31, 2023. The gross carrying amount and accumulated amortization of the Company's real estate related intangible assets consisted of the following as of June 30, 2024: June 30, 2024 Intangible assets: In-place lease intangibles $ 2,364,599 Tenant origination costs 5,009,231 7,373,830 Accumulated amortization: In-place lease intangibles (68,814) Tenant origination costs (145,779) Total real estate intangible assets, net $ 7,159,237 The intangibles assets associated with the property are amortized over the remaining lease term. As a result, the Company's real estate-related intangibles have a weighted average amortization period of approximately 9.4 years remaining. The estimated future amortization of the Company's real estate related intangibles for each of the next five years and thereafter as of June 30, 2024, is as follows: In-Place Lease Intangibles Tenant Origination Costs Total 2024 (remaining) $ 121,901 $ 258,236 $ 380,137 2025 243,800 516,473 760,273 2026 243,800 516,473 760,273 2027 243,800 516,473 760,273 2028 243,800 516,473 760,273 2029 243,800 516,473 760,273 Thereafter 954,884 2,022,851 2,977,735 $ 2,295,785 $ 4,863,452 $ 7,159,237

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table details the components of the Company's other assets at June 30, 2024: June 30, 2024 Receivables $ 169,045 Prepaid expenses 87,286 Other (1) 2,343,713 Total - Other Assets $ 2,600,044 (1)

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following table presents the details of due to affiliates: June 30, 2024 Due to the Adviser Advanced organization and offering costs $ 6,505,592 Advanced general and administrative expenses 2,038,165 8,543,757 Due to Exeter Property Group Advisors, LLC Property management fee 9,724 Total $ 8,553,481 The Company and EQRT OP entered into an amended and restated advisory agreement with the Adviser on March 19, 2024. 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) of 1.25% of the aggregate NAV represented by the Company’s Class T shares, Class S shares, Class D shares and Class I shares, 0.50% of the aggregate NAV represented by the Company's Class A-I shares and 0.90% of the aggregate NAV represented by the Company's Class A-II 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 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 9, "Equity and Redeemable Non-controlling Interest--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. See Note 9, "Equity and Redeemable Non-controlling Interest--Share Repurchases". 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 also serves as the dealer manager for the Company’s private offerings of Class A-I and Class A-II shares to “accredited investors” as defined in Regulation D promulgated under the Securities Act of 1933, as amended (the "Securities Act"). 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. The Dealer Manager anticipates that all or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed (paid) to, selected dealers. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class A-I shares, Class A-II shares, 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 A-I shares, Class A-II shares, 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 expects 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. In connection with the acquisition of the Georgetown Property, on March 20, 2024, the Company, through an indirect subsidiary, 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 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 w ill reimburse the Property Manager for all reasonable and actual expenditures. During the six months ended June 30, 2024, the Company accrued $9,724 of property management fees due to the Property Manager. 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 (see Note 2, "Summary of Significant Accounting Policies"), the Company will 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 will not 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. In connection with the Company's acquisition of the Georgetown Property, on March 20, 2024, the Adviser assigned the purchase and sale agreement for the property to a subsidiary of the Company 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. 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. In addition, see Note 9, "Equity and Redeemable Non-controlling Interest", for information regarding investments in the Company or EQRT OP by the Adviser, an affiliate of the Sponsor and eight officers and employees of the Adviser and its affiliates.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company's rental revenue consists of rent earned from the operating lease at the Company's industrial property. The lease includes a fixed base rent, subject to annual step-ups and a variable component. The variable component of the Company's operating lease consists of reimbursement of operating expenses such as insurance and common area maintenance costs. The following table summarizes the fixed and variable components of the Company's operating lease for the three and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Fixed lease payments $ 952,129 $ 1,074,984 Variable lease payments 50,427 53,613 Total rental revenue $ 1,002,556 $ 1,128,597 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial property as of June 30, 2024: Year Future Minimum Rents 2024 (remaining) $ 1,679,413 2025 3,416,530 2026 3,518,074 2027 3,624,115 2028 3,732,029 2029 3,842,566 Thereafter 16,197,978 $ 36,010,705

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2024
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.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of June 30, 2024 and December 31, 2023, the Company was authorized to issue up to 2,200,000,000 and 2,100,000,000 shares of common stock, par value $0.01 per share, respectively, and up to 100,000,000 shares of preferred stock, par value $0.01 per share, respectively. Of the 100,000,000 shares of preferred stock authorized as of June 30, 2024 and December 31, 2023, 220 shares were issued and classified as Class A shares. As of June 30, 2024 and December 31, 2023, the Company had the following classes of common stock authorized, issued and outstanding: June 30, 2024 December 31, 2023 Classification Par Value Per Share Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class A-I Shares $0.01 50,000,000 — — — Class A-II Shares $0.01 50,000,000 — — — Class T Shares $0.01 500,000,000 — 500,000,000 — Class S Shares $0.01 500,000,000 — 500,000,000 — Class D Shares $0.01 500,000,000 — 500,000,000 — Class I Shares $0.01 500,000,000 — 500,000,000 — Class E Shares (1) $0.01 100,000,000 58,644 100,000,000 58,500 Total 2,200,000,000 58,644 2,100,000,000 58,500 (1) Included in Class E shares issued and outstanding is 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 that the Company issued to its four independent directors as compensation for their services pursuant to the Company’s independent director compensation plan on September 1, 2023. See "Share Based Compensation" below for details. Offerings On August 1, 2023, the Company registered the Offering with the SEC for 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 Company intends to sell any combination of four classes of shares of its common stock in the Offering, 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, EQT Exeter Holdings US, Inc. (“EQT Exeter Holdings”), an affiliate of the Sponsor, purchased 6,220,000 Class E units of EQRT OP for $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. The purchase price per share for each class of common stock in the Offering will vary and will generally equal the Company’s prior month’s NAV per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. The Company is conducting private offerings of its Class A-I and Class A-II shares to “accredited investors” as defined in Regulation D promulgated under the Securities Act. These private offerings are being conducted pursuant to Regulation D and other applicable exemptions. The purchase price per share for each class of common stock in the private offerings will vary and will generally equal the Company's prior month's NAV per share, as determined monthly. 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 (a) 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, and (b) the 230,000 Class E units of EQRT OP acquired by EQT Exeter Holdings on June 11, 2024 for an aggregate purchase price of $2,300,000. 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 are 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. In 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. 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. Distributions Distributions are authorized at the discretion of the Company's board of directors, in accordance with its earnings, cash flows and general financial condition. The Company generally intends to distribute substantially all of its REIT taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. The following table details the aggregate distributions declare d on the Company’s shares of Class E common stock, which was the only class of the Company’s common stock outstanding, during the three and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Class E Class E Aggregate distributions declared per share of common stock $ 0.11235 $ 0.11235 Preferred Stock 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. The shares of Class A preferred stock pay a 10% annual dividend and have a $1,000 per share liquidation preference. The Class A preferred stock may be redeemed at any time in the Company’s discretion by payment of $1,000 per share plus a $50 per share redemption premium in the event of redemption prior to December 31, 2024. The shares of Class A preferred stock have no voting rights and may not be converted into any other class of security. During the three and six months ended June 30, 2024, the Company's board of directors declared a total of $11,000 of cumulative dividends on the Class A preferred shares. During the three and six months ended June 30, 2023, the Company's board of directors declared a total of $1,344 of cumulative dividends on the Class A preferred shares. 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 three and six months ended June 30, 2024, the Company recorded $96,250 and $192,500 of restricted stock amortization in general and administrative expenses in the consolidated statement of operations. There was no restricted stock amortization for the three and six months ended June 30, 2023. The following summarizes the activity for Class E common stock issued pursuant to the Director Compensation Plan during the six months ended June 30, 2024: For the Six Months Ended As of June 30, 2024 Type Restricted Stock Weighted Average Grant Date Fair Value (per share) Remaining Amortization Period Unrecognized Compensation Cost Unvested restricted shares as of December 31, 2023 38,500 $10.00 2 months $64,167 Granted — Forfeited — Vested — Unvested restricted shares, end of period 38,500 Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders in the Offering (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 in the Offering, 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. Investors in Class A-I and Class A-II common stock who purchase shares in private offerings 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. 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. Investors in Class E common stock may also elect to have their cash distributions reinvested in additional shares of the Company’s common stock. 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 A-I, Class A-II, 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 (as 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 the 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 NAV 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 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 NAV 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. 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. Redeemable non-controlling interest As of June 30, 2024, EQRT OP had issued 6,450,000 Class E units to EQT Exeter Holdings for aggregate consideration of $64,500,000. The Company has classified these Class E units as redeemable non-controlling interest in mezzanine equity on the Company's consolidated balance sheet. The redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such EQRT OP units at the end of each measurement period. The following table details the redeemable non-controlling interest activity related to these units for the six months ended June 30, 2024: Balance, March 31, 2024 $ 62,153,012 Contributions 2,300,000 Distributions (707,468) Net loss allocation (122,509) Adjustment to redemption value 1,207,736 Balance, June 30, 2024 $ 64,830,771

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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	6 Months Ended
	Jun. 30, 2024
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. Acquisitions and Financing On August 14, 2024, the Company, through an indirect subsidiary (the “Middletown Buyer”), acquired a 1,219,021 square foot bulk distribution warehouse facility on approximately 196.3 acres of land in Middletown, Pennsylvania (the “Middletown Property”). The purchase price of the Middletown Property was $170.50 million, exclusive of closing costs. On August 14, 2024, in connection with the Company’s acquisition of the Middletown Property, the Company, through the Middletown Buyer, entered into a seven-and-a-half-year mortgage loan with New York Life, an unaffiliated lender, for borrowings of $85.25 million secured by the Middletown Property (the “Middletown Mortgage Loan”). Approximately $79.76 million of the Middletown Mortgage Loan was funded at closing. Approximately $5.49 million is held in an escrow account and will be available for funding upon completion of certain tenant improvements at the Middletown Property and subject to the terms and conditions of the loan agreement. The Middletown Mortgage Loan bears interest at a fixed rate of 5.35%. Monthly payments are interest only throughout the full term of the Middletown Mortgage Loan which matures on March 1, 2032. Any remaining principal balance and all accrued and unpaid interest and fees will be due at maturity. Distributions On July 31, 2024, the Company declared a distribution of $0.03769 per share for its Class E common stock and $0.03769 per unit for the Class E units of EQRT OP for stockholders and unitholders, respectively, as of the close of business on July 31, 2024. These distributions were paid on August 12, 2024 and were paid in cash or reinvested in shares of the Company's common stock for stockholders participating in the Company's distribution reinvestment plan. Capital Raising On July 29, 2024, EQT Exeter Holdings purchased 139,303.4826 Class E units from EQRT OP at a price per unit of $10.05 , for an aggregate purchase price of $1,400,000 . On August 9, 2024, EQT Exeter Holdings purchased 9,074,626.8660 Class E units from EQRT OP at a price per unit of $10.05, for an aggregate purchase price of $91,200,000. The above purchases were part of EQT Exeter Holdings' total committed amount of $200,000,000 of Class E shares of the Company's common stock or Class E units of EQRT OP, or a combination thereof. The remaining commitment at August 14, 2024 was $42,900,000. For more information regarding the Sponsor Committed Amount, see Note 9, "Equity and Redeemable Non-controlling Interest". Advisory Agreement Renewal On July 31, 2024 , the Company, EQRT OP and the Adviser entered into a Renewal Agreement of Amended and Restated Advisory Agreement (the “Renewal Agreement”) to renew the Amended and Restated Advisory Agreement dated March 19, 2024 (the “Advisory Agreement”). Per the terms of the Advisory Agreement, the Advisory Agreement may be renewed

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") and include the accounts of the Company and the Company's subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements, 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 for the interim period. 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. The accompanying unaudited consolidated interim financial statements do not include all information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2023 as filed with the SEC. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or any future period. There is no comprehensive income (loss) therefore the consolidated statement of comprehensive income (loss) is not presented.
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIEs") of which it is considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as the primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE's economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. EQRT OP is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. The share of assets,
Cash and Cash Equivalents	Cash and Cash Equivalents
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1- quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2- quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.
Investment in Real Estate and Lease Intangibles	Investment in Real Estate and Lease Intangibles Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the operations of acquired properties are included in the Company's results of operations from their respective dates of acquisition. The Company allocates the purchase price to acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) based on their respective fair values at the date of acquisition. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The fair value of acquired in-place leases is the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs, and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease term. The amortization of in-place lease intangibles is recorded in depreciation and amortization expense on the Company's consolidated statements of operations. Acquired above- and below-market lease values are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company's estimate of fair value lease rates for the corresponding in-place leases. The capitalized above- and below-market rentals are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the in-place lease value will be charged to amortization expense and the unamortized portion of above-market or below-market lease value will be charged to rental revenue.
Impairment of Real Estate Portfolio	Impairment of Real Estate Portfolio The Company will review its real estate portfolio to ascertain if there are any indicators of impairment in the value of any of its real estate assets, including deferred costs and intangibles, in order to determine if there is any need for an impairment charge. For each real estate asset owned for which indicators of impairment exist, if the undiscounted cash flow analysis yields an amount which is less than the assets’ carrying amount, an impairment loss will be recorded to the extent that the fair value is lower than the asset’s carrying amount. Real estate assets that are expected to be disposed of are valued at the lower of carrying amount or fair value less costs to sell on an individual asset basis. Any impairment charge taken with respect to any part of the Company's real estate portfolio will reduce the Company's earnings and assets to the extent of the amount of any impairment charge, but it will not affect the Company's cash flow or its distributions until such time as the Company disposes of the property.
Revenue Recognition	Revenue Recognition The Company's rental revenue consists of base rent and tenant reimbursement income arising from tenant leases at the Company's properties under operating leases. Base rent is recognized on a straight-line basis over the life of the lease, including any rent step-ups or abatements. The Company accounts for base rental revenue (lease component) and common area expense reimbursement (non-lease component) as one lease component under Accounting Standards Codification 842, "Leases". Expenses paid by the lessee directly to a third party on behalf of the Company under triple-net lease arrangements, where the tenant is solely responsible for property-related costs such as real estate taxes, are excluded from non-lease components and from recognition in the Company’s statement of operations. Conversely, tenant reimbursements for non-lease components, such as utilities, insurance, and real estate taxes, are classified within this lease component. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant creditworthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. Any future cash receipt on leases that were previously deemed uncollectible will be recorded as income on a cash basis.
Income Taxes	Income Taxes The Company was a taxable corporation for the year ended December 31, 2023. 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 Code commencing with its taxable year ending December 31, 2024. 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 Pursuant to the advisory agreement among the Company, EQRT OP, and the Adviser, the Adviser or its affiliates have agreed to pay for 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 its initial public offering (the "Offering"). The Company will reimburse the Adviser for all such advanced expenses ratably over a 60-month period commencing March 19, 2025. As of June 30, 2024 and December 31, 2023, the Adviser and its affiliates have incurred organization and offering costs on the Company’s behalf of $6,505,592 and $5,470,431, respectively, in the Offering and in private offerings.
Operating Expenses	Operating Expenses
Share Based Payments	Share Based Payments
Net Loss per Share of Common Stock	Net Loss per Share of Common Stock

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Property, Plant and Equipment	The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Buildings and improvements 10 — 40 years Lease intangibles and leasehold improvements Lease term

Investment in Real Estate (Tabl

Investment in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of real estate properties	Investment in real estate, net, consisted of the following: June 30, 2024 Building and building improvements $ 31,895,302 Land and land improvements 21,795,966 Total 53,691,268 Accumulated depreciation (279,210) Investment in real estate, net $ 53,412,058
Schedule of real estate acquisitions	On March 20, 2024, the Company, through an indirect subsidiary, acquired a manufacturing and distribution warehouse facility in Georgetown, Texas (the "Georgetown Property"). The following table summarizes the purchase price allocation: Building and building improvements $ 31,895,302 Land and land improvements 21,795,966 In-place lease intangibles 2,364,599 Tenant origination costs 5,009,231 Total purchase price $ 61,065,098 Working capital assumed (107,579) Unpaid acquisition costs (13,317) Net purchase price $ 60,944,202

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	The gross carrying amount and accumulated amortization of the Company's real estate related intangible assets consisted of the following as of June 30, 2024: June 30, 2024 Intangible assets: In-place lease intangibles $ 2,364,599 Tenant origination costs 5,009,231 7,373,830 Accumulated amortization: In-place lease intangibles (68,814) Tenant origination costs (145,779) Total real estate intangible assets, net $ 7,159,237
Schedule of future amortization expense	The estimated future amortization of the Company's real estate related intangibles for each of the next five years and thereafter as of June 30, 2024, is as follows: In-Place Lease Intangibles Tenant Origination Costs Total 2024 (remaining) $ 121,901 $ 258,236 $ 380,137 2025 243,800 516,473 760,273 2026 243,800 516,473 760,273 2027 243,800 516,473 760,273 2028 243,800 516,473 760,273 2029 243,800 516,473 760,273 Thereafter 954,884 2,022,851 2,977,735 $ 2,295,785 $ 4,863,452 $ 7,159,237

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	The following table details the components of the Company's other assets at June 30, 2024: June 30, 2024 Receivables $ 169,045 Prepaid expenses 87,286 Other (1) 2,343,713 Total - Other Assets $ 2,600,044 (1)

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of due to affiliates information	The following table presents the details of due to affiliates: June 30, 2024 Due to the Adviser Advanced organization and offering costs $ 6,505,592 Advanced general and administrative expenses 2,038,165 8,543,757 Due to Exeter Property Group Advisors, LLC Property management fee 9,724 Total $ 8,553,481

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Summary of operating lease income	The following table summarizes the fixed and variable components of the Company's operating lease for the three and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Fixed lease payments $ 952,129 $ 1,074,984 Variable lease payments 50,427 53,613 Total rental revenue $ 1,002,556 $ 1,128,597
Schedule of operating lease income receivable	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial property as of June 30, 2024: Year Future Minimum Rents 2024 (remaining) $ 1,679,413 2025 3,416,530 2026 3,518,074 2027 3,624,115 2028 3,732,029 2029 3,842,566 Thereafter 16,197,978 $ 36,010,705

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of common stock by class	As of June 30, 2024 and December 31, 2023, the Company had the following classes of common stock authorized, issued and outstanding: June 30, 2024 December 31, 2023 Classification Par Value Per Share Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class A-I Shares $0.01 50,000,000 — — — Class A-II Shares $0.01 50,000,000 — — — Class T Shares $0.01 500,000,000 — 500,000,000 — Class S Shares $0.01 500,000,000 — 500,000,000 — Class D Shares $0.01 500,000,000 — 500,000,000 — Class I Shares $0.01 500,000,000 — 500,000,000 — Class E Shares (1) $0.01 100,000,000 58,644 100,000,000 58,500 Total 2,200,000,000 58,644 2,100,000,000 58,500 (1) Included in Class E shares issued and outstanding is 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 that the Company issued to its four independent directors as compensation for their services pursuant to the Company’s independent director compensation plan on September 1, 2023. See "Share Based Compensation" below for details.
Summary of distributions made to shareholders of common stock	The following table details the aggregate distributions declare d on the Company’s shares of Class E common stock, which was the only class of the Company’s common stock outstanding, during the three and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Class E Class E Aggregate distributions declared per share of common stock $ 0.11235 $ 0.11235
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 six months ended June 30, 2024: For the Six Months Ended As of June 30, 2024 Type Restricted Stock Weighted Average Grant Date Fair Value (per share) Remaining Amortization Period Unrecognized Compensation Cost Unvested restricted shares as of December 31, 2023 38,500 $10.00 2 months $64,167 Granted — Forfeited — Vested — Unvested restricted shares, end of period 38,500
Summary of changes to redeemable noncontrolling interest	The following table details the redeemable non-controlling interest activity related to these units for the six months ended June 30, 2024: Balance, March 31, 2024 $ 62,153,012 Contributions 2,300,000 Distributions (707,468) Net loss allocation (122,509) Adjustment to redemption value 1,207,736 Balance, June 30, 2024 $ 64,830,771

Organization and Business Pur_2

Organization and Business Purpose (Details)	Jun. 30, 2024 property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of industrial properties	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 20, 2024
Subsequent Event [Line Items]
Cash equivalents	$ 1,262,830		$ 1,262,830		$ 0
Due to related parties	8,553,481		8,553,481		0
Deferred offering costs	5,243,432		5,243,432		0
Threshold amount of NAV not held by company	$ 500,000,000		$ 500,000,000
Period of reimbursement of advance	60 months		60 months
Preferred stock, dividend per share (in dollars per share)	$ 11,000	$ 1,344	$ 11,000	$ 1,344
General and administrative expenses	$ 612,947	$ 965	$ 2,084,697	$ 965
Exeter Property Group Advisors, LLC
Subsequent Event [Line Items]
Term of repayment of advances						60 months
Related Party
Subsequent Event [Line Items]
Due to related parties	8,543,757		8,543,757
Related Party | Advanced organization and offering costs
Subsequent Event [Line Items]
Due to related parties	6,505,592		6,505,592		5,470,431
General and administrative expenses			2,038,165		$ 960,534
Related Party | Advanced general and administrative expenses
Subsequent Event [Line Items]
Due to related parties	2,038,165		2,038,165
Related Party | Exeter Property Group Advisors, LLC
Subsequent Event [Line Items]
Due to related parties	$ 8,553,481		$ 8,553,481

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of estimated useful life, property and equipment (Details) - Buildings and improvements - Industrial Property	Jun. 30, 2024
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years

Investment in Real Estate - Sch

Investment in Real Estate - Schedule of real estate properties (Details) - Industrial Property	Jun. 30, 2024 USD ($)
Real Estate [Line Items]
Building and building improvements	$ 31,895,302
Land and land improvements	21,795,966
Total	53,691,268
Accumulated depreciation	(279,210)
Investment in real estate, net	$ 53,412,058

Investment in Real Estate - S_2

Investment in Real Estate - Schedule of Real Estate Acquisitions (Details) - USD ($)		6 Months Ended
	Mar. 20, 2024	Jun. 30, 2024	Jun. 30, 2023
Real Estate [Line Items]
Working capital assumed		$ (107,579)	$ 0
Industrial Property | Light Manufacturing And Distribution Warehouse Facility
Real Estate [Line Items]
Building and building improvements	$ 31,895,302
Land and land improvements	21,795,966
In-place intangible assets	2,364,599
Tenant origination costs	5,009,231
Net real estate acquired	61,065,098
Working capital assumed	(107,579)
Unpaid acquisition costs	(13,317)
Net purchase price	$ 60,944,202

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - Industrial Property - USD ($)	Jun. 30, 2024	Mar. 20, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 7,373,830		$ 0
Light Manufacturing And Distribution Warehouse Facility | Georgetown, Texas
Finite-Lived Intangible Assets [Line Items]
Remaining amortization period of intangible assets		9 years 4 months 24 days

Intangibles - Summary of intang

Intangibles - Summary of intangible assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total real estate intangible assets, net	$ 7,159,237	$ 0
Industrial Property
Finite-Lived Intangible Assets [Line Items]
Intangible assets:	7,373,830	$ 0
Total real estate intangible assets, net	7,159,237
In-place lease intangibles | Industrial Property
Finite-Lived Intangible Assets [Line Items]
Intangible assets:	2,364,599
Accumulated amortization:	(68,814)
Total real estate intangible assets, net	2,295,785
Tenant origination costs | Industrial Property
Finite-Lived Intangible Assets [Line Items]
Intangible assets:	5,009,231
Accumulated amortization:	(145,779)
Total real estate intangible assets, net	$ 4,863,452

Intangibles - Schedule of estim

Intangibles - Schedule of estimated future amortization of intangible assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
2024 (remaining)	$ 380,137
2025	760,273
2026	760,273
2027	760,273
2028	760,273
2029	760,273
Thereafter	2,977,735
Total real estate intangible assets, net	7,159,237	$ 0
Industrial Property
Finite-Lived Intangible Assets [Line Items]
Total real estate intangible assets, net	7,159,237
In-place lease intangibles | Industrial Property
Finite-Lived Intangible Assets [Line Items]
2024 (remaining)	121,901
2025	243,800
2026	243,800
2027	243,800
2028	243,800
2029	243,800
Thereafter	954,884
Total real estate intangible assets, net	2,295,785
Tenant origination costs | Industrial Property
Finite-Lived Intangible Assets [Line Items]
2024 (remaining)	258,236
2025	516,473
2026	516,473
2027	516,473
2028	516,473
2029	516,473
Thereafter	2,022,851
Total real estate intangible assets, net	$ 4,863,452

Other Assets (Details)

Other Assets (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Other Assets [Line Items]
Receivables	$ 169,045
Prepaid expenses	87,286
Other	2,343,713
Other assets	2,600,044	$ 0
Interest Rate Lock Commitments
Other Assets [Line Items]
Payment of deposit	$ 2,300,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of due to affiliates information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to related parties	$ 8,553,481	$ 0
Related Party
Related Party Transaction [Line Items]
Due to related parties	8,543,757
Related Party | Exeter Property Group Advisors, LLC
Related Party Transaction [Line Items]
Due to related parties	8,553,481
Related Party | Advanced organization and offering costs
Related Party Transaction [Line Items]
Due to related parties	6,505,592	$ 5,470,431
Related Party | Advanced general and administrative expenses
Related Party Transaction [Line Items]
Due to related parties	2,038,165
Related Party | Property management fee
Related Party Transaction [Line Items]
Due to related parties	$ 9,724

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	Mar. 20, 2024	Jun. 30, 2024	Mar. 19, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Property management fees		$ 8,553,481		$ 0
Related Party
Related Party Transaction [Line Items]
Property management fees		8,543,757
Related Party | Property management fee
Related Party Transaction [Line Items]
Property management fees		9,724
Related Party | Georgetown Property
Related Party Transaction [Line Items]
Term of property management agreement	1 year
Termination notice required by property management agreement	30 days
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 | Exeter Property Group Advisors, LLC
Related Party Transaction [Line Items]
Property management fees		$ 8,553,481
Related Party | Exeter Property Group Advisors, LLC | Georgetown Property, Purchase And Sale Agreement Deposit
Related Party Transaction [Line Items]
Amounts of transaction	$ 1,500,000
Related Party | Exeter Property Group Advisors, LLC | Georgetown Property, Closing Costs
Related Party Transaction [Line Items]
Amounts of transaction	$ 103,602
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 Class A-I
Related Party Transaction [Line Items]
Management fee, percent of NAV			0.50%
Related Party | Common Class A-II
Related Party Transaction [Line Items]
Management fee, percent of NAV			0.90%
Related Party | Class E | EQRT OP
Related Party Transaction [Line Items]
Management fee, percent of NAV of shares now owned by company			0%
Related Party | Common Class T | EQTE Brokerage LLC
Related Party Transaction [Line Items]
Distribution fee percentage			0.85%
Related Party | Common 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 Class S | EQTE Brokerage LLC
Related Party Transaction [Line Items]
Distribution fee percentage			0.85%
Related Party | Common Class S | EQTE Brokerage LLC | Primary Offering
Related Party Transaction [Line Items]
Dealer manager agreement, percent selling commission			3.50%
Related Party | Common Class D | EQTE Brokerage LLC
Related Party Transaction [Line Items]
Distribution fee percentage			0.25%
Related Party | Common 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%

Leases - Summary of operating l

Leases - Summary of operating lease income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed lease payments	$ 952,129		$ 1,074,984
Variable lease payments	50,427		53,613
Total rental revenue	$ 1,002,556	$ 0	$ 1,128,597	$ 0

Leases - Schedule of operating

Leases - Schedule of operating lease income receivable (Details)	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 1,679,413
2025	3,416,530
2026	3,518,074
2027	3,624,115
2028	3,732,029
2029	3,842,566
Thereafter	16,197,978
Future minimum rents to be received	$ 36,010,705

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Narrative (Details)						3 Months Ended			6 Months Ended
	Jun. 11, 2024 USD ($) shares	Mar. 19, 2024 USD ($) $ / shares shares	Sep. 01, 2023 $ / shares shares	Aug. 01, 2023 USD ($)	Jun. 09, 2023 $ / shares shares	Jun. 30, 2024 USD ($) director class $ / shares shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) director class $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Common stock authorized for issuance (in shares)						2,200,000,000			2,200,000,000		2,100,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.01			$ 0.01		$ 0.01
Preferred stock, authorized (in shares)						100,000,000			100,000,000		100,000,000
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01			$ 0.01		$ 0.01
Value of common stock in offering (up to) | $				$ 5,000,000,000
Number of classes of stock | class						4			4
Investment by adviser | $						$ (3,226,500)	$ (2,098,485)	$ 417,626	$ (3,226,500)	$ 417,626	$ 405,049	$ 199,935	$ 199,935
Common stock, issued (in shares)						58,644			58,644		58,500
Term of shares requiring early repurchase deduction (less than)						1 year			1 year
Repurchase percentage of shares under early repurchase deduction						98%			98%
Minimum account balance required | $						$ 500			$ 500
Aggregate consideration paid for redeemable non-controlling interest | $						2,300,000	$ 62,200,000
Restricted Stock
Subsidiary, Sale of Stock [Line Items]
Restricted stock amortization | $						$ 96,250		$ 0	$ 192,500	$ 0
Director Compensation Plan
Subsidiary, Sale of Stock [Line Items]
Number of independent directors | director						4			4
Vesting period									1 year
Maximum | Director Compensation Plan
Subsidiary, Sale of Stock [Line Items]
Shares of common stock available for issuance						500,000			500,000
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)						2,200,000,000			2,200,000,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock authorized for issuance (in shares)											2,100,000,000
Class E
Subsidiary, Sale of Stock [Line Items]
Common stock authorized for issuance (in shares)						100,000,000			100,000,000		100,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.01			$ 0.01		$ 0.01
Common stock, issued (in shares)						58,644			58,644		58,500
Class E | Restricted Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, issued (in shares)						38,500			38,500
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
Class E | Director Compensation Plan | Restricted Stock
Subsidiary, Sale of Stock [Line Items]
Unvested shares issued (in shares)									0
Class E | Related Party
Subsidiary, Sale of Stock [Line Items]
Common stock, issued (in shares)													20,000
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, authorized (in shares)						100,000,000			100,000,000		100,000,000
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01			$ 0.01		$ 0.01
Preferred stock, outstanding (in shares)						220			220		220
Preferred stock, redemption premium (in dollars per share) | $ / shares						$ 50			$ 50		$ 50
Preferred Class A | Related Party
Subsidiary, Sale of Stock [Line Items]
Dividend rate					10%
Liquidation preference per share (in dollars per share) | $ / shares					$ 1,000
Preferred stock, redemption premium (in dollars per share) | $ / shares					$ 50
Class E Units
Subsidiary, Sale of Stock [Line Items]
Redeemable non-controlling interest, shares issued (in shares)						6,450,000			6,450,000
Aggregate consideration paid for redeemable non-controlling interest | $									$ 64,500,000
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Value of common stock in offering (up to) | $				4,000,000,000
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 | Class E | Related Party
Subsidiary, Sale of Stock [Line Items]
Price per share (in dollars per share) | $ / shares						$ 10			$ 10
Commitment to purchase shares | $									$ 200,000,000
Stock repurchase, monthly repurchase maximum percentage						2%			2%
Stock repurchase, quarterly repurchase maximum percentage						5%			5%
NAV required of shares not held by company before shares can be repurchased | $						$ 1,000,000,000			$ 1,000,000,000
Term required of shares not held by company before shares can be repurchased						3 years			3 years
Private Placement | Class E Units
Subsidiary, Sale of Stock [Line Items]
Preferred stock issued (in shares)	230,000	6,220,000
Shares/units issued in sale of stock/units (in shares/units) | $	$ 2,300,000	$ 62,200,000
Price per share (in dollars per share) | $ / shares		$ 10
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]
Preferred stock issued (in shares)					220
Price per share (in dollars per share) | $ / shares					$ 1,000

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of common stock by class (Details)	Sep. 01, 2023 director $ / shares shares	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / 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)		2,200,000,000	2,100,000,000
Common stock, issued (in shares)		58,644	58,500
Common stock, outstanding (in shares)		58,644	58,500
Common Class A-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)		50,000,000	0
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
Common Class A-II
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)		50,000,000	0
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
Common 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	500,000,000
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
Common 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	500,000,000
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
Common 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	500,000,000
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
Common 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	500,000,000
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
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	100,000,000
Common stock, issued (in shares)		58,644	58,500
Common stock, outstanding (in shares)		58,644	58,500
Class E | Restricted Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, issued (in shares)		38,500
Common stock, outstanding (in shares)		38,500
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

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Schedule of nonvested share-based payment arrangements (Details) - Restricted Stock - Director Compensation Plan - Class E - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Unvested restricted shares, beginning balance (in shares)	38,500
Forfeited (in shares)	0
Granted (in shares)	0
Vested (in shares)	0
Unvested restricted shares, ending balance (in shares)	38,500
Weighted average grant date fair value of restricted shares (in dollars per share)		$ 10
Remaining Amortization Period	2 months
Unrecognized Compensation Cost	$ 64,167

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Summary of changes to non-redeemable noncontrolling interest (Details) - USD ($)		3 Months Ended		6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Redeemable Non-controlling interest
Beginning balance	$ 62,153,012	$ 62,153,012	$ 0	$ 0
Contributions		2,300,000	62,200,000
Distributions		(707,468)
Net loss allocation	(122,509)	(122,509)	(2,514,960)
Adjustment to redemption value	1,207,736	1,207,736	2,543,177
Ending balance	$ 62,153,012	$ 64,830,771	$ 62,153,012	$ 64,830,771

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Distribution of taxable income, per share (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Class E
Class of Stock [Line Items]
Aggregate distributions declared per share of common stock	$ 0.11235	$ 0.11235

Subsequent Events (Details)

Subsequent Events (Details)	Aug. 14, 2024 USD ($) a ft²	Aug. 09, 2024 USD ($) $ / shares shares	Jul. 29, 2024 USD ($) $ / shares shares	Jun. 11, 2024 USD ($) shares	Mar. 19, 2024 USD ($) $ / shares shares	Jul. 31, 2024 $ / shares	Jun. 30, 2024 $ / shares
Class E | Private Placement | Related Party
Subsequent Event [Line Items]
Price per share (in dollars per share) | $ / shares							$ 10
Class E Units | Private Placement
Subsequent Event [Line Items]
Number of shares issued in purchase (in shares) | shares				230,000	6,220,000
Price per share (in dollars per share) | $ / shares					$ 10
Units issued in sale (in units)				$ 2,300,000	$ 62,200,000
Subsequent Event
Subsequent Event [Line Items]
Advisory agreement, renewal term						1 year
Subsequent Event | Middletown Mortgage Loan | Mortgages
Subsequent Event [Line Items]
Term of loan	7 years 6 months
Loan amount	$ 85,250,000
Interest rate	5.35%
Amount funded	$ 79,760,000
Amount held in escrow	$ 5,490,000
Subsequent Event | Industrial Property | Middletown Property
Subsequent Event [Line Items]
Area of warehouse facility | ft²	1,219,021
Area of land | a	196.3
Net purchase price	$ 170,500,000
Subsequent Event | Class E
Subsequent Event [Line Items]
Distribution declared (in dollars per share) | $ / shares						$ 0.03769
Subsequent Event | Class E | Private Placement | Related Party
Subsequent Event [Line Items]
Remaining commitment to purchase stock (in shares)	$ 42,900,000
Subsequent Event | Class E Units
Subsequent Event [Line Items]
Distribution declared (in dollars per share) | $ / shares						$ 0.03769
Subsequent Event | Class E Units | Private Placement
Subsequent Event [Line Items]
Number of shares issued in purchase (in shares) | shares		9,074,626.866	139,303.4826
Price per share (in dollars per share) | $ / shares		$ 10.05	$ 10.05
Units issued in sale (in units)		$ 91,200,000	$ 1,400,000

Uncategorized Items - eqt-20240

Label	Element	Value
Additional Paid-in Capital [Member]
Equity, Attributable to Parent	us-gaap_StockholdersEquity	$ 199,800
Common Stock [Member]
Equity, Attributable to Parent	us-gaap_StockholdersEquity	$ 200
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	20,000
Preferred Stock [Member]
Equity, Attributable to Parent	us-gaap_StockholdersEquity	$ 0
Retained Earnings [Member]
Equity, Attributable to Parent	us-gaap_StockholdersEquity	$ (65)