Abstract: We study the mathematical properties of a kinetic equation which describes the long time behaviour of solutions to the weak turbulence equation associated to the cubic nonlinear Schrödinger equation.In particular, we give a precise definition of weak solutions and prove global existence of solutions for all initial data with finite mass. We also prove that any nontrivial initial datum yields the instantaneous onset of a condensate, i.e.~a Dirac mass at the origin for any positive time. Furthermore we show that the only stationary solutions with finite total measure are Dirac masses at the origin. We finally construct solutions with finite energy, which is transferred to infinity in a self-similar manner.