Innovative Industrial Properties (IIPR) 10-Q 13 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 13, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Registrant Name	INNOVATIVE INDUSTRIAL PROPERTIES INC
Entity Central Index Key	1,677,576
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	IIPR
Entity Common Stock, Shares Outstanding		6,785,800

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate, at cost:
Land	$ 14,819	$ 11,514
Buildings and improvements	57,105	51,315
Tenant improvements	7,313	5,901
Construction in progress	4,366	0
Total real estate, at cost	83,603	68,730
Less accumulated depreciation	(1,954)	(942)
Net real estate held for investment	81,649	67,788
Cash and cash equivalents	21,185	11,758
Short-term investments, net	57,419	0
Other assets, net	1,446	482
Total assets	161,699	80,028
Liabilities and stockholders' equity
Accounts payable and accrued expenses	2,908	1,082
Dividends payable	2,034	1,198
Offering cost liability	31	41
Rents received in advance and tenant security deposits	5,141	4,158
Total liabilities	10,114	6,479
Commitments and contingencies (Notes 6 and 10)
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 June 30, 2018 and December 31, 2017	14,009	14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 6,785,800 and 3,501,147 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	7	4
Additional paid-in capital	139,546	64,000
Accumulated deficit	(1,977)	(4,464)
Total stockholders' equity	151,585	73,549
Total liabilities and stockholders' equity	$ 161,699	$ 80,028

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
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	6,785,800	3,501,147
Common Stock, Shares, Outstanding	6,785,800	3,501,147
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.001
Preferred Stock, Shares Issued	600,000	600,000
Preferred Stock, Shares Outstanding	600,000	600,000
Preferred Stock, Liquidation Preference, Value	$ 15,000	$ 15,000
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Rental	$ 3,246	$ 1,289	$ 5,923	$ 2,579
Tenant reimbursements	68	0	155	0
Total revenues	3,314	1,289	6,078	2,579
Expenses:
Property expenses	68	0	155	0
General and administrative expense	1,474	1,466	2,951	3,221
Severance expense	0	113	0	113
Depreciation expense	536	175	1,012	336
Total expenses	2,078	1,754	4,118	3,670
Income / (loss) from operations	1,236	(465)	1,960	(1,091)
Interest and other income	306	43	527	78
Net income / (loss)	1,542	(422)	2,487	(1,013)
Preferred stock dividend	(338)	0	(676)	0
Net income / (loss) attributable to common stockholders	$ 1,204	$ (422)	$ 1,811	$ (1,013)
Net income / (loss) attributable to common stockholders per share (Note 7):
Basic	$ 0.18	$ (0.13)	$ 0.28	$ (0.31)
Diluted	$ 0.17	$ (0.13)	$ 0.27	$ (0.31)
Weighted average shares outstanding:
Basic	6,635,651	3,364,948	6,261,708	3,357,515
Diluted	6,783,674	3,364,948	6,406,466	3,357,515
Dividends declared per common share	$ 0.25	$ 0.15	$ 0.50	$ 0.15

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Series A Preferred Stock [Member]	Common Stock	Additional Paid-In-Capital	Accumulated Deficit
Balance at Dec. 31, 2017	$ 73,549	$ 14,009	$ 4	$ 64,000	$ (4,464)
Balance (in shares) at Dec. 31, 2017			3,501,147
Net proceeds from sale of common stock	79,314	0	$ 3	79,311	0
Net proceeds from sale of common stock (in shares)			3,220,000
Net issuance of unvested restricted stock	(390)	0	$ 0	(390)	0
Net issuance of unvested restricted stock (in shares)			64,653
Preferred stock dividend	(676)	0	$ 0	(676)	0
Common stock dividend	(3,392)	0	0	(3,392)	0
Net income	2,487	0	0	0	2,487
Stock-based compensation	693	0	0	693	0
Balance at Jun. 30, 2018	$ 151,585	$ 14,009	$ 7	$ 139,546	$ (1,977)
Balance (in shares) at Jun. 30, 2018			6,785,800

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net income / (loss)	$ 2,487	$ (1,013)
Adjustments to reconcile net income / (loss) to net cash provided by operating activities
Depreciation	1,012	336
Stock-based compensation	693	1,375
Amortization of discounts on short-term investments	(249)	0
Changes in assets and liabilities
Other assets, net	(974)	23
Accounts payable and accrued expenses	(258)	474
Rents received in advance and tenant security deposits	983	304
Net cash provided by operating activities	3,694	1,499
Cash flows from investing activities
Purchases of investments in real estate	(8,908)	(8,166)
Reimbursements of tenant improvements and Construction Funding	(3,881)	(6)
Purchases of short-term investments	(61,170)	0
Maturities of short-term investments	4,000	0
Net cash used in investing activities	(69,959)	(8,172)
Cash flows from financing activities
Issuance of common stock, net of offering costs	79,314	(276)
Dividends paid to common stockholders	(2,571)	0
Dividends paid to preferred stockholders	(661)	0
Taxes paid related to net share settlement of equity awards	(390)	(298)
Net cash provided by / (used in) financing activities	75,692	(574)
Net increase / (decrease) in cash and cash equivalents	9,427	(7,247)
Cash and cash equivalents, beginning of period	11,758	33,003
Cash and cash equivalents, end of period	21,185	25,756
Supplemental disclosure of non-cash investing and financing activities:
Accrual for reimbursements of tenant improvements and Construction Funding	2,084	19
Accrual for common stock dividend declared	1,696	525
Accrual for preferred stock dividend declared	338	0
Accrual for stock issuance costs	$ 31	$ 0

Organization

Organization	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 acquire, own and manage specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. We have acquired our properties through sale-leaseback transactions and third-party purchases. We 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 and intend to elect to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with our taxable year ended December 31, 2017. 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 a subsidiary, 100% of the limited partnership interests in our Operating Partnership. As of June 30, 2018, we had six full-time employees. As of June 30, 2018, we owned seven properties that were 100% leased to state-licensed medical-use cannabis operators and comprising an aggregate of approximately 764,000 rentable square feet (including approximately 58,000 square feet under development) in Arizona, Maryland, Massachusetts, Minnesota, New York and Pennsylvania.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
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, 2017. 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, 2018. Federal Income Taxes. Use of Estimates. Acquisition of Real Estate Properties. Depreciation. We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years. Provision for Impairment. Revenue Recognition. 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 June 30, 2018 for future periods is summarized as follows (in thousands): Year Contractual Minimum Rent 2018 (six months ending December 31) $ 6,818 2019 16,288 2020 16,804 2021 17,294 2022 16,626 Thereafter 198,670 Total $ 272,500 Cash and Cash Equivalents Short-Term Investments Stock-Based Compensation. Recent Accounting Pronouncements. In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, Compensation — Stock Compensation; Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). The FASB issued ASU 2016-09 to simplify several aspects of the accounting for share-based payment transactions, including classification of awards as either equity or liabilities, estimation of forfeitures, and classification on the statement of cash flows. The Company’s adoption of ASU 2016-09 beginning on January 1, 2018 did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers, and will apply to transactions such as the sale of real estate. ASU 2014-09 is effective for years beginning after December 15, 2018 as a result of the Company’s election as an emerging growth company. The majority of our revenues related to rental income from leasing arrangements, which is excluded from ASU 2014-09. The Company is currently evaluating the impact that ASU 2014-09 will have on any non-lease components and revenues generated from activities other than leasing. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02") which introduces a lessee model that brings most leases on the balance sheet. Under this new standard the large majority of operating leases are expected to remain classified as operating leases, and lessors should continue to recognize lease income for those leases on a generally straight-line basis over the lease term. ASU 2016-02 is effective for years beginning after December 15, 2019 as a result of the Company’s election as an emerging growth company, using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are continuing to evaluate this guidance and the impact to us, as both lessor and lessee, on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. Companies will have to disclose significantly more information, including information they use to track credit quality by year of origination for most financing receivables. Companies will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This standard is effective for years beginning after December 15, 2020 as a result of the Company’s election as an emerging growth company with early adoption permitted. The Company is in the initial stage of evaluating the impact of this new standard. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments, which clarifies or provides guidance relating to eight specific cash flow classification issues. The standard should be applied retrospectively for each period presented, as appropriate. This new standard is effective for years beginning after December 15, 2018 as a result of the Company’s election as an emerging growth company. The impact of this new guidance will depend on future transactions, though the impact will only be related to the classification of those items on the statement of cash flows and will not impact the Company’s cash flows or its consolidated results of operations. In February 2017, the FASB has issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ("Subtopic 610-20"). A contract may involve the transfer of both nonfinancial assets and financial assets (e.g., cash and receivables). The amendments clarify that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. The amendments are effective at the same time Topic 606, Revenue from Contracts with Customers, is effective. This new standard is effective for years beginning after December 15, 2018 as a result of the Company’s election as an emerging growth company. We do not expect this amendment to have an effect on our consolidated financial statements. Concentration of Credit Risk We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of June 30, 2018, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts. Reclassifications

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Common Stock	3. Common Stock As of June 30, 2018, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 6,785,800 shares of common stock issued and outstanding. On January 22, 2018, the Company issued 3,220,000 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 420,000 shares, resulting in net proceeds of approximately $79.3 million, after deducting the underwriters’ discounts and commissions and offering expenses.

Preferred Stock

Preferred Stock	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Preferred Stock	4. Preferred Stock As of June 30, 2018, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001 per share, 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	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Dividends	5. Dividends The following table describes the dividends declared by the Company during the six months ended June 30, 2018: Declaration ‎ Date Security Class Amount ‎ Per ‎ Share Period Covered Dividend ‎ Payable Date Dividend Amount (In thousands) March 15, 2018 Common Stock $ 0.25 January 1, 2018 to March 31, 2018 April 16, 2018 $ 1,696 March 15, 2018 Series A preferred stock $ 0.5625 January 15, 2018 to April 14, 2018 April 16, 2018 $ 338 June 15, 2018 Common Stock $ 0.25 April 1, 2018 to June 30, 2018 July 16, 2018 $ 1,696 June 15, 2018 Series A preferred stock $ 0.5625 April 15, 2018 to July 14, 2018 July 16, 2018 $ 338

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Real Estate Disclosure	6. Investments in Real Estate On April 6, 2018, we acquired a property in Pennsylvania for approximately $5.8 million (excluding transaction costs of approximately $115,000) in a sale-leaseback transaction. Upon the closing, we entered into a triple-net lease for the entire property with a subsidiary of Vireo Health, Inc. to operate a medical-use cannabis cultivation and processing facility in compliance with applicable state and local law. The tenant is responsible for paying all structural repairs, maintenance expenses, insurance and taxes related to the property, and the lease provides that we will fund up to approximately $2.8 million as reimbursement for future tenant improvements at the property, of which approximately $1.1 million were incurred and approximately $201,000 were funded as of June 30, 2018. The initial annual base rent for the property is approximately $1.3 million, or 15% of the sum of the purchase price and the tenant improvement allowance made available for the property, and subject to annual increases at a rate of 3.5%. We also receive a property management fee under the lease equal to 1.5% of the then-current base rent throughout the term. The initial lease term is 15 years, with two options to extend the term of the lease for two additional five-year periods. On May 31, 2018, we acquired a property in Massachusetts and entered into a long-term lease and development agreement with a subsidiary of PharmaCann LLC (“PharmaCann”) for an approximately 26,000 square foot industrial facility and an approximately 32,000 square foot greenhouse facility on the property. The purchase price for the property was $3.0 million (excluding transaction costs of approximately $30,000). The PharmaCann subsidiary is expected to construct the two buildings at the property, for which we have agreed to provide reimbursement of up to $15.5 million (the “Construction Funding”), of which approximately $3.1 million were incurred and approximately $2.4 million were funded as of June 30, 2018. Assuming full reimbursement for the construction, our total investment in the property will be $18.5 million. Concurrent with the closing of the purchase of the Massachusetts property, we entered into a long-term, triple-net lease agreement with the PharmaCann subsidiary, which intends to operate the property upon completion of development as a cannabis cultivation and processing facility in compliance with applicable state and local law. The initial base rent for the property is approximately $2.7 million, or 14.5% of the sum of the purchase price of the property and the Construction Funding, subject to an initial six month base rent abatement and annual increases at a rate of 3.25%. We also receive a property management fee under the lease equal to 1.5% of the then-current base rent throughout the term. The initial term of the lease is 15.25 years, with two options to extend the term for two additional five-year periods. Including all of our properties, during the six months ended June 30, 2018, we capitalized costs of approximately $2.9 million relating to tenant improvement allowances made available for our properties, of which approximately $1.5 million was funded as of June 30, 2018.

Net Income _ (Loss) Per Share

Net Income / (Loss) Per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Net Income / (Loss) Per Share	7. Net Income / (Loss) Per Share Grants of restricted stock of the Company in share-based payment transactions are considered participating securities prior to vesting and, therefore, are considered in computing basic earnings per share under the two-class method. The two-class method is an earnings allocation method for calculating earnings per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. Earnings per basic share under the two-class method is calculated based on dividends declared on common shares and other participating securities (“distributed earnings”) and the rights of participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends accruing during the period. The undistributed earnings are allocated to all outstanding common shares and participating securities based on the relative percentage of each security to the total number of outstanding participating securities. Earnings per basic share represents the summation of the distributed and undistributed earnings per share class divided by the total number of shares. Through June 30, 2018, all of the Company’s participating securities received dividends at an equal dividend rate per share. As a result, distributions to participating securities for the three and six months ended June 30, 2018 have been included in net income attributable to common stockholders to calculate net income per basic and diluted share. For the three months and six months ended June 30, 2017, the Company incurred a net loss. As such, 175,564 of unvested restricted shares outstanding at June 30, 2017 have been excluded from the calculation of net loss per diluted share for the three and six months ended June 30, 2017 as the impacts were anti-dilutive. Computations of net income / (loss) per basic and diluted share (in thousands, except share data) were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Net income / (loss) $ 1,542 $ (422 ) $ 2,487 $ (1,013 ) Preferred stock dividend (338 ) — (676 ) — Distribution to participating securities (37 ) (16 ) (74 ) (16 ) Net income / (loss) attributable to common stockholders used to compute net income / (loss) per share $ 1,167 $ (438 ) $ 1,737 $ (1,029 ) Weighted average common share outstanding: Basic 6,635,651 3,364,948 6,261,708 3,357,515 Diluted 6,783,674 3,364,948 6,406,466 3,357,515 Net income / (loss) attributable to common stockholders per share: Basic $ 0.18 $ (0.13 ) $ 0.28 $ (0.31 ) Diluted $ 0.17 $ (0.13 ) $ 0.27 $ (0.31 )

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	8. 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. At June 30, 2018, cash equivalent instruments consisted of $3.3 million in short-term money market funds that were measured using the net asset value per share that have not been classified using the fair value hierarchy. The fund invests primarily in short-term U.S. Treasury and government securities. Short-term investments consisting of certificate of deposits and obligations of the U.S. government are stated at amortized cost, which approximates their relative fair values due to the short-term maturities and market rates of interest of these instruments. The carrying amounts of financial instruments such as cash equivalents invested in certificates of deposit, receivables, accounts payable, accrued expenses and other liabilities approximate their relative fair values due to the short-term maturities and market rates of interest of these instruments.

Common Stock Incentive Plan

Common Stock Incentive Plan	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Common Stock Incentive Plan	9. 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. A summary of the activity under the 2016 Plan and related information is included in the table below. Unvested ‎ Restricted ‎ Shares Weighted- ‎Average Date ‎ Fair Value Balance at December 31, 2017 106,839 $ 18.01 Granted 73,011 $ 29.45 Vested (20,635 ) $ 18.67 Forfeited (1) (12,079 ) $ 18.67 Balance at March 31, 2018 147,136 $ 23.54 Granted 3,721 $ 34.95 Vested (1,695 ) $ 17.68 Balance at June 30, 2018 149,162 $ 23.89 (1) Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting. The remaining unrecognized compensation cost of $3.0 million will be recognized over a weighted-average amortization period of approximately 2.1 years as of June 30, 2018.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Tenant Improvement Allowances Construction Funding. Subsequent to June 30, 2018, we funded approximately of the outstanding commitments. Office and Equipment Leases Environmental Matters Litigation

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Subsequent to June 30, 2018, on July 12, 2018, we acquired a property in Massachusetts for $12.75 million (excluding transaction costs) in a sale-leaseback transaction. Upon the closing, we entered into a triple-net lease for the entire property with Holistic Industries, Inc. to operate a cannabis cultivation and processing facility in compliance with applicable state and local law. The tenant is responsible for paying all structural repairs, maintenance expenses, insurance and taxes related to the property. The initial annual base rent for the property is approximately $1.9 million, or 15% of the purchase price for the property, subject to annual increases at a rate of 3.25%. We also receive a property management fee under the lease equal to 1.5% of the then-current base rent throughout the term. The initial lease term is 20 years, with three options to extend the term of the lease for three additional five-year periods. Subsequent to June 30, 2018, on August 2, 2018, we acquired a property in Michigan for approximately $5.5 million (excluding transaction costs). Upon the closing, we entered into a triple-net lease for the entire property with Green Peak Industries, LLC to operate a medical-use cannabis cultivation and processing facility upon completion of development in compliance with applicable state and local law. The tenant is responsible for paying all structural repairs, maintenance expenses, insurance and taxes related to the property. The seller of the property is responsible for completing certain development milestones for the building, for which the seller is expected to be reimbursed approximately $5.3 million (the "Additional Purchase Price"). Green Peak Industries, LLC is also expected complete certain tenant improvements, for which we have agreed to provide reimbursement of up to $2.2 million (the "TI Allowance"). If we fund the full amount of the Additional Purchase Price and TI Allowance, our total investment in the property is expected to be $13 million. The initial annual base rent for the property is approximately $2.0 million, or 15% of the sum of the initial purchase price of the property, the Additional Purchase Price and the TI Allowance, subject to annual increases at a rate of 3.5%. We also receive a property management fee under the lease equal to 1.5% of the then-current base rent throughout the term. The initial lease term is 15 years, with two options to extend the term of the lease for two additional five-year periods.

Summary of Significant Accoun18

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
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, 2017. 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, 2018.
Federal Income Taxes	Federal Income Taxes.
Use of Estimates	Use of Estimates.
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 to six years.
Provision for Impairment	Provision for Impairment.
Revenue Recognition and Accounts Receivable	Revenue Recognition. 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 June 30, 2018 for future periods is summarized as follows (in thousands): Year Contractual Minimum Rent 2018 (six months ending December 31) $ 6,818 2019 16,288 2020 16,804 2021 17,294 2022 16,626 Thereafter 198,670 Total $ 272,500
Cash and Cash Equivalents	Cash and Cash Equivalents
Short-Term Investments	Short-Term Investments
Stock-Based Compensation	Stock-Based Compensation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, Compensation — Stock Compensation; Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). The FASB issued ASU 2016-09 to simplify several aspects of the accounting for share-based payment transactions, including classification of awards as either equity or liabilities, estimation of forfeitures, and classification on the statement of cash flows. The Company’s adoption of ASU 2016-09 beginning on January 1, 2018 did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers, and will apply to transactions such as the sale of real estate. ASU 2014-09 is effective for years beginning after December 15, 2018 as a result of the Company’s election as an emerging growth company. The majority of our revenues related to rental income from leasing arrangements, which is excluded from ASU 2014-09. The Company is currently evaluating the impact that ASU 2014-09 will have on any non-lease components and revenues generated from activities other than leasing. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02") which introduces a lessee model that brings most leases on the balance sheet. Under this new standard the large majority of operating leases are expected to remain classified as operating leases, and lessors should continue to recognize lease income for those leases on a generally straight-line basis over the lease term. ASU 2016-02 is effective for years beginning after December 15, 2019 as a result of the Company’s election as an emerging growth company, using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are continuing to evaluate this guidance and the impact to us, as both lessor and lessee, on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. Companies will have to disclose significantly more information, including information they use to track credit quality by year of origination for most financing receivables. Companies will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This standard is effective for years beginning after December 15, 2020 as a result of the Company’s election as an emerging growth company with early adoption permitted. The Company is in the initial stage of evaluating the impact of this new standard. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments, which clarifies or provides guidance relating to eight specific cash flow classification issues. The standard should be applied retrospectively for each period presented, as appropriate. This new standard is effective for years beginning after December 15, 2018 as a result of the Company’s election as an emerging growth company. The impact of this new guidance will depend on future transactions, though the impact will only be related to the classification of those items on the statement of cash flows and will not impact the Company’s cash flows or its consolidated results of operations. In February 2017, the FASB has issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ("Subtopic 610-20"). A contract may involve the transfer of both nonfinancial assets and financial assets (e.g., cash and receivables). The amendments clarify that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. The amendments are effective at the same time Topic 606, Revenue from Contracts with Customers, is effective. This new standard is effective for years beginning after December 15, 2018 as a result of the Company’s election as an emerging growth company. We do not expect this amendment to have an effect on our consolidated financial statements.
Concentration of Credit Risk	Concentration of Credit Risk We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of June 30, 2018, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.
Reclassifications	Reclassifications

Summary of Significant Accoun19

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2018
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	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 June 30, 2018 for future periods is summarized as follows (in thousands): Year Contractual Minimum Rent 2018 (six months ending December 31) $ 6,818 2019 16,288 2020 16,804 2021 17,294 2022 16,626 Thereafter 198,670 Total $ 272,500

Dividends (Tables)

Dividends (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Dividends Payable	The following table describes the dividends declared by the Company during the six months ended June 30, 2018: Declaration ‎ Date Security Class Amount ‎ Per ‎ Share Period Covered Dividend ‎ Payable Date Dividend Amount (In thousands) March 15, 2018 Common Stock $ 0.25 January 1, 2018 to March 31, 2018 April 16, 2018 $ 1,696 March 15, 2018 Series A preferred stock $ 0.5625 January 15, 2018 to April 14, 2018 April 16, 2018 $ 338 June 15, 2018 Common Stock $ 0.25 April 1, 2018 to June 30, 2018 July 16, 2018 $ 1,696 June 15, 2018 Series A preferred stock $ 0.5625 April 15, 2018 to July 14, 2018 July 16, 2018 $ 338

Net Income _ (Loss) Per Share (

Net Income / (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Computations of net income / (loss) per basic and diluted share (in thousands, except share data) were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Net income / (loss) $ 1,542 $ (422 ) $ 2,487 $ (1,013 ) Preferred stock dividend (338 ) — (676 ) — Distribution to participating securities (37 ) (16 ) (74 ) (16 ) Net income / (loss) attributable to common stockholders used to compute net income / (loss) per share $ 1,167 $ (438 ) $ 1,737 $ (1,029 ) Weighted average common share outstanding: Basic 6,635,651 3,364,948 6,261,708 3,357,515 Diluted 6,783,674 3,364,948 6,406,466 3,357,515 Net income / (loss) attributable to common stockholders per share: Basic $ 0.18 $ (0.13 ) $ 0.28 $ (0.31 ) Diluted $ 0.17 $ (0.13 ) $ 0.27 $ (0.31 )

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	A summary of the activity under the 2016 Plan and related information is included in the table below. Unvested ‎ Restricted ‎ Shares Weighted- ‎Average Date ‎ Fair Value Balance at December 31, 2017 106,839 $ 18.01 Granted 73,011 $ 29.45 Vested (20,635 ) $ 18.67 Forfeited (1) (12,079 ) $ 18.67 Balance at March 31, 2018 147,136 $ 23.54 Granted 3,721 $ 34.95 Vested (1,695 ) $ 17.68 Balance at June 30, 2018 149,162 $ 23.89 (1) Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.

Organization (Details Textual)

Organization (Details Textual)	Jun. 30, 2018aft²
Iip Operating Partnership Lp [Member]
Percentage Leased	100.00%
Building [Member]
Net Rentable Area | a	764,000
Industrial Property In Arizona MarylandMassachusettaMinnesotaNew York and Pennsylvania [Member]
Area of Real Estate Property | ft²	58,000

Summary of Significant Accoun24

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Details) $ in Thousands	Jun. 30, 2018USD ($)
Contractual Minimum Rent
2018 (six months ending December 31)	$ 6,818
2,019	16,288
2,020	16,804
2,021	17,294
2,022	16,626
Thereafter	198,670
Total	$ 272,500

Summary of Significant Accoun25

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Short-term Investments	$ 57,419,000		$ 57,419,000		$ 0
Cash, FDIC Insured Amount	250,000		250,000
Money Market Funds [Member]
Short-term Investments	$ 18,300,000		$ 18,300,000		$ 8,900,000
Building [Member]
Property, Plant and Equipment, Useful Life			35 years
New York Propety [Member] | Rental Revenue, Net [Member]
Concentration Risk, Percentage	41.00%	100.00%	45.00%	100.00%
New York Propety [Member] | Net Real Estate Held For Investment [Member]
Concentration Risk, Percentage		100.00%	36.00%	100.00%
Maryland Property [Member] | Rental Revenue, Net [Member]
Concentration Risk, Percentage	20.00%		22.00%
Maryland Property [Member] | Net Real Estate Held For Investment [Member]
Concentration Risk, Percentage			20.00%
Arizona Property [Member] | Rental Revenue, Net [Member]
Concentration Risk, Percentage	20.00%		17.00%
Arizona Property [Member] | Net Real Estate Held For Investment [Member]
Concentration Risk, Percentage			20.00%

Common Stock (Details Textual)

Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 22, 2018	Jun. 30, 2018	Dec. 31, 2017
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, Issued		6,785,800	3,501,147
Common Stock, Shares, Outstanding		6,785,800	3,501,147
Common Stock [Member]
Common Stock, Shares Authorized		50,000,000
Common Stock, Par or Stated Value Per Share		$ 0.001
Stock Issued During Period, Shares, New Issues	3,220,000
Common Stock, Shares, Issued		6,785,800
Common Stock, Shares, Outstanding		6,785,800
Proceeds from Issuance or Sale of Equity	$ 79.3
Stock Issued During Period Share Purchase Of Common Stock	420,000

Preferred Stock (Details Textua

Preferred Stock (Details Textual) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
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, Redemption Price Per Share	$ 25
Preferred Stock, Shares Issued	600,000	600,000
Preferred Stock, Shares Outstanding	600,000	600,000
Preferred Stock, Redemption Date	Oct. 19, 2022

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Dividend Amount	$ 2,034	$ 1,198
March 15, 2018 [Member]
Declaration Date	Mar. 15, 2018
Dividends Declared Security Class	Common Stock
Amount Per share	$ 0.25
Period Covered	January 1, 2018 to March 31, 2018
Dividend Payable Date	Apr. 16, 2018
Dividend Amount	$ 1,696
March 15, 2018 one [Member]
Declaration Date	Mar. 15, 2018
Dividends Declared Security Class	Series A preferred stock
Amount Per share	$ 0.5625
Period Covered	January 15, 2018 to April 14, 2018
Dividend Payable Date	Apr. 16, 2018
Dividend Amount	$ 338
June 15, 2018 [Member]
Declaration Date	Jun. 15, 2018
Dividends Declared Security Class	Common Stock
Amount Per share	$ 0.25
Period Covered	April 1, 2018 to June 30, 2018
Dividend Payable Date	Jul. 16, 2018
Dividend Amount	$ 1,696
June 15, 2018 One [Member]
Declaration Date	Jun. 15, 2018
Dividends Declared Security Class	Series A preferred stock
Amount Per share	$ 0.5625
Period Covered	April 15, 2018 to July 14, 2018
Dividend Payable Date	Jul. 16, 2018
Dividend Amount	$ 338

Investments in Real Estate (Det

Investments in Real Estate (Details Textual)	Apr. 06, 2018USD ($)	May 31, 2018USD ($)ft²	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Tenant Improvements			$ 7,313,000		$ 5,901,000
Payments for Tenant Improvements			3,881,000	$ 6,000
Real Estate Investment Property, at Cost			83,603,000		$ 68,730,000
Tenant Improvement Payable			4,900,000
Real Estate Capitalized Tenant Improve Allowances			2,900,000
Annualized Base Rent Revenue	$ 1,300,000
Sale Leaseback Transaction, Lease Terms	15 years
Vireo Health, LLC [Member]
Sale Leaseback Transaction, Transaction Costs, Investing Activities	$ 115,000
Tenant Improvements	1,100,000
Payments for Tenant Improvements			201,000
Real Estate Investment Property, at Cost	5,800,000
Tenant Improvement Payable	$ 2,800,000
Sale Leaseback Transaction Rate	15.00%
Annual Increase Rate In Lease Rent	3.50%
Property Management Fee, Percent Fee	1.50%
PharmaCann LLC [Member]
Sale Leaseback Transaction, Transaction Costs, Investing Activities		$ 30,000
Tenant Improvements		3,100,000
Payments for Tenant Improvements			2,400,000
Real Estate Investment Property, at Cost		3,000,000
Tenant Improvement Payable		15,500,000
Reimbursement Payable for Acquisition of Real Estate and Tenant Improvement		$ 18,500,000
Annualized Base Rent Revenue			$ 2,700,000
Sale Leaseback Transaction Rate			14.50%
Annual Increase Rate In Lease Rent			3.25%
Sale Leaseback Transaction, Lease Terms			15.25 years
Property Management Fee, Percent Fee			1.50%
PharmaCann LLC [Member] | Industrial Facility [Member]
Area of Real Estate Property | ft²		26,000
PharmaCann LLC [Member] | Greenhouse Facility [Member]
Area of Real Estate Property | ft²		32,000

Net Income _ (Loss) Per Share30

Net Income / (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income / (loss)	$ 1,542	$ (422)	$ 2,487	$ (1,013)
Preferred stock dividend	(338)	0	(676)	0
Distributions to participating securities	(37)	(16)	(74)	(16)
Net income / (loss) attributable to common stockholders used to compute net income / (loss) per share	$ 1,167	$ (438)	$ 1,737	$ (1,029)
Weighted average common share outstanding:
Basic	6,635,651	3,364,948	6,261,708	3,357,515
Diluted	6,783,674	3,364,948	6,406,466	3,357,515
Net income / (loss) per share attributable to common stockholders:
Basic	$ 0.18	$ (0.13)	$ 0.28	$ (0.31)
Diluted	$ 0.17	$ (0.13)	$ 0.27	$ (0.31)

Net Income _ (Loss) Per Share31

Net Income / (Loss) Per Share (Details Textual)	6 Months Ended
	Jun. 30, 2017shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	175,564

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Details Textual) $ in Millions	Jun. 30, 2018USD ($)
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 3.3

Common Stock Incentive Plan (De

Common Stock Incentive Plan (Details) - $ / shares		3 Months Ended
		Jun. 30, 2018	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Restricted Shares, Beginning Balance		147,136	106,839
Unvested Restricted Shares, Granted		3,721	73,011
Unvested Restricted Shares, Vested		(1,695)	(20,635)
Unvested Restricted Shares, Forfeited	[1]		(12,079)
Unvested Restricted Shares, Ending Balance		149,162	147,136
Weighted-Average Date Fair Value, Beginning Balance		$ 23.54	$ 18.01
Weighted-Average Date Fair Value, Granted		34.95	29.45
Weighted-Average Date Fair Value, Vested		17.68	18.67
Weighted-Average Date Fair Value, Forfeited	[1]		18.67
Weighted-Average Date Fair Value, Ending Balance		$ 23.89	$ 23.54
[1]	Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.

Common Stock Incentive Plan (34

Common Stock Incentive Plan (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)shares
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $	$ 3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 1 month 6 days
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares	1,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($)	1 Months Ended
	Jul. 31, 2018	Jun. 30, 2018
Other Commitments [Line Items]
Tenant Improvement Payable		$ 4,900,000
Other Commitment		12,400,000
Subsequent Event [Member]
Other Commitments [Line Items]
Payments for Construction Funding	$ 693,000
Office and Equipment Leases [Member]
Other Commitments [Line Items]
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year		41,000
Operating Leases, Future Minimum Payments, Due in Two Years		90,000
Operating Leases, Future Minimum Payments, Due in Three Years		75,000
Operating Leases, Future Minimum Payments Due		$ 206,000

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($) $ in Thousands	Aug. 02, 2018	Jul. 12, 2018	Apr. 06, 2018	Jun. 30, 2018	Dec. 31, 2017
Tenant Improvement Payable				$ 4,900
Real Estate Investment Property, at Cost				$ 83,603	$ 68,730
Sale Leaseback Transaction, Lease Terms			15 years
Annualized Base Rent Revenue			$ 1,300
Vireo Health, LLC [Member]
Tenant Improvement Payable			$ 2,800
Sale Leaseback Transaction Rate			15.00%
Annual Increase Rate In Lease Rent			3.50%
Real Estate Investment Property, at Cost			$ 5,800
Property Management Fee, Percent Fee			1.50%
Subsequent Event [Member] | Michigan [Member]
Tenant Improvement Payable	$ 2,200
Sale Leaseback Transaction Rate	15.00%
Annual Increase Rate In Lease Rent	3.50%
Real Estate Investment Property, at Cost	$ 5,500
Sale Leaseback Transaction, Lease Terms	15 years
Property Management Fee, Percent Fee	1.50%
Annualized Base Rent Revenue	$ 2,000
Property, Plant and Equipment, Additions	13,000
Additional Purchase Price Development Costs	$ 5,300
Subsequent Event [Member] | Vireo Health, LLC [Member]
Sale Leaseback Transaction Rate		15.00%
Annual Increase Rate In Lease Rent		3.25%
Real Estate Investment Property, at Cost		$ 12,750
Sale Leaseback Transaction, Lease Terms		20 years
Property Management Fee, Percent Fee		1.50%
Annualized Base Rent Revenue		$ 1,900