Innovative Industrial Properties (IIPR) 10-K 2 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Mar. 02, 2020	Jun. 28, 2019
Document and Entity Information
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	INNOVATIVE INDUSTRIAL PROPERTIES INC
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 1.1
Entity Voluntary Filers	No
Entity Central Index Key	0001677576
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Trading Symbol	IIPR
Entity Small Business	false
Entity Common Stock, Shares Outstanding		17,035,660
Entity Emerging Growth Company	false
Entity Shell Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate, at cost:
Land	$ 48,652	$ 20,475
Buildings and improvements	382,035	109,425
Tenant improvements	87,344	14,732
Construction in progress	0	6,298
Total real estate, at cost	518,031	150,930
Less accumulated depreciation	(12,170)	(3,571)
Net real estate held for investment	505,861	147,359
Cash and cash equivalents	82,244	13,050
Restricted Cash	35,072	0
Investments	119,595	120,443
Right of use office lease asset	1,202	0
Other assets, net	1,883	614
Total assets	745,857	281,466
Liabilities and stockholders' equity
Exchangeable senior notes, net	134,654	0
Tenant improvements and construction funding payable	24,968	2,433
Accounts payable and accrued expenses	3,417	1,968
Dividends payable	12,975	3,759
Office lease liability	1,202	0
Rent received in advance and tenant security deposits	20,631	9,014
Total liabilities	197,847	17,174
Commitments and contingencies (Notes 6 and 11)
Stockholders' equity:
Preferred stock (par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, $15,000 liquidation preference ($25.00 per share), 600,000 shares issued and outstanding at December 31, 2019 and 2018	14,009	14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 12,637,043 and 9,775,800 shares issued and outstanding at December 31, 2019 and 2018, respectively	13	10
Additional paid-in capital	553,932	260,540
Dividends in excess of earnings	(19,944)	(10,267)
Total stockholders' equity	548,010	264,292
Total liabilities and stockholders' equity	$ 745,857	$ 281,466

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	12,637,043	9,775,800
Common Stock, Shares, Outstanding	12,637,043	9,775,800
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%
Preferred Stock, Liquidation Preference, Value	$ 15,000	$ 15,000
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25
Preferred Stock, Shares Issued	600,000	600,000
Preferred Stock, Shares Outstanding	600,000	600,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017
Revenues:
Rental (including tenant reimbursements)	$ 44,667	$ 6,420
Total revenues	44,667	6,420
Expenses:
Property expenses	1,315	118
General and administrative expense	9,818	5,497
Severance	0	113
Depreciation expense	8,599	915
Total expenses	19,732	6,643
Income / (loss) from operations	24,935	(223)
Interest and other income	4,846	151
Interest expense	(6,306)	0
Net income / (loss)	23,475	(72)
Preferred stock dividend	(1,352)	(323)
Net income / (loss) attributable to common stockholders	$ 22,123	$ (395)
Net income / (loss) attributable to common stockholders per share (Note 8)
Basic	$ 2.06	$ (0.13)
Diluted	$ 2.03	$ (0.13)
Weighted average shares outstanding:
Basic	10,546,016	3,375,284
Diluted	10,684,068	3,375,284

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Series A Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In-Capital [Member]	Accumulated Deficit [Member]	Total
Balances at beginning of period at Dec. 31, 2016	$ 0	$ 3,000	$ 64,828,000	$ (4,392,000)	$ 60,439,000
Balances at beginning of period (in shares) at Dec. 31, 2016		3,416,508
Net income	0	$ 0	0	(72,000)	(72,000)
Reclassification of Class A and Class B common stock to common stock	0	0	0	0	0
Net proceeds from sale of preferred stock	14,009,000	0	0	0	14,009,000
Preferred stock dividend	0	0	0	(323,000)	(323,000)
Common stock dividend	0	0	0	(1,925,000)	(1,925,000)
Net issuance of unvested restricted stock	0	$ 0	(298,000)	0	(298,000)
Net issuance of unvested restricted stock (in shares)		84,639
Stock-based compensation	0	$ 1,000	1,718,000	0	1,719,000
Balances at end of period at Dec. 31, 2017	14,009,000	$ 4,000	66,248,000	(6,712,000)	73,549,000
Balances at end of period (in shares) at Dec. 31, 2017		3,501,147
Net income	0	$ 0	0	6,985,000	6,985,000
Net proceeds from sale of common stock	0	$ 6,000	193,217,000	0	193,223,000
Net proceeds from sale of common stock (in shares)		6,210,000
Preferred stock dividend	0	$ 0	0	(1,352,000)	(1,352,000)
Common stock dividend	0	0	0	(9,188,000)	(9,188,000)
Net issuance of unvested restricted stock	0	$ 0	(390,000)	0	(390,000)
Net issuance of unvested restricted stock (in shares)		64,653
Stock-based compensation	0	$ 0	1,465,000	0	1,465,000
Balances at end of period at Dec. 31, 2018	14,009,000	$ 10,000	260,540,000	(10,267,000)	264,292,000
Balances at end of period (in shares) at Dec. 31, 2018		9,775,800
Net income	0	$ 0	0	23,475,000	23,475,000
Equity component of exchangeable senior notes	0	0	5,569,000	0	5,569,000
Net proceeds from sale of common stock	0	$ 3,000	286,267,000	0	286,270,000
Net proceeds from sale of common stock (in shares)		2,825,500
Preferred stock dividend	0	$ 0	0	(1,352,000)	(1,352,000)
Common stock dividend	0	0	0	(31,800,000)	(31,800,000)
Net issuance of unvested restricted stock	0	$ 0	(939,000)	0	(939,000)
Net issuance of unvested restricted stock (in shares)		35,743
Stock-based compensation	0	$ 0	2,495,000	0	2,495,000
Balances at end of period at Dec. 31, 2019	$ 14,009,000	$ 13,000	$ 553,932,000	$ (19,944,000)	$ 548,010,000
Balances at end of period (in shares) at Dec. 31, 2019		12,637,043

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018	Jan. 26, 2017
Consolidated Statements of Stockholders' Equity
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001	$ 0.001

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Cash Flows from Operating Activities:
Net income / (loss)	$ 23,475	$ 6,985	$ (72)
Adjustments to reconcile net income/ (loss) to net cash provided by operating activities
Depreciation	8,599	2,629	915
Stock-based compensation	2,495	1,465	1,719
Amortization of discounts on short-term investments	(3,738)	(955)	0
Amortization of debt discounts and issuance costs	1,678		0
Changes in assets and liabilities
Other assets, net	(619)	(173)	(155)
Accounts payable and accrued expenses	1,427	886	992
Rent received in advance and tenant security deposits	11,617	4,856	1,616
Net cash provided by operating activities	44,934	15,693	5,015
Cash Flows from Investing Activities:
Purchases of investments in real estate	(259,889)	(57,474)	(32,734)
Reimbursements of tenant improvements and construction funding	(84,677)	(22,293)	(5,911)
Deposits in escrow for acquisitions	(650)		0
Purchases of short-term investments	(255,664)	(184,988)	0
Maturities of short-term investments	260,250	65,500	0
Net cash used in investing activities	(340,630)	(199,255)	(38,645)
Cash Flows from Financing Activities:
Issuance of common stock, net of offering costs	286,292	193,223	0
Payment of Class A common stock offering costs	0		276
Issuance of Series A Preferred Stock, net of offering costs	0		14,009
Net proceeds from issuance of exchangeable senior notes	138,545		0
Dividends paid to common stockholders	(22,584)	(6,642)	(1,050)
Dividends paid to preferred stockholders	(1,352)	(1,337)	0
Taxes paid related to net share settlement of equity awards	(939)	(390)	(298)
Net cash provided by financing activities	399,962	184,854	12,385
Net increase in cash, cash equivalents and restricted cash	(104,266)	(1,292)	21,245
Cash, cash equivalents and restricted cash, beginning of period	13,050	11,758	33,003
Cash, cash equivalents and restricted cash, end of period	117,316	13,050	11,758
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	3,055		0
Supplemental disclosure of non-cash investing and financing activities:
Accrual for reimbursements of tenant improvements and construction funding	24,968	2,433	20
Accrual for common and preferred stock dividends declared	12,975	$ 3,759	1,198
Accrual for stock issuance costs	22		41
Operating lease liability for obtaining right of use asset	$ 1,211		$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2019
Organization
Organization	1. Organization As used herein, the terms "we", "us", "our" or the "Company" refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our "Operating Partnership"). We are an internally-managed real estate investment trust (“REIT”) focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. We have acquired and intend to continue to acquire our properties through sale-leaseback transactions and third-party purchases. We have leased and expect to continue to lease our properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, taxes and insurance. We were incorporated in Maryland on June 15, 2016. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general partner of our Operating Partnership and own, directly or through subsidiaries, 100% of the limited partnership interests in our Operating Partnership. Information with respect to rentable square footage is unaudited.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	2. Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements Basis of Presentation. The consolidated financial statements include all of the accounts of the Company, the Operating Partnership and all of our wholly owned subsidiaries, presented in accordance with U.S. generally accepted accounting principles. Federal Income Taxes. We have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our consolidated statement of operations represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Use of Estimates. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ materially from these estimates and assumptions. Reportable Segment . We are engaged in the business of providing real estate for the regulated cannabis industries. Our properties are similar in that they are leased to the state-licensed operators on long-term triple-net basis, consist of improvements that are reusable and have similar economic characteristics. Our chief operating decision makers review financial information for our entire consolidated operations when making decisions related to assessing our operating performance. We have aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated using consistent business strategies. The financial information disclosed herein represents all of the financial information related to our one reportable segment. Acquisition of Real Estate Properties. Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region, the fair value of buildings on an as-if vacant basis and may engage third-party valuation specialists. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions. Depreciation. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, not to exceed 35 years. We depreciate tenant improvements at our buildings over the shorter of the estimated useful lives or the terms of the related leases. We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years. Provision for Impairment. We review current activities and changes in the business conditions of all of our properties to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. No impairment losses were recognized during the years ended December 31, 2019, 2018 and 2017. Revenue Recognition. Our leases are triple-net leases, an arrangement under which the tenant maintains the property while paying us rent and property management fees. We anticipate that all leases will be accounted for as operating leases. Operating leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of lease payments is not probable. Rental increases based upon changes in the consumer price index are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in rental revenue in the period when such costs are incurred. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements. We record revenue for each of our properties on a cash basis due to the uncertain regulatory environment in the United States relating to the medical-use cannabis industry and the uncertainty of collectability of lease payments from each tenant due to its limited operating history. Cash and Cash Equivalents . We consider all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of December 31, 2019, 2018 and 2017, $60.1 million, $7.7 million and $8.9 million, respectively, were invested in short-term money market funds, obligations of the U.S. government with an original maturity at the time of purchase of less than or equal to three months and certificates of deposit. Restricted Cash. Restricted cash relates to cash held in an escrow account for the reimbursement of tenant improvements for tenants in accordance with the lease agreements at four of our properties. Investments . Investments consist of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months. Investments are classified as held-to-maturity and stated at amortized cost. Exchangeable Notes. The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification requires the liability and equity components of exchangeable debt instruments that may be settled in cash upon exchange, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonexchangeable debt borrowing rate. The initial proceeds from the sale of exchangeable notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonexchangeable debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our Exchangeable Senior Notes (as defined below) as of the respective issuance dates based on our estimated nonexchangeable debt borrowing rate with the assistance of a third-party valuation specialist as we do not have a history of borrowing arrangements and there is limited empirical data available related to the Company’s industry due to the regulatory uncertainty of the cannabis market in which the Company’s tenants operate. The equity component of our Exchangeable Senior Notes is reflected within additional paid-in capital on our consolidated balance sheets, and the resulting debt discount is amortized over the period during which the Exchangeable Senior Notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to our Exchangeable Senior Notes will increase in subsequent periods through the maturity date as the Exchangeable Senior Notes accrete to the par value over the same period. Deferred Financing Costs. The deferred financing costs that are included as a reduction in the net book value of the related liability on our condensed consolidated balance sheets reflect issuance and other costs related to our Exchangeable Senior Notes. These costs are amortized as non-cash interest expense using the effective interest method over the life of the Exchangeable Senior Notes. Stock-Based Compensation. Stock-based compensation for equity awards is based on the grant date fair value of the equity awards and is recognized over the requisite service period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any non-forfeitable dividends previously paid on these awards from retained earnings to compensation expense. Forfeitures are recognized as incurred. Lease Accounting. In February 2016, the FASB issued ASU 2016‑02, Leases; in July 2018, the FASB issued ASU 2018‑10, Codification Improvements to Topic 842, Leases, and ASU 2018‑11, Leases - Targeted Improvements; and in December 2018, the FASB issued ASU 2018‑20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842 and was effective for the Company for its consolidated financial statements for the year ended December 31, 2019, as a result of the Company ceasing to be an emerging growth company on December 31, 2019. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases). We adopted Topic 842 effective as of January 1, 2019 using the effective date method and elected the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. We also elected the lessor practical expedient, allowing us to continue to amortize previously capitalized initial direct leasing costs incurred prior to the adoption of Topic 842. As lessee, at December 31, 2019, we recognized a liability to account for our future obligations related to our corporate office lease, which has a remaining lease term of approximately 5.3 years, excluding the extension option that we are not reasonably certain to exercise, and a corresponding right-of-use asset. The lease liability is measured based on the present value of the future lease payments discounted using the estimated incremental borrowing rate of 7.25%, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period. The right-of-use asset is measured based on the corresponding lease liability. We did not incur any initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease. Subsequently, the right-of-use asset is amortized on a straight-line basis during the lease term. For the years ended December 31, 2019, 2018 and 2017, we recognized office lease expense of approximately $82,000, $83,000, and $46,000, respectively, which are included in general and administrative expense in our consolidated statements of operations. For the years ended December 31, 2019, 2018 and 2017, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were approximately $87,000, $77,000, $38,000, respectively. As lessor, for each of our real estate transactions involving the leaseback of the related property to the seller or affiliates of the seller, we determine whether these transactions qualify as sale and leaseback transactions under the accounting guidance in Topic 842. For these transactions, we consider various inputs and assumptions including, but not necessarily limited to, lease terms, renewal options, discount rates, and other rights and provisions in the purchase and sale agreement, lease and other documentation to determine whether control has been transferred to the Company or remains with the lessee. A transaction involving a sale leaseback will be treated as a purchase of a real estate property if it is considered to transfer control of the underlying asset from the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. These criteria also include estimates and assumptions regarding the fair value of the leased facilities, minimum lease payments, the economic useful life of the facilities, the existence of a purchase option, and certain other terms in the lease agreements. The lease accounting guidance requires accounting for a transaction as a financing in a sale leaseback when the seller-lessee is provided an option to purchase the property from the landlord at the tenant's option. Our leases continued to be classified as operating leases under Topic 842 and we continue to record revenue for each of our properties on a cash basis. Our tenant reimbursable revenue and property expenses continue to be presented on a gross basis as rental revenue and as property expenses, respectively, on our consolidated statements of operations. Property taxes paid directly by the lessee to a third party will continue to be excluded from our consolidated financial statements. Internal leasing costs of approximately $122,000 capitalized during the year ended December 31, 2019 were written off and included in general and administrative expenses on our consolidated statement of operations for the year ended December 31, 2019. These costs were capitalized in accordance with the lease accounting standards existing prior to January 1, 2019 and would not qualify for capitalization under Topic 842. The election of the practical expedients available for implementation under the standard permits us to continue to account for our leases that commenced before January 1, 2019 under the previously existing lease accounting guidance for the remainder of their lease terms, and to apply the new lease accounting guidance to leases commencing or modified after January 1, 2019. As a result, there was no restatement of prior issued financial statements and, similarly, no cumulative effect adjustment to opening equity. Two of our leases that were entered into prior to 2019 provide the lessee with a purchase option to purchase the leased property upon the occurrence of certain events or at the end of the initial lease term. The purchase option provisions generally allow the lessee to purchase the leased property at fair value or at an amount greater than our gross investment in the property at the time of the purchase. At December 31, 2019, our gross investments in the two properties with the purchase options was approximately $41.9 million in the aggregate. At December 31, 2019, none of the purchase options were exercisable. Our leases generally contain options to extend the lease terms at the prevailing market rate at the time of expiration. Certain of our leases provide the lessee with a right of first refusal or right of first offer in the event we market the leased property for sale. Recent Accounting Pronouncements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which among other updates, clarifies that receivables arising from operating leases are not within the scope of this guidance and should be evaluated in accordance with Topic 842. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. These standards will be effective for the Company on January 1, 2020. We do not expect the adoption of these standards to have a material impact on our consolidated financial statements. Concentration of Credit Risk . As of December 31, 2019, we owned 46 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio and Pennsylvania. The ability of any of our tenants to honor the terms of its lease is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. During the year ended December 31, 2019, PharmaCann, LLC (“PharmaCann”) leased five properties from us which comprised approximately 26% of rental revenues (including tenant reimbursements). During the years ended December 31, 2018 and 2017, PharmaCann leased two properties from us which comprised approximately 38% and 80% of rental revenues (including tenant reimbursements), respectively. In addition, during the year ended December 31, 2019, Ascend Wellness Holdings, LLC’s leases at certain of our properties located in Illinois and Michigan accounted for approximately 12% of our rental revenues (including tenant reimbursements). The tenant at our property in Maryland accounted for approximately 6%, 18% and 14% of rental revenues (including tenant reimbursements) for the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, one of our properties in New York accounted for 6% and 20% of our net real estate held for investment, respectively. At December 31, 2017, one of our properties in New York, our property in Maryland and our property in Arizona accounted for 43%, 25% and 22%, respectively, of our net real estate held for investment. We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of December 31, 2019, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts. Reclassifications . Certain prior year amounts have been reclassified for consistency with the current year presentation. The reclassifications included the combined presentation of tenant reimbursements with rental revenue on the consolidated statements of operations for the years ended December 31,2018 and 2017 and the presentation of dividends in excess of earnings separate from additional paid-in-capital on the consolidated balance sheet as of December 31, 2018 and the consolidated statements of stockholder’s equity for the years ended December 31, 2018 and 2017 to conform to the current year presentation. These reclassifications had no effect on the reported results of operations.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2019
Common Stock
Common Stock	3. Common Stock The Company is authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 12,637,043 shares of common stock issued and outstanding. In July 2019, we issued 1,495,000 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 195,000 shares, resulting in net proceeds of approximately $180.1 million. In September 2019, we entered into equity distribution agreements with three sales agents, pursuant to which we may offer and sell from time to time through an “at-the-market” offering program (the “ATM Program”) up to $250.0 million in shares of our common stock. As of December 31, 2019, we sold 1,330,500 shares of our common stock for net proceeds of approximately $106.5 million under the ATM Program. Subsequent to December 31, 2019, in January 2020, we sold 998,282 shares of our common stock for net proceeds of approximately $78.3 million under the ATM Program. Additionally, in January 2020 , we issued 3,412,969 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 445,170 shares, resulting in gross proceeds of approximately $250.0 million.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2019
Preferred Stock
Preferred Stock	4. Preferred Stock The Company is authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001 per share, and there were issued and outstanding 600,000 shares of 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”). Generally, the Company is not permitted to redeem the Series A Preferred Stock prior to October 19, 2022, except in limited circumstances relating to the Company’s ability to qualify as a REIT and in certain other circumstances related to a change of control/delisting (as defined in the articles supplementary for the Series A Preferred Stock). On or after October 19, 2022, the Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such Series A Preferred Stock up to, but excluding the redemption date. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2019
Dividends
Dividends	5. Dividends The following table describes the dividends declared by the Company during the year ended December 31, 2019,2018 and 2017: Amount Dividend Dividend Declaration Date Security Class Per Share Period Covered Paid Date Amount (In thousands) May 30, 2017 Common stock $ 0.15 April 1, 2017 to June 30, 2017 July 14, 2017 $ 525 September 15, 2017 Common stock $ 0.15 July 1, 2017 to September 30, 2017 October 13, 2017 $ 525 December 15, 2017 Common stock $ 0.25 October 1, 2017 to December 31, 2017 January 16, 2018 $ 875 December 15, 2017 Series A preferred stock $ 0.5375 October 19, 2017 to January 14, 2018 January 16, 2018 $ 323 March 15, 2018 Common stock $ 0.25 January 1, 2018 to March 31, 2018 April 16, 2018 $ 1,696 March 15, 2018 Series A preferred stock $ 0.5625 January 15, 2018 to April 14, 2018 April 16, 2018 $ 338 June 15, 2018 Common stock $ 0.25 April 1, 2018 to June 30, 2018 July 16, 2018 $ 1,696 June 15, 2018 Series A preferred stock $ 0.5625 April 15, 2018 to July 14, 2018 July 16, 2018 $ 338 September 14, 2018 Common stock $ 0.35 July 1, 2018 to September 30, 2018 October 15, 2018 $ 2,375 September 14, 2018 Series A preferred stock $ 0.5625 July 15, 2018 to October 14, 2018 October 15, 2018 $ 338 December 14, 2018 Common stock $ 0.35 October 1, 2018 to December 31, 2018 January 15, 2019 $ 3,421 December 14, 2018 Series A preferred stock $ 0.5625 October 15, 2018 to January 14, 2019 January 15, 2019 $ 338 March 12,2019 Common stock $ 0.45 January 1, 2019 to March 31, 2019 April 15, 2019 $ 4,412 March 12, 2019 Series A preferred stock $ 0.5625 January 15, 2019 to April 14, 2019 April 15, 2019 $ 338 June 14, 2019 Common stock $ 0.60 April 1, 2019 to June 30, 2019 July 15, 2019 $ 5,885 June 14, 2019 Series A preferred stock $ 0.5625 April 15, 2019 to July 14, 2019 July 15, 2019 $ 338 September 13, 2019 Common stock $ 0.78 July 1, 2019 to September 30, 2019 October 15, 2019 $ 8,866 September 13, 2019 Series A preferred stock $ 0.5625 July 15, 2019 to October 14, 2019 October 15, 2019 $ 338 December 10, 2019 Common stock $ 1.00 October 1, 2019 to December 31, 2019 January 15, 2020 $ 12,637 December 10, 2019 Series A preferred stock $ 0.5625 October 15, 2019 to January 14, 2020 January 15, 2020 $ 338

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2019
Investments in Real Estate
Investments in Real Estate	6. Investments in Real Estate The Company acquired the following properties during the year ended December 31, 2019 (dollars in thousands): Rentable Initial Square Purchase Transaction Property Market Closing Date Feet (1) Price Costs Total Sacramento CA California February 8, 2019 43,000 $ 6,664 $ 35 $ 6,699 (2) PharmaCann OH Ohio March 13, 2019 58,000 700 11 711 (3) Southern CA Portfolio California April 16, 2019 102,000 27,097 51 27,148 Maitri PA Pennsylvania April 24, 2019 51,000 6,250 234 6,484 (4) Vireo OH Ohio May 14, 2019 11,000 1,018 18 1,036 (5) Green Leaf PA Pennsylvania May 20, 2019 266,000 13,000 207 13,207 Emerald Growth MI Michigan June 7, 2019 45,000 6,860 18 6,878 (6) Ascend MI Michigan July 2, 2019 145,000 4,750 18 4,768 (7) MJardin NV Nevada July 12, 2019 43,000 3,830 26 3,856 (8) DYME CA California July 23, 2019 35,000 13,000 19 13,019 (9) Trulieve MA Massachusetts July 26, 2019 150,000 3,500 25 3,525 (10) PharmaCann PA Pennsylvania August 9, 2019 54,000 942 12 954 (11) Vertical CA Portfolio California Various 79,000 17,300 32 17,332 (12) The Pharm AZ - Retail Arizona September 19, 2019 2,000 2,000 27 2,027 (13) LivWell MI Michigan October 9, 2019 156,000 19,000 28 19,028 (14) Cresco IL Portfolio Illinois October 22, 2019 90,000 32,800 16 32,816 (15) Trulieve FL Florida October 23, 2019 120,000 17,000 4 17,004 Green Peak MI – Retail Portfolio Michigan Various 31,000 10,042 32 10,074 (16) PharmaCann IL Illinois October 30, 2019 66,000 18,000 8 18,008 (17) Grassroots IL Illinois October 30, 2019 120,000 10,500 41 10,541 (18) GTI PA Pennsylvania November 12, 2019 148,000 20,300 233 20,533 (19) Grassroots ND North Dakota December 20, 2019 33,000 9,910 24 9,934 (20) Grassroots PA Pennsylvania December 20, 2019 72,000 14,220 87 14,307 (21) Total 1,920,000 $ 258,683 $ 1,206 $ 259,889 (22) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) The seller of the property is expected to complete redevelopment of the property, for which we have agreed to provide reimbursement of up to approximately $4.8 million as additional purchase price. As of December 31, 2019, we incurred and funded the entire additional purchase price. (3) Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, which is expected to construct two buildings at the property, for which we have agreed to provide reimbursement of up to $19.3 million. As of December 31, 2019, we incurred approximately $16.0 million of the development costs, of which we funded approximately $15.4 million. (4) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $10.0 million. As of December 31, 2019, we incurred approximately $6.0 million of the redevelopment costs, of which we funded approximately $4.5 million. (5) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $2.6 million. As of December 31, 2019, we incurred and funded approximately $2.5 million of the redevelopment costs. (6) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $3.1 million. As of December 31, 2019, we incurred approximately $3.1 million of the redevelopment costs, of which we funded approximately $2.9 million. (7) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $15.0 million. As of December 31, 2019, we incurred approximately $1.8 million of the redevelopment costs, of which no amount was funded. (8) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $5.8 million. As of December 31, 2019, we incurred approximately $4.1 million of the redevelopment costs, of which we funded approximately $3.5 million. (9) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $2.0 million. As of December 31, 2019, no amount has been incurred. Subsequent to the end of the year, in January 2020, the tenant defaulted on its obligations to pay rent to us pursuant to our lease. (10) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $40.0 million, which funding is subject to reduction at the tenant’s option until January 26, 2021. As of December 31, 2019, we have incurred approximately $4.3 million of the redevelopment costs, of which we funded approximately $2.6 million. (11) Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, which is expected to construct two buildings at the property, for which we have agreed to provide reimbursement of up to $25.1 million. The construction funding may be increased by up to an additional $4.0 million at PharmaCann’s election within the first nine months of the lease term, subject to the satisfaction of certain conditions. Subsequent to the end of the year, in February 2020, this optional $4.0 million in construction funding was cancelled in its entirety. As of December 31, 2019, we incurred approximately $2.3 million of the development costs, of which we funded approximately $745,000. (12) Portfolio consists of four properties, with three properties closing on August 29, 2019 and the remaining property closing on September 11, 2019. (13) The tenant is expected to complete development of the property for which we have agreed to provide reimbursement of up to $500,000. As of December 31, 2019, we incurred $500,000 of the development costs, of which we funded approximately $452,000. (14) The tenant is expected to complete development of the property for which we have agreed to provide reimbursement of up to $23.0 million. As of December 31, 2019, we incurred approximately $9.0 million of the development costs, of which we funded approximately $6.6 million. (15) Portfolio consists of two properties. The tenant is expected to complete development of the properties for which we have agreed to provide reimbursement of up to approximately $13.8 million in the aggregate. As of December 31, 2019, we incurred approximately $9.6 million of the development costs, of which we funded approximately $2.7 million. (16) Portfolio consists of six properties closing between October 25, 2019 and November 25, 2019. The tenant is expected to complete development of one of the properties for which we have agreed to provide reimbursement of up to approximately $1.2 million. As of December 31, 2019, we have incurred approximately $312,000 of the development costs, of which no amount was funded. (17) Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, which is expected complete the development of the property, for which we have agreed to provide reimbursement of up to $7.0 million. As of December 31, 2019, we have incurred approximately $321,000 of the development costs, of which no amount was funded. (18) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $17.7 million, which funding is subject to reduction at the tenant’s option within the first nine months of the lease term. As of December 31, 2019, we have incurred approximately $1.9 million of the redevelopment costs, of which we funded approximately $1.3 million. (19) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $19.3 million. As of December 31, 2019, we incurred approximately $970,000, of which no amount was funded. (20) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $2.3 million . As of December 31, 2019, we incurred approximately $1.2 million, of which no amount was funded. (21) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $10.9 million . As of December 31, 2019, we incurred approximately $1.1 million, of which no amount was funded. (22) Approximately $28.2 million was allocated to land and approximately $231.7 million was allocated to buildings and improvements. In addition, in June 2019, we amended our lease with Green Peak Industries, LLC (“Green Peak”) at one of our Michigan properties, making available an additional $18.0 million in funding for further expansion of cannabis cultivation and processing facilities at the property, increasing the total tenant improvement allowance to $25.5 million. As of December 31, 2019, we incurred and funded approximately $10.3 million of the redevelopment costs and our total investment in the property was approximately $15.8 million. Subsequent to December 31, 2019, in January 2020, we amended the lease with Green Peak which, among other things, canceled the remaining tenant improvement allowance of approximately $15.2 million and adjusted the corresponding base rent. In September 2019, we amended our lease with a wholly owned subsidiary of Ascend Wellness Holdings, LLC at one of our Illinois properties, making available an additional $8.0 million in funding for further expansion of cannabis cultivation and processing facilities at the property. Assuming full payment of the additional funding, our total tenant improvement allowance will be $14.0 million and our total investment in the property will be $33.0 million. As of December 31, 2019, we incurred $14.0 million of the redevelopment costs, of which approximately $13.2 million was funded. In September 2019, we amended our lease with Holistic Industries, Inc. at one of our Massachusetts properties, making available up to $2.0 million in reimbursement for tenant improvements at the property. As of December 31, 2019, the entire amount was incurred and funded. In September 2019, we amended our lease and development agreement with a subsidiary of PharmaCann at one of our Massachusetts properties, making available an additional $8.0 million in construction funding for further development of cannabis cultivation and processing facilities at the property. Assuming full payment of the additional funding, our total construction funding will be $23.5 million and our total investment in the property will be $26.5 million. As of December 31, 2019, we incurred approximately $21.8 million of the redevelopment costs, of which $20.3 million was funded. Subsequent to December 31, 2019, in February 2020, we made available an additional $4.0 million in construction funding commitment for further development of the property. In September 2019, we amended our lease with a subsidiary of Vireo Health, Inc. at our Minnesota property, making available an additional $2.6 million in reimbursement for tenant improvements at the property. Assuming full payment of the additional funding, our total tenant improvements will be approximately $5.6 million and our total investment in the property will be $8.6 million. As of December 31, 2019, we incurred approximately $5.2 million of the redevelopment costs, of which $4.4 million was funded. Including all of our properties, during the year ended December 31, 2019, we capitalized costs of approximately $107.2 million and funded approximately $84.7 million relating to tenant improvements and construction activities at our properties. The properties acquired during 2019 generated approximately $16.3 million of rental revenue (including tenant reimbursements) and approximately $12.5 million of net operating income after deducting property and depreciation expenses for the year ended December 31, 2019. The properties acquired during 2018 generated approximately $2.9 million of rental revenue (including tenant reimbursements) and approximately $2.2 million net operating income after deducting property and depreciation expenses for the year ended December 31, 2018. Future contractual minimum rent (including base rent, supplemental base rent (with respect to our lease with PharmaCann at one of our New York properties) and property management fees) under the operating leases as of December 31, 2019 for future periods is summarized as follows (in thousands): Year Contractual Minimum Rent 2020 $ 84,910 2021 89,750 2022 91,212 2023 93,979 2024 96,840 Thereafter 1,222,371 Total $ 1,679,062

Exchangeable Senior Notes

Exchangeable Senior Notes	12 Months Ended
	Dec. 31, 2019
Exchangeable Senior Notes
Exchangeable Senior Notes	7. Exchangeable Senior Notes In February 2019, our Operating Partnership issued $143.75 million of 3.75% Exchangeable Senior Notes due 2024 (the “Exchangeable Senior Notes”) in a private offering, including the exercise in full of the initial purchasers’ option to purchase additional Exchangeable Senior Notes. The Exchangeable Senior Notes are senior unsecured obligations of our Operating Partnership, are fully and unconditionally guaranteed by us and our Operating Partnership’s subsidiaries and are exchangeable for cash, shares of our common stock, or a combination of cash and shares of our common stock, at our Operating Partnership’s option, at any time prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date. The exchange rate for the Exchangeable Senior Notes at December 31, 2019 was 14.61083 shares of our common stock per $1,000 principal amount of Exchangeable Senior Notes and the exchange price at December 31, 2019 was approximately $68.44 per share of our common stock. The exchange rate and exchange price are subject to adjustment in certain circumstances. The Exchangeable Senior Notes will pay interest semiannually at a rate of 3.75% per annum and will mature on February 21, 2024, unless earlier exchanged or repurchased in accordance with their terms. Our Operating Partnership will not have the right to redeem the Exchangeable Senior Notes prior to maturity, but may be required to repurchase the Exchangeable Senior Notes from holders under certain circumstances. Upon our issuance of the Exchangeable Senior Notes, we recorded an approximately $5.8 million discount based on the implied value of the exchange option and an assumed effective interest rate of 4.65%, as well as approximately $5.2 million of initial issuance costs, of which approximately $5.0 million and $200,000 were allocated to the liability and equity components, respectively, based on their relative fair values. Issuance costs allocated to the liability component are being amortized using the effective interest method and recognized as non-cash interest expense over the expected term of the Exchangeable Senior Notes. The following table details our interest expense related to the Exchangeable Senior Notes (in thousands): Year Ended December 31, 2019 Cash coupon $ 4,628 Amortization of debt discount 898 Amortization of issuance costs 780 Total interest expense $ 6,306 The following table details the carrying value of our Exchangeable Senior Notes on our consolidated balance sheets (in thousands): As of December 31, 2019 Principal amount $ 143,750 Unamortized discount (4,878) Unamortized issuance costs (4,218) Carrying value $ 134,654 Accrued interest payable for the Exchangeable Senior Notes was approximately $1.6 million as of December 31, 2019, included in accounts payable and accrued expenses on our consolidated balance sheets.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2019
Net Income (Loss) Per Share
Net Income (Loss) Per Share	8. Net Income (Loss) Per Share Grants of restricted stock of the Company in share-based payment transactions are considered participating securities prior to vesting and, therefore, are considered in computing basic earnings per share under the two-class method. The two-class method is an earnings allocation method for calculating earnings per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. Earnings per basic share under the two-class method is calculated based on dividends declared on common shares and other participating securities (“distributed earnings”) and the rights of participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends accruing during the period. The undistributed earnings are allocated to all outstanding common shares and participating securities based on the relative percentage of each security to the total number of outstanding participating securities. Earnings per basic share represents the summation of the distributed and undistributed earnings per share class divided by the total number of shares. Through December 31, 2019, all of the Company’s participating securities received dividends at an equal dividend rate per share. As a result, distributions to participating securities have been included in net income / (loss) attributable to common stockholders to calculate net income / (loss) per basic and diluted share. For the year ended December 31, 2017, the Company incurred a net loss and therefore had distributions in excess of earnings. As such, 106,839 of unvested restricted shares outstanding at December 31, 2017 have been excluded from the calculation of net loss per diluted share for the year ended December 31, 2017 as the impacts were anti-dilutive. We have considered the dilutive effect of the shares necessary to settle the Exchangeable Senior Notes on the if-converted method basis for the year ended December 31, 2019, and as this effect was anti-dilutive, these shares necessary to settle the Exchangeable Senior Notes were excluded from diluted earnings per share. Computations of net income / (loss) per basic and diluted share were as follows (in thousands, except share data): Years Ended December 31, 2019 2018 2017 Net income / (loss) $ 23,475 $ 6,985 $ (72) Preferred stock dividend (1,352) (1,352) (323) Distribution to participating securities (396) (178) (59) Net income / (loss) attributable to common stockholders used to compute net income / (loss) per share $ 21,727 $ 5,455 $ (454) Weighted average common stock outstanding: Basic 10,546,016 7,138,952 3,375,284 Diluted 10,684,068 7,285,801 3,375,284 Net income / (loss) per share attributable to common stockholders: Basic $ 2.06 $ 0.76 $ (0.13) Diluted $ 2.03 $ 0.75 $ (0.13)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2019
Fair Value of Financial Instruments
Fair Value of Financial Instruments	9. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Includes other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions. The following table presents the carrying value in the condensed consolidated financial statements and approximate fair value of financial instruments at December 31, 2019 and December 31, 2018: At December 31, 2019 At December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Investments (1) $ 119,595 $ 119,673 $ 120,443 $ 120,443 Exchangeable Senior Notes (2) $ 134,654 $ 185,558 $ — $ — (1) (2) At December 31, 2019, cash equivalent instruments consisted of approximately $60.1 million in short-term money market funds that were measured using the net asset value per share that have not been classified using the fair value hierarchy. The fund invests primarily in short-term U.S. Treasury and government securities. Short-term investments consisting of certificate of deposits and obligations of the U.S. government are stated at amortized cost, which approximates their relative fair values due to the short-term maturities and market rates of interest of these instruments. The carrying amounts of financial instruments such as cash equivalents invested in certificates of deposit, obligations of the U.S. government with an original maturity at the time of purchase of less than or equal to three months, accounts payable, accrued expenses and other liabilities approximate their relative fair values due to the short-term maturities and market rates of interest of these instruments.

Common Stock Incentive Plan

Common Stock Incentive Plan	12 Months Ended
	Dec. 31, 2019
Common Stock Incentive Plan
Common Stock Incentive Plan	10. Common Stock Incentive Plan Our board of directors adopted our 2016 Omnibus Incentive Plan (the “2016 Plan”), to enable us to motivate, attract and retain the services of directors, employees and consultants considered essential to our long-term success. The 2016 Plan offers our directors, employees and consultants an opportunity to own our stock or rights that will reflect our growth, development and financial success. Under the terms of the 2016 Plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 1,000,000 shares. The 2016 Plan has a term of ten years until December 5, 2026. A summary of the activity under the 2016 Plan and related information for year ended December 31, 2019,2018 and 2017 is included in the table below. Weighted- Restricted Average Date Shares Fair Value Balance at December 31, 2016 66,508 $ 17.47 Granted 115,011 $ 18.63 Vested (44,308) $ 18.47 Forfeited (1) (30,372) $ 18.49 Balance at December 31, 2017 106,839 $ 18.01 Granted 76,732 $ 29.72 Vested (24,133) $ 18.45 Forfeited (2) (12,079) $ 18.67 Balance at December 31, 2018 147,359 $ 23.98 Granted $ Vested $ Forfeited (2) $ Balance at December 31, 2019 $ (1) Includes 16,792 shares that were forfeited to cover the employees’ tax withholding obligation upon vesting. (2) All of these shares were forfeited to cover the employees’ tax withholding obligation upon vesting. The remaining unrecognized compensation cost of approximately $2.8 million will be recognized over a weighted-average amortization period of approximately 1.7 years as of December 31, 2019.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies Office Lease. The future contractual lease payments for our office lease and the reconciliation to the office lease liability reflected in our consolidated balance sheet as of December 31, 2019 is presented in the table below (in thousands): Year Amount 2020 $ 152 2021 235 2022 242 2023 249 2024 256 Thereafter 88 Total future contractual lease payments 1,222 Effect of discounting (20) Office lease liability $ 1,202 Tenant Improvement Allowances. As of December 31, 2019, we had approximately $92.1 million of commitments related to tenant improvement allowances, which generally may be requested by the tenants at any time up until a date that is near the expiration of the initial term of the applicable lease. This amount does not include approximately $53.8 million which may be canceled by certain tenants at their option. Construction Funding. As of December 31, 2019, we had approximately $1.7 million, $3.3 million and $22.8 million of commitments relating to construction funding for the development of certain properties in Massachusetts, Ohio and Pennsylvania, respectively, which the tenant has agreed to use commercially reasonable efforts to complete by March 31, 2020, June 13, 2020 and February 9, 2021, respectively. These amounts do not include $4.0 million which may be canceled by PharmaCann pursuant to our lease at one of our Pennsylvania properties. Subsequent to the end of the year, in February 2020, this optional $4.0 million in construction funding was canceled in its entirety. Environmental Matters . We follow the policy of monitoring our properties, both targeted acquisition and existing properties, for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist, we are not currently aware of any environmental liabilities that would have a material adverse effect on our financial condition, results of operations and cash flow, or that we believe would require disclosure or the recording of a loss contingency. Litigation . We may, from time to time, be a party to legal proceedings, which arise in the ordinary course of our business. We are not aware of any pending or threatened litigation that, if resolved against us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions
Related Party Transactions	12. Related Party Transactions Private Airplane Reimbursement . Alan Gold, our executive chairman, utilizes a private airplane from time to time exclusively for company business travel purposes, which airplane is owned by an entity controlled by Mr. Gold. We reimburse Mr. Gold for the company-related use of the airplane by Mr. Gold and our other executives, including out-of-pocket operating costs, on terms we believe are comparable to those we could secure from an independent third party. As approved by our audit committee, for the year ended December 31, 2019,2018 and 2017, we paid approximately $308,000, $202,000 and $30,000, respectively, to Mr. Gold on account of such expenses.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events
Subsequent Events	13. Subsequent Events Subsequent to December 31, 2019, in January 2020, we sold 998,282 shares of our common stock for net proceeds of approximately $78.3 million under the ATM Program. Additionally, in January 2020, we issued 3,412,969 shares of common stock, including the exercise in full of the underwriters' option to purchase an additional 445,170 shares, resulting in gross proceeds of approximately $250.0 million. Subsequent to December 31, 2019, the Company acquired the following properties, including commitments to fund tenant improvements and construction, and made the following additional funds available to tenants for improvements at the Company's existing properties (dollars in thousands): Tenant Improvement Rentable and Square Purchase Construction Property Market Closing Date Feet (1) Price Commitments Total (2) Vireo PA Pennsylvania January 14, 2020 N/A $ N/A $ 4,500 $ 4,500 Green Leaf VA Virginia January 15, 2020 82,000 11,740 8,010 19,750 (4) Pharm AZ Arizona January 16, 2020 N/A N/A 2,000 2,000 (5) Cresco OH Ohio January 24, 2020 50,000 10,600 1,945 12,545 (6) Sacramento CA California January 28, 2020 N/A N/A 1,250 1,250 (7) GTI OH Ohio January 31, 2020 21,000 2,900 4,300 7,200 (8) LivWell CO – Retail Portfolio Colorado Various 8,000 3,300 850 4,150 (9) Maitri PA Pennsylvania February 19, 2020 N/A N/A 6,000 6,000 (10) PharmaCann MA Massachusetts February 24, 2020 N/A N/A 4,000 4,000 (11) Total 161,000 $ 28,540 $ 32,855 $ 61,395 (1) Includes expected rentable square feet at completion of construction of certain properties. (2) Excludes transaction costs. (3) The amount relates to a lease amendment which increased the tenant improvement allowance under a lease at one of our Pennsylvania properties by $4.5 million to a total of approximately $8.3 million. As of February 28, 2020, we had funded $3.4 million of the tenant improvement allowance. (4) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to approximately $8.0 million. As of February 28, 2020, we had funded approximately $2.7 million of the tenant improvement allowance. (5) The amount relates to a lease amendment which increased the tenant improvement allowance under a lease at one of our Arizona properties by $2.0 million. As of February 28, 2020, we had funded approximately $1.5 million of the reimbursement. (6) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to approximately $1.9 million. As of February 28, 2020, we had not funded any of the tenant improvement allowance. (7) The amount relates to a lease amendment which increased the tenant improvement allowance under a lease at one of our California properties by approximately $1.3 million. As of February 28, 2020, we had funded approximately $1.0 million of the reimbursement. (8) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to $4.3 million. As of February 28, 2020, we had not funded any of the tenant improvement allowance. (9) The portfolio consists of two retail properties, with one property closing on February 19, 2020 and one property closing on February 21, 2020. The tenant is expected to complete tenant improvements at one of the properties, for which we agreed to provide reimbursement of up to $850,000. As of February 28, 2020, we had not funded any of the tenant improvement allowance. (10) The amount relates to a lease amendment which increased the tenant improvement allowance under a lease at one of our Pennsylvania properties by $6.0 million to a total of $16.0 million, which additional allowance may be drawn by the tenant commencing March 1, 2020. As of February 28, 2020, we had funded $8.8 million of the tenant improvement allowance. (11) The amount relates to a lease amendment and development agreement amendment which increased the construction funding at one of our Massachusetts properties by $4.0 million for a total of $27.5 million. We also canceled a remaining commitment to provide construction funding of $4.0 million for the tenant at one of our Pennsylvania properties. As of February 28, 2020, we had funded approximately $23.0 million of the construction funding at the Massachusetts property. In January 2020, we amended our lease with Green Peak which, among other things, canceled the remaining tenant improvement allowance of approximately $15.2 million and adjusted the corresponding base rent. As of February 28, 2020, our total investment in the property was approximately $15.8 million. Effective January 1, 2020, we adopted the Innovative Industrial Properties, Inc. Nonqualified Deferred Compensation Plan (the “Plan”), which allows a select group of management and our non-employee directors to defer receiving certain of their cash and equity-based compensation. The tenant at our Los Angeles, California property, which is in receivership, defaulted in its obligations to pay us rent under our lease in January and February 2020.

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information
Quarterly Financial Information	15. Quarterly Financial Information (unaudited) The Company’s selected quarterly information for the years ended December 31, 2019 and 2018 (in thousands, except per share data) was as follows. Three Months Ended (1) December September June March 31, 2019 30, 2019 30, 2019 31, 2019 Revenues: Rental (including tenant reimbursements) $ 17,672 $ 11,555 $ 8,617 $ 6,823 Total revenues 17,672 11,555 8,617 6,823 Expenses: Property expenses 374 357 337 247 General and administrative expense 3,151 2,156 2,593 1,918 Depreciation expense 3,545 2,221 1,615 1,218 Total expenses 7,070 4,734 4,545 3,383 Income from operations 10,602 6,821 4,072 3,440 Interest and other income 1,144 1,537 1,172 993 Interest expense (1,844) (1,838) (1,832) (792) Net income 9,902 6,520 3,412 3,641 Preferred stock dividends (338) (338) (338) (338) Net income available to common stockholders $ 9,564 $ 6,182 $ 3,074 $ 3,303 Net income available to common stockholders per share: – Basic $ 0.79 $ 0.56 $ 0.31 $ 0.34 – Diluted $ 0.78 $ 0.55 $ 0.30 $ 0.33 Weighted average shares outstanding: Basic 11,905,021 10,918,477 9,667,079 9,664,775 Diluted 12,044,602 11,057,697 9,807,503 9,797,676 Three Months Ended (1) December September June March 31, 2018 30, 2018 30, 2018 31, 2018 Revenues: Rental (including tenant reimbursements) $ 4,783 $ 3,926 $ 3,314 $ 2,764 Total revenues 4,783 3,926 3,314 2,764 Expenses: Property expenses 80 210 68 87 General and administrative expense 1,982 1,442 1,474 1,477 Depreciation expense 914 703 536 476 Total expenses 2,976 2,355 2,078 2,040 Income from operations 1,807 1,571 1,236 724 Interest and other income 859 261 306 221 Net income 2,666 1,832 1,542 945 Preferred stock dividends (338) (338) (338) (338) Net income available to common stockholders $ 2,328 $ 1,494 $ 1,204 $ 607 Net income available to common stockholders per share: – Basic $ 0.24 $ 0.22 $ 0.18 $ 0.10 – Diluted $ 0.24 $ 0.21 $ 0.17 $ 0.09 Weighted average shares outstanding: Basic 9,367,148 6,636,638 6,635,651 5,883,610 Diluted 9,515,800 6,785,800 6,783,674 6,025,067 (1) The sum of quarterly financial data may vary from the annual data due to rounding.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2019
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	INNOVATIVE INDUSTRIAL PROPERTIES, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 (In thousands) Initial Costs Total Costs Costs Capitalized Year Building and Subsequent to Building and Accumulated Net Cost Property State Built/Renovated Land Improvements Acquisition Land Improvements Total Depreciation Basis Year Acquired Pharm AZ Arizona 1995/2017 $ 398 $ 14,629 $ 3,002 $ 398 $ 17,631 $ 18,029 $ (1,380) $ 16,649 The Pharm AZ - Retail Arizona In Progress 1,216 811 501 1,216 1,312 2,528 (15) 2,513 Sacramento CA California 1990 1,376 5,323 4,780 1,376 10,103 11,479 (265) 11,214 Southern CA Portfolio California Various (1) 3,932 23,216 — 3,932 23,216 27,148 (557) 26,591 DYME CA California 1894/1976 1,713 11,306 — 1,713 11,306 13,019 (136) 12,883 Vertical CA Portfolio California Various (2) 3,393 13,939 — 3,393 13,939 17,332 (145) 17,187 The Green Solution CO Colorado 1978/2018 2,101 9,176 — 2,101 9,176 11,277 (479) 10,798 Trulieve FL Florida 1994/2019 274 16,730 — 274 16,730 17,004 (110) 16,894 Ascend IL Illinois 2015 563 18,457 13,884 563 32,341 32,904 (929) 31,975 Cresco IL Portfolio Illinois Various (3) 3,215 29,601 9,613 3,215 39,214 42,429 (238) 42,191 PharmaCann IL Illinois 1992/2015 201 17,807 322 201 18,129 18,330 (92) 18,238 Grassroots IL Illinois 1984 350 10,191 1,849 350 12,040 12,390 (66) 12,324 Holistic MD Maryland 2017 2,785 8,410 5,901 2,785 14,311 17,096 (1,460) 15,636 PharmaCann MA Massachusetts 2019 3,030 — 21,784 3,030 21,784 24,814 (439) 24,375 Holistic MA Massachusetts 1959/1980 1,060 11,717 1,960 1,060 13,677 14,737 (496) 14,241 Trulieve MA Massachusetts 1890/2010 694 2,831 4,327 694 7,158 7,852 (54) 7,798 Green Peak MI Michigan 2018 1,933 3,559 10,301 1,933 13,860 15,793 (567) 15,226 Emerald Growth MI Michigan 1960/2019 389 6,489 3,139 389 9,628 10,017 (172) 9,845 Ascend MI Michigan 1929 409 4,359 1,768 409 6,127 6,536 (69) 6,467 LivWell MI Michigan 1940/2019 1,237 17,791 8,975 1,237 26,766 28,003 (198) 27,805 Green Peak MI - Retail Michigan Various (4) 2,562 7,512 312 2,562 7,824 10,386 (55) 10,331 Vireo MN Minnesota 2015/2017 427 2,644 5,111 427 7,755 8,182 (390) 7,792 MJardin NV Nevada 1984 1,088 2,768 4,116 1,088 6,884 7,972 (106) 7,866 PharmaCann NY New York 2016 7,600 22,475 — 7,600 22,475 30,075 (1,953) 28,122 Vireo NY New York 1970/2015 303 3,157 2,952 303 6,109 6,412 (331) 6,081 Grassroots ND North Dakota 1980 191 9,743 1,213 191 10,956 11,147 (15) 11,132 PharmaCann OH Ohio 2019 711 — 16,001 711 16,001 16,712 (215) 16,497 Vireo OH Ohio 1954/1986/2019 22 1,014 2,499 22 3,513 3,535 (102) 3,433 Vireo PA Pennsylvania 1959/2018 275 5,603 3,206 275 8,809 9,084 (565) 8,519 Maitri PA Pennsylvania 1970/2008 234 6,250 5,977 234 12,227 12,461 (177) 12,284 Green Leaf PA Pennsylvania 1975/1988 1,353 11,854 5 1,353 11,859 13,212 (257) 12,955 PharmaCann PA Pennsylvania In Progress 954 — 2,294 954 2,294 3,248 (12) 3,236 GTI PA Pennsylvania 1927/2017 1,435 19,098 971 1,435 20,069 21,504 (103) 21,401 Grassroots PA Pennsylvania 2018 1,228 13,079 1,077 1,228 14,156 15,384 (22) 15,362 Total $ 48,652 $ 331,539 $ 137,840 $ 48,652 $ 469,379 $ 518,031 $ (12,170) $ 505,861 (1) Portfolio consists of four properties constructed between 1982 and 2008. (2) Portfolio consists of three properties constructed between 1964 and 2019, and one property currently under construction. (3) Portfolio consists of two properties constructed in 1973 and 1988. Both properties were renovated in 2016. (4) Portfolio consists of five properties constructed between 1935 and 2019, and one property currently under construction. A reconciliation of historical cost and related accumulated depreciation is as follows (in thousands): Years Ended December 31, 2019 2018 2017 Investment in real estate, at cost: Balance at beginning of year $ 150,930 $ 68,730 $ 30,075 Purchases of investments in real estate 259,889 57,474 32,753 Additions and improvements 107,212 24,726 5,902 Balance at end of year $ 518,031 $ 150,930 $ 68,730 Accumulated Depreciation: Balance at beginning of year $ (3,571) $ (942) $ (27) Depreciation expense (8,599) (2,629) (915) Balance at end of year $ (12,170) $ (3,571) $ (942)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Basis of Presentation	Basis of Presentation. The consolidated financial statements include all of the accounts of the Company, the Operating Partnership and all of our wholly owned subsidiaries, presented in accordance with U.S. generally accepted accounting principles.
Federal Income Taxes	Federal Income Taxes. We have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our consolidated statement of operations represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying condensed consolidated statements of operations.
Use of Estimates	Use of Estimates. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ materially from these estimates and assumptions.
Reportable Segment	Reportable Segment . We are engaged in the business of providing real estate for the regulated cannabis industries. Our properties are similar in that they are leased to the state-licensed operators on long-term triple-net basis, consist of improvements that are reusable and have similar economic characteristics. Our chief operating decision makers review financial information for our entire consolidated operations when making decisions related to assessing our operating performance. We have aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated using consistent business strategies. The financial information disclosed herein represents all of the financial information related to our one reportable segment.
Acquisition of Real Estate Properties	Acquisition of Real Estate Properties. Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region, the fair value of buildings on an as-if vacant basis and may engage third-party valuation specialists. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions.
Depreciation	Depreciation. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, not to exceed 35 years. We depreciate tenant improvements at our buildings over the shorter of the estimated useful lives or the terms of the related leases. We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years.
Provision for Impairment	Provision for Impairment. We review current activities and changes in the business conditions of all of our properties to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. No impairment losses were recognized during the years ended December 31, 2019, 2018 and 2017.
Revenue Recognition	Revenue Recognition. Our leases are triple-net leases, an arrangement under which the tenant maintains the property while paying us rent and property management fees. We anticipate that all leases will be accounted for as operating leases. Operating leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of lease payments is not probable. Rental increases based upon changes in the consumer price index are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in rental revenue in the period when such costs are incurred. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements. We record revenue for each of our properties on a cash basis due to the uncertain regulatory environment in the United States relating to the medical-use cannabis industry and the uncertainty of collectability of lease payments from each tenant due to its limited operating history.
Cash and Cash Equivalents	Cash and Cash Equivalents . We consider all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of December 31, 2019, 2018 and 2017, $60.1 million, $7.7 million and $8.9 million, respectively, were invested in short-term money market funds, obligations of the U.S. government with an original maturity at the time of purchase of less than or equal to three months and certificates of deposit.
Restricted Cash	Restricted Cash. Restricted cash relates to cash held in an escrow account for the reimbursement of tenant improvements for tenants in accordance with the lease agreements at four of our properties.
Investments	Investments . Investments consist of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months. Investments are classified as held-to-maturity and stated at amortized cost.
Exchangeable Notes	Exchangeable Notes. The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification requires the liability and equity components of exchangeable debt instruments that may be settled in cash upon exchange, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonexchangeable debt borrowing rate. The initial proceeds from the sale of exchangeable notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonexchangeable debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our Exchangeable Senior Notes (as defined below) as of the respective issuance dates based on our estimated nonexchangeable debt borrowing rate with the assistance of a third-party valuation specialist as we do not have a history of borrowing arrangements and there is limited empirical data available related to the Company’s industry due to the regulatory uncertainty of the cannabis market in which the Company’s tenants operate. The equity component of our Exchangeable Senior Notes is reflected within additional paid-in capital on our consolidated balance sheets, and the resulting debt discount is amortized over the period during which the Exchangeable Senior Notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to our Exchangeable Senior Notes will increase in subsequent periods through the maturity date as the Exchangeable Senior Notes accrete to the par value over the same period.
Deferred Financing Costs	Deferred Financing Costs. The deferred financing costs that are included as a reduction in the net book value of the related liability on our condensed consolidated balance sheets reflect issuance and other costs related to our Exchangeable Senior Notes. These costs are amortized as non-cash interest expense using the effective interest method over the life of the Exchangeable Senior Notes.
Stock-Based Compensation	Stock-Based Compensation. Stock-based compensation for equity awards is based on the grant date fair value of the equity awards and is recognized over the requisite service period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any non-forfeitable dividends previously paid on these awards from retained earnings to compensation expense. Forfeitures are recognized as incurred.
Lease Accounting	Lease Accounting. In February 2016, the FASB issued ASU 2016‑02, Leases; in July 2018, the FASB issued ASU 2018‑10, Codification Improvements to Topic 842, Leases, and ASU 2018‑11, Leases - Targeted Improvements; and in December 2018, the FASB issued ASU 2018‑20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842 and was effective for the Company for its consolidated financial statements for the year ended December 31, 2019, as a result of the Company ceasing to be an emerging growth company on December 31, 2019. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases). We adopted Topic 842 effective as of January 1, 2019 using the effective date method and elected the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. We also elected the lessor practical expedient, allowing us to continue to amortize previously capitalized initial direct leasing costs incurred prior to the adoption of Topic 842. As lessee, at December 31, 2019, we recognized a liability to account for our future obligations related to our corporate office lease, which has a remaining lease term of approximately 5.3 years, excluding the extension option that we are not reasonably certain to exercise, and a corresponding right-of-use asset. The lease liability is measured based on the present value of the future lease payments discounted using the estimated incremental borrowing rate of 7.25%, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period. The right-of-use asset is measured based on the corresponding lease liability. We did not incur any initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease. Subsequently, the right-of-use asset is amortized on a straight-line basis during the lease term. For the years ended December 31, 2019, 2018 and 2017, we recognized office lease expense of approximately $82,000, $83,000, and $46,000, respectively, which are included in general and administrative expense in our consolidated statements of operations. For the years ended December 31, 2019, 2018 and 2017, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were approximately $87,000, $77,000, $38,000, respectively. As lessor, for each of our real estate transactions involving the leaseback of the related property to the seller or affiliates of the seller, we determine whether these transactions qualify as sale and leaseback transactions under the accounting guidance in Topic 842. For these transactions, we consider various inputs and assumptions including, but not necessarily limited to, lease terms, renewal options, discount rates, and other rights and provisions in the purchase and sale agreement, lease and other documentation to determine whether control has been transferred to the Company or remains with the lessee. A transaction involving a sale leaseback will be treated as a purchase of a real estate property if it is considered to transfer control of the underlying asset from the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. These criteria also include estimates and assumptions regarding the fair value of the leased facilities, minimum lease payments, the economic useful life of the facilities, the existence of a purchase option, and certain other terms in the lease agreements. The lease accounting guidance requires accounting for a transaction as a financing in a sale leaseback when the seller-lessee is provided an option to purchase the property from the landlord at the tenant's option. Our leases continued to be classified as operating leases under Topic 842 and we continue to record revenue for each of our properties on a cash basis. Our tenant reimbursable revenue and property expenses continue to be presented on a gross basis as rental revenue and as property expenses, respectively, on our consolidated statements of operations. Property taxes paid directly by the lessee to a third party will continue to be excluded from our consolidated financial statements. Internal leasing costs of approximately $122,000 capitalized during the year ended December 31, 2019 were written off and included in general and administrative expenses on our consolidated statement of operations for the year ended December 31, 2019. These costs were capitalized in accordance with the lease accounting standards existing prior to January 1, 2019 and would not qualify for capitalization under Topic 842. The election of the practical expedients available for implementation under the standard permits us to continue to account for our leases that commenced before January 1, 2019 under the previously existing lease accounting guidance for the remainder of their lease terms, and to apply the new lease accounting guidance to leases commencing or modified after January 1, 2019. As a result, there was no restatement of prior issued financial statements and, similarly, no cumulative effect adjustment to opening equity. Two of our leases that were entered into prior to 2019 provide the lessee with a purchase option to purchase the leased property upon the occurrence of certain events or at the end of the initial lease term. The purchase option provisions generally allow the lessee to purchase the leased property at fair value or at an amount greater than our gross investment in the property at the time of the purchase. At December 31, 2019, our gross investments in the two properties with the purchase options was approximately $41.9 million in the aggregate. At December 31, 2019, none of the purchase options were exercisable. Our leases generally contain options to extend the lease terms at the prevailing market rate at the time of expiration. Certain of our leases provide the lessee with a right of first refusal or right of first offer in the event we market the leased property for sale.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which among other updates, clarifies that receivables arising from operating leases are not within the scope of this guidance and should be evaluated in accordance with Topic 842. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. These standards will be effective for the Company on January 1, 2020. We do not expect the adoption of these standards to have a material impact on our consolidated financial statements.
Concentration of Credit Risk	Concentration of Credit Risk . As of December 31, 2019, we owned 46 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio and Pennsylvania. The ability of any of our tenants to honor the terms of its lease is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. During the year ended December 31, 2019, PharmaCann, LLC (“PharmaCann”) leased five properties from us which comprised approximately 26% of rental revenues (including tenant reimbursements). During the years ended December 31, 2018 and 2017, PharmaCann leased two properties from us which comprised approximately 38% and 80% of rental revenues (including tenant reimbursements), respectively. In addition, during the year ended December 31, 2019, Ascend Wellness Holdings, LLC’s leases at certain of our properties located in Illinois and Michigan accounted for approximately 12% of our rental revenues (including tenant reimbursements). The tenant at our property in Maryland accounted for approximately 6%, 18% and 14% of rental revenues (including tenant reimbursements) for the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, one of our properties in New York accounted for 6% and 20% of our net real estate held for investment, respectively. At December 31, 2017, one of our properties in New York, our property in Maryland and our property in Arizona accounted for 43%, 25% and 22%, respectively, of our net real estate held for investment. We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of December 31, 2019, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.
Reclassifications	Reclassifications . Certain prior year amounts have been reclassified for consistency with the current year presentation. The reclassifications included the combined presentation of tenant reimbursements with rental revenue on the consolidated statements of operations for the years ended December 31,2018 and 2017 and the presentation of dividends in excess of earnings separate from additional paid-in-capital on the consolidated balance sheet as of December 31, 2018 and the consolidated statements of stockholder’s equity for the years ended December 31, 2018 and 2017 to conform to the current year presentation. These reclassifications had no effect on the reported results of operations.

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2019
Dividends
Schedule of dividends payable	The following table describes the dividends declared by the Company during the year ended December 31, 2019,2018 and 2017: Amount Dividend Dividend Declaration Date Security Class Per Share Period Covered Paid Date Amount (In thousands) May 30, 2017 Common stock $ 0.15 April 1, 2017 to June 30, 2017 July 14, 2017 $ 525 September 15, 2017 Common stock $ 0.15 July 1, 2017 to September 30, 2017 October 13, 2017 $ 525 December 15, 2017 Common stock $ 0.25 October 1, 2017 to December 31, 2017 January 16, 2018 $ 875 December 15, 2017 Series A preferred stock $ 0.5375 October 19, 2017 to January 14, 2018 January 16, 2018 $ 323 March 15, 2018 Common stock $ 0.25 January 1, 2018 to March 31, 2018 April 16, 2018 $ 1,696 March 15, 2018 Series A preferred stock $ 0.5625 January 15, 2018 to April 14, 2018 April 16, 2018 $ 338 June 15, 2018 Common stock $ 0.25 April 1, 2018 to June 30, 2018 July 16, 2018 $ 1,696 June 15, 2018 Series A preferred stock $ 0.5625 April 15, 2018 to July 14, 2018 July 16, 2018 $ 338 September 14, 2018 Common stock $ 0.35 July 1, 2018 to September 30, 2018 October 15, 2018 $ 2,375 September 14, 2018 Series A preferred stock $ 0.5625 July 15, 2018 to October 14, 2018 October 15, 2018 $ 338 December 14, 2018 Common stock $ 0.35 October 1, 2018 to December 31, 2018 January 15, 2019 $ 3,421 December 14, 2018 Series A preferred stock $ 0.5625 October 15, 2018 to January 14, 2019 January 15, 2019 $ 338 March 12,2019 Common stock $ 0.45 January 1, 2019 to March 31, 2019 April 15, 2019 $ 4,412 March 12, 2019 Series A preferred stock $ 0.5625 January 15, 2019 to April 14, 2019 April 15, 2019 $ 338 June 14, 2019 Common stock $ 0.60 April 1, 2019 to June 30, 2019 July 15, 2019 $ 5,885 June 14, 2019 Series A preferred stock $ 0.5625 April 15, 2019 to July 14, 2019 July 15, 2019 $ 338 September 13, 2019 Common stock $ 0.78 July 1, 2019 to September 30, 2019 October 15, 2019 $ 8,866 September 13, 2019 Series A preferred stock $ 0.5625 July 15, 2019 to October 14, 2019 October 15, 2019 $ 338 December 10, 2019 Common stock $ 1.00 October 1, 2019 to December 31, 2019 January 15, 2020 $ 12,637 December 10, 2019 Series A preferred stock $ 0.5625 October 15, 2019 to January 14, 2020 January 15, 2020 $ 338

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2019
Investments in Real Estate
Schedule of real estate properties	The Company acquired the following properties during the year ended December 31, 2019 (dollars in thousands): Rentable Initial Square Purchase Transaction Property Market Closing Date Feet (1) Price Costs Total Sacramento CA California February 8, 2019 43,000 $ 6,664 $ 35 $ 6,699 (2) PharmaCann OH Ohio March 13, 2019 58,000 700 11 711 (3) Southern CA Portfolio California April 16, 2019 102,000 27,097 51 27,148 Maitri PA Pennsylvania April 24, 2019 51,000 6,250 234 6,484 (4) Vireo OH Ohio May 14, 2019 11,000 1,018 18 1,036 (5) Green Leaf PA Pennsylvania May 20, 2019 266,000 13,000 207 13,207 Emerald Growth MI Michigan June 7, 2019 45,000 6,860 18 6,878 (6) Ascend MI Michigan July 2, 2019 145,000 4,750 18 4,768 (7) MJardin NV Nevada July 12, 2019 43,000 3,830 26 3,856 (8) DYME CA California July 23, 2019 35,000 13,000 19 13,019 (9) Trulieve MA Massachusetts July 26, 2019 150,000 3,500 25 3,525 (10) PharmaCann PA Pennsylvania August 9, 2019 54,000 942 12 954 (11) Vertical CA Portfolio California Various 79,000 17,300 32 17,332 (12) The Pharm AZ - Retail Arizona September 19, 2019 2,000 2,000 27 2,027 (13) LivWell MI Michigan October 9, 2019 156,000 19,000 28 19,028 (14) Cresco IL Portfolio Illinois October 22, 2019 90,000 32,800 16 32,816 (15) Trulieve FL Florida October 23, 2019 120,000 17,000 4 17,004 Green Peak MI – Retail Portfolio Michigan Various 31,000 10,042 32 10,074 (16) PharmaCann IL Illinois October 30, 2019 66,000 18,000 8 18,008 (17) Grassroots IL Illinois October 30, 2019 120,000 10,500 41 10,541 (18) GTI PA Pennsylvania November 12, 2019 148,000 20,300 233 20,533 (19) Grassroots ND North Dakota December 20, 2019 33,000 9,910 24 9,934 (20) Grassroots PA Pennsylvania December 20, 2019 72,000 14,220 87 14,307 (21) Total 1,920,000 $ 258,683 $ 1,206 $ 259,889 (22) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) The seller of the property is expected to complete redevelopment of the property, for which we have agreed to provide reimbursement of up to approximately $4.8 million as additional purchase price. As of December 31, 2019, we incurred and funded the entire additional purchase price. (3) Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, which is expected to construct two buildings at the property, for which we have agreed to provide reimbursement of up to $19.3 million. As of December 31, 2019, we incurred approximately $16.0 million of the development costs, of which we funded approximately $15.4 million. (4) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $10.0 million. As of December 31, 2019, we incurred approximately $6.0 million of the redevelopment costs, of which we funded approximately $4.5 million. (5) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $2.6 million. As of December 31, 2019, we incurred and funded approximately $2.5 million of the redevelopment costs. (6) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $3.1 million. As of December 31, 2019, we incurred approximately $3.1 million of the redevelopment costs, of which we funded approximately $2.9 million. (7) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $15.0 million. As of December 31, 2019, we incurred approximately $1.8 million of the redevelopment costs, of which no amount was funded. (8) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $5.8 million. As of December 31, 2019, we incurred approximately $4.1 million of the redevelopment costs, of which we funded approximately $3.5 million. (9) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $2.0 million. As of December 31, 2019, no amount has been incurred. Subsequent to the end of the year, in January 2020, the tenant defaulted on its obligations to pay rent to us pursuant to our lease. (10) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $40.0 million, which funding is subject to reduction at the tenant’s option until January 26, 2021. As of December 31, 2019, we have incurred approximately $4.3 million of the redevelopment costs, of which we funded approximately $2.6 million. (11) Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, which is expected to construct two buildings at the property, for which we have agreed to provide reimbursement of up to $25.1 million. The construction funding may be increased by up to an additional $4.0 million at PharmaCann’s election within the first nine months of the lease term, subject to the satisfaction of certain conditions. Subsequent to the end of the year, in February 2020, this optional $4.0 million in construction funding was cancelled in its entirety. As of December 31, 2019, we incurred approximately $2.3 million of the development costs, of which we funded approximately $745,000. (12) Portfolio consists of four properties, with three properties closing on August 29, 2019 and the remaining property closing on September 11, 2019. (13) The tenant is expected to complete development of the property for which we have agreed to provide reimbursement of up to $500,000. As of December 31, 2019, we incurred $500,000 of the development costs, of which we funded approximately $452,000. (14) The tenant is expected to complete development of the property for which we have agreed to provide reimbursement of up to $23.0 million. As of December 31, 2019, we incurred approximately $9.0 million of the development costs, of which we funded approximately $6.6 million. (15) Portfolio consists of two properties. The tenant is expected to complete development of the properties for which we have agreed to provide reimbursement of up to approximately $13.8 million in the aggregate. As of December 31, 2019, we incurred approximately $9.6 million of the development costs, of which we funded approximately $2.7 million. (16) Portfolio consists of six properties closing between October 25, 2019 and November 25, 2019. The tenant is expected to complete development of one of the properties for which we have agreed to provide reimbursement of up to approximately $1.2 million. As of December 31, 2019, we have incurred approximately $312,000 of the development costs, of which no amount was funded. (17) Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, which is expected complete the development of the property, for which we have agreed to provide reimbursement of up to $7.0 million. As of December 31, 2019, we have incurred approximately $321,000 of the development costs, of which no amount was funded. (18) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $17.7 million, which funding is subject to reduction at the tenant’s option within the first nine months of the lease term. As of December 31, 2019, we have incurred approximately $1.9 million of the redevelopment costs, of which we funded approximately $1.3 million. (19) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $19.3 million. As of December 31, 2019, we incurred approximately $970,000, of which no amount was funded. (20) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $2.3 million . As of December 31, 2019, we incurred approximately $1.2 million, of which no amount was funded. (21) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $10.9 million . As of December 31, 2019, we incurred approximately $1.1 million, of which no amount was funded. (22) Approximately $28.2 million was allocated to land and approximately $231.7 million was allocated to buildings and improvements.
Schedule of future contractual minimum rent	Future contractual minimum rent (including base rent, supplemental base rent (with respect to our lease with PharmaCann at one of our New York properties) and property management fees) under the operating leases as of December 31, 2019 for future periods is summarized as follows (in thousands): Year Contractual Minimum Rent 2020 $ 84,910 2021 89,750 2022 91,212 2023 93,979 2024 96,840 Thereafter 1,222,371 Total $ 1,679,062

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2019
Exchangeable Senior Notes
Schedule of interest expense related to exchangeable senior notes	The following table details our interest expense related to the Exchangeable Senior Notes (in thousands): Year Ended December 31, 2019 Cash coupon $ 4,628 Amortization of debt discount 898 Amortization of issuance costs 780 Total interest expense $ 6,306
Schedule of carrying value of senior exchangeable notes on condensed consolidated balance sheet	The following table details the carrying value of our Exchangeable Senior Notes on our consolidated balance sheets (in thousands): As of December 31, 2019 Principal amount $ 143,750 Unamortized discount (4,878) Unamortized issuance costs (4,218) Carrying value $ 134,654

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Net Income (Loss) Per Share
Schedule of earnings per share, basic and diluted	We have considered the dilutive effect of the shares necessary to settle the Exchangeable Senior Notes on the if-converted method basis for the year ended December 31, 2019, and as this effect was anti-dilutive, these shares necessary to settle the Exchangeable Senior Notes were excluded from diluted earnings per share. Computations of net income / (loss) per basic and diluted share were as follows (in thousands, except share data): Years Ended December 31, 2019 2018 2017 Net income / (loss) $ 23,475 $ 6,985 $ (72) Preferred stock dividend (1,352) (1,352) (323) Distribution to participating securities (396) (178) (59) Net income / (loss) attributable to common stockholders used to compute net income / (loss) per share $ 21,727 $ 5,455 $ (454) Weighted average common stock outstanding: Basic 10,546,016 7,138,952 3,375,284 Diluted 10,684,068 7,285,801 3,375,284 Net income / (loss) per share attributable to common stockholders: Basic $ 2.06 $ 0.76 $ (0.13) Diluted $ 2.03 $ 0.75 $ (0.13)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value of Financial Instruments
Schedule of condensed financial statements	The following table presents the carrying value in the condensed consolidated financial statements and approximate fair value of financial instruments at December 31, 2019 and December 31, 2018: At December 31, 2019 At December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Investments (1) $ 119,595 $ 119,673 $ 120,443 $ 120,443 Exchangeable Senior Notes (2) $ 134,654 $ 185,558 $ — $ — (1) (2)

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2019
Common Stock Incentive Plan
Summary of the activity under the 2016 Plan	A summary of the activity under the 2016 Plan and related information for year ended December 31, 2019,2018 and 2017 is included in the table below. Weighted- Restricted Average Date Shares Fair Value Balance at December 31, 2016 66,508 $ 17.47 Granted 115,011 $ 18.63 Vested (44,308) $ 18.47 Forfeited (1) (30,372) $ 18.49 Balance at December 31, 2017 106,839 $ 18.01 Granted 76,732 $ 29.72 Vested (24,133) $ 18.45 Forfeited (2) (12,079) $ 18.67 Balance at December 31, 2018 147,359 $ 23.98 Granted $ Vested $ Forfeited (2) $ Balance at December 31, 2019 $ (1) Includes 16,792 shares that were forfeited to cover the employees’ tax withholding obligation upon vesting. (2) All of these shares were forfeited to cover the employees’ tax withholding obligation upon vesting.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies
Schedule of future contractual lease payments	The future contractual lease payments for our office lease and the reconciliation to the office lease liability reflected in our consolidated balance sheet as of December 31, 2019 is presented in the table below (in thousands): Year Amount 2020 $ 152 2021 235 2022 242 2023 249 2024 256 Thereafter 88 Total future contractual lease payments 1,222 Effect of discounting (20) Office lease liability $ 1,202

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2019
Subsequent Events
Schedule of commitments to fund tenant improvements and construction	Subsequent to December 31, 2019, the Company acquired the following properties, including commitments to fund tenant improvements and construction, and made the following additional funds available to tenants for improvements at the Company's existing properties (dollars in thousands): Tenant Improvement Rentable and Square Purchase Construction Property Market Closing Date Feet (1) Price Commitments Total (2) Vireo PA Pennsylvania January 14, 2020 N/A $ N/A $ 4,500 $ 4,500 Green Leaf VA Virginia January 15, 2020 82,000 11,740 8,010 19,750 (4) Pharm AZ Arizona January 16, 2020 N/A N/A 2,000 2,000 (5) Cresco OH Ohio January 24, 2020 50,000 10,600 1,945 12,545 (6) Sacramento CA California January 28, 2020 N/A N/A 1,250 1,250 (7) GTI OH Ohio January 31, 2020 21,000 2,900 4,300 7,200 (8) LivWell CO – Retail Portfolio Colorado Various 8,000 3,300 850 4,150 (9) Maitri PA Pennsylvania February 19, 2020 N/A N/A 6,000 6,000 (10) PharmaCann MA Massachusetts February 24, 2020 N/A N/A 4,000 4,000 (11) Total 161,000 $ 28,540 $ 32,855 $ 61,395 (1) Includes expected rentable square feet at completion of construction of certain properties. (2) Excludes transaction costs. (3) The amount relates to a lease amendment which increased the tenant improvement allowance under a lease at one of our Pennsylvania properties by $4.5 million to a total of approximately $8.3 million. As of February 28, 2020, we had funded $3.4 million of the tenant improvement allowance. (4) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to approximately $8.0 million. As of February 28, 2020, we had funded approximately $2.7 million of the tenant improvement allowance. (5) The amount relates to a lease amendment which increased the tenant improvement allowance under a lease at one of our Arizona properties by $2.0 million. As of February 28, 2020, we had funded approximately $1.5 million of the reimbursement. (6) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to approximately $1.9 million. As of February 28, 2020, we had not funded any of the tenant improvement allowance. (7) The amount relates to a lease amendment which increased the tenant improvement allowance under a lease at one of our California properties by approximately $1.3 million. As of February 28, 2020, we had funded approximately $1.0 million of the reimbursement. (8) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to $4.3 million. As of February 28, 2020, we had not funded any of the tenant improvement allowance. (9) The portfolio consists of two retail properties, with one property closing on February 19, 2020 and one property closing on February 21, 2020. The tenant is expected to complete tenant improvements at one of the properties, for which we agreed to provide reimbursement of up to $850,000. As of February 28, 2020, we had not funded any of the tenant improvement allowance. (10) The amount relates to a lease amendment which increased the tenant improvement allowance under a lease at one of our Pennsylvania properties by $6.0 million to a total of $16.0 million, which additional allowance may be drawn by the tenant commencing March 1, 2020. As of February 28, 2020, we had funded $8.8 million of the tenant improvement allowance. (11) The amount relates to a lease amendment and development agreement amendment which increased the construction funding at one of our Massachusetts properties by $4.0 million for a total of $27.5 million. We also canceled a remaining commitment to provide construction funding of $4.0 million for the tenant at one of our Pennsylvania properties. As of February 28, 2020, we had funded approximately $23.0 million of the construction funding at the Massachusetts property.

Quarterly Financial Informati_2

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information
Schedule of Quarterly Financial Information	The Company’s selected quarterly information for the years ended December 31, 2019 and 2018 (in thousands, except per share data) was as follows. Three Months Ended (1) December September June March 31, 2019 30, 2019 30, 2019 31, 2019 Revenues: Rental (including tenant reimbursements) $ 17,672 $ 11,555 $ 8,617 $ 6,823 Total revenues 17,672 11,555 8,617 6,823 Expenses: Property expenses 374 357 337 247 General and administrative expense 3,151 2,156 2,593 1,918 Depreciation expense 3,545 2,221 1,615 1,218 Total expenses 7,070 4,734 4,545 3,383 Income from operations 10,602 6,821 4,072 3,440 Interest and other income 1,144 1,537 1,172 993 Interest expense (1,844) (1,838) (1,832) (792) Net income 9,902 6,520 3,412 3,641 Preferred stock dividends (338) (338) (338) (338) Net income available to common stockholders $ 9,564 $ 6,182 $ 3,074 $ 3,303 Net income available to common stockholders per share: – Basic $ 0.79 $ 0.56 $ 0.31 $ 0.34 – Diluted $ 0.78 $ 0.55 $ 0.30 $ 0.33 Weighted average shares outstanding: Basic 11,905,021 10,918,477 9,667,079 9,664,775 Diluted 12,044,602 11,057,697 9,807,503 9,797,676 Three Months Ended (1) December September June March 31, 2018 30, 2018 30, 2018 31, 2018 Revenues: Rental (including tenant reimbursements) $ 4,783 $ 3,926 $ 3,314 $ 2,764 Total revenues 4,783 3,926 3,314 2,764 Expenses: Property expenses 80 210 68 87 General and administrative expense 1,982 1,442 1,474 1,477 Depreciation expense 914 703 536 476 Total expenses 2,976 2,355 2,078 2,040 Income from operations 1,807 1,571 1,236 724 Interest and other income 859 261 306 221 Net income 2,666 1,832 1,542 945 Preferred stock dividends (338) (338) (338) (338) Net income available to common stockholders $ 2,328 $ 1,494 $ 1,204 $ 607 Net income available to common stockholders per share: – Basic $ 0.24 $ 0.22 $ 0.18 $ 0.10 – Diluted $ 0.24 $ 0.21 $ 0.17 $ 0.09 Weighted average shares outstanding: Basic 9,367,148 6,636,638 6,635,651 5,883,610 Diluted 9,515,800 6,785,800 6,783,674 6,025,067 (1) The sum of quarterly financial data may vary from the annual data due to rounding.

Organization (Details)

Organization (Details)	Dec. 31, 2019
Iip Operating Partnership Lp [Member]
Percentage Leased	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Impairment loss	$ 0	$ 0	$ 0
Short-term Investments	$ 119,595,000	120,443,000
Restricted cash held for lease properties | item	4
Internal leasing costs	$ 122,000
Cash, FDIC Insured Amount	$ 250,000
Lease term	5 years 4 months
Percentage of borrowing rate	7.25%
Cash paid for operating lease expense included in operating cash flow	$ 87,000	77,000	38,000
Gross investment in properties with purchase options	41,900,000
General and administrative expense
Cash paid for operating lease expense included in operating cash flow	82,000	83,000	46,000
Money Market Funds [Member]
Short-term Investments	$ 60,100,000	$ 7,700,000	$ 8,900,000
Net Real Estate Held For Investment [Member] | New York Property [Member]
Concentration Risk, Percentage	6.00%	20.00%	43.00%
Building [Member]
Property, Plant and Equipment, Useful Life	35 years
PharmaCann LLC [Member]
Concentration Risk, Percentage	26.00%	38.00%	80.00%
Maryland Property [Member]
Concentration Risk, Percentage	6.00%	18.00%	14.00%
Maryland Property [Member] | Net Real Estate Held For Investment [Member]
Concentration Risk, Percentage			25.00%
Ascend Wellness Holdings, LLC's [Member]
Concentration Risk, Percentage	12.00%
Arizona Property [Member] | Net Real Estate Held For Investment [Member]
Concentration Risk, Percentage			22.00%
Minimum [Member] | Office Equipment And Furniture And Fixtures [Member]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member] | Office Equipment And Furniture And Fixtures [Member]
Property, Plant and Equipment, Useful Life	6 years

Common Stock (Details)

Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2020	Jul. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2019	Jan. 26, 2017
Common Stock, Shares Authorized			50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share			$ 0.001	$ 0.001			$ 0.001
Common Stock, Shares, Issued			12,637,043	9,775,800
Common Stock, Shares, Outstanding			12,637,043	9,775,800
Net proceeds from issuance			$ 286,292	$ 193,223	$ 0
Common Stock [Member]
Common Stock, Shares Authorized			50,000,000
Common Stock, Par or Stated Value Per Share			$ 0.001
Common Stock, Shares, Issued			12,637,043
Common Stock, Shares, Outstanding			12,637,043
Number of shares sold		1,495,000
Stock Issued During Period Share Purchase Of Common Stock		195,000
Proceeds from Issuance or Sale of Equity		$ 180,100
Common Stock [Member] | Subsequent event [Member]
Number of shares sold	3,412,969
Stock Issued During Period Share Purchase Of Common Stock	445,170
Proceeds from Issuance or Sale of Equity	$ 250,000
Common Stock [Member] | ATM Program [Member]
Common Stock, Shares Authorized						250,000,000
Number of shares sold			1,330,500
Net proceeds from issuance			$ 106,500
Common Stock [Member] | ATM Program [Member] | Subsequent event [Member]
Number of shares sold	998,282
Net proceeds from issuance	$ 78,300

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	1 Months Ended	12 Months Ended
	Oct. 19, 2017	Dec. 31, 2019	Dec. 31, 2018	Oct. 19, 2022
Preferred Stock, Shares Authorized		50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.001	$ 0.001
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.001
Preferred Stock, Shares Issued		600,000	600,000
Preferred Stock, Shares Outstanding		600,000	600,000
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%	9.00%
Series A Preferred Stock [Member] | Forecast
Preferred Stock, Redemption Price Per Share				$ 25

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividend Amount	$ 12,975	$ 3,759	$ 1,198
May 30 2017 [Member]
Declaration Date	May 30, 2017
Dividends Declared Security Class	Common stock
Amount Per Share	$ 0.15
Period Covered	April 1, 2017 to June 30, 2017
Dividend Paid Date	Jul. 14, 2017
Dividend Amount	$ 525
September 15 2017 [Member]
Declaration Date	Sep. 15, 2017
Dividends Declared Security Class	Common stock
Amount Per Share	$ 0.15
Period Covered	July 1, 2017 to September 30, 2017
Dividend Paid Date	Oct. 13, 2017
Dividend Amount	$ 525
December 15 2017 [Member]
Declaration Date	Dec. 15, 2017
Dividends Declared Security Class	Common stock
Amount Per Share	$ 0.25
Period Covered	October 1, 2017 to December 31, 2017
Dividend Paid Date	Jan. 16, 2018
Dividend Amount	$ 875
December 15 2017 One [Member]
Declaration Date	Dec. 15, 2017
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5375
Period Covered	October 19, 2017 to January 14, 2018
Dividend Paid Date	Jan. 16, 2018
Dividend Amount	$ 323
March 15 2018 [Member]
Declaration Date	Mar. 15, 2018
Dividends Declared Security Class	Common stock
Amount Per Share	$ 0.25
Period Covered	January 1, 2018 to March 31, 2018
Dividend Paid Date	Apr. 16, 2018
Dividend Amount	$ 1,696
March 15 2018 one [Member]
Declaration Date	Mar. 15, 2018
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Period Covered	January 15, 2018 to April 14, 2018
Dividend Paid Date	Apr. 16, 2018
Dividend Amount	$ 338
June 15 2018 [Member]
Declaration Date	Jun. 15, 2018
Dividends Declared Security Class	Common stock
Amount Per Share	$ 0.25
Period Covered	April 1, 2018 to June 30, 2018
Dividend Paid Date	Jul. 16, 2018
Dividend Amount	$ 1,696
June 15 2018 One [Member]
Declaration Date	Jun. 15, 2018
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Period Covered	April 15, 2018 to July 14, 2018
Dividend Paid Date	Jul. 16, 2018
Dividend Amount	$ 338
September 14 2018 [Member]
Declaration Date	Sep. 14, 2018
Dividends Declared Security Class	Common stock
Amount Per Share	$ 0.35
Period Covered	July 1, 2018 to September 30, 2018
Dividend Paid Date	Oct. 15, 2018
Dividend Amount	$ 2,375
September 14 2018 One [Member]
Declaration Date	Sep. 14, 2018
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Period Covered	July 15, 2018 to October 14, 2018
Dividend Paid Date	Oct. 15, 2018
Dividend Amount	$ 338
December 14 2018 [Member]
Declaration Date	Dec. 14, 2018
Dividends Declared Security Class	Common stock
Amount Per Share	$ 0.35
Period Covered	October 1, 2018 to December 31, 2018
Dividend Paid Date	Jan. 15, 2019
Dividend Amount	$ 3,421
December 14 2018 One [Member]
Declaration Date	Dec. 14, 2018
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Period Covered	October 15, 2018 to January 14, 2019
Dividend Paid Date	Jan. 15, 2019
Dividend Amount	$ 338
March 12 2019 [Member]
Declaration Date	Mar. 12, 2019
Dividends Declared Security Class	Common stock
Amount Per Share	$ 0.45
Period Covered	January 1, 2019 to March 31, 2019
Dividend Paid Date	Apr. 15, 2019
Dividend Amount	$ 4,412
March 12 2019 One [Member]
Declaration Date	Mar. 12, 2019
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Period Covered	January 15, 2019 to April 14, 2019
Dividend Paid Date	Apr. 15, 2019
Dividend Amount	$ 338
June 14 2019 [Member]
Declaration Date	Jun. 14, 2019
Dividends Declared Security Class	Common stock
Amount Per Share	$ 0.60
Period Covered	April 1, 2019 to June 30, 2019
Dividend Paid Date	Jul. 15, 2019
Dividend Amount	$ 5,885
June 14 2019 One [Member]
Declaration Date	Jun. 14, 2019
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Period Covered	April 15, 2019 to July 14, 2019
Dividend Paid Date	Jul. 15, 2019
Dividend Amount	$ 338
September 13 2019 [Member]
Declaration Date	Sep. 13, 2019
Dividends Declared Security Class	Common stock
Amount Per Share	$ 0.78
Period Covered	July 1, 2019 to September 30, 2019
Dividend Paid Date	Oct. 15, 2019
Dividend Amount	$ 8,866
September 13 2019 One [Member]
Declaration Date	Sep. 13, 2019
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Period Covered	July 15, 2019 to October 14, 2019
Dividend Paid Date	Oct. 15, 2019
Dividend Amount	$ 338
December 10, 2019 [Member]
Declaration Date	Dec. 10, 2019
Dividends Declared Security Class	Common stock
Amount Per Share	$ 1
Period Covered	October 1, 2019 to December 31, 2019
Dividend Paid Date	Jan. 15, 2020
Dividend Amount	$ 12,637
December 10, 2019 One [member]
Declaration Date	Dec. 10, 2019
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Period Covered	October 15, 2019 to January 14, 2020
Dividend Paid Date	Jan. 15, 2020
Dividend Amount	$ 338

Investments in Real Estate (Det

Investments in Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)ft²
Rentable Square Feet | ft²	1,920,000
Initial Purchase Price	$ 258,683
Transaction Costs	1,206
Total	$ 259,889
Sacramento CA [Member]
Rentable Square Feet | ft²	43,000
Initial Purchase Price	$ 6,664
Transaction Costs	35
Total	$ 6,699
PharmaCann OH [member]
Rentable Square Feet | ft²	58,000
Initial Purchase Price	$ 700
Transaction Costs	11
Total	$ 711
Southern CA Portfolio [Member]
Rentable Square Feet | ft²	102,000
Initial Purchase Price	$ 27,097
Transaction Costs	51
Total	$ 27,148
Maitri PA [Member]
Rentable Square Feet | ft²	51,000
Initial Purchase Price	$ 6,250
Transaction Costs	234
Total	$ 6,484
Vireo OH [Member]
Rentable Square Feet | ft²	11,000
Initial Purchase Price	$ 1,018
Transaction Costs	18
Total	$ 1,036
Green Leaf PA [Member]
Rentable Square Feet | ft²	266,000
Initial Purchase Price	$ 13,000
Transaction Costs	207
Total	$ 13,207
Emerald Growth MI [Member]
Rentable Square Feet | ft²	45,000
Initial Purchase Price	$ 6,860
Transaction Costs	18
Total	$ 6,878
Ascend MI [Member]
Rentable Square Feet | ft²	145,000
Initial Purchase Price	$ 4,750
Transaction Costs	18
Total	$ 4,768
MJardin NV [Member]
Rentable Square Feet | ft²	43,000
Initial Purchase Price	$ 3,830
Transaction Costs	26
Total	$ 3,856
DYME CA [Member]
Rentable Square Feet | ft²	35,000
Initial Purchase Price	$ 13,000
Transaction Costs	19
Total	$ 13,019
Trulieve MA [Member]
Rentable Square Feet | ft²	150,000
Initial Purchase Price	$ 3,500
Transaction Costs	25
Total	$ 3,525
PharmaCann PA [Member]
Rentable Square Feet | ft²	54,000
Initial Purchase Price	$ 942
Transaction Costs	12
Total	$ 954
Vertical CA Portfolio [Member]
Rentable Square Feet | ft²	79,000
Initial Purchase Price	$ 17,300
Transaction Costs	32
Total	$ 17,332
The Pharm AZ - Retail [Member]
Rentable Square Feet | ft²	2,000
Initial Purchase Price	$ 2,000
Transaction Costs	27
Total	$ 2,027
LivWell MI [Member]
Rentable Square Feet | ft²	156,000
Initial Purchase Price	$ 19,000
Transaction Costs	28
Total	$ 19,028
Cresco IL Portfolio [Member]
Rentable Square Feet | ft²	90,000
Initial Purchase Price	$ 32,800
Transaction Costs	16
Total	$ 32,816
Trulieve FL [Member]
Rentable Square Feet | ft²	120,000
Initial Purchase Price	$ 17,000
Transaction Costs	4
Total	$ 17,004
Green Peak MI Property [Member]
Rentable Square Feet | ft²	31,000
Initial Purchase Price	$ 10,042
Transaction Costs	32
Total	$ 10,074
PharmaCann IL [Member]
Rentable Square Feet | ft²	66,000
Initial Purchase Price	$ 18,000
Transaction Costs	8
Total	$ 18,008
Grassroots IL [Member]
Rentable Square Feet | ft²	120,000
Initial Purchase Price	$ 10,500
Transaction Costs	41
Total	$ 10,541
GTI PA [Member]
Rentable Square Feet | ft²	148,000
Initial Purchase Price	$ 20,300
Transaction Costs	233
Total	$ 20,533
Grassroots ND [Member]
Rentable Square Feet | ft²	33,000
Initial Purchase Price	$ 9,910
Transaction Costs	24
Total	$ 9,934
Grassroots PA [Member]
Rentable Square Feet | ft²	72,000
Initial Purchase Price	$ 14,220
Transaction Costs	87
Total	$ 14,307

Investments in Real Estate - Fu

Investments in Real Estate - Future Contractual Minimum Rent (Details) $ in Thousands	Dec. 31, 2019USD ($)
Contractual Minimum Rent
2020	$ 84,910
2021	89,750
2022	91,212
2023	93,979
2024	96,840
Thereafter	1,222,371
Total	$ 1,679,062

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details)	Aug. 29, 2019item	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)item	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 01, 2020USD ($)	Feb. 29, 2020USD ($)	Feb. 28, 2020USD ($)	Jan. 31, 2020USD ($)	Jan. 01, 2020USD ($)
Amount incurred			$ 107,212,000				$ 24,726,000				$ 107,212,000	$ 24,726,000	$ 5,902,000
Amount funded by the entity			84,700,000								84,700,000
Payments for Building Improvements											107,200,000
Tenant improvements allowance			87,344,000				14,732,000				87,344,000	14,732,000
Total investment in property			505,861,000				147,359,000				505,861,000	147,359,000
Rental (including tenant reimbursements)			17,672,000	$ 11,555,000	$ 8,617,000	$ 6,823,000	4,783,000	$ 3,926,000	$ 3,314,000	$ 2,764,000	44,667,000	14,787,000	6,420,000
Operating Income (Loss)			10,602,000	6,821,000	4,072,000	$ 3,440,000	$ 1,807,000	$ 1,571,000	$ 1,236,000	$ 724,000	24,935,000	5,338,000	$ (223,000)
Subsequent event [Member]
Agreed reimbursement for redevelopment of building																		$ 4,500,000
Amount funded by the entity																$ 3,400,000
Land [Member]
Total investment in property			28,200,000								28,200,000
Building and Building Improvements [Member]
Total investment in property			231,700,000								231,700,000
Properties Acquired In 2019 [Member]
Rental (including tenant reimbursements)											16,300,000
Operating Income (Loss)											12,500,000
Properties Acquired In 2018 [Member]
Rental (including tenant reimbursements)												2,900,000
Operating Income (Loss)												$ 2,200,000
Sacramento CA [Member] | Subsequent event [Member]
Agreed reimbursement for redevelopment of building																		1,300,000
Amount funded by the entity																1,000,000
Sacramento CA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			4,800,000								4,800,000
PharmaCann OH [member]
Amount incurred			16,000,000								16,000,000
Amount funded by the entity			$ 15,400,000								$ 15,400,000
Number of properties comprised in the real estate property | item			2								2
PharmaCann OH [member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			$ 19,300,000								$ 19,300,000
Maitri PA [Member]
Amount incurred			6,000,000								6,000,000
Amount funded by the entity			4,500,000								4,500,000
Maitri PA [Member] | Subsequent event [Member]
Agreed reimbursement for redevelopment of building														$ 16,000,000				6,000,000
Amount funded by the entity																8,800,000
Maitri PA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			10								10
Vireo OH [Member]
Amount incurred			2,500,000								2,500,000
Vireo OH [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			2,600,000								2,600,000
Emerald Growth MI [Member]
Amount incurred			3,100,000								3,100,000
Amount funded by the entity			2,900,000								2,900,000
Emerald Growth MI [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			3,100,000								3,100,000
Ascend MI [Member]
Amount incurred			1,800,000								1,800,000
Amount funded by the entity			0								0
Ascend MI [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			15,000,000								15,000,000
MJardin NV [Member]
Amount incurred			4,100,000								4,100,000
Amount funded by the entity			3.50								3.50
MJardin NV [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			5,800,000								5,800,000
DYME CA [Member]
Amount incurred			0								0
DYME CA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			2								2
Trulieve MA [Member]
Amount incurred			4,300,000								4,300,000
Amount funded by the entity			2,600,000								2,600,000
Trulieve MA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			40,000,000								40,000,000
PharmaCann PA [Member]
Additional Purchase for Building Improvements Payable			4,000,000								4,000,000
Amount incurred			2,300,000								2,300,000
Amount funded by the entity			$ 745,000								$ 745,000
Number of properties comprised in the real estate property | item			2								2
PharmaCann PA [Member] | Subsequent event [Member]
Cancelation for building improvements payable															$ 4,000,000
PharmaCann PA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			$ 25,100,000								$ 25,100,000
Vertical CA Portfolio [Member]
Number of properties comprised in the real estate property | item	4
Number of properties closed in the real estate property | item	3
The Pharm AZ - Retail [Member]
Amount incurred			500,000								500,000
Amount funded by the entity			452,000								452,000
The Pharm AZ - Retail [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			500,000								500,000
LivWell MI [Member]
Amount incurred			9,000,000								9,000,000
Amount funded by the entity			6,600,000								6,600,000
LivWell MI [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			23,000,000								23,000,000
Cresco IL Portfolio [Member]
Amount incurred			9,600,000								9,600,000
Amount funded by the entity			$ 2,700,000								$ 2,700,000
Number of properties comprised in the real estate property | item			2								2
Cresco IL Portfolio [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			$ 13,800,000								$ 13,800,000
Green Peak MI Property [Member]
Amount incurred			312,000								312,000
Amount funded by the entity			$ 0								$ 0
Number of properties comprised in the real estate property | item			6								6
Green Peak MI Property [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			$ 1,200,000								$ 1,200,000
PharmaCann IL [Member]
Amount incurred			321,000								321,000
Amount funded by the entity			0								0
PharmaCann IL [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			7,000,000								7,000,000
Grassroots IL [Member]
Amount incurred			1,900,000								1,900,000
Amount funded by the entity			1,300,000								1,300,000
Grassroots IL [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			17,700,000								17,700,000
GTI PA [Member]
Amount incurred			970,000								970,000
Amount funded by the entity			0								0
GTI PA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			19,300,000								19,300,000
Grassroots ND [Member]
Amount incurred			1,200,000								1,200,000
Amount funded by the entity			0								0
Grassroots ND [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			2,300,000								2,300,000
Grassroots PA [Member]
Amount incurred			1,100,000								1,100,000
Amount funded by the entity			0								0
Grassroots PA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building			10,900,000								10,900,000
Green Peak Industries LLC [Member]
Additional Purchase for Building Improvements Payable					18,000,000
Amount incurred			10,300,000								10,300,000
Tenant improvements allowance					$ 25,500,000
Total investment in property			15,800,000								15,800,000
Green Peak Industries LLC [Member] | Subsequent event [Member]
Total investment in property																$ 15,800,000
Inventory Real Estate Improvement Funding, Canceled																	$ 15,200,000	$ 15,200,000
Ascend Wellness Holdings LLC [Member]
Additional Purchase for Building Improvements Payable		$ 8,000,000		8,000,000
Amount incurred			14,000,000								14,000,000
Amount funded by the entity			13,200,000								13,200,000
Tenant improvements allowance		14,000,000		14,000,000
Total investment in property		33,000,000		33,000,000
Holistic Industries [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building		2,000,000		2,000,000
PharmaCann LLC [Member]
Additional Purchase for Building Improvements Payable		8,000,000		8,000,000
Amount incurred			21,800,000								21,800,000
Amount funded by the entity			20,300,000								20,300,000
Payments for Building Improvements		23,500,000
Total investment in property		26,500,000		26,500,000
PharmaCann LLC [Member] | Subsequent event [Member]
Additional Purchase for Building Improvements Payable															$ 4,000,000
Vireo Health, Inc [Member]
Agreed reimbursement for redevelopment of building		5,600,000		5,600,000
Additional Purchase for Building Improvements Payable		2,600,000		2,600,000
Amount incurred			5,200,000								5,200,000
Amount funded by the entity			$ 4,400,000								$ 4,400,000
Total investment in property		$ 8,600,000		$ 8,600,000

Exchangeable Senior Notes - Int

Exchangeable Senior Notes - Interest expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Exchangeable Senior Notes
Cash coupon	$ 4,628
Amortization of debt discount	898
Amortization of issuance costs	780
Total interest expense	$ 6,306

Exchangeable Senior Notes - Car

Exchangeable Senior Notes - Carrying value (Details) $ in Thousands	Dec. 31, 2019USD ($)
Exchangeable Senior Notes
Principal amount	$ 143,750
Unamortized discount	(4,878)
Unamortized issuance costs	(4,218)
Carrying value	$ 134,654

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Details)	1 Months Ended	12 Months Ended
	Feb. 28, 2019USD ($)$ / shares	Dec. 31, 2019USD ($)
Debt Instrument, Discount		$ 5,800,000
Debt Instrument, Interest Rate, Stated Percentage		4.65%
Debt Issuance Costs, Gross		$ 5,200,000
Debt Issuance Costs, Net		5,000,000
Equity Components		200,000
Accrued Interest Payable		$ 1,600,000
Senior Notes [Member]
Debt Instrument, Face Amount	$ 143,750,000
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Common Stock [Member] | Senior Notes [Member]
Debt Instrument, Convertible, Conversion Ratio		14.61083
Conversion of Stock, Amount Converted	$ 1,000
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 68.44

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Income (Loss) Per Share
Net income / (loss)	$ 9,902	$ 6,520	$ 3,412	$ 3,641	$ 2,666	$ 1,832	$ 1,542	$ 945	$ 23,475	$ 6,985	$ (72)
Preferred stock dividend	$ (338)	$ (338)	$ (338)	$ (338)	$ (338)	$ (338)	$ (338)	$ (338)	(1,352)	(1,352)	(323)
Distributions to participating securities									(396)	(178)	(59)
Net income / (loss) attributable to common stockholders used to compute net income / (loss) per share									$ 21,727	$ 5,455	$ (454)
Weighted average common share outstanding:
Basic	11,905,021	10,918,477	9,667,079	9,664,775	9,367,148	6,636,638	6,635,651	5,883,610	10,546,016	7,138,952	3,375,284
Diluted	12,044,602	11,057,697	9,807,503	9,797,676	9,515,800	6,785,800	6,783,674	6,025,067	10,684,068	7,285,801	3,375,284
Net income / (loss) per share attributable to common stockholders:
Basic	$ 0.79	$ 0.56	$ 0.31	$ 0.34	$ 0.24	$ 0.22	$ 0.18	$ 0.10	$ 2.06	$ 0.76	$ (0.13)
Diluted	$ 0.78	$ 0.55	$ 0.30	$ 0.33	$ 0.24	$ 0.21	$ 0.17	$ 0.09	$ 2.03	$ 0.75	$ (0.13)

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Additional information (Details)	12 Months Ended
	Dec. 31, 2017shares
Net Income (Loss) Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	106,839

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value of Financial Instruments
Investments	$ 119,595	$ 120,443
Exchangeable Senior Notes	134,654	0
Investments, Fair Value	119,673	$ 120,443
Exchangeable Senior Notes, Fair Value	$ 185,558

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) $ in Millions	Dec. 31, 2019USD ($)
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 60.1

Common Stock Incentive Plan (De

Common Stock Incentive Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common Stock Incentive Plan
Unvested Restricted Shares, Beginning Balance	147,359	106,839	66,508
Unvested Restricted Shares, Granted	56,460	76,732	115,011
Unvested Restricted Shares, Vested	(43,556)	(24,133)	(44,308)
Unvested Restricted Shares, Forfeited	(20,717)	(12,079)	(30,372)
Unvested Restricted Shares, Ending Balance	139,546	147,359	106,839
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 23.98	$ 18.01	$ 17.47
Weighted-Average Grant Date Fair Value, Granted	55.82	29.72	18.63
Weighted-Average Grant Date Fair Value, Vested	25.82	18.45	18.47
Weighted-Average Grant Date Fair Value, Forfeited	18.98	18.67	18.49
Weighted-Average Grant Date Fair Value, Ending Balance	$ 37.03	$ 23.98	$ 18.01

Common Stock Incentive Plan - A

Common Stock Incentive Plan - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)shares
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $	$ 2.8
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 8 months 12 days
Shares Paid for Tax Withholding for Share Based Compensation	16,792
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years

Commitments and Contingencies -

Commitments and Contingencies - Office Lease Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies
2020	$ 152
2021	235
2022	242
2023	249
2024	256
Thereafter	88
Total future contractual lease payments	1,222
Effect of discounting	(20)
Office lease liability	$ 1,202	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Operating Lease, Liability		$ 1,222
Tenant Improvement Payable		92,100
Tenant improvement may be canceled		53,800
Massachusetts [Member]
Other Commitments [Line Items]
Other Commitment		1,700
Ohio [Member]
Other Commitments [Line Items]
Other Commitment		3,300
Pennsylvania [Member]
Other Commitments [Line Items]
Tenant improvement may be canceled		4,000
Other Commitment		$ 22,800
Pennsylvania [Member] | Subsequent event [Member]
Other Commitments [Line Items]
Cancelation for building improvements payable	$ 4,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Alan Gold [Member]
Due to Related Parties	$ 308,000	$ 202,000	$ 30,000

Subsequent Events (Details)

Subsequent Events (Details)	Jan. 01, 2020USD ($)ft²item	Dec. 31, 2019USD ($)ft²item	Mar. 01, 2020USD ($)	Feb. 28, 2020USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Rentable Square Feet | ft²		1,920,000
Initial Purchase Price		$ 258,683,000
Tenant Improvement and Construction Commitments		1,206,000
Total		259,889,000
Amount incurred		107,212,000			$ 24,726,000	$ 5,902,000
Amount funded by the entity		$ 84,700,000
Sacramento CA [Member]
Rentable Square Feet | ft²		43,000
Initial Purchase Price		$ 6,664,000
Tenant Improvement and Construction Commitments		35,000
Total		$ 6,699,000
Maitri PA [Member]
Rentable Square Feet | ft²		51,000
Initial Purchase Price		$ 6,250,000
Tenant Improvement and Construction Commitments		234,000
Total		6,484,000
Amount incurred		6,000,000
Amount funded by the entity		$ 4,500,000
LivWell MI [Member]
Rentable Square Feet | ft²		156,000
Initial Purchase Price		$ 19,000,000
Tenant Improvement and Construction Commitments		28,000
Total		19,028,000
Amount incurred		9,000,000
Amount funded by the entity		$ 6,600,000
Cresco IL Portfolio [Member]
Rentable Square Feet | ft²		90,000
Initial Purchase Price		$ 32,800,000
Tenant Improvement and Construction Commitments		16,000
Total		$ 32,816,000
Number of properties comprised in the real estate property | item		2
Amount incurred		$ 9,600,000
Amount funded by the entity		$ 2,700,000
Trulieve FL [Member]
Rentable Square Feet | ft²		120,000
Initial Purchase Price		$ 17,000,000
Tenant Improvement and Construction Commitments		4,000
Total		$ 17,004,000
PharmaCann IL [Member]
Rentable Square Feet | ft²		66,000
Initial Purchase Price		$ 18,000,000
Tenant Improvement and Construction Commitments		8,000
Total		18,008,000
Amount incurred		321,000
Amount funded by the entity		$ 0
Grassroots IL [Member]
Rentable Square Feet | ft²		120,000
Initial Purchase Price		$ 10,500,000
Tenant Improvement and Construction Commitments		41,000
Total		10,541,000
Amount incurred		1,900,000
Amount funded by the entity		$ 1,300,000
GTI PA [Member]
Rentable Square Feet | ft²		148,000
Initial Purchase Price		$ 20,300,000
Tenant Improvement and Construction Commitments		233,000
Total		20,533,000
Amount incurred		970,000
Amount funded by the entity		$ 0
Subsequent event [Member]
Rentable Square Feet | ft²	161,000
Initial Purchase Price	$ 28,540,000
Tenant Improvement and Construction Commitments	32,855,000
Total	61,395,000
Agreed reimbursement for redevelopment of building	4,500,000
Amount funded by the entity				$ 3,400,000
Subsequent event [Member] | Vireo PA Property [Member]
Tenant Improvement and Construction Commitments	4,500,000
Total	4,500,000
Agreed reimbursement for redevelopment of building	$ 8,300,000
Subsequent event [Member] | Green Leaf VA [Member]
Rentable Square Feet | ft²	82,000
Initial Purchase Price	$ 11,740,000
Tenant Improvement and Construction Commitments	8,010,000
Total	19,750,000
Agreed reimbursement for redevelopment of building	8,000,000
Amount funded by the entity				2,700,000
Subsequent event [Member] | Pharm AZ [Member]
Tenant Improvement and Construction Commitments	2,000,000
Total	2,000,000
Agreed reimbursement for redevelopment of building	$ 2,000,000
Amount funded by the entity				1,500,000
Subsequent event [Member] | Cresco OH [Member]
Rentable Square Feet | ft²	50,000
Initial Purchase Price	$ 10,600,000
Tenant Improvement and Construction Commitments	1,945,000
Total	12,545,000
Agreed reimbursement for redevelopment of building	1,900,000
Subsequent event [Member] | Sacramento CA [Member]
Tenant Improvement and Construction Commitments	1,250,000
Total	1,250,000
Agreed reimbursement for redevelopment of building	$ 1,300,000
Amount funded by the entity				1,000,000
Subsequent event [Member] | GTI OH [Member]
Rentable Square Feet | ft²	21,000
Initial Purchase Price	$ 2,900,000
Tenant Improvement and Construction Commitments	4,300,000
Total	7,200,000
Agreed reimbursement for redevelopment of building	$ 4,300,000
Subsequent event [Member] | LivWell CO [Member]
Rentable Square Feet | ft²	8,000
Initial Purchase Price	$ 3,300,000
Tenant Improvement and Construction Commitments	850,000
Total	4,150,000
Agreed reimbursement for redevelopment of building	$ 850,000
Number of properties comprised in the real estate property | item	2
Subsequent event [Member] | Maitri PA [Member]
Tenant Improvement and Construction Commitments	$ 6,000,000
Total	6,000,000
Agreed reimbursement for redevelopment of building	6,000,000		$ 16,000,000
Amount funded by the entity				8,800,000
Subsequent event [Member] | PharmaCann MA Property [Member]
Tenant Improvement and Construction Commitments	4,000,000
Total	4,000,000
Additional Purchase for Building Improvements Payable	4,000,000			$ 23,000,000
Purchase for Building Improvement total	27,500,000
Inventory Real Estate Improvement Funding, Cancelled	$ 4,000,000

Subsequent Event - Additional i

Subsequent Event - Additional information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2020	Jul. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2020	Jan. 01, 2020
Subsequent Event [Line Items]
Net proceeds from issuance			$ 286,292	$ 193,223	$ 0
Real Estate Investment Property, Net			505,861	$ 147,359
Green Peak Industries LLC [Member]
Subsequent Event [Line Items]
Real Estate Investment Property, Net			$ 15,800
Subsequent event [Member] | Green Peak Industries LLC [Member]
Subsequent Event [Line Items]
Inventory Real Estate Improvement Funding, Cancelled	$ 15,200						$ 15,200
Real Estate Investment Property, Net						$ 15,800
Common Stock [Member]
Subsequent Event [Line Items]
Number of shares sold		1,495,000
Stock Issued During Period Share Purchase Of Common Stock		195,000
Proceeds from Issuance or Sale of Equity		$ 180,100
Common Stock [Member] | Subsequent event [Member]
Subsequent Event [Line Items]
Number of shares sold	3,412,969
Stock Issued During Period Share Purchase Of Common Stock	445,170
Proceeds from Issuance or Sale of Equity	$ 250,000
Common Stock [Member] | ATM Program [Member]
Subsequent Event [Line Items]
Number of shares sold			1,330,500
Net proceeds from issuance			$ 106,500
Common Stock [Member] | ATM Program [Member] | Subsequent event [Member]
Subsequent Event [Line Items]
Number of shares sold	998,282
Net proceeds from issuance	$ 78,300

Quarterly Financial Informati_3

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Rental (including tenant reimbursements)	$ 17,672	$ 11,555	$ 8,617	$ 6,823	$ 4,783	$ 3,926	$ 3,314	$ 2,764	$ 44,667	$ 14,787	$ 6,420
Total revenues	17,672	11,555	8,617	6,823	4,783	3,926	3,314	2,764	44,667	14,787	6,420
Expenses:
Property expenses	374	357	337	247	80	210	68	87	1,315	445	118
General and administrative expense	3,151	2,156	2,593	1,918	1,982	1,442	1,474	1,477	9,818	6,375	5,497
Depreciation expense	3,545	2,221	1,615	1,218	914	703	536	476	8,599	2,629	915
Total expenses	7,070	4,734	4,545	3,383	2,976	2,355	2,078	2,040	19,732	9,449	6,643
Income / (loss) from operations	10,602	6,821	4,072	3,440	1,807	1,571	1,236	724	24,935	5,338	(223)
Interest and other income	1,144	1,537	1,172	993	859	261	306	221	4,846	1,647	151
Interest expense	(1,844)	(1,838)	(1,832)	(792)					(6,306)		0
Net income / (loss)	9,902	6,520	3,412	3,641	2,666	1,832	1,542	945	23,475	6,985	(72)
Preferred stock dividends	(338)	(338)	(338)	(338)	(338)	(338)	(338)	(338)	(1,352)	(1,352)	(323)
Net income / (loss) attributable to common stockholders	$ 9,564	$ 6,182	$ 3,074	$ 3,303	$ 2,328	$ 1,494	$ 1,204	$ 607	$ 22,123	$ 5,633	$ (395)
Net income available to common stockholders per share:
Basic	$ 0.79	$ 0.56	$ 0.31	$ 0.34	$ 0.24	$ 0.22	$ 0.18	$ 0.10	$ 2.06	$ 0.76	$ (0.13)
Diluted	$ 0.78	$ 0.55	$ 0.30	$ 0.33	$ 0.24	$ 0.21	$ 0.17	$ 0.09	$ 2.03	$ 0.75	$ (0.13)
Weighted average shares outstanding:
Basic	11,905,021	10,918,477	9,667,079	9,664,775	9,367,148	6,636,638	6,635,651	5,883,610	10,546,016	7,138,952	3,375,284
Diluted	12,044,602	11,057,697	9,807,503	9,797,676	9,515,800	6,785,800	6,783,674	6,025,067	10,684,068	7,285,801	3,375,284

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 48,652
Building and Improvement, Initial Cost	331,539
Costs Capitalized Subsequent to Acquisition	137,840
Land, Total Cost	48,652
Building and Improvement, Total Cost	469,379
Total Costs	518,031
Accumulated Depreciation	(12,170)	$ (3,571)	$ (942)	$ (27)
Net Cost	505,861
Pharm AZ [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	398
Building and Improvement, Initial Cost	14,629
Costs Capitalized Subsequent to Acquisition	3,002
Land, Total Cost	398
Building and Improvement, Total Cost	17,631
Total Costs	18,029
Accumulated Depreciation	(1,380)
Net Cost	16,649
The Pharm AZ - Retail [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,216
Building and Improvement, Initial Cost	811
Costs Capitalized Subsequent to Acquisition	501
Land, Total Cost	1,216
Building and Improvement, Total Cost	1,312
Total Costs	2,528
Accumulated Depreciation	(15)
Net Cost	2,513
Sacramento CA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,376
Building and Improvement, Initial Cost	5,323
Costs Capitalized Subsequent to Acquisition	4,780
Land, Total Cost	1,376
Building and Improvement, Total Cost	10,103
Total Costs	11,479
Accumulated Depreciation	(265)
Net Cost	11,214
Southern CA Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,932
Building and Improvement, Initial Cost	23,216
Land, Total Cost	3,932
Building and Improvement, Total Cost	23,216
Total Costs	27,148
Accumulated Depreciation	(557)
Net Cost	$ 26,591
Number of Properties | item	4
DYME CA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 1,713
Building and Improvement, Initial Cost	11,306
Land, Total Cost	1,713
Building and Improvement, Total Cost	11,306
Total Costs	13,019
Accumulated Depreciation	(136)
Net Cost	12,883
Vertical CA Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,393
Building and Improvement, Initial Cost	13,939
Land, Total Cost	3,393
Building and Improvement, Total Cost	13,939
Total Costs	17,332
Accumulated Depreciation	(145)
Net Cost	$ 17,187
Number of Properties | item	3
The Green Solution CO [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 2,101
Building and Improvement, Initial Cost	9,176
Land, Total Cost	2,101
Building and Improvement, Total Cost	9,176
Total Costs	11,277
Accumulated Depreciation	(479)
Net Cost	10,798
Trulieve FL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	274
Building and Improvement, Initial Cost	16,730
Land, Total Cost	274
Building and Improvement, Total Cost	16,730
Total Costs	17,004
Accumulated Depreciation	(110)
Net Cost	16,894
Ascend IL Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	563
Building and Improvement, Initial Cost	18,457
Costs Capitalized Subsequent to Acquisition	13,884
Land, Total Cost	563
Building and Improvement, Total Cost	32,341
Total Costs	32,904
Accumulated Depreciation	(929)
Net Cost	31,975
Cresco IL Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,215
Building and Improvement, Initial Cost	29,601
Costs Capitalized Subsequent to Acquisition	9,613
Land, Total Cost	3,215
Building and Improvement, Total Cost	39,214
Total Costs	42,429
Accumulated Depreciation	(238)
Net Cost	$ 42,191
Number of Properties | item	2
PharmaCann IL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 201
Building and Improvement, Initial Cost	17,807
Costs Capitalized Subsequent to Acquisition	322
Land, Total Cost	201
Building and Improvement, Total Cost	18,129
Total Costs	18,330
Accumulated Depreciation	(92)
Net Cost	18,238
Grassroots IL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	350
Building and Improvement, Initial Cost	10,191
Costs Capitalized Subsequent to Acquisition	1,849
Land, Total Cost	350
Building and Improvement, Total Cost	12,040
Total Costs	12,390
Accumulated Depreciation	(66)
Net Cost	12,324
Holistic MD Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,785
Building and Improvement, Initial Cost	8,410
Costs Capitalized Subsequent to Acquisition	5,901
Land, Total Cost	2,785
Building and Improvement, Total Cost	14,311
Total Costs	17,096
Accumulated Depreciation	(1,460)
Net Cost	15,636
PharmaCann MA Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,030
Costs Capitalized Subsequent to Acquisition	21,784
Land, Total Cost	3,030
Building and Improvement, Total Cost	21,784
Total Costs	24,814
Accumulated Depreciation	(439)
Net Cost	24,375
Holistic MA Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,060
Building and Improvement, Initial Cost	11,717
Costs Capitalized Subsequent to Acquisition	1,960
Land, Total Cost	1,060
Building and Improvement, Total Cost	13,677
Total Costs	14,737
Accumulated Depreciation	(496)
Net Cost	14,241
Trulieve MA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	694
Building and Improvement, Initial Cost	2,831
Costs Capitalized Subsequent to Acquisition	4,327
Land, Total Cost	694
Building and Improvement, Total Cost	7,158
Total Costs	7,852
Accumulated Depreciation	(54)
Net Cost	7,798
Green Peak MI Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,933
Building and Improvement, Initial Cost	3,559
Costs Capitalized Subsequent to Acquisition	10,301
Land, Total Cost	1,933
Building and Improvement, Total Cost	13,860
Total Costs	15,793
Accumulated Depreciation	(567)
Net Cost	15,226
Emerald Growth MI [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	389
Building and Improvement, Initial Cost	6,489
Costs Capitalized Subsequent to Acquisition	3,139
Land, Total Cost	389
Building and Improvement, Total Cost	9,628
Total Costs	10,017
Accumulated Depreciation	(172)
Net Cost	9,845
Ascend MI [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	409
Building and Improvement, Initial Cost	4,359
Costs Capitalized Subsequent to Acquisition	1,768
Land, Total Cost	409
Building and Improvement, Total Cost	6,127
Total Costs	6,536
Accumulated Depreciation	(69)
Net Cost	6,467
LivWell MI [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,237
Building and Improvement, Initial Cost	17,791
Costs Capitalized Subsequent to Acquisition	8,975
Land, Total Cost	1,237
Building and Improvement, Total Cost	26,766
Total Costs	28,003
Accumulated Depreciation	(198)
Net Cost	27,805
Green Peak MI - Retail [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,562
Building and Improvement, Initial Cost	7,512
Costs Capitalized Subsequent to Acquisition	312
Land, Total Cost	2,562
Building and Improvement, Total Cost	7,824
Total Costs	10,386
Accumulated Depreciation	(55)
Net Cost	$ 10,331
Number of Properties | item	5
Vireo MN Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 427
Building and Improvement, Initial Cost	2,644
Costs Capitalized Subsequent to Acquisition	5,111
Land, Total Cost	427
Building and Improvement, Total Cost	7,755
Total Costs	8,182
Accumulated Depreciation	(390)
Net Cost	7,792
MJardin NV [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,088
Building and Improvement, Initial Cost	2,768
Costs Capitalized Subsequent to Acquisition	4,116
Land, Total Cost	1,088
Building and Improvement, Total Cost	6,884
Total Costs	7,972
Accumulated Depreciation	(106)
Net Cost	7,866
PharmaCann NY Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	7,600
Building and Improvement, Initial Cost	22,475
Land, Total Cost	7,600
Building and Improvement, Total Cost	22,475
Total Costs	30,075
Accumulated Depreciation	(1,953)
Net Cost	28,122
Vireo NY Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	303
Building and Improvement, Initial Cost	3,157
Costs Capitalized Subsequent to Acquisition	2,952
Land, Total Cost	303
Building and Improvement, Total Cost	6,109
Total Costs	6,412
Accumulated Depreciation	(331)
Net Cost	6,081
Grassroots ND [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	191
Building and Improvement, Initial Cost	9,743
Costs Capitalized Subsequent to Acquisition	1,213
Land, Total Cost	191
Building and Improvement, Total Cost	10,956
Total Costs	11,147
Accumulated Depreciation	(15)
Net Cost	11,132
PharmaCann OH [member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	711
Costs Capitalized Subsequent to Acquisition	16,001
Land, Total Cost	711
Building and Improvement, Total Cost	16,001
Total Costs	16,712
Accumulated Depreciation	(215)
Net Cost	16,497
Vireo OH [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	22
Building and Improvement, Initial Cost	1,014
Costs Capitalized Subsequent to Acquisition	2,499
Land, Total Cost	22
Building and Improvement, Total Cost	3,513
Total Costs	3,535
Accumulated Depreciation	(102)
Net Cost	3,433
Vireo PA Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	275
Building and Improvement, Initial Cost	5,603
Costs Capitalized Subsequent to Acquisition	3,206
Land, Total Cost	275
Building and Improvement, Total Cost	8,809
Total Costs	9,084
Accumulated Depreciation	(565)
Net Cost	8,519
Maitri PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	234
Building and Improvement, Initial Cost	6,250
Costs Capitalized Subsequent to Acquisition	5,977
Land, Total Cost	234
Building and Improvement, Total Cost	12,227
Total Costs	12,461
Accumulated Depreciation	(177)
Net Cost	12,284
Green Leaf PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,353
Building and Improvement, Initial Cost	11,854
Costs Capitalized Subsequent to Acquisition	5
Land, Total Cost	1,353
Building and Improvement, Total Cost	11,859
Total Costs	13,212
Accumulated Depreciation	(257)
Net Cost	12,955
PharmaCann PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	954
Costs Capitalized Subsequent to Acquisition	2,294
Land, Total Cost	954
Building and Improvement, Total Cost	2,294
Total Costs	3,248
Accumulated Depreciation	(12)
Net Cost	3,236
GTI PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,435
Building and Improvement, Initial Cost	19,098
Costs Capitalized Subsequent to Acquisition	971
Land, Total Cost	1,435
Building and Improvement, Total Cost	20,069
Total Costs	21,504
Accumulated Depreciation	(103)
Net Cost	21,401
Grassroots PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,228
Building and Improvement, Initial Cost	13,079
Costs Capitalized Subsequent to Acquisition	1,077
Land, Total Cost	1,228
Building and Improvement, Total Cost	14,156
Total Costs	15,384
Accumulated Depreciation	(22)
Net Cost	$ 15,362

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment in real estate, at cost:
Balance at beginning of year	$ 150,930	$ 68,730	$ 30,075
Purchases of investments in real estate	259,889	57,474	32,753
Additions and improvements	107,212	24,726	5,902
Balance at end of year	518,031	150,930	68,730
Accumulated Depreciation:
Balance at beginning of year	(3,571)	(942)	(27)
Depreciation expense	(8,599)	(2,629)	(915)
Balance at end of year	$ (12,170)	$ (3,571)	$ (942)