Innovative Industrial Properties (IIPR) 10-K 14 Mar 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Mar. 14, 2019	Jun. 29, 2018
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	INNOVATIVE INDUSTRIAL PROPERTIES INC
Entity Central Index Key	0001677576
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 233.1
Trading Symbol	IIPR
Entity Common Stock, Shares Outstanding		9,806,194
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate, at cost:
Land	$ 20,475	$ 11,514
Buildings and improvements	109,425	51,315
Tenant improvements	14,732	5,901
Construction in progress	6,298	0
Total real estate, at cost	150,930	68,730
Less accumulated depreciation	(3,571)	(942)
Net real estate held for investment	147,359	67,788
Cash and cash equivalents	13,050	11,758
Short-term investments	120,443	0
Other assets, net	614	482
Total assets	281,466	80,028
Liabilities and stockholders' equity
Tenant improvements and construction funding payable	2,433	20
Accounts payable and accrued expenses	1,968	1,062
Dividends payable	3,759	1,198
Offering cost liability	0	41
Rent received in advance and tenant security deposits	9,014	4,158
Total liabilities	17,174	6,479
Commitments and contingencies (Notes 7 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 December 31, 2018 and 2017	14,009	14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 9,775,800 and 3,501,147 shares issued and outstanding at December 31, 2018 and 2017, respectively	10	4
Additional paid-in-capital	250,273	64,000
Accumulated deficit	0	(4,464)
Total stockholders' equity	264,292	73,549
Total liabilities and stockholders' equity	$ 281,466	$ 80,028

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 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	9,775,800	3,501,147
Common Stock, Shares, Outstanding	9,775,800	3,501,147
Series A Preferred Stock [Member]
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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Rental	$ 14,342	$ 6,302
Tenant reimbursements	445	118
Total revenues	14,787	6,420
Expenses:
Property expenses	445	118
General and administrative expense	6,375	5,497
Severance	0	113
Depreciation expense	2,629	915
Total expenses	9,449	6,643
Income / (loss) from operations	5,338	(223)
Interest and other income	1,647	151
Net income / (loss)	6,985	(72)
Preferred stock dividend	1,352	323
Net income / (loss) attributable to common stockholders	$ 5,633	$ (395)
Net income / (loss) attributable to common stockholders per share (Note 6):
Basic	$ 0.76	$ (0.13)
Diluted	$ 0.75	$ (0.13)
Weighted average shares outstanding:
Basic	7,138,952	3,375,284
Diluted	7,285,801	3,375,284

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total	Series A Preferred Stock [Member]	Common Stock		Additional Paid-In-Capital	Accumulated Deficit
Balance at Dec. 31, 2016		$ 60,439	$ 0	$ 3		$ 64,828	$ (4,392)
Balance (in shares) at Dec. 31, 2016				3,416,508
Net income		(72)	0	$ 0		0	(72)
Reclassification of Class A and Class B common stock to common stock		0	0		[1]	0	0
Reclassification of Class A and Class B common stock to common stock (in shares)	[1]
Net proceeds from sale of preferred stock		14,009	14,009	$ 0		0	0
Preferred stock dividend		(323)	0	0		(323)	0
Common stock dividend		(1,925)	0	0		(1,925)	0
Stock based compensation		1,719	0	1		1,718	0
Net issuance of unvested restricted stock		(298)	0	$ 0		(298)	0
Net issuance of unvested restricted stock (in shares)				84,639
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 income		6,985	0	$ 0		0	6,985
Net proceeds from sale of common stock		193,223	0	$ 6		193,217	0
Net proceeds from sale of common stock (in shares)				6,210,000
Preferred stock dividend		(1,352)	0	$ 0		(1,014)	(338)
Common stock dividend		(9,188)	0	0		(7,005)	(2,183)
Stock based compensation		1,465	0	0		1,465	0
Net issuance of unvested restricted stock		(390)	0	$ 0		(390)	0
Net issuance of unvested restricted stock (in shares)				64,653
Balance at Dec. 31, 2018		$ 264,292	$ 14,009	$ 10		$ 250,273	$ 0
Balance (in shares) at Dec. 31, 2018				9,775,800
[1]	Effective as of January 26, 2017, each share of the Company’s outstanding Class A common stock and Class B common stock was reclassified as, and became one share of, a new single class of common stock named “common stock”. There were no shares of Class B common stock outstanding as of January 26, 2017, as all such shares were redeemed by the Company for $0.001 per share (par value) immediately prior to the Company's initial public offering in December 2016.

Consolidated Statements of St_2

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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Cash flows from operating activities
Net income / (loss)	$ 6,985	$ (72)
Adjustments to reconcile net income/ (loss) to net cash provided by operating activities
Depreciation	2,629	915
Stock-based compensation	1,465	1,719
Amortization of discounts on short-term investments	(955)	0
Changes in assets and liabilities
Other assets, net	(173)	(155)
Accounts payable and accrued expenses	886	992
Rent received in advance and tenant security deposits	4,856	1,616
Net cash provided by operating activities	15,693	5,015
Cash flows from investing activities
Purchases of investments in real estate	(57,474)	(32,734)
Reimbursements of tenant improvements and construction funding	(22,293)	(5,911)
Purchases of short-term investments	(184,988)	0
Maturities of short-term investments	65,500	0
Net cash used in investing activities	(199,255)	(38,645)
Cash flows from financing activities
Proceeds from sale of common stock, net of offering costs	193,223	0
Payment of Class A common stock offering costs	0	(276)
Dividends paid to common stockholders	(6,642)	(1,050)
Dividends paid to preferred stockholders	(1,337)	0
Issuance of Series A Preferred Stock, net of offering costs	0	14,009
Taxes paid related to net share settlement of equity awards	(390)	(298)
Net cash provided by financing activities	184,854	12,385
Net increase / (decrease) in cash and cash equivalents	1,292	(21,245)
Cash and cash equivalents, beginning of year	11,758	33,003
Cash and cash equivalents, end of year	13,050	11,758
Supplemental disclosure of non-cash investing and financing activities:
Accrual for common and preferred stock dividends declared	3,759	1,198
Accrual for reimbursements of tenant improvements and construction funding	2,433	20
Invoices accrued for offering costs	$ 0	$ 41

Organization

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

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 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. The consolidated financial statements include all of the accounts of the Company, the Operating Partnership and all of our wholly owned subsidiaries, presented in accordance with U.S. generally accepted accounting principles. Federal Income Taxes. We believe that we have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our consolidated statement of operations represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Use of Estimates. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ materially from these estimates and assumptions. Acquisition of Real Estate Properties. Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket or/or region and the fair value of buildings on an as-if vacant basis. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions. Depreciation. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, not to exceed 35 years. We depreciate tenant improvements at our buildings over the shorter of the estimated useful lives or the terms of the related leases. We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years. Provision for Impairment. On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets to be held and used 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. If an impairment loss is not required to be recognized, the recognition of depreciation is adjusted prospectively, as necessary, to reduce the carrying amount of the real estate to its estimated disposition value over the remaining period that the real estate is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. As of December 31, 2018, no impairment losses were recognized. Revenue Recognition. Our leases and future tenant leases are expected to be triple-net leases, an arrangement under which the tenant maintains the property while paying us rent and property management fee. We anticipate that all leases will be accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of minimum lease payments is not reasonably predictable. Rental increases based upon changes in the consumer price index are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements. We record revenue for each of our properties on a cash basis due to the uncertainty of collectability of lease payments from each tenant due to its limited operating history and the uncertain regulatory environment in the United States relating to the medical-use cannabis industry . Cash and Cash Equivalents . We consider all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of December 31, 2018 and 2017, $7.7 million and $8.9 million, respectively, were invested in short-term money market funds and certificates of deposit. Short-Term Investments . Short-term investments consist of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months. Investments are classified as held-to-maturity and stated at amortized cost. Stock-Based Compensation. Stock-based compensation for equity awards is based on the grant date fair value of the equity investment and is recognized over the requisite service period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any non-forfeitable dividends previously paid on these awards from retained earnings to compensation expense. 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 does not expect the adoption of ASU 2014-09 to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases - Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842 and is effective for the Company beginning January 1, 2020 as a result of the Company’s election as an emerging growth company. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases). The Company expects to elect the practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if (i) the timing and pattern of transfer are the same for the non-lease component and associated lease component, and (ii) the lease component would be classified as an operating lease if accounted for separately. Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use ("ROU") model, in which a lessee records a ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. At December 31, 2018, the Company is the lessee under one office lease that would require accounting under the ROU model. Upon adoption of Topic 842 in January 2020, the ROU asset and lease liability to be recognized on the balance sheet relating to this lease is not expected to have a material impact on our consolidated financial statements. The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant's option. The Company expects that this provision could change the accounting for these types of leases in the future. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company will elect the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. Upon adoption of Topic 842, the Company expects to combine tenant reimbursements with rental revenues on its Consolidated Statements of Operations. Further, the Company has historically capitalized allocated payroll cost incurred as part of the leasing process which will no longer qualify for classification as initial direct costs under Topic 842. The Company will elect the lessor practical expedient allowing the Company to continue to amortize previously capitalized initial direct cost incurred prior to the adoption and Topic 842 and does not expect a material impact to its consolidated financial statements related to the capitalization of leasing costs. Also, the Narrow-Scope Improvements for Lessors under ASU 2018-20 allows the Company to continue to exclude from revenue, costs paid by our tenants on our behalf directly to third parties, such as property taxes. Topic 842 provides two transition alternatives. The Company expects to apply this standard based on the prospective optional transition method, in which comparative periods will continue to be reported in accordance with Topic 840. The Company also anticipates expanded disclosures upon adoption, as the new standard requires more extensive quantitative and qualitative disclosures as compared to Topic 840 for both lessees and lessors. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which among other updates, clarifies that receivables arising from operating leases are not within the scope of this guidance and should be evaluated in accordance with Topic 842. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. 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. We do not expect this amendment to have an effect on our consolidated financial statements. 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 18% and14% of rental revenues for the years ended December 31, 2018 and 2017, respectively. 16% of rental revenues for the year ended December 31, 2018. At December 31, 2018, one of our properties in New York accounted for 20% of our net real estate held for investment. At December 31, 2017, one of our properties in New York, our property in Maryland and our property in Arizona accounted for 43%, 25% and 22%, respectively, of our net real estate held for investment. We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of December 31, 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	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Common Stock	3. Common Stock As of December 31, 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 9,775,800 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. On October 9, 2018, we issued 2,990,000 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 390,000 shares, resulting in in net proceeds of approximately $113.9 million, after deducting the underwriters' discounts and commissions and offering expenses.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Preferred Stock	4. Preferred Stock The Company is authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001 per share. On October 19, 2017, the Company completed an underwritten public offering of 600,000 shares of 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”), at a price to the public of $25.00 per share, resulting in net proceeds of approximately $14.0 million, after deducting the underwriters' discounts and commissions and offering expenses. Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about the 15th day of January, April, July and October of each year, with the first dividend paid on January 16, 2018. The Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon our liquidation, dissolution or winding up. The Series A Preferred Stock has no stated maturity date and is not subject to mandatory redemption or any sinking fund. Generally, the Company is not permitted to redeem the Series A Preferred Stock prior to October 19, 2022, except in limited circumstances relating to the Company’s ability to qualify as a REIT and in certain other circumstances related to a change of control/delisting (as defined in the articles supplementary for the Series A Preferred Stock). On or after October 19, 2022, the Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such Series A Preferred Stock up to, but excluding the redemption date. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

Dividends

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

Net Income (Loss) Per Share

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

Properties

Properties	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Properties	7. Properties A summary of each of our properties is provided below as of December 31, 2018, and organized by state: Arizona Pharm AZ Property On December 15, 2017, we completed the acquisition of a property in Arizona (the "Pharm AZ Property") comprising approximately 358,000 square feet of greenhouse and industrial space, which we purchased from a subsidiary of The Pharm, LLC ("The Pharm") for $15.0 million (excluding approximately $27,000 in transaction costs) in a sale-leaseback transaction. Concurrent with the closing of the acquisition, we entered into a triple-net lease with another subsidiary of The Pharm, as tenant for continued use as a medical cannabis cultivation and processing facility. The lease also provides that we would fund up to $3.0 million as reimbursement for future tenant improvements at the Pharm AZ Property, which was fully funded as of December 31, 2018. As of December 31, 2018, the monthly base rent under the lease was $216,825, and subject to annual increases of 3.25% during the lease term. Colorado The Green Solution CO Property On October 30, 2018, we completed the acquisition of a 58,000 square foot industrial property located in Colorado for approximately $11.3 million (excluding approximately $27,000 in transaction costs) and entered into a long-term, triple-net lease with The Green Solution, LLC for continued operation of a cannabis cultivation facility. Illinois Ascend IL Property On December 21, 2018, we completed the acquisition of a 75,000 square foot industrial property located in Illinois for $19.0 million (excluding approximately $20,000 $6.0 million, none of which was incurred or funded as of December 31, 2018. Assuming full reimbursement for the tenant improvements, our total investment in the property will be $25.0 million. Maryland Holistic MD Property On May 26, 2017, we acquired a 72,000 square foot industrial property located in Maryland (the “Holistic MD Property”), which was under development at the time of our acquisition. The initial purchase price was $8.0 million (excluding approximately $185,000 in transaction costs), with an additional $3.0 million payable to the seller upon completion of certain development milestones. Concurrent with the closing of the purchase of the Holistic MD Property, we entered into a triple-net lease agreement with Holistic Industries LLC (“Holistic MD”) for use as a medical cannabis cultivation and processing facility. The initial term of the lease is 16 years, with three options to extend the term of the lease for three additional five-year periods. Holistic MD has an option to purchase the property upon a qualifying termination event or at the end of the initial lease term and subject to certain conditions, at the option purchase price that is the greater of fair market value or a 7.5% capitalization rate derived from market rental rates for industrial properties in the relevant competitive market. On August 1, 2017, we paid the additional $3.0 million to the seller upon the seller’s completion of the development milestones at the Holistic MD Property. On September 25, 2017, we amended our lease with Holistic MD to, among other things, rescind the $1.9 million rent reserve that we originally established for Holistic under the lease, and to reimburse up to $1.9 million of additional tenant improvements for Holistic MD, such that a total of $5.9 million is reimbursable by us to Holistic for tenant improvements. On September 28, 2017, we approved and accrued for Holistic MD's draw request for reimbursement of the full $5.9 million of tenant improvements and funded that amount on October 2, 2017. As a result, our total investment in the Holistic MD Property was approximately $16.9 million (excluding transaction costs). As of December 31, 2018 Holistic's monthly base rent was approximately $219,853, of which $193,594 is subject to annual escalations of 3.25% during the initial lease term. We also receive a property management fee under the lease equal to 1.5% of the then-current base rent throughout the initial term. Massachusetts PharmaCann MA Property 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 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 approximately $30,000 in transaction costs). 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 $9.7 million was incurred and approximately $9.5 million was funded as of December 31, 2018. Assuming full reimbursement for the Construction Funding, our total investment in the property will be $18.5 million. Concurrent with the closing of the purchase of the 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. Holistic MA Property On July 12, 2018, we completed the acquisition of a 55,000 square foot industrial property located in Massachusetts for $12.75 million (excluding approximately $27,000 in transaction costs) in a sale-leaseback transaction. Upon the closing, we entered into a long-term, triple-net lease for the entire property with Holistic Industries, Inc. to operate a cannabis cultivation and processing facility. Michigan Green Peak MI Property On August 2, 2018, we completed the acquisition of a 56,000 square foot industrial property located in Michigan for approximately $5.5 million (excluding approximately $29,000 in transaction costs). Upon the closing, we entered into a long-term, triple-net lease for the entire property with Green Peak Industries, LLC ("Green Peak”) for use as a medical cannabis cultivation and processing facility upon completion of development. We reimbursed the seller of the property approximately $5.3 million (the "Additional Purchase Price") s of December 31, 2018 for completing certain required development milestones for the building. Green Peak is also expected complete certain tenant improvements, for which we have agreed to provide reimbursement of up to $2.2 million (the "TI Allowance"), Green Peak also has a one-time right to request an additional tenant improvement allowance of up to $8.0 million (the "Additional TI Allowance") for additional improvements to the property, subject to satisfaction of conditions set forth in the lease. If we make available the Additional TI Allowance, the base rent shall be adjusted to reflect our total investment in the property. In addition, the term of the lease shall be automatically extended to the date that is 15 years from the date that the Additional TI Allowance is made available. If we fund the full amount of the Additional Purchase Price, the TI Allowance and the Additional TI Allowance, our total investment in the property is expected to be $21.0 million. If we do not make the Additional TI Allowance available to Green Peak, Green Peak shall have the right to purchase the property, subject to satisfaction of conditions set forth in the lease, at a price equal to the greater of (a) the appraised value of the property and (b) the value determined by dividing the then-current base rent by ten percent. Minnesota Vireo MN Property On November 8, 2017, we completed the acquisition of an industrial property located in Minnesota (the “Vireo MN Property”), which we purchased from a subsidiary of Vireo Health, Inc. (“Vireo Minnesota”) for approximately $3.0 million (excluding approximately $58,000 in transaction costs) in a sale-leaseback transaction. Concurrent with the closing of the acquisition, we entered into a long-term, triple-net lease with Vireo Minnesota, as tenant for use as a medical cannabis cultivation and processing facility. In December 2018, we amended our lease with Vireo Minnesota to increase our reimbursement for future tenant improvements at the Vireo MN Property from approximately $1.0 million to a total of approximately $3.0 million, which also resulted in a corresponding increase to the base rent. As of December 31, 2018, we had incurred approximately $1.6 million and funded approximately $788,000 as reimbursement for tenant improvements at this property. In connection with these tenant improvements, we increased the footprint of the Vireo MN Property to approximately 39,000 square feet. New York PharmaCann NY Property On December 19, 2016, we acquired a 127,000 square foot industrial property located in New York (the “PharmaCann NY Property”), which we purchased from PharmaCann LLC (“PharmaCann”) for approximately $30.0 million (excluding approximately $75,000 in transaction costs) in a sale-leaseback transaction. Concurrent with the closing of the acquisition, we entered into a triple-net lease with PharmaCann, as tenant for use as a medical cannabis cultivation and processing facility. The lease term is 15 years, with two options to extend the term of the lease for two additional five-year periods. At December 31, 2018, the base rent of the PharmaCann lease was approximately $345,658 per month, subject to annual increases at a rate based on the higher of (i) 4% or (ii) 75% of the consumer price index. The lease also provides that we receive a property management fee equal to 1.5% of the then-current base rent throughout the term, and supplemental base rent for the first five years of the term of the lease at a rate of $105,477 per month. Vireo NY Property On October 23, 2017, we completed the acquisition of a 40,000 square foot industrial property located in New York (the “Vireo NY Property”), which we purchased from a subsidiary of Vireo Health, Inc. (“Vireo New York”) for approximately $3.4 million (excluding approximately $60,000 in transaction costs) in a sale-leaseback transaction. Concurrent with the closing of the acquisition, we entered into a long-term, triple-net lease with Vireo New York, as tenant for use as a medical cannabis cultivation and processing facility. In December 2018, we amended our lease with Vireo New York to increase our reimbursement for future tenant improvements at the Vireo NY Property from $1.0 million to a total of $3.0 million, which also resulted in a corresponding increase to the base rent. As of December 31, 2018, we had incurred approximately $875,000 as reimbursement for tenant improvements at this property, of which no amount was funded. Pennsylvania Vireo PA Property On April 6, 2018, we completed the acquisition of an 89,000 square foot industrial property located in Pennsylvania (the "Vireo PA Property") for approximately $5.8 million (excluding approximately $115,000 in transaction costs) in a sale-leaseback transaction. Upon the closing, we entered into a long-term, triple-net lease for the entire property with a subsidiary of Vireo Health, Inc. ("Vireo Pennsylvania"), for use as a medical cannabis cultivation and processing facility. In December 2018, we amended our lease with Vireo Pennsylvania to increase our reimbursement for future tenant improvements at the Vireo PA Property from approximately $2.8 million to a total of approximately $3.8 million, which also resulted in a corresponding increase to the base rent. As of December 31, 2018, we had incurred approximately $2.9 million and funded approximately $2.6 million as reimbursement for tenant improvements at this property. Future contractual minimum rent (including base rent, supplemental base rent (for the PharmaCann NY Property) and property management fees) under the operating leases as of December 31, 2018 for future periods is summarized as follows (in thousands): Year Contractual Minimum Rent 2019 $ 25,802 2020 26,697 2021 27,503 2022 27,160 2023 28,070 Thereafter 328,333 Total $ 463,565

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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 December 31, 2018 and 2017, cash equivalent instruments consisted of $7.7 million and $5.0 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. The , 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	12 Months Ended
	Dec. 31, 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 until December 5, 2026. A summary of the activity under the 2016 Plan and related information for year ended December 31, 2018 and 2017 is included in the table below. Restricted Shares Weighted- Average Date Fair Value Balance at December 31, 2016 66,508 $ 17.47 Granted 115,011 $ 18.63 Vested (44,308 ) $ 18.47 Forfeited (1) (30,372 ) $ 18.49 Balance at December 31, 2017 106,839 $ 18.01 Granted 76,732 $ 29.72 Vested (24,133 ) $ 18.45 Forfeited (2) (12,079 ) $ 18.67 Balance at December 31, 2018 147,359 $ 23.98 (1) Includes 16,792 shares that were forfeited to cover the employees’ tax withholding obligation upon vesting. (2) All of these shares were forfeited to cover the employees’ tax withholding obligation upon vesting. The remaining unrecognized compensation cost of $2.2 million will be recognized over a weighted-average amortization period of approximately 1.7 years as of December 31, 2018.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Office and Equipment Leases . As of December 31, 2018, we had approximately $165,000 outstanding in commitments related to our office and equipment leases, with approximately $90,000 to be paid in 2019 and approximately $75,000 to be paid in 2020. Construction Funding and Tenant Improvement Allowances Environmental Matters . We follow the policy of monitoring our properties, both targeted acquisition and existing properties, for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist, we are not currently aware of any environmental liabilities that would have a material adverse effect on our financial condition, results of operations and cash flow, or that we believe would require disclosure or the recording of a loss contingency. Litigation . We may, from time to time, be a party to legal proceedings, which arise in the ordinary course of our business. We are not aware of any pending or threatened litigation that, if resolved against us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Private Airplane Reimbursement . Alan Gold, our executive chairman, utilizes a private airplane from time to time exclusively for company business travel purposes, which airplane is owned by an entity controlled by Mr. Gold. We reimburse Mr. Gold for the company-related use of the airplane by Mr. Gold and our other executives, including out-of-pocket operating costs, on terms we believe are comparable to those we could secure from an independent third party. As approved by our audit committee, for the year ended December 31, 2018 and 2017, we paid approximately $202,000 and $30,000, respectively, to Mr. Gold on account of such expenses.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On February 8, 2019, we completed the acquisition of a 43,000 square foot industrial property located in California for approximately $6.7 million ( ). Concurrent with the closing of the purchase, we entered into a long-term, triple-net lease agreement with an experienced operator, which intends to operate the property as a cannabis cultivation facility in accordance with California cannabis regulations upon completion of redevelopment. The seller of the property is expected to complete redevelopment of the building, for which we have agreed to provide reimbursement of up to approximately $4.8 million. Assuming full reimbursement for the redevelopment, our total investment in the property will be approximately $11.5 million. In February 2019, our Operating Partnership issued $143.75 million of 3.75% Exchangeable Senior Notes due 2024 (the "Notes") in a private offering, including the exercise in full of the initial purchasers' option to purchase additional Notes. The 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 initial exchange rate for the Notes is 14.37298 shares of our common stock per $1,000 principal amount of Notes and the initial exchange price is approximately $69.575 per share of our common stock. The initial exchange rate and initial exchange price are subject to adjustment in certain circumstances. The 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 Notes prior to maturity, but may be required to repurchase the Notes from holders under certain circumstances. On March 12, 2019, our board of directors declared a dividend of $0.45 per share of common stock and a dividend of $0.5625 per share of Series A Preferred Stock, which are payable on April 15, 2019 to all stockholders of record as of March 29, 2019. On 19, we acquired a property in Ohio and entered into a long-term lease and development agreement with a subsidiary of 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 $700,000 (excluding transaction costs). The PharmaCann subsidiary is expected to construct the two buildings at the property, for which we have agreed to provide reimbursement of up to $19.3 million. Assuming full reimbursement for the construction, our total investment in the property will be $20.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The consolidated financial statements include all of the accounts of the Company, the Operating Partnership and all of our wholly owned subsidiaries, presented in accordance with U.S. generally accepted accounting principles.
Federal Income Taxes	Federal Income Taxes. We believe that we have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our consolidated statement of operations represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Use of Estimates. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ materially from these estimates and assumptions.
Use of Estimates	Acquisition of Real Estate Properties. Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket or/or region and the fair value of buildings on an as-if vacant basis. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions.
Acquisition of Real Estate Properties	Acquisition of Real Estate Properties. Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket or/or region and the fair value of buildings on an as-if vacant basis. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions.
Depreciation	Depreciation. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, not to exceed 35 years. We depreciate tenant improvements at our buildings over the shorter of the estimated useful lives or the terms of the related leases. We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years.
Provision for Impairment	Provision for Impairment. On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets to be held and used 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. If an impairment loss is not required to be recognized, the recognition of depreciation is adjusted prospectively, as necessary, to reduce the carrying amount of the real estate to its estimated disposition value over the remaining period that the real estate is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. As of December 31, 2018, no impairment losses were recognized.
Revenue Recognition and Accounts Receivable	Revenue Recognition. Our leases and future tenant leases are expected to be triple-net leases, an arrangement under which the tenant maintains the property while paying us rent and property management fee. We anticipate that all leases will be accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of minimum lease payments is not reasonably predictable. Rental increases based upon changes in the consumer price index are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements. We record revenue for each of our properties on a cash basis due to the uncertainty of collectability of lease payments from each tenant due to its limited operating history and the uncertain regulatory environment in the United States relating to the medical-use cannabis industry .
Cash and Cash Equivalents	Cash and Cash Equivalents . We consider all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of December 31, 2018 and 2017, $7.7 million and $8.9 million, respectively, were invested in short-term money market funds and certificates of deposit.
Short-Term Investments	Short-Term Investments . Short-term investments consist of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months. Investments are classified as held-to-maturity and stated at amortized cost.
Stock-Based Compensation	Stock-Based Compensation. Stock-based compensation for equity awards is based on the grant date fair value of the equity investment and is recognized over the requisite service period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any non-forfeitable dividends previously paid on these awards from retained earnings to compensation expense.
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 does not expect the adoption of ASU 2014-09 to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases - Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842 and is effective for the Company beginning January 1, 2020 as a result of the Company’s election as an emerging growth company. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases). The Company expects to elect the practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if (i) the timing and pattern of transfer are the same for the non-lease component and associated lease component, and (ii) the lease component would be classified as an operating lease if accounted for separately. Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use ("ROU") model, in which a lessee records a ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. At December 31, 2018, the Company is the lessee under one office lease that would require accounting under the ROU model. Upon adoption of Topic 842 in January 2020, the ROU asset and lease liability to be recognized on the balance sheet relating to this lease is not expected to have a material impact on our consolidated financial statements. The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant's option. The Company expects that this provision could change the accounting for these types of leases in the future. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company will elect the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. Upon adoption of Topic 842, the Company expects to combine tenant reimbursements with rental revenues on its Consolidated Statements of Operations. Further, the Company has historically capitalized allocated payroll cost incurred as part of the leasing process which will no longer qualify for classification as initial direct costs under Topic 842. The Company will elect the lessor practical expedient allowing the Company to continue to amortize previously capitalized initial direct cost incurred prior to the adoption and Topic 842 and does not expect a material impact to its consolidated financial statements related to the capitalization of leasing costs. Also, the Narrow-Scope Improvements for Lessors under ASU 2018-20 allows the Company to continue to exclude from revenue, costs paid by our tenants on our behalf directly to third parties, such as property taxes. Topic 842 provides two transition alternatives. The Company expects to apply this standard based on the prospective optional transition method, in which comparative periods will continue to be reported in accordance with Topic 840. The Company also anticipates expanded disclosures upon adoption, as the new standard requires more extensive quantitative and qualitative disclosures as compared to Topic 840 for both lessees and lessors. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which among other updates, clarifies that receivables arising from operating leases are not within the scope of this guidance and should be evaluated in accordance with Topic 842. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. 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. We do not expect this amendment to have an effect on our consolidated financial statements. 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 18% and14% of rental revenues for the years ended December 31, 2018 and 2017, respectively. 16% of rental revenues for the year ended December 31, 2018. At December 31, 2018, one of our properties in New York accounted for 20% of our net real estate held for investment. At December 31, 2017, one of our properties in New York, our property in Maryland and our property in Arizona accounted for 43%, 25% and 22%, respectively, of our net real estate held for investment. We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of December 31, 2018, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.
Reclassifications	Reclassifications

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Dividends Payable	The following table describes the dividends declared by the Company during the year ended December 31, 2018 and 2017: Declaration Date Security Class Amount Per Share Period Covered Dividend Payable Date Dividend Amount (In thousands) May 30, 2017 Common stock $ 0.15 April 1, 2017 to June 30, 2017 July 14, 2017 $ 525 September 15, 2017 Common stock $ 0.15 July 1, 2017 to September 30, 2017 October 13, 2017 $ 525 December 15, 2017 Common stock $ 0.25 October 1, 2017 to December 31, 2017 January 16, 2018 $ 875 December 15, 2017 Series A preferred stock $ 0.5375 October 19, 2017 to January 14, 2018 January 16, 2018 $ 323 March 15, 2018 Common stock $ 0.25 January 1, 2018 to March 31, 2018 April 16, 2018 $ 1,696 March 15, 2018 Series A preferred stock $ 0.5625 January 15, 2018 to April 14, 2018 April 16, 2018 $ 338 June 15, 2018 Common stock $ 0.25 April 1, 2018 to June 30, 2018 July 16, 2018 $ 1,696 June 15, 2018 Series A preferred stock $ 0.5625 April 15, 2018 to July 14, 2018 July 16, 2018 $ 338 September 14, 2018 Common stock $ 0.35 July 1, 2018 to September 30, 2018 October 15, 2018 $ 2,375 September 14, 2018 Series A preferred stock $ 0.5625 July 15, 2018 to October 14, 2018 October 15, 2018 $ 338 December 14, 2018 Common stock $ 0.35 October 1, 2018 to December 31, 2018 January 15, 2019 $ 3,421 December 14, 2018 Series A preferred stock $ 0.5625 October 15, 2018 to January 14, 2019 January 15, 2019 $ 338

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, Year Ended December 31, 2018 2017 Net income / (loss) $ 6,985 $ (72 ) Preferred stock dividend (1,352 ) (323 ) Distributions to participating securities (178 ) (59 ) Net income / (loss) attributable to common stockholders used to compute net income / (loss) per share $ 5,455 $ (454 ) Weighted average common shares outstanding: Basic 7,138,952 3,375,284 Diluted 7,285,801 3,375,284 Net income / (loss) per share attributable to common stockholders: Basic $ 0.76 $ (0.13 ) Diluted $ 0.75 $ (0.13 )

Properties (Tables)

Properties (Tables)	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future contractual minimum rent (including base rent, supplemental base rent (for the PharmaCann NY Property) and property management fees) under the operating leases as of December 31, 2018 for future periods is summarized as follows (in thousands): Year Contractual Minimum Rent 2019 $ 25,802 2020 26,697 2021 27,503 2022 27,160 2023 28,070 Thereafter 328,333 Total $ 463,565

Common Stock Incentive Plan (Ta

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

Organization (Details Textual)

Organization (Details Textual)	Dec. 31, 2018
Iip Operating Partnership Lp [Member]
Percentage Leased	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Short-term Investments	$ 120,443,000	$ 0
Cash, FDIC Insured Amount	250,000
Money Market Funds [Member]
Short-term Investments	$ 7,700,000	$ 8,900,000
Net Real Estate Held For Investment [Member] | New York Propety [Member]
Concentration Risk, Percentage	20.00%	43.00%
Building [Member]
Property, Plant and Equipment, Useful Life	35 years
Maryland Property [Member] | Net Real Estate Held For Investment [Member]
Concentration Risk, Percentage		25.00%
Arizona Property [Member] | Net Real Estate Held For Investment [Member]
Concentration Risk, Percentage		22.00%
PharmaCann LLC [Member]
Concentration Risk, Percentage	39.00%	82.00%
The Pharm LLC [Member]
Concentration Risk, Percentage	16.00%
Holistic MD Property [Member]
Concentration Risk, Percentage	18.00%	14.00%

Common Stock (Details Textual)

Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Oct. 09, 2018	Jan. 22, 2018	Dec. 31, 2018	Dec. 31, 2017	Jan. 26, 2017
Common Stock, Shares Authorized			50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share			$ 0.001	$ 0.001	$ 0.001
Common Stock, Shares, Issued			9,775,800	3,501,147
Common Stock, Shares, Outstanding			9,775,800	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	2,990,000	3,220,000
Common Stock, Shares, Issued			9,775,800
Common Stock, Shares, Outstanding			9,775,800
Proceeds from Issuance or Sale of Equity	$ 113.9	$ 79.3
Stock Issued During Period Share Purchase Of Common Stock	390,000	420,000

Preferred Stock (Details Textua

Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 19, 2017	Dec. 31, 2018	Dec. 31, 2017	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
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 14,000	$ 0	$ 14,009
Scenario, Forecast [Member]
Preferred Stock, Redemption Price Per Share				$ 25
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.001
Stock Issued During Period, Shares, New Issues	600,000
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%	9.00%
Shares Issued, Price Per Share	$ 25

Dividends (Details)

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

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Net income / (loss)	$ 6,985	$ (72)
Preferred stock dividend	(1,352)	(323)
Distributions to participating securities	(178)	(59)
Net income / (loss) attributable to common stockholders used to compute net loss per share	$ 5,455	$ (454)
Weighted average common share outstanding:
Basic	7,138,952	3,375,284
Diluted	7,285,801	3,375,284
Net income / (loss) attributable to common stockholders per share:
Basic	$ 0.76	$ (0.13)
Diluted	$ 0.75	$ (0.13)

Net Income (Loss) Per Share (_2

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

Properties (Details)

Properties (Details) $ in Thousands	Dec. 31, 2018USD ($)
2019	$ 25,802
2020	26,697
2021	27,503
2022	27,160
2023	28,070
Thereafter	328,333
Total	$ 463,565

Properties (Details Textual)

Properties (Details Textual)	Aug. 02, 2018USD ($)ft²	Jul. 12, 2018USD ($)ft²	Apr. 06, 2018USD ($)ft²	Dec. 15, 2017USD ($)ft²	Nov. 08, 2017USD ($)	Aug. 01, 2017USD ($)	Dec. 31, 2018USD ($)ft²	Dec. 21, 2018USD ($)ft²	Oct. 30, 2018USD ($)ft²	May 31, 2018USD ($)ft²	Oct. 23, 2017USD ($)ft²	May 26, 2017USD ($)ft²	Dec. 19, 2016USD ($)ft²	Dec. 31, 2018USD ($)ft²	Dec. 31, 2017USD ($)	Sep. 25, 2017USD ($)
Real Estate Investment Property, at Cost							$ 150,930,000							$ 150,930,000	$ 68,730,000
Payments for Tenant Improvements														22,293,000	5,911,000
Tenant Improvements							14,732,000							14,732,000	5,901,000
Buildings Improvements							109,425,000							109,425,000	$ 51,315,000
Vireo PA Property [Member]
Sale Leaseback Transaction, Other Payments Required			$ 115,000
Area of Real Estate Property | ft²			89,000
Real Estate Investment Property, at Cost			$ 5,800,000
Payments for Tenant Improvements														2,600,000
Tenant Improvements							2,900,000							2,900,000
Vireo PA Property [Member] | Maximum [Member]
Reimbursement Payable for Tenant Improvements							3,800,000							3,800,000
Vireo PA Property [Member] | Minimum [Member]
Reimbursement Payable for Tenant Improvements							2,800,000							2,800,000
Vireo NY Property [Member]
Sale Leaseback Transaction, Other Payments Required											$ 60,000
Area of Real Estate Property | ft²											40,000
Real Estate Investment Property, at Cost											$ 3,400,000
Tenant Improvements							875,000							875,000
Vireo NY Property [Member] | Maximum [Member]
Reimbursement Payable for Tenant Improvements							3,000,000							3,000,000
Vireo NY Property [Member] | Minimum [Member]
Reimbursement Payable for Tenant Improvements							$ 1,000,000							$ 1,000,000
Vireo MN Property [Member]
Sale Leaseback Transaction, Other Payments Required					$ 58,000
Area of Real Estate Property | ft²							39,000							39,000
Real Estate Investment Property, at Cost					$ 3,000,000
Payments for Tenant Improvements														$ 788,000
Tenant Improvements							$ 1,600,000							1,600,000
Vireo MN Property [Member] | Maximum [Member]
Reimbursement Payable for Tenant Improvements							3,000,000							3,000,000
Vireo MN Property [Member] | Minimum [Member]
Reimbursement Payable for Tenant Improvements							$ 1,000,000							1,000,000
Pharm AZ Property [Member]
Sale Leaseback Transaction, Other Payments Required				$ 27,000
Area of Real Estate Property | ft²				358,000
Real Estate Investment Property, at Cost				$ 15,000,000
Payments for Tenant Improvements				$ 3,000,000
Base Rent Abatement description				the monthly base rent under the lease was $216,825, and subject to annual increases of 3.25% during the lease term.
Green Peak MI Property [Member]
Sale Leaseback Transaction, Lease Terms							15 years
Sale Leaseback Transaction, Other Payments Required	$ 29,000
Area of Real Estate Property | ft²	56,000
Real Estate Investment Property, at Cost	$ 5,500,000
Payments for Tenant Improvements							$ 1,100,000
Tenant Improvements							1,500,000							1,500,000
Reimbursement Payable for Tenant Improvements							2,200,000							2,200,000
Amount Reimbursed on Redevelopment of Building							5,300,000
Total Investment in Property Including Tenant Allowance and Additional Tenant Allowance							21,000,000							21,000,000
Green Peak MI Property [Member] | Additional TI Allowance [Member]
Tenant Improvement Payable							8,000,000							$ 8,000,000
Ascend IL Property [Member]
Sale Leaseback Transaction, Other Payments Required								$ 20,000
Area of Real Estate Property | ft²								75,000
Real Estate Investment Property, at Cost								$ 19,000,000
Reimbursement Payable for Acquisition of Real Estate and Tenant Improvement								25,000,000
Reimbursement Payable for Tenant Improvements								$ 6,000,000
Holistic MD Property [Member]
Rent Reserve																$ 1,900,000
Tenant Improvement Payable																$ 5,900,000
Annual Escalations Rate For Initial Lease Term														3.25%
Payments to Acquire Property, Plant, and Equipment						$ 3,000,000						$ 3,000,000
Operating Lease, Lease Income, Lease Payments														$ 193,594
Payments to Acquire Real Estate												8,000,000
Sale Leaseback Transaction, Transaction Costs, Investing Activities												$ 185,000
Sale Leaseback Transaction, Lease Terms												The initial term of the lease is 16 years, with three options to extend the term of the lease for three additional five-year periods.
Property Management Fee, Percent Fee														1.50%
Area of Real Estate Property | ft²												72,000
Real Estate Investment Property, at Cost							$ 16,900,000							$ 16,900,000
Industrial Properties Capitalization Rate												7.50%
Payments for Rent														219,853
PharmaCann NY Property [Member]
Sale Leaseback Transaction, Lease Terms													15 years
Description Of Operating Leases Rate													annual increases at a rate based on the higher of (i) 4% or (ii) 75% of the consumer price index
Sale Leaseback Transaction, Other Payments Required													$ 75,000
Operating Leases Monthly Dynamic Rental Revenue														345,658
Property Management Fee, Percent Fee													1.50%
Operating Leases Monthly Static Rental Revenue													$ 105,477
Area of Real Estate Property | ft²													127,000
Real Estate Investment Property, at Cost													$ 30,000,000
PharmaCann MA Property [Member]
Sale Leaseback Transaction, Transaction Costs, Investing Activities										$ 30,000
Real Estate Investment Property, at Cost										3,000,000
Reimbursement Payable for Acquisition of Real Estate and Tenant Improvement										18,500,000
Buildings Improvement Payable										15,500,000
Buildings Improvements										$ 9,700,000
Payments for Building Improvements														$ 9,500,000
PharmaCann MA Property [Member] | Industrial Facility [Member]
Area of Real Estate Property | ft²										26,000
PharmaCann MA Property [Member] | Greenhouse Facility [Member]
Area of Real Estate Property | ft²										32,000
Holistic MA Property [Member]
Sale Leaseback Transaction, Other Payments Required		$ 27,000
Area of Real Estate Property | ft²		55,000
Real Estate Investment Property, at Cost		$ 12,750,000
The Green Solution CO [Member]
Sale Leaseback Transaction, Other Payments Required									$ 27,000
Area of Real Estate Property | ft²									58,000
Real Estate Investment Property, at Cost									$ 11,300,000

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Short-term Investments	$ 120,443	$ 0
Money Market Funds [Member]
Short-term Investments	7,700	8,900
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 7,700	$ 5,000

Common Stock Incentive Plan (De

Common Stock Incentive Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares, Beginning Balance	106,839		66,508
Restricted Shares, Granted	76,732		115,011
Restricted Shares, Vested	(24,133)		(44,308)
Restricted Shares, Forfeited	(12,079)	[1]	(30,372)	[2]
Restricted Shares, Ending Balance	147,359		106,839
Weighted-Average Date Fair Value, Beginning Balance	$ 18.01		$ 17.47
Weighted-Average Date Fair Value, Granted	29.72		18.63
Weighted-Average Date Fair Value, Vested	18.45		18.47
Weighted-Average Date Fair Value, Forfeited	18.67	[1]	18.49	[2]
Weighted-Average Date Fair Value, Ending Balance	$ 23.98		$ 18.01
[1]	All of these shares were forfeited to cover the employees’ tax withholding obligation upon vesting.
[2]	Includes 16,792 shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.

Common Stock Incentive Plan (_2

Common Stock Incentive Plan (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)shares
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $	$ 2.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 8 months 12 days
Shares Paid for Tax Withholding for Share Based Compensation	16,792
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - Office and Equipment Leases [Member]	Dec. 31, 2018USD ($)
Other Commitments [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 90,000
Operating Leases, Future Minimum Payments, Due in Two Years	75,000
Operating Leases, Future Minimum Payments Due	$ 165,000

Related Party Transactions (Det

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

Subsequent Events (Details Text

Subsequent Events (Details Textual)	Mar. 12, 2019$ / shares	Feb. 28, 2019USD ($)$ / shares	Mar. 13, 2019USD ($)ft²	Feb. 08, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Real Estate Investment Property, at Cost					$ 150,930,000	$ 68,730,000
Reimbursement Payable for Redevelopment of Building				$ 4,800,000
Real Estate Investment Property, Net					$ 147,359,000	$ 67,788,000
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.45
Preferred Stock, Dividends Per Share, Declared | $ / shares	$ 0.5625
Subsequent Event [Member] | Senior Notes Due 2024 [Member]
Debt Instrument, Face Amount		$ 143,750,000
Debt Instrument, Interest Rate, Stated Percentage		3.75%
Conversion of Stock, Amount Converted		$ 1,000
Debt Instrument, Interest Rate Terms		semiannually at a rate of 3.75% per annum
Debt Instrument, Maturity Date		Feb. 21, 2024
Debt Instrument, Convertible, Conversion Ratio		14.37298
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 69.575
Subsequent Event [Member] | Industrial Property located in California [Member]
Real Estate Investment Property, at Cost				$ 6,700,000
Area of Real Estate Property | ft²				43,000
Real Estate Investment Property, Net				$ 11,500,000
Subsequent Event [Member] | Ohio Industrial Facility [Member]
Area of Real Estate Property | ft²			26,000
Subsequent Event [Member] | Ohio Greenhouse Facility [Member]
Area of Real Estate Property | ft²			32,000
Subsequent Event [Member] | Ohio [Member]
Real Estate Investment Property, at Cost			$ 700,000
Buildings Improvement Payable			19,300,000
Real Estate Investment Property, Net			$ 20,000,000