Innovative Industrial Properties (IIPR) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 07, 2020
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	INNOVATIVE INDUSTRIAL PROPERTIES INC
Entity File Number	001-37949
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-2963381
Entity Address, Address Line One	1389 Center Drive, Suite 200
Entity Address, City or Town	Park City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84098
City Area Code	858
Local Phone Number	997-3332
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
Entity Small Business	false
Entity Common Stock, Shares Outstanding		17,035,674
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock [Member]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NYSE
Trading Symbol	IIPR
Series A Preferred Stock [Member]
Title of 12(b) Security	Series A Preferred Stock, par value $0.001 per share
Security Exchange Name	NYSE
Trading Symbol	IIPR-PA

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate, at cost:
Land	$ 51,712	$ 48,652
Buildings and improvements	464,267	382,035
Tenant improvements	173,974	87,344
Total real estate, at cost	689,953	518,031
Less accumulated depreciation	(17,077)	(12,170)
Net real estate held for investment	672,876	505,861
Cash and cash equivalents	108,261	82,244
Restricted Cash	23,032	35,072
Investment, Carrying Value	272,907	119,595
Right of use office lease asset	1,147	1,202
Other assets, net	2,247	1,883
Total assets	1,080,470	745,857
Liabilities and stockholders' equity
Exchangeable senior notes	135,154	134,654
Tenant improvements and construction funding payable	41,185	24,968
Accounts payable and accrued expenses	1,305	3,417
Dividends payable	17,407	12,975
Office lease liability	1,204	1,202
Rent received in advance and tenant security deposits	25,236	20,631
Total liabilities	221,491	197,847
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 March 31, 2020 and December 31, 2019	14,009	14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 17,035,674 and 12,637,043 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	17	13
Additional paid-in capital	870,433	553,932
Dividends in excess of earnings	(25,480)	(19,944)
Total stockholders' equity	858,979	548,010
Total liabilities and stockholders' equity	$ 1,080,470	$ 745,857

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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	17,035,674	12,637,043
Common Stock, Shares, Outstanding	17,035,674	12,637,043
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental (including tenant reimbursements)	$ 21,130	$ 6,823
Total revenues	21,130	6,823
Expenses:
Property expenses	600	247
General and administrative expense	3,346	1,918
Depreciation expense	4,907	1,218
Total expenses	8,853	3,383
Income from operations	12,277	3,440
Interest and other income	1,444	993
Interest expense	(1,849)	(792)
Net income	11,872	3,641
Preferred stock dividend	(338)	(338)
Net income attributable to common stockholders	$ 11,534	$ 3,303
Net income attributable to common stockholders per share (Note 8):
Basic	$ 0.72	$ 0.34
Diluted	$ 0.72	$ 0.33
Weighted average shares outstanding:
Basic	15,784,296	9,664,775
Diluted	15,898,091	9,797,676

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Series A Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In-Capital [Member]	Dividends in Excess of Earnings [Member]	Total
Balances at beginning of period at Dec. 31, 2018	$ 14,009,000	$ 10,000	$ 260,540,000	$ (10,267,000)	$ 264,292,000
Balances at beginning of period (in shares) at Dec. 31, 2018		9,775,800
Net income	0	$ 0	0	3,641,000	3,641,000
Equity component of exchangeable senior notes	0	0	5,569,000	0	5,569,000
Net issuance of unvested restricted stock	0	$ 0	(939,000)	0	(939,000)
Net issuance of unvested restricted stock (in shares)		30,394
Preferred stock dividend	0	$ 0	0	(338,000)	(338,000)
Common stock dividend	0	0	0	(4,412,000)	(4,412,000)
Stock-based compensation	0	0	563,000	0	563,000
Balances at end of period at Mar. 31, 2019	14,009,000	$ 10,000	265,733,000	(11,376,000)	268,376,000
Balances at end of period (in shares) at Mar. 31, 2019		9,806,194
Balances at beginning of period at Dec. 31, 2019	14,009,000	$ 13,000	553,932,000	(19,944,000)	548,010,000
Balances at beginning of period (in shares) at Dec. 31, 2019		12,637,043
Net income	0	$ 0	0	11,872,000	11,872,000
Net proceeds from sale of common stock		$ 4,000	317,841,000		317,845,000
Net proceeds from sale of common stock (in shares)		4,411,251
Exchange of exchangeable senior notes			1,000		1,000
Exchange of exchangeable senior notes (in shares)		14
Net issuance of unvested restricted stock	0	$ 0	(2,166,000)	0	(2,166,000)
Net issuance of unvested restricted stock (in shares)		(12,634)
Preferred stock dividend	0	$ 0	0	(338,000)	(338,000)
Common stock dividend	0	0	0	(17,070,000)	(17,070,000)
Stock-based compensation	0	0	825,000	0	825,000
Balances at end of period at Mar. 31, 2020	$ 14,009,000	$ 17,000	$ 870,433,000	$ (25,480,000)	$ 858,979,000
Balances at end of period (in shares) at Mar. 31, 2020		17,035,674

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 11,872	$ 3,641
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	4,907	1,218
Stock-based compensation	825	563
Amortization of discounts on short-term investments	(1,009)	(841)
Amortization of debt discounts and issuance costs	501	208
Other non-cash adjustments	74
Changes in assets and liabilities
Other assets, net	(93)	(89)
Accounts payable and accrued expenses	(2,112)	(744)
Rent received in advance and tenant security deposits	4,605	647
Net cash provided by operating activities	19,570	4,603
Cash flows from investing activities
Purchases of investments in real estate	(72,457)	(7,410)
Reimbursements of tenant improvements and construction funding	(82,698)	(6,832)
Deposits in escrow for acquisitions	(838)	(1,601)
Purchases of short-term investments	(254,803)	(116,945)
Maturities of short-term investments	102,500	40,500
Net cash used in investing activities	(308,296)	(92,288)
Cash flows from financing activities
Issuance of common stock, net of offering costs	317,845	0
Net proceeds from issuance of exchangeable senior notes	0	138,557
Dividends paid to common stockholders	(12,638)	(3,421)
Dividends paid to preferred stockholders	(338)	(338)
Taxes paid related to net share settlement of equity awards	(2,166)	(939)
Net cash provided by financing activities	302,703	133,859
Net increase in cash, cash equivalents and restricted cash	13,977	46,174
Cash, cash equivalents and restricted cash, beginning of period	117,316	13,050
Cash, cash equivalents and restricted cash, end of period	131,293	59,224
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	2,695
Supplemental disclosure of non-cash investing and financing cash flow information:
Accrual for reimbursements of tenant improvements and construction funding	41,185	3,201
Accrual for common and preferred stock dividends declared	17,408	4,750
Deposits applied for acquisitions	$ 550	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2020
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 properties leased to experienced, state-licensed operators for their regulated state-licensed 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
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 Company considered the impact of COVID-19 on its assumptions and estimates used and determined that there were no material adverse impacts on the Company's results of operations and financial position at March 31, 2020. A prolonged outbreak could have a material adverse impact on the financial results and business operations of the Company. See Note 12 for further discussion. This interim financial information should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Any references to square footage or occupancy percentage, and any amounts derived from these values in these notes to condensed consolidated financial statements, are outside the scope of our independent registered public accounting firm’s review. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2020. Federal Income Taxes. Use of Estimates. Reportable Segment Acquisition of Real Estate Properties. Depreciation. We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three Provision for Impairment. 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 three months ended March 31, 2020 and 2019. Revenue Recognition. 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 regulated cannabis industry and the uncertainty of collectability of lease payments from each tenant due to its limited operating history. ​ Cash and Cash Equivalents and Restricted Cash Restricted cash relates to cash held in an escrow account for the reimbursement of tenant improvements for a tenant in accordance with the lease agreement at one of our properties. Investments Exchangeable Notes. Deferred Financing Costs. Stock-Based Compensation. Lease Accounting The right-of-use asset was initially measured based on the corresponding lease liability. We did not incur any initial direct leasing costs or 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 three months ended March 31, 2020 and 2019, we recognized office lease expense of approximately $58,000 and $21,000, respectively, which are included in general and administrative expense in our condensed consolidated statements of income. For the three months ended March 31, 2020, rent for the office lease was abated. For the three months ended March 31, 2019, approximately $22,000 was paid for our office lease and classified as operating activities in our condensed consolidated statements of cash flows. 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. 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. All of our leases are classified as operating leases. Our tenant reimbursable revenue and property expenses are presented on a gross basis as rental revenue and as property expenses, respectively, on our condensed consolidated statements of income. One of our leases that was entered into prior to 2019 provides the lessee with a purchase option to purchase the leased property at the end of the initial lease term in September 2034, subject to the satisfaction of certain conditions. The purchase option provision allows the lessee to purchase the leased property at the greatest of (a) the fair value; (b) the value determined by dividing the then-current base rent by 8%; and (c) an amount equal to our gross investment in the property (including the purchase price at acquisition and any additional investment in the property made by us during the term of the lease), indexed to inflation. At March 31, 2020, our gross investment in the property with the purchase option was approximately $29.0 million. At March 31, 2020, the purchase option was not exercisable. Our leases generally contain options to extend the lease terms at the prevailing market rate or at the expiring rental 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 Concentration of Credit Risk At March 31, 2020, we had a property in each of Florida, Illinois, Michigan, and Pennsylvania that individually accounted for approximately 5% of our net real estate held for investment. At December 31, 2019, one of our properties in New York accounted for approximately 6% 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 March 31, 2020, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts. Reclassifications. ​

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2020
Common Stock
Common Stock	3. Common Stock As of March 31, 2020, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 17,035,674 shares of common stock issued and outstanding. 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 net proceeds of approximately $239.6 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, or ATM Program, up to $250.0 million in shares of our common stock. During the three months ended March 31, 2020, we sold 998,282 shares of our common stock for net proceeds of approximately $78.2 million under the ATM Program, which includes the payment of approximately $1.6 million to one sales agent as commission for such sales.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2020
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	3 Months Ended
	Mar. 31, 2020
Dividends
Dividends	5. Dividends The following table describes the dividends declared by the Company during the three months ended March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per ​ ​ ​ Dividend ​ ​ ​ Declaration Date Security Class Share Period Covered Paid Date Dividend Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 13, 2020 ​ Common Stock ​ $ 1.00 ​ January 1, 2020 to March 31, 2020 ​ April 15, 2020 ​ $ 17,070 March 13, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ January 15, 2020 to April 14, 2020 ​ April 15, 2020 ​ $ 338 ​

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2020
Investments in Real Estate
Investments in Real Estate	6. Investments in Real Estate The Company acquired the following properties during the three months ended March 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Purchase ​ Transaction ​ ​ ​ ​ Property Market Closing Date Feet (1) Price Costs Total ​ Green Leaf VA ​ Virginia ​ January 15, 2020 ​ 82,000 ​ $ 11,740 ​ ​ 72 ​ ​ 11,812 (2) Cresco OH ​ Ohio ​ January 24, 2020 ​ 50,000 ​ ​ 10,600 ​ ​ 12 ​ ​ 10,612 (3) GTI OH ​ Ohio ​ January 31, 2020 ​ 21,000 ​ ​ 2,900 ​ ​ 23 ​ ​ 2,923 (4) LivWell CO - Retail Portfolio ​ Colorado ​ Various ​ 8,000 ​ ​ 3,300 ​ ​ 23 ​ ​ 3,323 (5) GTI IL ​ Illinois ​ March 6, 2020 ​ 231,000 ​ ​ 9,000 ​ ​ 17 ​ ​ 9,017 (6) Parallel FL ​ Florida ​ March 11, 2020 ​ 373,000 ​ ​ 35,300 ​ ​ 20 ​ ​ 35,320 (7) Total ​ ​ ​ ​ 765,000 ​ $ 72,840 ​ $ 167 ​ $ 73,007 ​ (1) Includes expected rentable square feet at completion of construction of certain properties. (2) The tenant is expected to complete development of the property for which we have agreed to provide reimbursement of up to approximately $8.0 million. As of March 31, 2020, we incurred approximately $6.4 million of the development costs, of which we funded approximately $4.5 million. (3) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $1.9 million. As of March 31, 2020, we incurred approximately $30,000 of the redevelopment costs, of which none was funded. (4) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $4.3 million. As of March 31, 2020, we incurred approximately $3.0 million of the redevelopment costs, of which we funded approximately $2.0 million. (5) 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 March 31, 2020, we incurred approximately $49,000 of the redevelopment costs, of which none was funded. (6) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $41.0 million. As of March 31, 2020, we incurred approximately $8.0 million of the redevelopment costs, of which we funded approximately $4.9 million. (7) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $8.2 million. As of March 31, 2020, we had not incurred or funded any of the redevelopment costs . In January 2020, we amended our lease with Green Peak Industries, LLC (“GPI”) which, among other things, canceled the remaining tenant improvement allowance of approximately $15.2 million and adjusted the corresponding base rent. As of March 31, 2020, our total investment in the property was approximately $15.8 million. In January 2020, we amended our lease with a subsidiary of Vireo Health, Inc. at one of our Pennsylvania properties, making available an additional $4.5 million in funding for tenant improvements at the property. Assuming full payment of the additional funding, our total tenant improvement allowance would be approximately $8.3 million and our total investment in the property would be approximately $14.1 million. As of March 31, 2020, we incurred $5.6 million of the redevelopment costs, of which approximately $4.7 million was funded. Subsequent to quarter end, in April 2020, we amended the lease to decrease the funding for tenant improvements at the property by $300,000; as a result, the total tenant improvement allowance for the property is approximately $8.0 million, and assuming full payment of the allowance, our total investment in the property will be approximately $13.8 million. In January 2020, we amended our lease with a subsidiary of The Pharm, LLC at one of our Arizona properties, making available an additional $2.0 million in funding for tenant improvements at the property, making the total tenant improvement allowance $5.0 million. As of March 31, 2020, we incurred and funded the full amount of the redevelopment costs, making our total investment in the property $20.0 million. In January 2020, we amended our lease with the tenant of our Sacramento, California property, making available an additional approximately $1.3 million in funding for tenant improvements at the property. Assuming full payment of the additional funding, our total tenant improvement allowance will be approximately $6.0 million and our total investment in the property will be approximately $12.7 million. As of March 31, 2020, we incurred approximately $6.0 million of the redevelopment costs, of which approximately $5.8 million was funded. In February 2020, we amended our lease with a subsidiary of Maitri Medicinals, LLC at one of our Pennsylvania properties, making available an additional $16.0 million in funding for tenant improvements at the property. Assuming full payment of the additional funding, our total tenant improvement allowance will be $16.0 million and our total investment in the property will be approximately $22.3 million. As of March 31, 2020, we incurred approximately $9.5 million of the redevelopment costs, of which approximately $8.8 million was funded. In February 2020, we amended our lease and development agreement with a subsidiary of PharmaCann at one of our Massachusetts properties, making available an additional $4.0 million in construction funding at the property. Assuming full payment of the additional construction funding, our total construction funding will be $27.5 million and our total investment in the property will be approximately $30.5 million. We also canceled the optional commitment to provide construction funding of $4.0 million for PharmaCann at one of our Pennsylvania properties. As of March 31, 2020, we incurred approximately $26.0 million of the construction funding at the Massachusetts property, of which approximately $24.2 million was funded. In March 2020, we amended our lease with Holistic Industries LLC at our Maryland property, making available a $5.5 million tenant improvement allowance at the property. Assuming full payment of the funding, our total tenant improvement allowance will be $5.5 million and our total investment in the property will be $22.4 million. As of March 31, 2020, we incurred approximately $1.2 million of the redevelopment costs, of which none was funded. Including all of our properties, during the three months ended March 31, 2020, we capitalized costs of approximately $98.9 million and funded approximately $82.7 million relating to tenant improvements and construction activities at our properties. The properties acquired during the three months ended March 31, 2020 generated approximately $766,000 of rental revenue (including tenant reimbursements) and approximately $460,000 of net operating income after deducting property and depreciation expenses for the three months ended March 31, 2020. The properties acquired during the three months ended March 31, 2019 generated approximately $246,000 of rental revenue (including tenant reimbursements) and approximately $200,000 of net operating income after deducting property and depreciation expenses for the three months ended March 31, 2019. Future contractual minimum rent (including base rent, supplemental base rent (for one of our properties in New York) and property management fees) under the operating leases as of March 31, 2020 for future periods is summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Contractual 2020 (nine months ending December 31) ​ $ 76,071 2021 ​ 110,294 2022 ​ 112,383 2023 ​ 115,775 2024 ​ 119,282 Thereafter ​ 1,615,224 Total ​ $ 2,149,029 ​

Exchangeable Senior Notes

Exchangeable Senior Notes	3 Months Ended
	Mar. 31, 2020
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 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. At March 31, 2020, the exchange rate for the Exchangeable Senior Notes was 14.72989 shares of our common stock per $1,000 principal amount of Notes and the exchange price was approximately $67.889 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ 2020 2019 Cash coupon ​ $ 1,348 ​ $ 584 Preferred stock dividend ​ ​ 268 ​ ​ 111 Distribution to participating securities ​ ​ 233 ​ ​ 97 Total interest expense ​ $ 1,849 ​ $ 792 ​ The following table details the carrying value of our Exchangeable Senior Notes on our condensed consolidated balance sheet (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 Principal amount ​ $ 143,749 ​ $ 143,750 Unamortized discount ​ (4,610) ​ (4,878) Unamortized issuance costs ​ (3,985) ​ (4,218) Carrying value ​ $ 135,154 ​ ​ 134,654 ​ Accrued interest payable for the Exchangeable Senior Notes was approximately $225,000 and $1.6 million as of March 31, 2020 and December 31, 2019, respectively, and is included in accounts payable and accrued expenses on our condensed consolidated balance sheets. During the three months ended March 31, 2020, we issued 14 shares of our common stock upon exchange by holders of $1,000 of outstanding principal amount of our Exchangeable Senior Notes.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2020
Net Income Per Share
Net Income Per Share	8. Net Income Per Share Grants of restricted stock of the Company and restricted stock units 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 March 31, 2020, all of the Company’s participating securities received dividends or dividend equivalents at an equal dividend rate per share or unit. As a result, distributions to participating securities for the three months ended March 31, 2020 and 2019 have been included in net income attributable to common stockholders to calculate net income per basic and diluted share. We have considered the dilutive effect of the shares necessary to settle the Exchangeable Senior Notes on the if-exchanged method basis for the three months ended March 31, 2020 and 2019, and as this effect was anti-dilutive for both periods, these shares necessary to settle the Exchangeable Senior Notes were excluded from diluted earnings per share. Computations of net income per basic and diluted share (in thousands, except share data) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2020 2019 Net income ​ $ 11,872 ​ $ 3,641 Preferred stock dividend ​ (338) ​ (338) Distribution to participating securities ​ (115) ​ (64) Net income attributable to common stockholders used to compute net income per share ​ $ 11,419 ​ $ 3,239 ​ ​ ​ ​ ​ ​ ​ Weighted average common share outstanding: ​ ​ Basic ​ 15,784,296 ​ 9,664,775 Diluted ​ 15,898,091 ​ 9,797,676 ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders per share: ​ ​ Basic ​ $ 0.72 ​ $ 0.34 Diluted ​ $ 0.72 ​ $ 0.33 ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ Carrying Value Fair Value Carrying Value Fair Value Investments (1) ​ $ 272,907 ​ $ 274,399 ​ $ 119,595 ​ $ 119,673 Exchangeable Senior Notes (2) ​ $ 135,154 ​ $ 179,801 ​ $ 134,654 ​ $ 185,558 ​ (1) Investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs. (2) The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of March 31, 2020. At March 31, 2020, cash equivalent instruments consisted of approximately $54.3 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 fair values due to the short-term maturities and market rates of interest of these instruments.

Common Stock Incentive Plan

Common Stock Incentive Plan	3 Months Ended
	Mar. 31, 2020
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 from the date it was adopted by our board of directors. The following table summarizes our restricted stock activity under the 2016 Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Unvested ​ Average ​ ​ Restricted ​ Date Fair ​ ​ Shares ​ Value Balance at December 31, 2019 139,546 ​ $ 37.03 Granted 15,918 ​ $ 75.11 Vested (45,975) ​ $ 37.01 Forfeited (1) (28,552) ​ $ 19.72 Balance at March 31, 2020 80,937 ​ $ 50.64 ​ (1) Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting . As of March 31, 2020, the remaining unrecognized compensation cost of $3.4 million relating to restricted stock awards will be recognized over a weighted-average amortization period of approximately 1.9 years. The following table summarizes our restricted stock unit activity. Restricted stock units have the same economic rights as shares of restricted stock under the 2016 Plan: ​ ​ ​ ​ ​ ​ ​ ​ Unvested ​ Weighted- Average ​ ​ Restricted ​ ​ Date Fair ​ ​ Stock Units ​ ​ Value Balance at December 31, 2019 ​ — ​ $ — Granted ​ 33,954 ​ $ 75.11 Balance at March 31, 2020 ​ 33,954 ​ $ 75.11 ​ As of March 31, 2020, the remaining unrecognized compensation cost of $2.3 million relating to restricted stock units will be recognized over an amortization period of approximately 2.8 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies Office Lease ​ ​ ​ ​ ​ Year Amount 2020 (nine months ending December 31) ​ $ 152 2021 ​ 235 2022 ​ 242 2023 ​ 249 2024 ​ 256 Thereafter ​ 88 Total future contractual lease payments ​ 1,222 Effect of discounting ​ (18) Office lease liability ​ $ 1,204 ​ Tenant Improvement Allowances Construction Funding. Environmental Matters. Litigation

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events
Subsequent Events	12. Subsequent Events Acquisitions Subsequent to March 31, 2020, we acquired the following properties, including commitments to fund tenant improvements and construction (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ Closing ​ Square ​ Purchase ​ Construction ​ ​ ​ ​ Property ​ Market ​ Date ​ Feet (1) ​ Price ​ Commitments ​ Total (2) ​ Ascend MA ​ Massachusetts ​ April 2, 2020 ​ 199,000 ​ $ 26,750 ​ $ 22,250 ​ $ 49,000 (3) Cresco MI Michigan ​ April 22, 2020 115,000 ​ ​ 5,000 ​ ​ 11,000 ​ ​ 16,000 (4) Total ​ 314,000 ​ $ 31,750 ​ $ 33,250 ​ $ 65,000 ​ (1) Includes expected rentable square feet at completion of construction of certain properties. (2) Excludes transaction costs. (3) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to approximately $22.3 million. As of May 6, 2020, we had not incurred or funded any of the redevelopment costs. (4) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to $11.0 million. As of May 6, 2020, we had not incurred or funded any of the redevelopment costs. Lease Amendments Providing for Additional Tenant Improvement Allowances Subsequent to March 31, 2020, we also amended certain leases at our properties to provide additional funds to tenants for tenant improvements at the applicable properties totaling approximately $1.4 million in the aggregate. As of May 6, 2020, we had funded approximately $579,000 of these tenant improvement allowances. Lease Amendments Providing for Base Rent and Property Management Fee Deferrals The current outbreak of the novel coronavirus, or COVID-19 could materially and adversely impact or cause disruption to our tenants and their operations, and in turn our performance, financial condition, results of operations and cash flows. The extent to which COVID-19 impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the outbreak, the actions taken to contain the outbreak or mitigate its impact, and the direct and indirect economic effects of the outbreak and containment measures, among others. As of May 6, 2020, in light of the current coronavirus pandemic and associated severe economic disruption, we amended certain leases at our properties to provide for temporary base rent and property management fee deferrals. Each of the tenants remains responsible for the payment of all other costs under the applicable lease during the deferral period. - We amended each of our leases with Green Peak Industries, LLC (“GPI”) in Michigan to apply a part of GPI’s security deposit at each property for payment of the April 2020 base rent and property management fee, defer the base rent and property management fee for May and June 2020, and amortize the replenishment of the security deposit and payment of the base rent and property management fee deferral over an 18 month period commencing on July 1, 2020. - We amended our lease with Maitri Medicinals, LLC (“Maitri”) in Pennsylvania to apply a part of Maitri’s security deposit for payment of the April 2020 base rent and property management fee, defer the base rent and property management fee for May and June 2020, and amortize the replenishment of the security deposit and the base rent and property management fee deferral over an 18 month period commencing on July 1, 2020. - We amended each of our leases with affiliates of Medical Investor Holdings LLC (“Vertical”) in southern California to apply a part of Vertical’s security deposit at each property for a partial payment of the March 2020 base rent and property management fee and payment in full of the April 2020 base rent and property management fee, defer the base rent and property management fee for May and June 2020, and amortize the replenishment of the security deposit and payment of the base rent and property management fee deferral over an 18 month period commencing on July 1, 2020. Pursuant to these amendments, (1) a total of $743,000 of security deposits were applied to the payment of base rent and property management fees for April 2020; (2) a total of $743,000 in base rent and property management fees was deferred for May 2020; (3) a total of $781,000 in base rent and property management fees was deferred for June 2020; and (4) a total of $85,000 per month in replenishment of security deposits and $52,000 per month in repayments of base rent and property management fee deferrals are required to be paid each month over an 18 month period commencing on July 1, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Basis of Presentation	Basis of Presentation. The Company considered the impact of COVID-19 on its assumptions and estimates used and determined that there were no material adverse impacts on the Company's results of operations and financial position at March 31, 2020. A prolonged outbreak could have a material adverse impact on the financial results and business operations of the Company. See Note 12 for further discussion. This interim financial information should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Any references to square footage or occupancy percentage, and any amounts derived from these values in these notes to condensed consolidated financial statements, are outside the scope of our independent registered public accounting firm’s review. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2020.
Federal Income Taxes	Federal Income Taxes.
Use of Estimates	Use of Estimates.
Reportable Segment	Reportable Segment
Acquisition of Real Estate Properties	Acquisition of Real Estate Properties.
Depreciation	Depreciation. We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three
Provision for Impairment	Provision for Impairment. 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 three months ended March 31, 2020 and 2019.
Revenue Recognition	Revenue Recognition. 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 regulated cannabis industry and the uncertainty of collectability of lease payments from each tenant due to its limited operating history. ​
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Restricted cash relates to cash held in an escrow account for the reimbursement of tenant improvements for a tenant in accordance with the lease agreement at one of our properties.
Investments	Investments
Exchangeable Notes	Exchangeable Notes.
Deferred Financing Costs	Deferred Financing Costs.
Stock-Based Compensation	Stock-Based Compensation.
Lease Accounting	Lease Accounting The right-of-use asset was initially measured based on the corresponding lease liability. We did not incur any initial direct leasing costs or 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 three months ended March 31, 2020 and 2019, we recognized office lease expense of approximately $58,000 and $21,000, respectively, which are included in general and administrative expense in our condensed consolidated statements of income. For the three months ended March 31, 2020, rent for the office lease was abated. For the three months ended March 31, 2019, approximately $22,000 was paid for our office lease and classified as operating activities in our condensed consolidated statements of cash flows. 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. 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. All of our leases are classified as operating leases. Our tenant reimbursable revenue and property expenses are presented on a gross basis as rental revenue and as property expenses, respectively, on our condensed consolidated statements of income. One of our leases that was entered into prior to 2019 provides the lessee with a purchase option to purchase the leased property at the end of the initial lease term in September 2034, subject to the satisfaction of certain conditions. The purchase option provision allows the lessee to purchase the leased property at the greatest of (a) the fair value; (b) the value determined by dividing the then-current base rent by 8%; and (c) an amount equal to our gross investment in the property (including the purchase price at acquisition and any additional investment in the property made by us during the term of the lease), indexed to inflation. At March 31, 2020, our gross investment in the property with the purchase option was approximately $29.0 million. At March 31, 2020, the purchase option was not exercisable. Our leases generally contain options to extend the lease terms at the prevailing market rate or at the expiring rental 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
Concentration of Credit Risk	Concentration of Credit Risk At March 31, 2020, we had a property in each of Florida, Illinois, Michigan, and Pennsylvania that individually accounted for approximately 5% of our net real estate held for investment. At December 31, 2019, one of our properties in New York accounted for approximately 6% 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 March 31, 2020, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.
Reclassifications	Reclassifications.

Dividends (Tables)

Dividends (Tables)	3 Months Ended
	Mar. 31, 2020
Dividends
Schedule of dividends payable	The following table describes the dividends declared by the Company during the three months ended March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per ​ ​ ​ Dividend ​ ​ ​ Declaration Date Security Class Share Period Covered Paid Date Dividend Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 13, 2020 ​ Common Stock ​ $ 1.00 ​ January 1, 2020 to March 31, 2020 ​ April 15, 2020 ​ $ 17,070 March 13, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ January 15, 2020 to April 14, 2020 ​ April 15, 2020 ​ $ 338

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2020
Investments in Real Estate
Schedule of real estate properties	The Company acquired the following properties during the three months ended March 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Purchase ​ Transaction ​ ​ ​ ​ Property Market Closing Date Feet (1) Price Costs Total ​ Green Leaf VA ​ Virginia ​ January 15, 2020 ​ 82,000 ​ $ 11,740 ​ ​ 72 ​ ​ 11,812 (2) Cresco OH ​ Ohio ​ January 24, 2020 ​ 50,000 ​ ​ 10,600 ​ ​ 12 ​ ​ 10,612 (3) GTI OH ​ Ohio ​ January 31, 2020 ​ 21,000 ​ ​ 2,900 ​ ​ 23 ​ ​ 2,923 (4) LivWell CO - Retail Portfolio ​ Colorado ​ Various ​ 8,000 ​ ​ 3,300 ​ ​ 23 ​ ​ 3,323 (5) GTI IL ​ Illinois ​ March 6, 2020 ​ 231,000 ​ ​ 9,000 ​ ​ 17 ​ ​ 9,017 (6) Parallel FL ​ Florida ​ March 11, 2020 ​ 373,000 ​ ​ 35,300 ​ ​ 20 ​ ​ 35,320 (7) Total ​ ​ ​ ​ 765,000 ​ $ 72,840 ​ $ 167 ​ $ 73,007 ​ (1) Includes expected rentable square feet at completion of construction of certain properties. (2) The tenant is expected to complete development of the property for which we have agreed to provide reimbursement of up to approximately $8.0 million. As of March 31, 2020, we incurred approximately $6.4 million of the development costs, of which we funded approximately $4.5 million. (3) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to approximately $1.9 million. As of March 31, 2020, we incurred approximately $30,000 of the redevelopment costs, of which none was funded. (4) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $4.3 million. As of March 31, 2020, we incurred approximately $3.0 million of the redevelopment costs, of which we funded approximately $2.0 million. (5) 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 March 31, 2020, we incurred approximately $49,000 of the redevelopment costs, of which none was funded. (6) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $41.0 million. As of March 31, 2020, we incurred approximately $8.0 million of the redevelopment costs, of which we funded approximately $4.9 million. (7) The tenant is expected to complete redevelopment of the property for which we have agreed to provide reimbursement of up to $8.2 million. As of March 31, 2020, we had not incurred or funded any of the redevelopment costs .
Schedule of future contractual minimum rent	Future contractual minimum rent (including base rent, supplemental base rent (for one of our properties in New York) and property management fees) under the operating leases as of March 31, 2020 for future periods is summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Contractual 2020 (nine months ending December 31) ​ $ 76,071 2021 ​ 110,294 2022 ​ 112,383 2023 ​ 115,775 2024 ​ 119,282 Thereafter ​ 1,615,224 Total ​ $ 2,149,029

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2020
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ 2020 2019 Cash coupon ​ $ 1,348 ​ $ 584 Preferred stock dividend ​ ​ 268 ​ ​ 111 Distribution to participating securities ​ ​ 233 ​ ​ 97 Total interest expense ​ $ 1,849 ​ $ 792
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 condensed consolidated balance sheet (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 Principal amount ​ $ 143,749 ​ $ 143,750 Unamortized discount ​ (4,610) ​ (4,878) Unamortized issuance costs ​ (3,985) ​ (4,218) Carrying value ​ $ 135,154 ​ ​ 134,654

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Net Income Per Share
Schedule of earnings per share, basic and diluted	Computations of net income per basic and diluted share (in thousands, except share data) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2020 2019 Net income ​ $ 11,872 ​ $ 3,641 Preferred stock dividend ​ (338) ​ (338) Distribution to participating securities ​ (115) ​ (64) Net income attributable to common stockholders used to compute net income per share ​ $ 11,419 ​ $ 3,239 ​ ​ ​ ​ ​ ​ ​ Weighted average common share outstanding: ​ ​ Basic ​ 15,784,296 ​ 9,664,775 Diluted ​ 15,898,091 ​ 9,797,676 ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders per share: ​ ​ Basic ​ $ 0.72 ​ $ 0.34 Diluted ​ $ 0.72 ​ $ 0.33

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ Carrying Value Fair Value Carrying Value Fair Value Investments (1) ​ $ 272,907 ​ $ 274,399 ​ $ 119,595 ​ $ 119,673 Exchangeable Senior Notes (2) ​ $ 135,154 ​ $ 179,801 ​ $ 134,654 ​ $ 185,558 ​ (1) Investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs. (2) The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of March 31, 2020.

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2020
Common Stock Incentive Plan
Summary of the activity under the 2016 Plan	The following table summarizes our restricted stock activity under the 2016 Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Unvested ​ Average ​ ​ Restricted ​ Date Fair ​ ​ Shares ​ Value Balance at December 31, 2019 139,546 ​ $ 37.03 Granted 15,918 ​ $ 75.11 Vested (45,975) ​ $ 37.01 Forfeited (1) (28,552) ​ $ 19.72 Balance at March 31, 2020 80,937 ​ $ 50.64 ​ (1) Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting . The following table summarizes our restricted stock unit activity. Restricted stock units have the same economic rights as shares of restricted stock under the 2016 Plan: ​ ​ ​ ​ ​ ​ ​ ​ Unvested ​ Weighted- Average ​ ​ Restricted ​ ​ Date Fair ​ ​ Stock Units ​ ​ Value Balance at December 31, 2019 ​ — ​ $ — Granted ​ 33,954 ​ $ 75.11 Balance at March 31, 2020 ​ 33,954 ​ $ 75.11

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Schedule of future contractual lease payments	​ ​ ​ ​ ​ Year Amount 2020 (nine months ending December 31) ​ $ 152 2021 ​ 235 2022 ​ 242 2023 ​ 249 2024 ​ 256 Thereafter ​ 88 Total future contractual lease payments ​ 1,222 Effect of discounting ​ (18) Office lease liability ​ $ 1,204

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2020
Subsequent Events
Schedule of commitments to fund tenant improvements and construction	Subsequent to March 31, 2020, we acquired the following properties, including commitments to fund tenant improvements and construction (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ Closing ​ Square ​ Purchase ​ Construction ​ ​ ​ ​ Property ​ Market ​ Date ​ Feet (1) ​ Price ​ Commitments ​ Total (2) ​ Ascend MA ​ Massachusetts ​ April 2, 2020 ​ 199,000 ​ $ 26,750 ​ $ 22,250 ​ $ 49,000 (3) Cresco MI Michigan ​ April 22, 2020 115,000 ​ ​ 5,000 ​ ​ 11,000 ​ ​ 16,000 (4) Total ​ 314,000 ​ $ 31,750 ​ $ 33,250 ​ $ 65,000 ​ (1) Includes expected rentable square feet at completion of construction of certain properties. (2) Excludes transaction costs. (3) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to approximately $22.3 million. As of May 6, 2020, we had not incurred or funded any of the redevelopment costs. (4) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to $11.0 million. As of May 6, 2020, we had not incurred or funded any of the redevelopment costs.

Organization (Details)

Organization (Details)	Mar. 31, 2020
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)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)segmentproperty	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Number of Reportable Segments | segment	1
Impairment loss	$ 0	$ 0
Short-term Investments	$ 272,907,000		$ 119,595,000
Restricted cash held for lease properties | property	1
Lease term	5 years
Incremental borrowing rate	7.25%
Cash paid for operating lease expense included in operating cash flow		22,000
Percentage of current base rent	8.00%
Purchase Option Price For Real Estate For Land And Buildings	$ 29,000,000
Cash, FDIC Insured Amount	250,000
General and administrative expense
Cash paid for operating lease expense included in operating cash flow	58,000	$ 21,000
Money Market Funds [Member]
Short-term Investments	$ 96,800,000		$ 60,100,000
Building [Member]
Property, Plant and Equipment, Useful Life	40 years
PharmaCann LLC [Member]
Concentration Risk, Percentage	24.00%	31.00%
Illinois and Michigan [Member]
Concentration Risk, Percentage	9.00%
Florida, Illinois, Michigan, and Pennsylvania Property [Member]
Concentration Risk, Percentage	5.00%
New York Property [Member]
Concentration Risk, Percentage			6.00%
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		3 Months Ended
	Jan. 31, 2020	Sep. 30, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Common Stock, Shares Authorized			50,000,000		50,000,000
Common Stock, Par or Stated Value Per Share			$ 0.001		$ 0.001
Common Stock, Shares, Outstanding			17,035,674		12,637,043
Common Stock, Shares, Issued			17,035,674		12,637,043
Net proceeds from issuance			$ 317,845	$ 0
Common Stock [Member]
Common Stock, Shares Authorized			50,000,000
Common Stock, Par or Stated Value Per Share			$ 0.001
Common Stock, Shares, Outstanding			17,035,674
Common Stock, Shares, Issued			17,035,674
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	$ 239,600
Common Stock [Member] | ATM Program [Member]
Number of shares sold			998,282
Net proceeds from issuance			$ 78,200
Payments Of Stock Issuance Commissions			$ 1,600
Amount of Shares Authorized		$ 250,000

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	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	$ 0.001
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%
Preferred Stock, Shares Issued	600,000	600,000
Preferred Stock, Shares Outstanding	600,000	600,000
Series A Preferred Stock [Member] | Forecast
Preferred Stock, Redemption Price Per Share			$ 25

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Dividend Amount	$ 17,407	$ 12,975
Common Stock [Member]
Declaration Date	Mar. 13, 2020
Dividends Declared Security Class	Common Stock
Amount Per Share	$ 1
Period Covered	January 1, 2020 to March 31, 2020
Dividend Paid Date	Apr. 15, 2020
Dividend Amount	$ 17,070
Series A Preferred Stock [Member]
Declaration Date	Mar. 13, 2020
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Period Covered	January 15, 2020 to April 14, 2020
Dividend Paid Date	Apr. 15, 2020
Dividend Amount	$ 338

Investments in Real Estate (Det

Investments in Real Estate (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)ft²
Rentable Square Feet | ft²	765,000
Purchase Price	$ 72,840
Transaction Costs	167
Total	$ 73,007
Green Leaf VA [Member]
Rentable Square Feet | ft²	82,000
Purchase Price	$ 11,740
Transaction Costs	72
Total	$ 11,812
Cresco OH [Member]
Rentable Square Feet | ft²	50,000
Purchase Price	$ 10,600
Transaction Costs	12
Total	$ 10,612
GTI OH [Member]
Rentable Square Feet | ft²	21,000
Purchase Price	$ 2,900
Transaction Costs	23
Total	$ 2,923
LivWell CO [Member]
Rentable Square Feet | ft²	8,000
Purchase Price	$ 3,300
Transaction Costs	23
Total	$ 3,323
GTI IL [Member]
Rentable Square Feet | ft²	231,000
Purchase Price	$ 9,000
Transaction Costs	17
Total	$ 9,017
Parallel FL [Member]
Rentable Square Feet | ft²	373,000
Purchase Price	$ 35,300
Transaction Costs	20
Total	$ 35,320

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2020	Mar. 31, 2019	Apr. 30, 2020	Jan. 31, 2020	Dec. 31, 2019
Real Estate Property Cost		$ 98,900,000
Amount funded by the entity		82,700,000
Tenant improvements allowance		173,974,000				$ 87,344,000
Total investment in property		672,876,000				$ 505,861,000
Rental (including tenant reimbursements)		21,130,000	$ 6,823,000
Operating Income (Loss)		12,277,000	3,440,000
Properties Acquired In 2020 [Member]
Rental (including tenant reimbursements)		766,000,000
Operating Income (Loss)		460,000,000
Properties Acquired In 2019 [Member]
Rental (including tenant reimbursements)			246,000,000
Operating Income (Loss)			$ 200,000,000
Green Leaf VA [Member]
Real Estate Property Cost		6,400,000
Amount funded by the entity		4,500,000
Green Leaf VA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building		8,000,000
Cresco OH [Member]
Real Estate Property Cost		30,000
Amount funded by the entity		0
Cresco OH [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building		1,900,000
GTI OH [Member]
Agreed reimbursement for redevelopment of building		4,300,000
Real Estate Property Cost		3,000,000
Amount funded by the entity		2,000,000
LivWell CO [Member]
Real Estate Property Cost		49,000,000
Amount funded by the entity		0
LivWell CO [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building		850,000,000,000
GTI IL [Member]
Real Estate Property Cost		8,000,000
Amount funded by the entity		4,900,000
GTI IL [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building		41,000,000
Parallel FL [Member]
Amount funded by the entity		0
Parallel FL [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building		8,200,000
Green Peak Industries LLC [Member]
Inventory Real Estate Improvement Funding, Canceled					$ 15,200,000
Total investment in property		15,800,000
Vireo Health, Inc [Member]
Real Estate Property Cost		5,600,000
Amount funded by the entity		4,700,000
Decrease amount in funding for tenant improvement				$ 300,000
Additional Purchase for Building Improvements Payable					4,500,000
Tenant improvements allowance		8,300,000		8,000,000
Total investment in property				$ 13,800,000	14,100,000
The Pharm, LLC [Member]
Additional Purchase for Building Improvements Payable					2,000,000
Tenant improvements allowance					5,000,000
Total investment in property		20,000,000
Sacramento, California [Member]
Real Estate Property Cost		6,000,000
Amount funded by the entity		5,800,000
Additional Purchase for Building Improvements Payable		1,300,000
Tenant improvements allowance					$ 6,000,000
Total investment in property		12,700,000
Maitri Medicinals, LLC [Member]
Real Estate Property Cost		9,500,000
Amount funded by the entity		8,800,000
Additional Purchase for Building Improvements Payable	$ 16,000,000
Tenant improvements allowance	16,000,000
Total investment in property	22,300,000
Pharma Cann [Member]
Real Estate Property Cost		26,000,000
Amount funded by the entity		24,200,000
Inventory Real Estate Improvement Funding, Canceled	4,000,000
Additional Purchase for Building Improvements Payable	4,000,000
Total investment in property	30,500,000
Payments for Building Improvements	$ 27,500,000
Holistic Industries [Member]
Real Estate Property Cost		1,200,000
Amount funded by the entity		0
Tenant improvements allowance		5,500,000
Total investment in property		$ 22,400,000

Investments in Real Estate - Fu

Investments in Real Estate - Future Contractual Minimum Rent (Details) $ in Thousands	Mar. 31, 2020USD ($)
Contractual Minimum Rent
2019 (nine months ending December 31)	$ 76,071
2021	110,294
2022	112,383
2023	115,775
2024	119,282
Thereafter	1,615,224
Total	$ 2,149,029

Exchangeable Senior Notes - Int

Exchangeable Senior Notes - Interest expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Exchangeable Senior Notes
Cash coupon	$ 1,348	$ 584
Preferred stock dividend	268	111
Distribution to participating securities	233	97
Total interest expense	$ 1,849	$ 792

Exchangeable Senior Notes - Car

Exchangeable Senior Notes - Carrying value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Exchangeable Senior Notes
Principal amount	$ 143,749	$ 143,750
Unamortized discount	(4,610)	(4,878)
Unamortized issuance costs	(3,985)	(4,218)
Carrying value	$ 135,154	$ 134,654

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Feb. 28, 2019USD ($)
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	$ 225,000	$ 1,600,000
Senior Notes [Member]
Debt Instrument, Face Amount			$ 143,750,000
Debt Instrument, Interest Rate, Stated Percentage	3.75%		3.75%
Common Stock [Member] | Senior Notes [Member]
Debt Instrument, Convertible, Conversion Ratio	14.72989
Conversion of Stock, Amount Converted	$ 1,000
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 67.889
Conversion of Stock, Shares Issued | shares	14

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2018
Net Income Per Share
Net income	$ 11,872	$ 3,641	$ 3,641
Preferred stock dividend	(338)	$ (338)	(338)
Distributions to participating securities	(115)		(64)
Net income attributable to common stockholders used to compute net income per share	$ 11,419		$ 3,239
Weighted average common share outstanding:
Basic	15,784,296	9,664,775	9,664,775
Diluted	15,898,091	9,797,676	9,797,676
Net income attributable to common stockholders per share:
Basic	$ 0.72	$ 0.34	$ 0.34
Diluted	$ 0.72	$ 0.33	$ 0.33

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value of Financial Instruments
Investment, Carrying Value	$ 272,907	$ 119,595
Exchangeable Senior Notes, Carrying Value	135,154	134,654
Investments, Fair Value	274,399	119,673
Exchangeable Senior Notes, Fair Value	$ 179,801	$ 185,558

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) $ in Millions	Mar. 31, 2020USD ($)
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 54.3

Common Stock Incentive Plan (De

Common Stock Incentive Plan (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Restricted Shares, Beginning Balance | shares	139,546
Unvested Restricted Shares, Granted | shares	15,918
Unvested Restricted Shares, Vested | shares	(45,975)
Unvested Restricted Shares, Forfeited | shares	(28,552)
Unvested Restricted Shares, Ending Balance | shares	80,937
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 37.03
Weighted-Average Grant Date Fair Value, Granted | $ / shares	75.11
Weighted-Average Grant Date Fair Value, Vested | $ / shares	37.01
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	19.72
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares	$ 50.64
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Restricted Shares, Beginning Balance | shares	0
Unvested Restricted Shares, Granted | shares	33,954
Unvested Restricted Shares, Ending Balance | shares	33,954
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 0
Weighted-Average Grant Date Fair Value, Granted | $ / shares	75.11
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares	$ 75.11

Common Stock Incentive Plan - A

Common Stock Incentive Plan - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)shares
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 3.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 10 months 24 days
Restricted stock units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 2.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 9 months 18 days
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares	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	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies
2020 (nine months ending December 31)	$ 152
2021	235
2022	242
2023	249
2024	256
Thereafter	88
Total future contractual lease payments	1,222
Effect of discounting	(18)
Office lease liability	$ 1,204	$ 1,202

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details)	Mar. 31, 2020USD ($)
Other Commitments [Line Items]
Tenant Improvement Payable	$ 89,000,000
Tenant improvement may be canceled	45,900,000
Massachusetts [Member]
Other Commitments [Line Items]
Other Commitment	1,500,000
Ohio [Member]
Other Commitments [Line Items]
Other Commitment	879,000
Pennsylvania [Member]
Other Commitments [Line Items]
Other Commitment	$ 16,900,000

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 01, 2020USD ($)ft²	May 06, 2020USD ($)	Mar. 31, 2020USD ($)ft²	Dec. 31, 2019USD ($)
Rentable Square Feet | ft²			765,000
Purchase Price			$ 72,840,000
Total			73,007,000
Tenant improvements allowance			$ 173,974,000	$ 87,344,000
Cresco MI [Member]
Agreed reimbursement for redevelopment of building	$ 11,000,000
Subsequent event [Member]
Rentable Square Feet | ft²	314,000
Purchase Price	$ 31,750,000
Tenant Improvements And Construction Committments	33,250,000
Total	$ 65,000,000
Tenant improvements allowance		$ 579,000
Subsequent event [Member] | Ascend MA [Member]
Rentable Square Feet | ft²	199,000
Purchase Price	$ 26,750,000
Tenant Improvements And Construction Committments	22,250,000
Total	49,000,000
Subsequent event [Member] | Ascend MA [Member] | Property two
Agreed reimbursement for redevelopment of building	$ 22,300,000
Subsequent event [Member] | Cresco MI [Member]
Rentable Square Feet | ft²	115,000
Purchase Price	$ 5,000,000
Tenant Improvements And Construction Committments	11,000,000
Total	$ 16,000,000

Subsequent Event - Additional i

Subsequent Event - Additional information (Details) - USD ($)	Jul. 01, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	May 06, 2020	Apr. 01, 2020	Mar. 31, 2020	Feb. 29, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Tenant improvements allowance								$ 173,974,000		$ 87,344,000
Maitri Medicinals, LLC [Member]
Subsequent Event [Line Items]
Additional Purchase for Building Improvements Payable									$ 16,000,000
Tenant improvements allowance									$ 16,000,000
Subsequent event [Member]
Subsequent Event [Line Items]
Additional Purchase for Building Improvements Payable							$ 1,400,000
Tenant improvements allowance						$ 579,000
Period deferral for base rent and managemnet fee	18 months
Security Deposit To Be Replenished		$ 85,000
Security Deposit Applied For Payment Of Rent					$ 743,000
Rent being deferred				$ 743,000
Rent to be deferred			$ 781,000
Repayments of base rent and property management fee	$ 52,000
Subsequent event [Member] | Green Peak Industries LLC [Member]
Subsequent Event [Line Items]
Period deferral for base rent and managemnet fee	18 months
Subsequent event [Member] | Medical Investor Holdings LLC [Member]
Subsequent Event [Line Items]
Period deferral for base rent and managemnet fee	18 months
Subsequent event [Member] | Maitri Medicinals, LLC [Member]
Subsequent Event [Line Items]
Period deferral for base rent and managemnet fee	18 months