Innovative Industrial Properties (IIPR) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 05, 2020
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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		22,174,428
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	Sep. 30, 2020	Dec. 31, 2019
Real estate, at cost:
Land	$ 68,033	$ 48,652
Buildings and improvements	575,529	382,035
Tenant improvements	272,934	87,344
Total real estate, at cost	916,496	518,031
Less accumulated depreciation	(31,469)	(12,170)
Net real estate held for investment	885,027	505,861
Cash and cash equivalents	161,074	82,244
Restricted cash		35,072
Short-term investments, net	451,178	119,595
Right of use office lease asset	1,035	1,202
Other assets, net	1,536	1,883
Total assets	1,499,850	745,857
Liabilities and stockholders' equity
Exchangeable senior notes, net	136,174	134,654
Tenant improvements and construction funding payable	30,583	24,968
Accounts payable and accrued expenses	1,336	3,417
Dividends payable	26,325	12,975
Office lease liability	1,113	1,202
Rent received in advance and tenant security deposits	34,323	20,631
Total liabilities	229,854	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 September 30, 2020 and December 31, 2019	14,009	14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 22,174,428 and 12,637,043 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	22	13
Additional paid-in capital	1,295,352	553,932
Dividends in excess of earnings	(39,387)	(19,944)
Total stockholders' equity	1,269,996	548,010
Total liabilities and stockholders' equity	$ 1,499,850	$ 745,857

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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	22,174,428	12,637,043
Common Stock, Shares, Outstanding	22,174,428	12,637,043
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental (including tenant reimbursements)	$ 34,327	$ 11,555	$ 79,803	$ 26,995
Total revenues	34,327	11,555	79,803	26,995
Expenses:
Property expenses	2,919	357	3,933	941
General and administrative expense	3,339	2,156	9,695	6,667
Depreciation expense	7,646	2,221	19,299	5,054
Total expenses	13,904	4,734	32,927	12,662
Income from operations	20,423	6,821	46,876	14,333
Interest and other income	653	1,537	3,086	3,702
Interest expense	(1,861)	(1,838)	(5,565)	(4,462)
Net income	19,215	6,520	44,397	13,573
Preferred stock dividend	(338)	(338)	(1,014)	(1,014)
Net income attributable to common stockholders	$ 18,877	$ 6,182	$ 43,383	$ 12,559
Net income attributable to common stockholders per share (Note 8):
Basic	$ 0.87	$ 0.56	$ 2.35	$ 1.22
Diluted	$ 0.86	$ 0.55	$ 2.33	$ 1.20
Weighted average shares outstanding:
Basic	21,594,637	10,918,477	18,315,231	10,088,036
Diluted	21,708,725	11,057,697	18,429,228	10,225,574

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	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	$ 10	$ 260,540	$ (10,267)	$ 264,292
Balances at beginning of period (in shares) at Dec. 31, 2018		9,775,800
Net income				13,573	13,573
Equity component of exchangeable senior notes			5,569		5,569
Net proceeds from sale of common stock		$ 1	185,623		185,624
Net proceeds from sale of common stock (in shares)		1,558,000
Net issuance of unvested restricted stock			(939)		(939)
Net issuance of unvested restricted stock (in shares)		34,028
Preferred stock dividend				(1,014)	(1,014)
Common stock dividend				(19,163)	(19,163)
Stock-based compensation			1,841		1,841
Balances at end of period at Sep. 30, 2019	14,009	$ 11	452,634	(16,871)	449,783
Balances at end of period (in shares) at Sep. 30, 2019		11,367,828
Balances at beginning of period at Jun. 30, 2019	14,009	$ 10	266,356	(14,187)	266,188
Balances at beginning of period (in shares) at Jun. 30, 2019		9,809,171
Net income				6,520	6,520
Net proceeds from sale of common stock		$ 1	185,623		185,624
Net proceeds from sale of common stock (in shares)		1,558,000
Net issuance of unvested restricted stock (in shares)		657
Preferred stock dividend				(338)	(338)
Common stock dividend				(8,866)	(8,866)
Stock-based compensation			655		655
Balances at end of period at Sep. 30, 2019	14,009	$ 11	452,634	(16,871)	449,783
Balances at end of period (in shares) at Sep. 30, 2019		11,367,828
Balances at beginning of period at Dec. 31, 2019	14,009	$ 13	553,932	(19,944)	548,010
Balances at beginning of period (in shares) at Dec. 31, 2019		12,637,043
Net income				44,397	44,397
Net proceeds from sale of common stock		$ 9	741,097		741,106
Net proceeds from sale of common stock (in shares)		9,548,866
Issuance of exchangeable senior notes			1		1
Issuance of exchangeable senior notes (in shares)		14
Net issuance of unvested restricted stock			(2,166)		(2,166)
Net issuance of unvested restricted stock (in shares)		(11,495)
Preferred stock dividend				(1,014)	(1,014)
Common stock dividend				(62,826)	(62,826)
Stock-based compensation			2,488		2,488
Balances at end of period at Sep. 30, 2020	14,009	$ 22	1,295,352	(39,387)	1,269,996
Balances at end of period (in shares) at Sep. 30, 2020		22,174,428
Balances at beginning of period at Jun. 30, 2020	14,009	$ 19	988,220	(32,277)	969,971
Balances at beginning of period (in shares) at Jun. 30, 2020		18,614,561
Net income				19,215	19,215
Net proceeds from sale of common stock		$ 3	306,291		306,294
Net proceeds from sale of common stock (in shares)		3,559,867
Preferred stock dividend				(338)	(338)
Common stock dividend				(25,987)	(25,987)
Stock-based compensation			841		841
Balances at end of period at Sep. 30, 2020	$ 14,009	$ 22	$ 1,295,352	$ (39,387)	$ 1,269,996
Balances at end of period (in shares) at Sep. 30, 2020		22,174,428

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 44,397	$ 13,573
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	19,299	5,054
Other non-cash adjustments	139
Stock-based compensation	2,488	1,841
Amortization of discounts on short-term investments	(2,499)	(2,870)
Amortization of debt discounts and issuance costs	1,521	1,181
Changes in assets and liabilities
Other assets, net	(364)	46
Accounts payable and accrued expenses	(2,095)	(924)
Rent received in advance and tenant security deposits	13,692	7,185
Net cash provided by operating activities	76,578	25,086
Cash flows from investing activities
Purchases of investments in real estate	(182,086)	(107,644)
Reimbursements of tenant improvements and construction funding	(210,114)	(43,767)
Deposits in escrow for acquisitions		(500)
Purchases of short-term investments	(668,576)	(249,015)
Maturities of short-term investments	339,492	163,500
Net cash used in investing activities	(721,284)	(237,426)
Cash flows from financing activities
Issuance of common stock, net of offering costs	741,120	185,687
Net proceeds from issuance of exchangeable senior notes	0	138,545
Dividends paid to common stockholders	(49,476)	(13,718)
Dividends paid to preferred stockholders	(1,014)	(1,014)
Taxes paid related to net share settlement of equity awards	(2,166)	(939)
Net cash provided by financing activities	688,464	308,561
Net increase in cash, cash equivalents and restricted cash	43,758	96,221
Cash, cash equivalents and restricted cash, beginning of period	117,316	13,050
Cash, cash equivalents and restricted cash, end of period	161,074	109,271
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	5,391	3,056
Supplemental disclosure of non-cash investing and financing activities:
Accrual for reimbursements of tenant improvements and construction funding	30,583	12,700
Deposits applied for acquisitions	650
Accrual for common and preferred stock dividends declared	26,325	9,204
Accrual for stock issuance costs	14	$ 62
Exchange of exchangeable senior notes	$ 1

Organization

Organization	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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. 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 the condensed consolidated financial statements, are outside the scope of our independent registered public accounting firm’s review. 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 September 30, 2020. A prolonged outbreak could have a material adverse impact on the financial results and business operations of the Company. See Note 6 for further discussion. 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 nine months ended September 30, 2020 and 2019. Revenue Recognition. Cash and Cash Equivalents and Restricted Cash Restricted cash relates to cash held in escrow for the reimbursement of tenant improvements in accordance with various lease agreements. As of September 30, 2020, all of the cash held was released from restriction. Investments. Exchangeable Notes. Deferred Financing Costs. Stock-Based Compensation. Lease Accounting. In April 2020, in response to the coronavirus pandemic and associated severe economic disruption, we amended leases at certain of our properties to provide for temporary base rent and property management fee deferrals through June 30, 2020. The FASB has issued additional guidance for companies to account for any coronavirus related rent concessions in the form of FASB staff and board members' remarks at the April 8, 2020 public meeting and the FASB staff question-and-answer document issued on April 10, 2020. We have elected the practical expedient which allows us to not have to evaluate whether concessions provided in response to coronavirus pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total remaining lease payments are substantially the same or less as compared to the original lease payments prior to the concession being granted. Lease amendments that are not associated with the coronavirus pandemic are evaluated to determine if the modification grants the lessee an additional right-of-use not included in the original lease and if the lease payments increase commensurate with the standalone price of the additional right-of-use, adjusted for the circumstances of the particular contract. If both conditions are present, the lease amendment is accounted for as a new lease that is separate from the original lease. 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 September 30, 2020, our gross investment in the property with the purchase option was approximately $30.5 million. At September 30, 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 The following table sets forth the tenants in our portfolio that represented the largest percentage of our total rental revenue for each period presented, including tenant reimbursements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, 2020 ​ September 30, 2020 ​ ​ ​ ​ ​ Percentage of ​ ​ ​ Percentage of ​ ​ Number of Rental Number of Rental ​ Leases Revenue Leases Revenue ​ PharmaCann Inc. (1) 5 16 % 5 19 % Cresco Labs Inc. (1) ​ 5 ​ 12 % 5 ​ 10 % Ascend Wellness Holdings, LLC (1) 3 10 % 3 10 % Holistic Industries Inc. (1) ​ 4 ​ 6 % 4 ​ 6 % Curaleaf Holdings, Inc. (1)(2) 4 6 % 4 6 % Green Thumb Industries Inc. (1) 3 6 % 3 5 % SH Parent, Inc. (Parallel) (1) 2 6 % 2 5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, 2019 ​ September 30, 2019 ​ ​ Percentage of ​ Percentage of ​ Number of Rental Number of Rental ​ ​ Leases Revenue Leases Revenue ​ PharmaCann Inc. (1) 4 24 % 4 27 % Ascend Wellness Holdings, LLC (1) ​ 2 ​ 14 % 2 ​ 12 % Vireo Health, Inc. (1) ​ 4 ​ 9 % 4 ​ 10 % Kings Garden Inc. (1) 5 8 % 5 6 % Holistic Industries Inc. ​ 1 ​ 7 % 1 ​ 8 % Green Peak Industries, LLC 1 7 % 1 7 % The Pharm, LLC (1) 2 6 % 2 8 % (1) Includes leases with affiliates of the entity, for which the entity has provided a corporate guaranty. (2) Curaleaf Holdings, Inc. acquired GR Companies, Inc. (“Grassroots”) and executed corporate guaranties for our leases with Grassroots in August 2020. At September 30, 2020, one of our properties in Michigan 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 September 30, 2020, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2020
Common Stock
Common Stock	3. Common Stock As of September 30, 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 22,174,428 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 May 2020, we issued 1,550,648 shares of common stock, including the exercise in full of the underwriter’s option to purchase an additional 202,259 shares, resulting in net proceeds of approximately $114.9 million. In July 2020, we issued 3,085,867 shares of common stock, including the exercise in full of the underwriters' option to purchase an additional 402,504 shares, resulting in net proceeds of approximately $248.2 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 September 30, 2020, we sold 474,000 shares of our common stock for net proceeds of approximately $58.1 million under the ATM Program, which includes the payment of approximately $1.2 million to one sales agent as commission for such sales. During the nine months ended September 30, 2020, we sold 1,499,382 shares of our common stock for net proceeds of approximately $138.4 million under the ATM Program, which includes the payment of approximately $2.8 million to one sales agent as commission for such sales.

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2020
Preferred Stock
Preferred Stock	4. Preferred Stock As of September 30, 2020, the Company was 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	9 Months Ended
	Sep. 30, 2020
Dividends
Dividends	5. Dividends The following table describes the dividends declared by the Company during the nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ Dividend Dividend Declaration Date ​ Security Class ​ Per Share ​ Period Covered ​ Paid Date ​ 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 June 15, 2020 ​ Common Stock ​ $ 1.06 ​ April 1, 2020 to June 30, 2020 ​ July 15, 2020 ​ $ 19,770 June 15, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ April 15, 2020 to July 14, 2020 ​ July 15, 2020 ​ $ 338 September 15, 2020 ​ Common Stock ​ $ 1.17 ​ July 1, 2020 to September 30, 2020 ​ October 15, 2020 ​ $ 25,987 September 15, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ July 15, 2020 to October 14, 2020 ​ October 15, 2020 ​ $ 338 ​

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2020
Investments in Real Estate
Investments in Real Estate	6. Investments in Real Estate Acquisitions The Company acquired the following properties during the nine months ended September 30, 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 ​ $ 73 ​ $ 11,813 (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 ​ ​ 27 ​ ​ 2,927 (4) LivWell CO - Retail Portfolio ​ Colorado ​ ​ Various ​ ​ 8,000 ​ ​ 3,300 ​ ​ 27 ​ ​ 3,327 (5) GTI IL ​ Illinois ​ ​ March 6, 2020 ​ ​ 231,000 ​ ​ 9,000 ​ ​ 23 ​ ​ 9,023 (6) Parallel FL ​ Florida ​ ​ March 11, 2020 ​ ​ 373,000 ​ ​ 35,300 ​ ​ 26 ​ ​ 35,326 (7) Ascend MA ​ Massachusetts ​ ​ April 2, 2020 ​ ​ 199,000 ​ ​ 26,750 ​ ​ 20 ​ ​ 26,770 (8) Cresco MI ​ Michigan ​ ​ April 22, 2020 ​ ​ 115,000 ​ ​ 5,000 ​ ​ 16 ​ ​ 5,016 (9) Kings Garden CA ​ California ​ ​ May 12, 2020 ​ ​ 70,000 ​ ​ 17,500 ​ ​ 9 ​ ​ 17,509 ​ Holistic PA ​ Pennsylvania ​ ​ June 10, 2020 ​ ​ 108,000 ​ ​ 8,870 ​ ​ 12 ​ ​ 8,882 (10) Cresco MA ​ Massachusetts ​ ​ June 30, 2020 ​ ​ 118,000 ​ ​ 7,750 ​ ​ 14 ​ ​ 7,764 (11) Curaleaf NJ ​ New Jersey ​ ​ July 13, 2020 ​ ​ 111,000 ​ ​ 5,500 ​ ​ 59 ​ ​ 5,559 (12) Columbia Care NJ Cultivation ​ New Jersey ​ ​ July 16, 2020 ​ ​ 50,000 ​ ​ 10,220 ​ ​ 48 ​ ​ 10,268 (13) Columbia Care NJ Dispensary ​ New Jersey ​ ​ July 16, 2020 ​ ​ 4,000 ​ ​ 2,165 ​ ​ 7 ​ ​ 2,172 ​ Holistic MI ​ Michigan ​ ​ September 1, 2020 ​ ​ 63,000 ​ ​ 6,200 ​ ​ 11 ​ ​ 6,211 (14) Parallel FL Lakeland ​ Florida ​ ​ September 18, 2020 ​ ​ 220,000 ​ ​ 19,550 ​ ​ 7 ​ ​ 19,557 (15) Total ​ ​ ​ ​ ​ ​ 1,823,000 ​ $ 182,345 ​ $ 391 ​ $ 182,736 (16) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) We agreed to provide reimbursement to the tenant for development at the property of up to approximately $8.0 million, all of which we incurred and funded as of September 30, 2020. (3) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $1.9 million. In June, we amended the lease, which increased the tenant improvement allowance by $1.0 million to a total of approximately $2.9 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $13.5 million. As of September 30, 2020, we incurred approximately $148,000 of the redevelopment costs, of which none was funded. (4) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $ 4.3 million. Subsequent to September 30, 2020, on October 1, 2020, we amended this lease to increase the tenant improvement allowance by $25.0 million to a total of $29.3 million. As of September 30, 2020, we incurred approximately $4.4 million of the redevelopment costs, of which we funded approximately $4.3 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 September 30, 2020, we incurred and funded approximately $49,000 of the redevelopment costs. (6) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $41.0 million. As of September 30, 2020, we incurred approximately $19.6 million of the redevelopment costs, of which we funded approximately $18.5 million. (7) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $8.2 million. As of September 30, 2020, we incurred approximately $3.0 million of the redevelopment costs, of which we funded approximately $2.1 million. (8) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $22.3 million. As of September 30, 2020, we incurred approximately $4.4 million of the redevelopment costs, of which we funded approximately $3.0 million. (9) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $11.0 million. In June, we amended the lease, which increased the tenant improvement allowance by $16.0 million to a total of $27.0 million. As of September 30, 2020, we incurred approximately $596,000 of the redevelopment costs, of which no amount was funded. (10) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $6.4 million. As of September 30, 2020, we incurred approximately $4.0 million of the redevelopment costs, of which we funded approximately $2.7 million. (11) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $21.0 million. As of September 30, 2020, we incurred approximately $59,000 of the redevelopment costs, of which no amount was funded. (12) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $29.5 million. As of September 30, 2020, we incurred approximately $8.7 million of the redevelopment costs, of which we funded approximately $5.4 million. (13) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $1.6 million. As of September 30, 2020, we incurred approximately $648,000 of the redevelopment costs, of which no amount was funded. (14) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $18.8 million. As of September 30, 2020, we incurred approximately $628,000 of the redevelopment costs, of which no amount was funded. (15) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $36.9 million. As of September 30, 2020, we incurred approximately $57,000 of the redevelopment costs, of which no amount was funded. (16) Approximately $19.4 million was allocated to land and approximately $163.3 million was allocated to buildings and improvements. The properties acquired during the three and nine months ended September 30, 2020 generated approximately $778,000 and $15.2 million of rental revenue (including tenant reimbursements), respectively, and approximately $303,000 and $11.0 million of net operating income, respectively, after deducting property and depreciation expenses. The properties acquired during the three and nine months ended September 30, 2019 generated approximately $1.7 million and $6.6 million of rental revenue (including tenant reimbursements), respectively, and approximately $1.4 and $5.1 million of net operating income, respectively, after deducting property and depreciation expenses. Lease Amendments 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 September 30, 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. ("Vireo") at one of our Pennsylvania properties, making available an additional $4.5 million in funding for tenant improvements at the property. In April 2020, we amended the lease to decrease the funding for tenant improvements at the property by $300,000. In August 2020, Vireo transferred its ownership interest in the subsidiary tenant at the property to Jushi Holdings Inc. ("Jushi"), and we amended the lease to increase the funding for tenant improvements at the property by $2.0 million. As a result, the total tenant improvement allowance for the property is approximately $10.0 million, and assuming full payment of the allowance, our total investment in the property will be $15.8 million. As of September 30, 2020, we incurred approximately $7.6 million of the redevelopment costs, of which we funded approximately $7.4 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, and making the total tenant improvement allowance $5.0 million. As of September 30, 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, and making the total tenant improvement allowance approximately $6.0 million. As of September 30, 2020, we funded the full amount of the redevelopment costs, and our total investment in the property was approximately $12.7 million. In February 2020, we amended our lease with a subsidiary of Maitri Medicinals, LLC ("Maitri") at one of our Pennsylvania properties, making available an additional $6.0 million in funding for tenant improvements at the property, and making the total tenant improvement allowance $16.0 million. As of September 30, 2020, we incurred approximately $14.3 million of the redevelopment costs, of which we funded approximately $13.6 million. In February 2020, we amended our lease and development agreement with a subsidiary of PharmaCann Inc. (“PharmaCann”) at one of our Massachusetts properties, making available an additional $4.0 million in construction funding at the property, with the total construction funding being $27.5 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 September 30, 2020, we funded the full amount of the construction funding, and our total investment in the Massachusetts property was $30.5 million. In March 2020, we amended our lease with a subsidiary of Holistic Industries Inc. at our Maryland property, making available a $5.5 million tenant improvement allowance at the property. Assuming full payment of the funding, our total investment in the property will be $22.4 million. As of September 30, 2020, we incurred approximately $5.2 million of the redevelopment costs, of which we funded approximately $4.4 million. In April 2020, we amended our leases with two subsidiaries of Vireo for one of our properties in New York and our property in Minnesota, making available an additional approximately $1.4 million in funding for tenant improvements at the properties in the aggregate, and making the total tenant improvement allowances approximately $10.1 million in the aggregate. Assuming full payment of the funding, our total investment in the property in New York will be approximately $6.8 million and our total investment in the property in Minnesota will be approximately $9.7 million. As of September 30, 2020, we incurred approximately $10.1 million of the tenant improvement allowance, of which we funded approximately $10.0 million. In response to the coronavirus pandemic and associated severe economic disruption, in April 2020, we amended leases at certain of our properties to provide for temporary base rent and property management fee deferrals through June 30, 2020. Each of the tenants remained responsible for the payment of all other costs under the applicable lease during the deferral period. ● We amended each of our leases with 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 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 approximately $940,000 of security deposits were applied to the payment of base rent, property management fees and associated lease penalties for March and April 2020, including approximately $185,000 related to the partial payment of base rent and property management fees by Vertical for March 2020; (2) a total of approximately $743,000 in base rent and property management fees were deferred for May 2020; (3) a total of approximately $781,000 in base rent and property management fees were deferred for June 2020; and (4) a total of approximately $52,000 per month in replenishment of security deposits and approximately $85,000 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. In June 2020, we amended our lease and development agreement with a subsidiary of PharmaCann at one of our Illinois properties, making available an additional $3.0 million in construction funding at the property, and making the total available construction funding $10.0 million. As of September 30, 2020, we incurred approximately $8.8 million of the redevelopment costs, of which we funded approximately $8.5 million. In June 2020, we amended our lease with a subsidiary of Green Leaf Medical, LLC at one of our Pennsylvania properties, making available $30.0 million in funding for tenant improvements at the property. Assuming full payment of the tenant improvement allowance, our total investment in the property will be $43.0 million. As of September 30, 2020, we incurred approximately $592,000 of the tenant improvement allowances, of which none was funded. In August 2020, we amended our lease with a subsidiary of GR Companies, Inc. (“Grassroots”) at one of our Pennsylvania properties, making available an additional approximately $1.5 million in funding for tenant improvements at the property, and making the total tenant improvement allowance approximately $12.4 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $26.6 million. As of September 30, 2020, we incurred approximately $10.7 million of the tenant improvement allowances, of which we funded approximately $10.6 million. In August 2020, we amended our lease with a subsidiary of Grassroots at one of our Illinois properties, making available an additional $844,000 in funding for tenant improvements at the property, and making the total tenant improvement allowance at the property approximately $18.6 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $29.1 million. As of September 30, 2020, we incurred approximately $11.7 million of the tenant improvement allowance, of which we funded approximately $11.2 million. In August 2020, we amended our lease with a subsidiary of Ascend Wellness Holdings, LLC at one of our Illinois properties, making available an additional $18.0 million in funding for tenant improvements at the property, and making the total tenant improvement allowance at the property $32.0 million. Assuming full payment of the additional funding, our total investment in the property will be $51.0 million. As of September 30, 2020, we incurred approximately $18.7 million of the tenant improvement allowance, of which we funded approximately $14.0 million. Including all of our properties, during the nine months ended September 30, 2020, we capitalized costs of approximately $215.7 million and funded approximately $210.1 million relating to tenant improvements and construction activities at our properties. 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 September 30, 2020 for future periods is summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Contractual Minimum Rent 2020 (three months ending December 31) ​ $ 35,417 2021 ​ 156,817 2022 ​ 159,888 2023 ​ 164,653 2024 ​ 169,567 Thereafter ​ 2,497,606 Total ​ $ 3,183,948 ​

Exchangeable Senior Notes

Exchangeable Senior Notes	9 Months Ended
	Sep. 30, 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. The exchange rate for the Exchangeable Senior Notes at September 30, 2020 was 14.94423 shares of our common stock per $1,000 principal amount of Notes and the exchange price at September 30, 2020 was approximately $66.916 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 September 30, ​ For the Nine Months Ended September 30, ​ 2020 2019 2020 2019 Cash coupon ​ $ 1,348 ​ $ 1,349 ​ $ 4,042 ​ $ 3,281 Amortization of debt discount ​ ​ 275 ​ ​ 262 ​ ​ 816 ​ ​ 632 Amortization of issuance cost ​ 238 ​ ​ 227 ​ 707 ​ ​ 549 Total interest expense ​ $ 1,861 ​ $ 1,838 ​ $ 5,565 ​ $ 4,462 ​ The following table details the carrying value of our Exchangeable Senior Notes on our condensed consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 December 31, 2019 Principal amount ​ $ 143,749 ​ $ 143,750 Unamortized discount (4,063) ​ (4,878) Unamortized issuance costs (3,512) ​ (4,218) Carrying value ​ $ 136,174 ​ $ 134,654 ​ Accrued interest payable for the Exchangeable Senior Notes was approximately $225,000 as of September 30, 2020 and December 31, 2019, and is included in accounts payable and accrued expenses on our condensed consolidated balance sheets. In March 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	9 Months Ended
	Sep. 30, 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 September 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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 ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Net income ​ $ 19,215 ​ $ 6,520 ​ $ 44,397 ​ $ 13,573 Preferred stock dividend ​ (338) ​ (338) ​ ​ (1,014) ​ ​ (1,014) Distribution to participating securities ​ (133) ​ (109) ​ ​ (369) ​ ​ (256) Net income attributable to common stockholders used to compute net income per share ​ $ 18,744 ​ $ 6,073 ​ $ 43,014 ​ $ 12,303 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common share outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 21,594,637 ​ 10,918,477 ​ ​ 18,315,231 ​ ​ 10,088,036 Diluted ​ 21,708,725 ​ 11,057,697 ​ ​ 18,429,228 ​ ​ 10,225,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.87 ​ $ 0.56 ​ $ 2.35 ​ $ 1.22 Diluted ​ $ 0.86 ​ $ 0.55 ​ $ 2.33 ​ $ 1.20 ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ Carrying Value Fair Value Carrying Value Fair Value Short-term investments (1) ​ $ 451,178 ​ $ 451,369 ​ $ 119,595 ​ $ 119,673 Exchangeable Senior Notes (2) ​ $ 136,174 ​ $ 277,891 ​ $ 134,654 ​ $ 185,558 (1) Short-term 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. At September 30, 2020, cash equivalent instruments consisted of $93.5 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	9 Months Ended
	Sep. 30, 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 Granted ​ 1,139 ​ $ 87.82 Vested ​ (4,675) ​ $ 62.08 Balance at June 30, 2020 and September 30, 2020 ​ 77,401 ​ $ 50.49 (1) Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting . As of September 30, 2020, the remaining unrecognized compensation cost of $2.4 million relating to restricted stock awards will be recognized over a weighted-average amortization period of approximately 1.6 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 Granted ​ 2,733 ​ $ 87.82 Balance at June 30, 2020 and September 30, 2020 ​ 36,687 ​ $ 76.06 ​ As of September 30, 2020, the remaining unrecognized compensation cost of $2.1 million relating to restricted stock units will be recognized over an amortization period of approximately 2.2 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies Office Lease ​ ​ ​ ​ ​ Year Amount 2020 (three months ending December 31) ​ $ 57 2021 ​ 235 2022 ​ 242 2023 ​ 249 2024 ​ 256 Thereafter ​ 88 Total future contractual lease payments ​ 1,127 Effect of discounting ​ (14) Office lease liability ​ $ 1,113 ​ Tenant Improvement Allowances Construction Funding. Environmental Matters. Litigation

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events
Subsequent Events	12. Subsequent Events Lease Amendments Providing for Additional Tenant Improvement Allowances In October 2020, we amended our lease with a subsidiary of Green Thumb Industries Inc. at one of our Ohio properties, making available an additional $25.0 million in funding for tenant improvements at the property, and making the total tenant improvement allowance $29.3 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be $32.2 million. As of November 5, 2020, we had funded approximately $4.4 million of this tenant improvement allowance. In October 2020, we amended our lease with GPI at one of our Michigan properties, making available an additional $525,000 in funding for tenant improvements at the property, and making the total tenant improvement allowance approximately $1.8 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $3.4 million. As of November 5, 2020, we had funded approximately $1.7 million of this tenant improvement allowance. In November 2020, we amended our lease and development with PharmaCann at one of our Pennsylvania properties, making available an additional $2.0 million in construction funding at the property, and making the total construction funding approximately $27.1 million. Assuming full payment of the construction funding, our total investment in the property will be approximately $28.0 million. As of November 5, 2020, we had funded approximately $18.2 million of this construction funding. Los Angeles, California Property Update (as of November 5, 2020) Holistic has entered into a definitive agreement to acquire the retail, distribution, cultivation and manufacturing licenses for cannabis operations from the tenant at our Los Angeles, California property, which is in receivership, and we have negotiated for a long-term, triple-net lease with Holistic for the entire property upon the closing of Holistic’s acquisition of the licenses. The transaction is subject to final government approvals for the transfer of the licenses and customary closing conditions, and we can provide no assurance that the transaction, including the lease, will be completed on the terms described here, or at all. Rent Collections Update (as of November 5, 2020) We collected 100% of contractual rent due for each of the months of July, August, September and October 2020 across our total portfolio (other than the tenant at our Los Angeles, California property that is in receivership), and had not executed rent deferrals for any additional tenants, other than the three tenants described in Note 6.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2020
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Basis of Presentation	Basis of Presentation. 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 the condensed consolidated financial statements, are outside the scope of our independent registered public accounting firm’s review. 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 September 30, 2020. A prolonged outbreak could have a material adverse impact on the financial results and business operations of the Company. See Note 6 for further discussion. 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 nine months ended September 30, 2020 and 2019.
Revenue Recognition	Revenue Recognition.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Restricted cash relates to cash held in escrow for the reimbursement of tenant improvements in accordance with various lease agreements. As of September 30, 2020, all of the cash held was released from restriction.
Investments	Investments.
Exchangeable Notes	Exchangeable Notes.
Deferred Financing Costs	Deferred Financing Costs.
Stock-Based Compensation	Stock-Based Compensation.
Lease Accounting	Lease Accounting. In April 2020, in response to the coronavirus pandemic and associated severe economic disruption, we amended leases at certain of our properties to provide for temporary base rent and property management fee deferrals through June 30, 2020. The FASB has issued additional guidance for companies to account for any coronavirus related rent concessions in the form of FASB staff and board members' remarks at the April 8, 2020 public meeting and the FASB staff question-and-answer document issued on April 10, 2020. We have elected the practical expedient which allows us to not have to evaluate whether concessions provided in response to coronavirus pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total remaining lease payments are substantially the same or less as compared to the original lease payments prior to the concession being granted. Lease amendments that are not associated with the coronavirus pandemic are evaluated to determine if the modification grants the lessee an additional right-of-use not included in the original lease and if the lease payments increase commensurate with the standalone price of the additional right-of-use, adjusted for the circumstances of the particular contract. If both conditions are present, the lease amendment is accounted for as a new lease that is separate from the original lease. 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 September 30, 2020, our gross investment in the property with the purchase option was approximately $30.5 million. At September 30, 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 The following table sets forth the tenants in our portfolio that represented the largest percentage of our total rental revenue for each period presented, including tenant reimbursements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, 2020 ​ September 30, 2020 ​ ​ ​ ​ ​ Percentage of ​ ​ ​ Percentage of ​ ​ Number of Rental Number of Rental ​ Leases Revenue Leases Revenue ​ PharmaCann Inc. (1) 5 16 % 5 19 % Cresco Labs Inc. (1) ​ 5 ​ 12 % 5 ​ 10 % Ascend Wellness Holdings, LLC (1) 3 10 % 3 10 % Holistic Industries Inc. (1) ​ 4 ​ 6 % 4 ​ 6 % Curaleaf Holdings, Inc. (1)(2) 4 6 % 4 6 % Green Thumb Industries Inc. (1) 3 6 % 3 5 % SH Parent, Inc. (Parallel) (1) 2 6 % 2 5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, 2019 ​ September 30, 2019 ​ ​ Percentage of ​ Percentage of ​ Number of Rental Number of Rental ​ ​ Leases Revenue Leases Revenue ​ PharmaCann Inc. (1) 4 24 % 4 27 % Ascend Wellness Holdings, LLC (1) ​ 2 ​ 14 % 2 ​ 12 % Vireo Health, Inc. (1) ​ 4 ​ 9 % 4 ​ 10 % Kings Garden Inc. (1) 5 8 % 5 6 % Holistic Industries Inc. ​ 1 ​ 7 % 1 ​ 8 % Green Peak Industries, LLC 1 7 % 1 7 % The Pharm, LLC (1) 2 6 % 2 8 % (1) Includes leases with affiliates of the entity, for which the entity has provided a corporate guaranty. (2) Curaleaf Holdings, Inc. acquired GR Companies, Inc. (“Grassroots”) and executed corporate guaranties for our leases with Grassroots in August 2020. At September 30, 2020, one of our properties in Michigan 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 September 30, 2020, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Tables)	9 Months Ended
	Sep. 30, 2020
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Schedule of tenants in the company's portfolio that represented the largest percentage of total rental revenue for each period presented, including tenant reimbursements	The following table sets forth the tenants in our portfolio that represented the largest percentage of our total rental revenue for each period presented, including tenant reimbursements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, 2020 ​ September 30, 2020 ​ ​ ​ ​ ​ Percentage of ​ ​ ​ Percentage of ​ ​ Number of Rental Number of Rental ​ Leases Revenue Leases Revenue ​ PharmaCann Inc. (1) 5 16 % 5 19 % Cresco Labs Inc. (1) ​ 5 ​ 12 % 5 ​ 10 % Ascend Wellness Holdings, LLC (1) 3 10 % 3 10 % Holistic Industries Inc. (1) ​ 4 ​ 6 % 4 ​ 6 % Curaleaf Holdings, Inc. (1)(2) 4 6 % 4 6 % Green Thumb Industries Inc. (1) 3 6 % 3 5 % SH Parent, Inc. (Parallel) (1) 2 6 % 2 5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, 2019 ​ September 30, 2019 ​ ​ Percentage of ​ Percentage of ​ Number of Rental Number of Rental ​ ​ Leases Revenue Leases Revenue ​ PharmaCann Inc. (1) 4 24 % 4 27 % Ascend Wellness Holdings, LLC (1) ​ 2 ​ 14 % 2 ​ 12 % Vireo Health, Inc. (1) ​ 4 ​ 9 % 4 ​ 10 % Kings Garden Inc. (1) 5 8 % 5 6 % Holistic Industries Inc. ​ 1 ​ 7 % 1 ​ 8 % Green Peak Industries, LLC 1 7 % 1 7 % The Pharm, LLC (1) 2 6 % 2 8 % (1) Includes leases with affiliates of the entity, for which the entity has provided a corporate guaranty. (2) Curaleaf Holdings, Inc. acquired GR Companies, Inc. (“Grassroots”) and executed corporate guaranties for our leases with Grassroots in August 2020.

Dividends (Tables)

Dividends (Tables)	9 Months Ended
	Sep. 30, 2020
Dividends
Schedule of dividends payable	The following table describes the dividends declared by the Company during the nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ Dividend Dividend Declaration Date ​ Security Class ​ Per Share ​ Period Covered ​ Paid Date ​ 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 June 15, 2020 ​ Common Stock ​ $ 1.06 ​ April 1, 2020 to June 30, 2020 ​ July 15, 2020 ​ $ 19,770 June 15, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ April 15, 2020 to July 14, 2020 ​ July 15, 2020 ​ $ 338 September 15, 2020 ​ Common Stock ​ $ 1.17 ​ July 1, 2020 to September 30, 2020 ​ October 15, 2020 ​ $ 25,987 September 15, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ July 15, 2020 to October 14, 2020 ​ October 15, 2020 ​ $ 338

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2020
Investments in Real Estate
Schedule of real estate properties	The Company acquired the following properties during the nine months ended September 30, 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 ​ $ 73 ​ $ 11,813 (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 ​ ​ 27 ​ ​ 2,927 (4) LivWell CO - Retail Portfolio ​ Colorado ​ ​ Various ​ ​ 8,000 ​ ​ 3,300 ​ ​ 27 ​ ​ 3,327 (5) GTI IL ​ Illinois ​ ​ March 6, 2020 ​ ​ 231,000 ​ ​ 9,000 ​ ​ 23 ​ ​ 9,023 (6) Parallel FL ​ Florida ​ ​ March 11, 2020 ​ ​ 373,000 ​ ​ 35,300 ​ ​ 26 ​ ​ 35,326 (7) Ascend MA ​ Massachusetts ​ ​ April 2, 2020 ​ ​ 199,000 ​ ​ 26,750 ​ ​ 20 ​ ​ 26,770 (8) Cresco MI ​ Michigan ​ ​ April 22, 2020 ​ ​ 115,000 ​ ​ 5,000 ​ ​ 16 ​ ​ 5,016 (9) Kings Garden CA ​ California ​ ​ May 12, 2020 ​ ​ 70,000 ​ ​ 17,500 ​ ​ 9 ​ ​ 17,509 ​ Holistic PA ​ Pennsylvania ​ ​ June 10, 2020 ​ ​ 108,000 ​ ​ 8,870 ​ ​ 12 ​ ​ 8,882 (10) Cresco MA ​ Massachusetts ​ ​ June 30, 2020 ​ ​ 118,000 ​ ​ 7,750 ​ ​ 14 ​ ​ 7,764 (11) Curaleaf NJ ​ New Jersey ​ ​ July 13, 2020 ​ ​ 111,000 ​ ​ 5,500 ​ ​ 59 ​ ​ 5,559 (12) Columbia Care NJ Cultivation ​ New Jersey ​ ​ July 16, 2020 ​ ​ 50,000 ​ ​ 10,220 ​ ​ 48 ​ ​ 10,268 (13) Columbia Care NJ Dispensary ​ New Jersey ​ ​ July 16, 2020 ​ ​ 4,000 ​ ​ 2,165 ​ ​ 7 ​ ​ 2,172 ​ Holistic MI ​ Michigan ​ ​ September 1, 2020 ​ ​ 63,000 ​ ​ 6,200 ​ ​ 11 ​ ​ 6,211 (14) Parallel FL Lakeland ​ Florida ​ ​ September 18, 2020 ​ ​ 220,000 ​ ​ 19,550 ​ ​ 7 ​ ​ 19,557 (15) Total ​ ​ ​ ​ ​ ​ 1,823,000 ​ $ 182,345 ​ $ 391 ​ $ 182,736 (16) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) We agreed to provide reimbursement to the tenant for development at the property of up to approximately $8.0 million, all of which we incurred and funded as of September 30, 2020. (3) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $1.9 million. In June, we amended the lease, which increased the tenant improvement allowance by $1.0 million to a total of approximately $2.9 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $13.5 million. As of September 30, 2020, we incurred approximately $148,000 of the redevelopment costs, of which none was funded. (4) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $ 4.3 million. Subsequent to September 30, 2020, on October 1, 2020, we amended this lease to increase the tenant improvement allowance by $25.0 million to a total of $29.3 million. As of September 30, 2020, we incurred approximately $4.4 million of the redevelopment costs, of which we funded approximately $4.3 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 September 30, 2020, we incurred and funded approximately $49,000 of the redevelopment costs. (6) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $41.0 million. As of September 30, 2020, we incurred approximately $19.6 million of the redevelopment costs, of which we funded approximately $18.5 million. (7) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $8.2 million. As of September 30, 2020, we incurred approximately $3.0 million of the redevelopment costs, of which we funded approximately $2.1 million. (8) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $22.3 million. As of September 30, 2020, we incurred approximately $4.4 million of the redevelopment costs, of which we funded approximately $3.0 million. (9) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $11.0 million. In June, we amended the lease, which increased the tenant improvement allowance by $16.0 million to a total of $27.0 million. As of September 30, 2020, we incurred approximately $596,000 of the redevelopment costs, of which no amount was funded. (10) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $6.4 million. As of September 30, 2020, we incurred approximately $4.0 million of the redevelopment costs, of which we funded approximately $2.7 million. (11) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $21.0 million. As of September 30, 2020, we incurred approximately $59,000 of the redevelopment costs, of which no amount was funded. (12) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $29.5 million. As of September 30, 2020, we incurred approximately $8.7 million of the redevelopment costs, of which we funded approximately $5.4 million. (13) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $1.6 million. As of September 30, 2020, we incurred approximately $648,000 of the redevelopment costs, of which no amount was funded. (14) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $18.8 million. As of September 30, 2020, we incurred approximately $628,000 of the redevelopment costs, of which no amount was funded. (15) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $36.9 million. As of September 30, 2020, we incurred approximately $57,000 of the redevelopment costs, of which no amount was funded. (16) Approximately $19.4 million was allocated to land and approximately $163.3 million was allocated to buildings and improvements.
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 September 30, 2020 for future periods is summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Contractual Minimum Rent 2020 (three months ending December 31) ​ $ 35,417 2021 ​ 156,817 2022 ​ 159,888 2023 ​ 164,653 2024 ​ 169,567 Thereafter ​ 2,497,606 Total ​ $ 3,183,948

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	9 Months Ended
	Sep. 30, 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 September 30, ​ For the Nine Months Ended September 30, ​ 2020 2019 2020 2019 Cash coupon ​ $ 1,348 ​ $ 1,349 ​ $ 4,042 ​ $ 3,281 Amortization of debt discount ​ ​ 275 ​ ​ 262 ​ ​ 816 ​ ​ 632 Amortization of issuance cost ​ 238 ​ ​ 227 ​ 707 ​ ​ 549 Total interest expense ​ $ 1,861 ​ $ 1,838 ​ $ 5,565 ​ $ 4,462
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 sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 December 31, 2019 Principal amount ​ $ 143,749 ​ $ 143,750 Unamortized discount (4,063) ​ (4,878) Unamortized issuance costs (3,512) ​ (4,218) Carrying value ​ $ 136,174 ​ $ 134,654

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 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 ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Net income ​ $ 19,215 ​ $ 6,520 ​ $ 44,397 ​ $ 13,573 Preferred stock dividend ​ (338) ​ (338) ​ ​ (1,014) ​ ​ (1,014) Distribution to participating securities ​ (133) ​ (109) ​ ​ (369) ​ ​ (256) Net income attributable to common stockholders used to compute net income per share ​ $ 18,744 ​ $ 6,073 ​ $ 43,014 ​ $ 12,303 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common share outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 21,594,637 ​ 10,918,477 ​ ​ 18,315,231 ​ ​ 10,088,036 Diluted ​ 21,708,725 ​ 11,057,697 ​ ​ 18,429,228 ​ ​ 10,225,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.87 ​ $ 0.56 ​ $ 2.35 ​ $ 1.22 Diluted ​ $ 0.86 ​ $ 0.55 ​ $ 2.33 ​ $ 1.20

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ Carrying Value Fair Value Carrying Value Fair Value Short-term investments (1) ​ $ 451,178 ​ $ 451,369 ​ $ 119,595 ​ $ 119,673 Exchangeable Senior Notes (2) ​ $ 136,174 ​ $ 277,891 ​ $ 134,654 ​ $ 185,558 (1) Short-term 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.

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 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 Granted ​ 1,139 ​ $ 87.82 Vested ​ (4,675) ​ $ 62.08 Balance at June 30, 2020 and September 30, 2020 ​ 77,401 ​ $ 50.49 (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 Granted ​ 2,733 ​ $ 87.82 Balance at June 30, 2020 and September 30, 2020 ​ 36,687 ​ $ 76.06

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies
Schedule of future contractual lease payments	​ ​ ​ ​ ​ Year Amount 2020 (three months ending December 31) ​ $ 57 2021 ​ 235 2022 ​ 242 2023 ​ 249 2024 ​ 256 Thereafter ​ 88 Total future contractual lease payments ​ 1,127 Effect of discounting ​ (14) Office lease liability ​ $ 1,113

Organization (Details)

Organization (Details)	Sep. 30, 2020
Iip Operating Partnership Lp [Member]
Percentage Leased	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Concentration of Credit Risk (Details) - lease	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
PharmaCann Inc.
Concentration Risk [Line Items]
Number of Leases	5	4	5	4
Concentration Risk, Percentage	16.00%	24.00%	19.00%	27.00%
Ascend Wellness Holdings LLC [Member]
Concentration Risk [Line Items]
Number of Leases	3	2	3	2
Concentration Risk, Percentage	10.00%	14.00%	10.00%	12.00%
Holistic Industries Inc. [Member]
Concentration Risk [Line Items]
Number of Leases	4	1	4	1
Concentration Risk, Percentage	6.00%	7.00%	6.00%	8.00%
Cresco Labs Inc. [Member]
Concentration Risk [Line Items]
Number of Leases	5		5
Concentration Risk, Percentage	12.00%		10.00%
Curaleaf Holdings Inc. [MEMBER]
Concentration Risk [Line Items]
Number of Leases	4		4
Concentration Risk, Percentage	6.00%		6.00%
Green Thumb Industries Inc. [Member]
Concentration Risk [Line Items]
Number of Leases	3		3
Concentration Risk, Percentage	6.00%		5.00%
Vireo Health, Inc. [Member]
Concentration Risk [Line Items]
Number of Leases		4		4
Concentration Risk, Percentage		9.00%		10.00%
SH Parent, Inc. (Parallel) [Member]
Concentration Risk [Line Items]
Number of Leases	2		2
Concentration Risk, Percentage	6.00%		5.00%
Kings Garden Inc. [Member]
Concentration Risk [Line Items]
Number of Leases		5		5
Concentration Risk, Percentage		8.00%		6.00%
Green Peak Industries LLC [Member]
Concentration Risk [Line Items]
Number of Leases		1		1
Concentration Risk, Percentage		7.00%		7.00%
The Pharm LLC [Member]
Concentration Risk [Line Items]
Number of Leases		2		2
Concentration Risk, Percentage		6.00%		8.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Additional Information (Details)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Number of Reportable Segments | segment			1
Impairment loss			$ 0	$ 0
Short-term Investments	$ 451,178,000	$ 119,595,000	$ 451,178,000
Percentage of current base rent	8.00%		8.00%
Purchase Option Price For Real Estate For Land And Buildings	$ 30,500,000		$ 30,500,000
Cash, FDIC Insured Amount	250,000		250,000
Money Market Funds [Member]
Short-term Investments	$ 93,500,000	$ 60,100,000	$ 93,500,000
Building [Member]
Property, Plant and Equipment, Useful Life			40 years
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	9 Months Ended
	Jul. 31, 2020	May 31, 2020	Jan. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Common Stock, Shares Authorized					50,000,000	50,000,000		50,000,000
Common Stock, Par or Stated Value Per Share					$ 0.001	$ 0.001		$ 0.001
Common Stock, Shares, Outstanding					22,174,428	22,174,428		12,637,043
Common Stock, Shares, Issued					22,174,428	22,174,428		12,637,043
Proceeds from Issuance or Sale of Equity			$ 239,600
Net proceeds from issuance						$ 741,120	$ 185,687
Common Stock [Member]
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					22,174,428	22,174,428
Common Stock, Shares, Issued					22,174,428	22,174,428
Number of shares sold	3,085,867	1,550,648	3,412,969
Stock Issued During Period Share Purchase Of Common Stock	402,504	202,259	445,170
Proceeds from Issuance or Sale of Equity	$ 248,200		$ 114,900
Common Stock [Member] | ATM Program [Member]
Number of shares sold					474,000	1,499,382
Net proceeds from issuance					$ 58,100	$ 138,400
Payments Of Stock Issuance Commissions					$ 1,200	$ 2,800
Amount of Shares Authorized				$ 250,000

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 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
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	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Dividend Amount	$ 26,325	$ 12,975
Common Stock On March 13 2020 [Member]
Declaration Date	Mar. 13, 2020
Dividends Declared Security Class	Common Stock
Amount Per Share	$ 1
Dividend Paid Date	Apr. 15, 2020
Dividend Amount	$ 17,070
Common Stock On June 15 2020 [Member]
Declaration Date	Jun. 15, 2020
Dividends Declared Security Class	Common Stock
Amount Per Share	$ 1.06
Dividend Paid Date	Jul. 15, 2020
Dividend Amount	$ 19,770
Common Stock on September 15, 2020 [Member]
Declaration Date	Sep. 15, 2020
Dividends Declared Security Class	Common Stock
Amount Per Share	$ 1.17
Dividend Paid Date	Oct. 15, 2020
Dividend Amount	$ 25,987
Series A preferred stock On March 13 2020 [Member]
Declaration Date	Mar. 13, 2020
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Dividend Paid Date	Apr. 15, 2020
Dividend Amount	$ 338
Series A preferred stock On June 15 2020 [Member]
Declaration Date	Jun. 15, 2020
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Dividend Paid Date	Jul. 15, 2020
Dividend Amount	$ 338
Series A Preferred Stock on September 15, 2020 [Member]
Declaration Date	Sep. 15, 2020
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Dividend Paid Date	Oct. 15, 2020
Dividend Amount	$ 338

Investments in Real Estate (Det

Investments in Real Estate (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)ft²
Rentable Square Feet | ft²	1,823,000
Purchase Price	$ 182,345
Transaction Costs	391
Total	$ 182,736
Green Leaf VA [Member]
Rentable Square Feet | ft²	82,000
Purchase Price	$ 11,740
Transaction Costs	73
Total	$ 11,813
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	27
Total	$ 2,927
LivWell CO [Member]
Rentable Square Feet | ft²	8,000
Purchase Price	$ 3,300
Transaction Costs	27
Total	$ 3,327
GTI IL [Member]
Rentable Square Feet | ft²	231,000
Purchase Price	$ 9,000
Transaction Costs	23
Total	$ 9,023
Parallel FL [Member]
Rentable Square Feet | ft²	373,000
Purchase Price	$ 35,300
Transaction Costs	26
Total	$ 35,326
Ascend MA [Member]
Rentable Square Feet | ft²	199,000
Purchase Price	$ 26,750
Transaction Costs	20
Total	$ 26,770
Cresco MI [Member]
Rentable Square Feet | ft²	115,000
Purchase Price	$ 5,000
Transaction Costs	16
Total	$ 5,016
Kings Garden CA [Member]
Rentable Square Feet | ft²	70,000
Purchase Price	$ 17,500
Transaction Costs	9
Total	$ 17,509
Holistic PA [Member]
Rentable Square Feet | ft²	108,000
Purchase Price	$ 8,870
Transaction Costs	12
Total	$ 8,882
Cresco MA [Member]
Rentable Square Feet | ft²	118,000
Purchase Price	$ 7,750
Transaction Costs	14
Total	$ 7,764
Curaleaf NJ [Member]
Rentable Square Feet | ft²	111,000
Purchase Price	$ 5,500
Transaction Costs	59
Total	$ 5,559
Columbia Care NJ Cult [Member]
Rentable Square Feet | ft²	50,000
Purchase Price	$ 10,220
Transaction Costs	48
Total	$ 10,268
Columbia Care NJ Disp [Member]
Rentable Square Feet | ft²	4,000
Purchase Price	$ 2,165
Transaction Costs	7
Total	$ 2,172
Holistic MI [Member]
Rentable Square Feet | ft²	63,000
Purchase Price	$ 6,200
Transaction Costs	11
Total	$ 6,211
Parallel FL Lakeland [Member]
Rentable Square Feet | ft²	220,000
Purchase Price	$ 19,550
Transaction Costs	7
Total	$ 19,557

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($)	Nov. 05, 2020	Jul. 01, 2020	Nov. 30, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Feb. 29, 2020	Apr. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Oct. 31, 2020	Oct. 01, 2020	Aug. 31, 2020	Mar. 31, 2020	Jan. 31, 2020	Dec. 31, 2019
Tenant improvements allowance									$ 272,934,000			$ 272,934,000							$ 87,344,000
Total investment in property									885,027,000			885,027,000							$ 505,861,000
Real Estate Property Cost									215,700,000			215,700,000
Amount funded by the entity									210,100,000			210,100,000
Period Deferral For Base Rent And Management Fee		18 months
Security Deposit Applied For Payment Of Rent						$ 940,000
Rent Being Deferred				$ 781,000	$ 743,000
Security Deposit To Be Replenished		$ 52,000
Repayments Of Base Rent And Property Management Fee		$ 85,000
Total Property Acquisitions									182,736,000			182,736,000
Rental (including tenant reimbursements)									34,327,000	$ 11,555,000		79,803,000	$ 26,995,000
Operating Income (Loss)									20,423,000	6,821,000		46,876,000	14,333,000
Land
Total Property Acquisitions									19,400,000			19,400,000
Building and Improvements
Total Property Acquisitions									163,300,000			163,300,000
Properties Acquired In 2020 [Member]
Rental (including tenant reimbursements)									778,000			15,200,000
Operating Income (Loss)									303,000			11,000,000
Properties Acquired In 2019 [Member]
Rental (including tenant reimbursements)										1,700,000			6,600,000
Operating Income (Loss)										$ 1,400,000			$ 5,100,000
Green Leaf VA [Member]
Additional Purchase for Building Improvements Payable				30,000,000							$ 30,000,000
Total investment in property				43,000,000							43,000,000
Payments for Building Improvements												592,000,000,000
Real Estate Property Cost, Funded												0
Total Property Acquisitions									11,813,000			11,813,000
Green Leaf VA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									8,000,000			8,000,000
Cresco OH [Member]
Additional Purchase for Building Improvements Payable				1,000,000							1,000,000
Total investment in property									13,500,000			13,500,000
Real Estate Property Cost									148,000			148,000
Amount funded by the entity									0			0
Total Property Acquisitions									10,612,000			10,612,000
Cresco OH [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									1,900,000			1,900,000
Tenant improvements allowance									2,900,000			2,900,000
GTI OH [Member]
Agreed reimbursement for redevelopment of building																	$ 4,300,000
Real Estate Property Cost									4,400,000			4,400,000
Amount funded by the entity									4,300,000			4,300,000
Total Property Acquisitions									2,927,000			2,927,000
GTI OH [Member] | Subsequent Event [Member]
Additional Purchase for Building Improvements Payable															$ 25,000,000
Tenant improvements allowance															$ 29,300,000
GTI OH [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									4,300,000			4,300,000
LivWell CO [Member]
Real Estate Property Cost									49,000			49,000
Total Property Acquisitions									3,327,000			3,327,000
LivWell CO [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									850,000			850,000
GTI IL [Member]
Real Estate Property Cost									19,600,000			19,600,000
Amount funded by the entity									18,500,000			18,500,000
Total Property Acquisitions									9,023,000			9,023,000
GTI IL [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									41,000,000			41,000,000
Parallel FL [Member]
Real Estate Property Cost									3,000,000			3,000,000
Amount funded by the entity									2,100,000			2,100,000
Total Property Acquisitions									35,326,000			35,326,000
Parallel FL [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									8,200,000			8,200,000
Ascend MA [Member]
Real Estate Property Cost									4,400,000			4,400,000
Amount funded by the entity									3,000,000			3,000,000
Total Property Acquisitions									26,770,000			26,770,000
Ascend MA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									22,300,000			22,300,000
Cresco MI [Member]
Additional Purchase for Building Improvements Payable				16,000,000							16,000,000
Real Estate Property Cost									596,000			596,000
Amount funded by the entity									0			0
Total Property Acquisitions									5,016,000			5,016,000
Cresco MI [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									11,000,000			11,000,000
Tenant improvements allowance									27,000,000			27,000,000
Holistic PA [Member]
Real Estate Property Cost									4,000,000			4,000,000
Amount funded by the entity									2,700,000			2,700,000
Total Property Acquisitions									8,882,000			8,882,000
Holistic PA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									6,400,000			6,400,000
Cresco MA [Member]
Real Estate Property Cost									59,000			59,000
Amount funded by the entity									0			0
Total Property Acquisitions									7,764,000			7,764,000
Cresco MA [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									21,000,000			21,000,000
Curaleaf NJ [Member]
Real Estate Property Cost									8,700,000			8,700,000
Amount funded by the entity									5,400,000			5,400,000
Total Property Acquisitions									5,559,000			5,559,000
Curaleaf NJ [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									29,500,000			29,500,000
Columbia Care NJ Cult [Member]
Real Estate Property Cost									648,000			648,000
Amount funded by the entity									0			0
Total Property Acquisitions									10,268,000			10,268,000
Columbia Care NJ Cult [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									1,600,000			1,600,000
Holistic MI [Member]
Real Estate Property Cost									628,000			628,000
Amount funded by the entity									0			0
Total Property Acquisitions									6,211,000			6,211,000
Holistic MI [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									18,800,000			18,800,000
Parallel FL Lakeland [Member]
Real Estate Property Cost									57,000			57,000
Amount funded by the entity									0			0
Total Property Acquisitions									19,557,000			19,557,000
Parallel FL Lakeland [Member] | Maximum [Member]
Agreed reimbursement for redevelopment of building									36,900,000			36,900,000
Green Peak Industries LLC [Member]
Total investment in property									15,800,000			15,800,000
Inventory Real Estate Improvement Funding, Canceled																		$ 15,200,000
Green Peak Industries LLC [Member] | Subsequent Event [Member]
Additional Purchase for Building Improvements Payable														$ 525,000
Tenant improvements allowance														1,800,000
Total investment in property														$ 3,400,000
Real Estate Property Cost, Funded	$ 1,700,000
Vireo Health, Inc [Member]
Additional Purchase for Building Improvements Payable																		4,500,000
Tenant improvements allowance																$ 10,000,000
Total investment in property																15,800,000
Real Estate Property Cost									7,600,000			7,600,000
Amount funded by the entity									7,400,000			7,400,000
Decrease amount in funding for tenant improvement						300,000		$ 300,000
Jushi Holdings Inc. [Member]
Additional Purchase for Building Improvements Payable																2,000,000
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			20,000,000
Sacramento, California [Member]
Additional Purchase for Building Improvements Payable																		1,300,000
Tenant improvements allowance																		$ 6,000,000
Total investment in property									12,700,000			12,700,000
Maitri Medicinals, LLC [Member]
Additional Purchase for Building Improvements Payable							$ 6,000,000
Tenant improvements allowance							16,000,000
Real Estate Property Cost									14,300,000			14,300,000
Amount funded by the entity									13,600,000			13,600,000
Pharma Cann [Member]
Additional Purchase for Building Improvements Payable				$ 3,000,000			4,000,000				3,000,000
Total investment in property									30,500,000			30,500,000
Real Estate Property Cost									8,800,000			8,800,000
Amount funded by the entity									8,500,000			8,500,000
Inventory Real Estate Improvement Funding, Canceled							4,000,000
Payments for Building Improvements							$ 27,500,000				$ 10,000,000
Pharma Cann [Member] | Subsequent Event [Member]
Additional Purchase for Building Improvements Payable			$ 2,000,000
Total investment in property			28,000,000
Payments for Building Improvements			$ 27,100,000
Real Estate Property Cost, Funded	$ 18,200,000
Holistic Industries [Member]
Tenant improvements allowance																	5,500,000
Total investment in property																	$ 22,400,000
Real Estate Property Cost									5,200,000			5,200,000
Amount funded by the entity									4,400,000			4,400,000
Vireo MN Property [Member]
Additional Purchase for Building Improvements Payable						1,400,000		1,400,000
Tenant improvements allowance						10,100,000		10,100,000	10,100,000			10,100,000
Total investment in property						9,700,000		9,700,000
Amount funded by the entity									10,000,000			10,000,000
Vireo in New York Property [Member]
Total investment in property						$ 6,800,000		6,800,000
Michigan In GPI [Member]
Period Deferral For Base Rent And Management Fee		18 months
Maitri In Pennsylvania [Member]
Period Deferral For Base Rent And Management Fee		18 months
Medical Investor Holdings LLC [Member]
Period Deferral For Base Rent And Management Fee		18 months
Repayments Of Base Rent And Property Management Fee								$ 185,000
GR Companies Inc. [Member]
Additional Purchase for Building Improvements Payable									10,600,000			10,600,000				1,500,000
Tenant improvements allowance																12,400,000
Total investment in property																26,600,000
Real Estate Property Cost									10,700,000			10,700,000
GR Companies Inc.. Illinois Property [Member]
Additional Purchase for Building Improvements Payable									11,200,000			11,200,000				844,000
Tenant improvements allowance																18,600,000
Total investment in property																29,100,000
Real Estate Property Cost									11,700,000			11,700,000
Ascend Wellness Holdings LLC [Member]
Additional Purchase for Building Improvements Payable									14,000,000			14,000,000				18,000,000
Tenant improvements allowance																32,000,000
Total investment in property																$ 51,000,000
Real Estate Property Cost									$ 18,700,000			$ 18,700,000

Investments in Real Estate - Fu

Investments in Real Estate - Future Contractual Minimum Rent (Details) $ in Thousands	Sep. 30, 2020USD ($)
Contractual Minimum Rent
2020 (three months ending December 31)	$ 35,417
2021	156,817
2022	159,888
2023	164,653
2024	169,567
Thereafter	2,497,606
Total	$ 3,183,948

Exchangeable Senior Notes - Int

Exchangeable Senior Notes - Interest expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Exchangeable Senior Notes
Cash coupon	$ 1,348	$ 1,349	$ 4,042	$ 3,281
Amortization of debt discount	275	262	816	632
Amortization of issuance costs	238	227	707	549
Total interest expense	$ 1,861	$ 1,838	$ 5,565	$ 4,462

Exchangeable Senior Notes - Car

Exchangeable Senior Notes - Carrying value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Exchangeable Senior Notes
Principal amount	$ 143,749	$ 143,750
Unamortized discount	(4,063)	(4,878)
Unamortized issuance costs	(3,512)	(4,218)
Carrying value	$ 136,174	$ 134,654

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Details)	3 Months Ended	9 Months Ended
	Mar. 31, 2020USD ($)shares	Sep. 30, 2020USD ($)$ / shares	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	$ 225,000
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		14.94423
Conversion of Stock, Amount Converted	$ 1,000	$ 1,000
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 66.916
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
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Income Per Share
Net income	$ 19,215	$ 6,520	$ 44,397	$ 13,573
Preferred stock dividend	(338)	(338)	(1,014)	(1,014)
Distributions to participating securities	(133)	(109)	(369)	(256)
Net income attributable to common stockholders used to compute net income per share	$ 18,744	$ 6,073	$ 43,014	$ 12,303
Weighted average common share outstanding:
Basic	21,594,637	10,918,477	18,315,231	10,088,036
Diluted	21,708,725	11,057,697	18,429,228	10,225,574
Net income attributable to common stockholders per share:
Basic	$ 0.87	$ 0.56	$ 2.35	$ 1.22
Diluted	$ 0.86	$ 0.55	$ 2.33	$ 1.20

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value of Financial Instruments
Short-term investments, net	$ 451,178	$ 119,595
Exchangeable Senior Notes, Carrying Value	136,174	134,654
Short-term investments, Fair Value	451,369	119,673
Exchangeable Senior Notes, Fair Value	$ 277,891	$ 185,558

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) $ in Millions	Sep. 30, 2020USD ($)
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 93.5

Common Stock Incentive Plan (De

Common Stock Incentive Plan (Details) - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Restricted Shares, Beginning Balance	139,546	80,937
Unvested Restricted Shares, Granted	15,918	1,139
Unvested Restricted Shares, Vested	(45,975)	(4,675)
Unvested Restricted Shares, Forfeited	(28,552)
Unvested Restricted Shares, Ending Balance	80,937	77,401
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 37.03	$ 50.64
Weighted-Average Grant Date Fair Value, Granted	75.11	87.82
Weighted-Average Grant Date Fair Value, Vested	37.01	62.08
Weighted-Average Grant Date Fair Value, Forfeited	19.72
Weighted-Average Grant Date Fair Value, Ending Balance	$ 50.64	$ 50.49
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Restricted Shares, Beginning Balance	0	33,954
Unvested Restricted Shares, Granted	33,954	2,733
Unvested Restricted Shares, Ending Balance	33,954	36,687
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 0	$ 75.11
Weighted-Average Grant Date Fair Value, Granted	75.11	87.82
Weighted-Average Grant Date Fair Value, Ending Balance	$ 75.11	$ 76.06

Common Stock Incentive Plan - A

Common Stock Incentive Plan - Additional Information (Details) $ in Millions	Sep. 30, 2020USD ($)shares	Sep. 30, 2020USD ($)shares
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 2.4	$ 2.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 7 months 6 days
Restricted stock units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 2.1	$ 2.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares	1,000,000	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	Sep. 30, 2020	Dec. 31, 2019
Commitments and Contingencies
2020 (three months ending December 31)	$ 57
2021	235
2022	242
2023	249
2024	256
Thereafter	88
Total future contractual lease payments	1,127
Effect of discounting	(14)
Office lease liability	$ 1,113	$ 1,202

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2020USD ($)
Other Commitments [Line Items]
Tenant Improvement Payable	$ 232.6
Tenant improvement may be canceled	10
Pennsylvania [Member]
Other Commitments [Line Items]
Other Commitment	$ 6.9

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Nov. 05, 2020	Nov. 30, 2020	Feb. 29, 2020	Jun. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Tenant improvements						$ 272,934,000	$ 87,344,000
Total investment in property						885,027,000	$ 505,861,000
Green Peak Industries LLC [Member]
Total investment in property						15,800,000
Pharma Cann [Member]
Additional Purchase for Building Improvements Payable			$ 4,000,000	$ 3,000,000
Payments for Building Improvements			$ 27,500,000	$ 10,000,000
Total investment in property						$ 30,500,000
Subsequent Event [Member]
Percentage of contractual rent collected (%)	100.00%
Subsequent Event [Member] | Green Thumb Industries Inc. [Member]
Additional Purchase for Building Improvements Payable					$ 25,000,000
Tenant improvements					29,300,000
Total investment in property					32,200,000
Real estate property cost funded by the entity	$ 4,400,000
Subsequent Event [Member] | Green Peak Industries LLC [Member]
Additional Purchase for Building Improvements Payable					525,000
Tenant improvements					1,800,000
Total investment in property					$ 3,400,000
Real estate property cost funded by the entity	1,700,000
Subsequent Event [Member] | Pharma Cann [Member]
Additional Purchase for Building Improvements Payable		$ 2,000,000
Payments for Building Improvements		27,100,000
Total investment in property		$ 28,000,000
Real estate property cost funded by the entity	$ 18,200,000