Innovative Industrial Properties (IIPR) 10-K26 Feb 212020 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2020	Feb. 25, 2021	Jun. 28, 2020
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-37949
Entity Registrant Name	Innovative Industrial Properties, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-2963381
Entity Address, Address Line One	1389 Center Drive, Suite 200
Entity Address, City or Town	Park City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84098
City Area Code	858
Local Phone Number	997-3332
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,926,317
Entity Public Float			$ 2.2
Amendment Flag	false
Entity Central Index Key	0001677576
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Common Stock
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	IIPR
Security Exchange Name	NYSE
Series A Preferred Stock
Title of 12(b) Security	Series A Preferred Stock, par value $0.001 per share
Trading Symbol	IIPR-PA
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate, at cost:
Land	$ 75,660	$ 48,652
Buildings and improvements	644,932	382,035
Tenant improvements	339,647	87,344
Total real estate, at cost	1,060,239	518,031
Less accumulated depreciation	(40,195)	(12,170)
Net real estate held for investment	1,020,044	505,861
Cash and cash equivalents	126,006	82,244
Restricted cash	0	35,072
Investments	619,275	119,595
Right of use office lease asset	980	1,202
Other assets, net	1,776	1,883
Total assets	1,768,081	745,857
Liabilities and stockholders' equity
Exchangeable senior notes, net	136,693	134,654
Tenant improvements and construction funding payable	36,500	24,968
Accounts payable and accrued expenses	4,641	3,417
Dividends payable	30,065	12,975
Office lease liability	1,057	1,202
Rent received in advance and tenant security deposits	34,153	20,631
Total liabilities	243,109	197,847
Commitments and contingencies (Notes 6 and 11)
Stockholders' equity:
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, $15,000 liquidation preference ($25.00 per share), 600,000 shares issued and outstanding at December 31, 2020 and 2019	14,009	14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 23,936,928 and 12,637,043 shares issued and outstanding at December 31, 2020 and 2019, respectively	24	13
Additional paid-in capital	1,559,059	553,932
Dividends in excess of earnings	(48,120)	(19,944)
Total stockholders' equity	1,524,972	548,010
Total liabilities and stockholders' equity	$ 1,768,081	$ 745,857

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	23,936,928	12,637,043
Common Stock, Shares, Outstanding	23,936,928	12,637,043
Series A Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.001
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%
Preferred Stock, Liquidation Preference, Value	$ 15,000	$ 15,000
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25
Preferred Stock, Shares Issued	600,000	600,000
Preferred Stock, Shares Outstanding	600,000	600,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental (including tenant reimbursements)	$ 37,093	$ 34,327	$ 24,346	$ 21,130	$ 17,672	$ 11,555	$ 8,617	$ 6,823	$ 116,896	$ 44,667	$ 14,787
Total revenues	37,093	34,327	24,346	21,130	17,672	11,555	8,617	6,823	116,896	44,667	14,787
Expenses:
Property expenses	1,019	2,919	414	600	374	357	337	247	4,952	1,315	445
General and administrative expense	4,487	3,339	3,010	3,346	3,151	2,156	2,593	1,918	14,182	9,818	6,375
Depreciation expense	8,726	7,646	6,746	4,907	3,545	2,221	1,615	1,218	28,025	8,599	2,629
Total expenses	14,232	13,904	10,170	8,853	7,070	4,734	4,545	3,383	47,159	19,732	9,449
Income from operations	22,861	20,423	14,176	12,277	10,602	6,821	4,072	3,440	69,737	24,935	5,338
Interest and other income	338	653	989	1,444	1,144	1,537	1,172	993	3,424	4,846	1,647
Interest expense	(1,866)	(1,861)	(1,855)	(1,849)	(1,844)	(1,838)	(1,832)	(792)	(7,431)	(6,306)	0
Net income	21,333	19,215	13,310	11,872	9,902	6,520	3,412	3,641	65,730	23,475	6,985
Preferred stock dividends	(338)	(338)	(338)	(338)	(338)	(338)	(338)	(338)	(1,352)	(1,352)	(1,352)
Net income attributable to common stockholders	$ 20,995	$ 18,877	$ 12,972	$ 11,534	$ 9,564	$ 6,182	$ 3,074	$ 3,303	$ 64,378	$ 22,123	$ 5,633
Net income attributable to common stockholders per share (Note 8):
Basic	$ 0.91	$ 0.87	$ 0.73	$ 0.72	$ 0.79	$ 0.56	$ 0.31	$ 0.34	$ 3.28	$ 2.06	$ 0.76
Diluted	$ 0.91	$ 0.86	$ 0.73	$ 0.72	$ 0.78	$ 0.55	$ 0.30	$ 0.33	$ 3.27	$ 2.03	$ 0.75
Weighted average shares outstanding:
Basic	22,804,185	21,594,637	17,530,721	15,784,296	11,905,021	10,918,477	9,667,079	9,664,775	19,443,602	10,546,016	7,138,952
Diluted	25,077,099	21,708,725	17,644,829	15,898,091	12,044,602	11,057,697	9,807,503	9,797,676	19,557,619	10,684,068	7,285,801

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Series A Preferred Stock	Common Stock	Additional Paid-In-Capital	Dividends in Excess of Earnings	Total
Balances at beginning of period at Dec. 31, 2017	$ 14,009	$ 4	$ 66,248	$ (6,712)	$ 73,549
Balances at beginning of period (in shares) at Dec. 31, 2017		3,501,147
Net income				6,985	6,985
Net proceeds from sale of common stock		$ 6	193,217		193,223
Net proceeds from sale of common stock (in shares)		6,210,000
Preferred stock dividend				(1,352)	(1,352)
Common stock dividend				(9,188)	(9,188)
Net issuance of unvested restricted stock			(390)		(390)
Net issuance of unvested restricted stock (in shares)		64,653
Stock-based compensation			1,465		1,465
Balances at end of period at Dec. 31, 2018	14,009	$ 10	260,540	(10,267)	264,292
Balances at end of period (in shares) at Dec. 31, 2018		9,775,800
Net income				23,475	23,475
Equity component of exchangeable senior notes			5,569		5,569
Net proceeds from sale of common stock		$ 3	286,267		286,270
Net proceeds from sale of common stock (in shares)		2,825,500
Preferred stock dividend				(1,352)	(1,352)
Common stock dividend				(31,800)	(31,800)
Net issuance of unvested restricted stock			(939)		(939)
Net issuance of unvested restricted stock (in shares)		35,743
Stock-based compensation			2,495		2,495
Balances at end of period at Dec. 31, 2019	14,009	$ 13	553,932	(19,944)	548,010
Balances at end of period (in shares) at Dec. 31, 2019		12,637,043
Net income				65,730	65,730
Exchange of exchangeable senior notes			1		1
Exchange of exchangeable senior notes (in shares)		14
Net proceeds from sale of common stock		$ 11	1,003,962		1,003,973
Net proceeds from sale of common stock (in shares)		11,311,366
Preferred stock dividend				(1,352)	(1,352)
Common stock dividend				(92,554)	(92,554)
Net issuance of unvested restricted stock			(2,166)		(2,166)
Net issuance of unvested restricted stock (in shares)		(11,495)
Stock-based compensation			3,330		3,330
Balances at end of period at Dec. 31, 2020	$ 14,009	$ 24	$ 1,559,059	$ (48,120)	$ 1,524,972
Balances at end of period (in shares) at Dec. 31, 2020		23,936,928

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income	$ 65,730	$ 23,475	$ 6,985
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	28,025	8,599	2,629
Other non-cash adjustments	162		0
Stock-based compensation	3,330	2,495	1,465
Amortization of discounts on short-term investments	(2,791)	(3,738)	(955)
Amortization of debt discounts and issuance costs	2,040	1,678	0
Changes in assets and liabilities
Other assets, net	(428)	(619)	(173)
Accounts payable and accrued expenses	1,224	1,427	886
Rent received in advance and tenant security deposits	13,522	11,617	4,856
Net cash provided by operating activities	110,814	44,934	15,693
Cash flows from investing activities
Purchases of investments in real estate	(240,509)	(259,889)	(57,474)
Reimbursements of tenant improvements and construction funding	(289,517)	(84,677)	(22,293)
Deposits in escrow for acquisitions	(200)	(650)	0
Purchases of short-term investments	(1,077,867)	(255,664)	(184,988)
Maturities of short-term investments	580,978	260,250	65,500
Net cash used in investing activities	(1,027,115)	(340,630)	(199,255)
Cash flows from financing activities
Issuance of common stock, net of offering costs	1,003,973	286,292	193,223
Net proceeds from issuance of exchangeable senior notes	0	138,545	0
Dividends paid to common stockholders	(75,464)	(22,584)	(6,642)
Dividends paid to preferred stockholders	(1,352)	(1,352)	(1,337)
Taxes paid related to net share settlement of equity awards	(2,166)	(939)	(390)
Net cash provided by financing activities	924,991	399,962	184,854
Net increase in cash, cash equivalents and restricted cash	8,690	104,266	1,292
Cash, cash equivalents and restricted cash, beginning of period	117,316	13,050	11,758
Cash, cash equivalents and restricted cash, end of period	126,006	117,316	13,050
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	5,391	3,055	0
Supplemental disclosure of non-cash investing and financing activities:
Accrual for reimbursements of tenant improvements and construction funding	36,500	24,968	2,433
Deposits applied for acquisitions	650		0
Accrual for common and preferred stock dividends declared	30,065	12,975	3,759
Accrual for stock issuance costs	0	22	0
Operating lease liability for obtaining right of use asset	$ 0	$ 1,211	$ 0

Organization

Organization	12 Months Ended
Organization	Dec. 31, 2020
Organization
Organization	1. Organization As used herein, the terms “we”, “us”, “our”, or the “Company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership”). We are an internally-managed real estate investment trust (“REIT”) focused on the acquisition, ownership and management of specialized 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, real estate taxes and insurance. We were incorporated in Maryland on June 15, 2016. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general partner of our Operating Partnership and own, directly or through subsidiaries, 100% of the limited partnership interests in our Operating Partnership. Information with respect to rentable square footage is unaudited.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	2. Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements Basis of Presentation. The Company considered the impact of COVID-19 on its assumptions and estimates used and determined that there were no material adverse impacts on the Company's results of operations and financial position at December 31, 2020. A prolonged outbreak could have a material adverse impact on the financial results and business operations of the Company. See Note 6 for further discussion. Federal Income Taxes. Use of Estimates. Reportable Segment Acquisition of Real Estate Properties. 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 periodically evaluate whether certain useful lives remain appropriate in accordance with authoritative guidance. During 2020, we completed a review of the estimated useful life of our buildings and improvements and extended the maximum useful life from 35 years to 40 years based on the condition of the buildings and the extent of the improvements. This was accounted for as a change in accounting estimate and was made on a prospective basis effective January 1, 2020. For the year ended December 31, 2020, depreciation expense was lower by approximately $1.4 million than it would have been had the useful life of these assets not been extended, with a diluted earnings per share impact of $0.08 per share. We depreciate tenant improvements at our buildings where we are considered the owner over the estimated useful lives of the improvements, not to exceed 40 years . We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three Provision for Impairment. Long-lived assets are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. No impairment losses were recognized during the years ended December 31, 2020, 2019 and 2018. Revenue Recognition. We record revenue for each of our properties on a cash basis due to the uncertain regulatory environment in the United States relating to the medical-use cannabis industry and the uncertainty of collectability of lease payments from each tenant due to its limited operating history. Cash and Cash Equivalents Restricted Cash. Investments Exchangeable Notes. Deferred Financing Costs. Stock-Based Compensation. Lease Accounting. In February 2016, the FASB issued ASU 2016-02, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases - Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842 and was effective for the Company for its consolidated financial statements for the year ended December 31, 2019. We adopted Topic 842 effective as of January 1, 2019 using the effective date method and elected the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. We also elected the lessor practical expedient, allowing us to continue to amortize previously capitalized initial direct leasing costs incurred prior to the adoption of Topic 842. As lessee, we recognized a liability to account for our future obligations related to our corporate office lease, which has a remaining lease term of approximately 4.3 years and 5.3 years as of December 31, 2020 and 2019, respectively, excluding the extension option that we are not reasonably certain to exercise, and a corresponding right-of-use asset. The lease liability is measured based on the present value of the future lease payments discounted using the estimated incremental borrowing rate of 7.25%, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period. The right-of-use asset is measured based on the corresponding lease liability. We did not incur any initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease. Subsequently, the right-of-use asset is amortized on a straight-line basis during the lease term. For the years ended December 31, 2020, 2019 and 2018, we recognized office lease expense of approximately $229,000, $82,000 and $83,000, respectively, which are included in general and administrative expense in our consolidated statements of income. For the years ended December 31, 2020, 2019 and 2018, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were approximately $172,000, $87,000 and $77,000, respectively. As lessor, for each of our real estate transactions involving the leaseback of the related property to the seller or affiliates of the seller, we determine whether these transactions qualify as sale and leaseback transactions under the accounting guidance. For these transactions, we consider various inputs and assumptions including, but not necessarily limited to, lease terms, renewal options, discount rates, and other rights and provisions in the purchase and sale agreement, lease and other documentation to determine whether control has been transferred to the Company or remains with the lessee. A transaction involving a sale leaseback will be treated as a purchase of a real estate property if it is considered to transfer control of the underlying asset from the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control and will be classified as a sales-type lease if control of the underlying asset is transferred to the lessee. Otherwise, the lease is treated as an operating lease. These criteria also include estimates and assumptions regarding the fair value of the leased facilities, minimum lease payments, the economic useful life of the facilities, the existence of a purchase option, and certain other terms in the lease agreements. The lease accounting guidance requires accounting for a transaction as a financing in a sale leaseback when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. Our leases continued to be classified as operating leases and we continue to record revenue for each of our properties on a cash basis. Our tenant reimbursable revenue and property expenses continue to be presented on a gross basis as rental revenue and as property expenses, respectively, on our consolidated statements of income. Property taxes paid directly by the lessee to a third party continue to be excluded from our consolidated financial statements. Internal leasing costs of approximately $122,000 capitalized during the year ended December 31, 2019 were written off and included in general and administrative expenses on our consolidated statement of income for the year ended December 31, 2019. These costs were capitalized in accordance with the lease accounting standards existing prior to January 1, 2019 and did not qualify for capitalization. The election of the practical expedients available for implementation under the standard permits us to continue to account for our leases that commenced before January 1, 2019 under the previously existing lease accounting guidance for the remainder of their lease terms, and to apply the new lease accounting guidance to leases commencing or modified after January 1, 2019. As a result, there was no restatement of prior issued financial statements and, similarly, no cumulative effect adjustment to opening equity. In April 2020, in response to the coronavirus pandemic and associated severe economic disruption, we amended leases at certain of our properties to provide for temporary base rent and property management fee deferrals through June 30, 2020. The FASB has issued additional guidance for companies to account for any coronavirus related rent concessions in the form of FASB staff and board members' remarks at the April 8, 2020 public meeting and the FASB staff question-and-answer document issued on April 10, 2020. We have elected the practical expedient which allows us to not have to evaluate whether concessions provided in response to coronavirus pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total remaining lease payments are substantially the same or less as compared to the original lease payments prior to the concession being granted. Lease amendments that are not associated with the coronavirus pandemic are evaluated to determine if the modification grants the lessee an additional right-of-use not included in the original lease and if the lease payments increase commensurate with the standalone price of the additional right-of-use, adjusted for the circumstances of the particular contract. If both conditions are present, the lease amendment is accounted for as a new lease that is separate from the original lease. One of our leases that was entered into prior to 2019 provides the lessee with a purchase option to purchase the leased property at the end of the initial lease term in September 2034, subject to the satisfaction of certain conditions. The purchase option provision allows the lessee to purchase the leased property at the greatest of (a) the fair value; (b) the value determined by dividing the then-current base rent by 8%; and (c) an amount equal to our gross investment in the property (including the purchase price at acquisition and any additional investment in the property made by us during the term of the lease), indexed to inflation. At December 31, 2020, our gross investment in the property with the purchase option was approximately $30.5 million. At December 31, 2020, the purchase option was not exercisable. Our leases generally contain options to extend the lease terms at the prevailing market rate at the time of expiration. Certain of our leases provide the lessee with a right of first refusal or right of first offer in the event we market the leased property for sale. Recent Accounting Pronouncements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which among other updates, clarifies that receivables arising from operating leases are not within the scope of this guidance and should be evaluated in accordance with Topic 842. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. These standards were effective for the Company on January 1, 2020 and did not have a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. ASU 2020-06 also updates the earnings per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 and is to be adopted through a cumulative-effect adjustment to the opening balance of retained earnings either at the date of adoption or in the first comparative period presented. Upon adoption of ASU 2020-06, convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature, will no longer be allocated between debt and equity components. This will reduce the issue discount and result in less non-cash interest expense in our consolidated financial statements. Additionally, ASU 2020-06 will result in the reporting of a diluted earnings per share, if the effect is dilutive, in our consolidated financial statements, regardless of our settlement intent. Concentration of Credit Risk At December 31, 2020, none of our properties individually represented more than 5% of our net real estate held for investment. At December 31, 2019, one of our properties in New York accounted for 6% of our net real estate held for investment. We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of December 31, 2020, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.

Common Stock

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2020
Common Stock
Common Stock	3. Common Stock As of December 31, 2020, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 23,936,928 shares of common stock issued and outstanding. In January 2020, we issued 3,412,969 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 445,170 shares, resulting in net proceeds of approximately $239.6 million. In May 2020, we issued 1,550,648 shares of common stock, including the exercise in full of the underwriter’s option to purchase an additional 202,259 shares, resulting in net proceeds of approximately $114.9 million. In July 2020, we issued 3,085,867 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 402,504 shares, resulting in net proceeds of approximately $248.2 million. In September 2019, we entered into equity distribution agreements with three sales agents, pursuant to which we were able to offer and sell from time to time through an “at-the-market” offering program (the “Prior ATM Program”) up to $250.0 million in shares of our common stock. During the year ended December 31, 2020, we sold 1,499,382 shares of our common stock for net proceeds of approximately $138.4 million under the Prior ATM Program. In November 2020, we terminated the Prior ATM Program and entered into new equity distribution agreements with six sales agents, pursuant to which we may offer and sell from time to time through an “at-the-market” offering program (the “New ATM Program”) up to $500.0 million in shares of our common stock. During the year ended December 31, 2020, we sold 1,762,500 shares of our common stock for net proceeds of approximately $262.9 million under the New ATM Program.

Preferred Stock

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2020
Preferred Stock
Preferred Stock	4. Preferred Stock As of December 31, 2020, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001 per share, and there were issued and outstanding

Dividends

Dividends	12 Months Ended
Dividends	Dec. 31, 2020
Dividends
Dividends	5. Dividends The following table describes the dividends declared by the Company during the years ended December 31, 2020, 2019 and 2018: Amount Dividend Dividend Declaration Date Security Class Per Share Period Covered Paid Date Amount (In thousands) March 15, 2018 Common stock $ 0.25 January 1, 2018 to March 31, 2018 April 16, 2018 $ 1,696 March 15, 2018 Series A preferred stock $ 0.5625 January 15, 2018 to April 14, 2018 April 16, 2018 $ 338 June 15, 2018 Common stock $ 0.25 April 1, 2018 to June 30, 2018 July 16, 2018 $ 1,696 June 15, 2018 Series A preferred stock $ 0.5625 April 15, 2018 to July 14, 2018 July 16, 2018 $ 338 September 14, 2018 Common stock $ 0.35 July 1, 2018 to September 30, 2018 October 15, 2018 $ 2,375 September 14, 2018 Series A preferred stock $ 0.5625 July 15, 2018 to October 14, 2018 October 15, 2018 $ 338 December 14, 2018 Common stock $ 0.35 October 1, 2018 to December 31, 2018 January 15, 2019 $ 3,421 December 14, 2018 Series A preferred stock $ 0.5625 October 15, 2018 to January 14, 2019 January 15, 2019 $ 338 March 12, 2019 Common stock $ 0.45 January 1, 2019 to March 31, 2019 April 15, 2019 $ 4,412 March 12, 2019 Series A preferred stock $ 0.5625 January 15, 2019 to April 14, 2019 April 15, 2019 $ 338 June 14, 2019 Common stock $ 0.60 April 1, 2019 to June 30, 2019 July 15, 2019 $ 5,885 June 14, 2019 Series A preferred stock $ 0.5625 April 15, 2019 to July 14, 2019 July 15, 2019 $ 338 September 13, 2019 Common stock $ 0.78 July 1, 2019 to September 30, 2019 October 15, 2019 $ 8,866 September 13, 2019 Series A preferred stock $ 0.5625 July 15, 2019 to October 14, 2019 October 15, 2019 $ 338 December 10, 2019 Common stock $ 1.00 October 1, 2019 to December 31, 2019 January 15, 2020 $ 12,637 December 10, 2019 Series A preferred stock $ 0.5625 October 15, 2019 to January 14, 2020 January 15, 2020 $ 338 March 13, 2020 Common stock $ 1.00 January 1, 2020 to March 31, 2020 April 15, 2020 $ 17,070 March 13, 2020 Series A preferred stock $ 0.5625 January 15, 2020 to April 14, 2020 April 15, 2020 $ 338 June 15, 2020 Common stock $ 1.06 April 1, 2020 to June 30, 2020 July 15, 2020 $ 19,770 June 15, 2020 Series A preferred stock $ 0.5625 April 15, 2020 to July 14, 2020 July 15, 2020 $ 338 September 15, 2020 Common stock $ 1.17 July 1, 2020 to September 30, 2020 October 15, 2020 $ 25,987 September 15, 2020 Series A preferred stock $ 0.5625 July 15, 2020 to October 14, 2020 October 15, 2020 $ 338 December 14, 2020 Common stock $ 1.24 October 1, 2020 to December 31, 2020 January 15, 2021 $ 29,727 December 14, 2020 Series A preferred stock $ 0.5625 October 15, 2020 to January 14, 2021 January 15, 2021 $ 338 All dividends declared during the years ended December 31, 2020, 2019 and 2018 were characterized as ordinary income for federal income tax purposes, except for $1.02 of the common stock dividend with a record date of December 31, 2020, which is allocable to 2021 and for which the tax treatment has not been finalized. $0.49 of the common stock dividend with a record date of December 31, 2019 was allocated to 2020, approximately $0.15 of the common stock dividend with a record date of December 31, 2018 was allocated to 2019 and all of the common stock dividend with a record date of December 29, 2017 were allocated to 2018.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
Investments in Real Estate	Dec. 31, 2020
Investments in Real Estate
Investments in Real Estate	6. Investments in Real Estate The Company acquired the following properties during the year ended December 31, 2020 (dollars in thousands): Rentable Initial Square Purchase Transaction Property Market Closing Date Feet (1) Price Costs Total Green Leaf VA Virginia January 15, 2020 82,000 $ 11,740 $ 73 $ 11,813 (2) Cresco OH Ohio January 24, 2020 50,000 10,600 12 10,612 (3) GTI OH Ohio January 31, 2020 101,000 2,900 27 2,927 (4) LivWell CO Retail Portfolio Colorado Various 8,000 3,300 27 3,327 (5) GTI IL Illinois March 6, 2020 231,000 9,000 23 9,023 (6) Parallel FL Wimauma Florida March 11, 2020 373,000 35,300 26 35,326 (7) Ascend MA Massachusetts April 2, 2020 199,000 26,750 20 26,770 (8) Cresco MI Michigan April 22, 2020 115,000 5,000 16 5,016 (9) Kings Garden CA California May 12, 2020 70,000 17,500 12 17,512 Holistic PA Pennsylvania June 10, 2020 108,000 8,870 12 8,882 (10) Cresco MA Massachusetts June 30, 2020 118,000 7,750 19 7,769 (11) Curaleaf NJ New Jersey July 13, 2020 111,000 5,500 59 5,559 (12) Columbia Care NJ Portfolio New Jersey July 16, 2020 54,000 12,385 55 12,440 (13) Holistic MI Michigan September 1, 2020 63,000 6,200 11 6,211 (14) Parallel FL Lakeland Florida September 18, 2020 220,000 19,550 7 19,557 (15) Kings Garden CA California November 16, 2020 192,000 25,375 20 25,395 (16) 4Front WA Washington December 17, 2020 114,000 17,500 10 17,510 4Front MA Massachusetts December 17, 2020 67,000 15,500 10 15,510 Total 2,276,000 $ 240,720 $ 439 $ 241,159 (17) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) We agreed to provide reimbursement to the tenant for development at the property of up to approximately $8.0 million, all of which we incurred and funded as of December 31, 2020. (3) The tenant is expected to complete redevelopment of the property for which we initially agreed to provide reimbursement of up to approximately $1.9 million. In June 2020, we amended the lease, which increased the tenant improvement allowance by $1.0 million to a total of approximately $2.9 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $13.5 million. As of December 31, 2020, we incurred approximately $561,000 of the redevelopment costs, of which none was funded. (4) The tenant is expected to complete redevelopment of the property for which we initially agreed to provide reimbursement of up to $4.3 million. In October 2020, we amended this lease to increase the tenant improvement allowance by $25.0 million to a total of $29.3 million. As of December 31, 2020, we incurred approximately $7.6 million of the redevelopment costs, of which we funded approximately $6.7 million. (5) The portfolio consists of two retail properties, with one property closing on February 19, 2020 and one property closing on February 21, 2020. The tenant is expected to complete tenant improvements at one of the properties, for which we agreed to provide reimbursement of up to $850,000 . As of December 31, 2020, we incurred and funded approximately $49,000 of the redevelopment costs. (6) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $41.0 million. As of December 31, 2020, we incurred approximately $29.9 million of the redevelopment costs, of which we funded approximately $26.8 million. (7) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $8.2 million. As of December 31, 2020, we incurred approximately $4.3 million of the redevelopment costs, of which we funded approximately $3.3 million. (8) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $22.3 million. As of December 31, 2020, we incurred approximately $8.7 million of the redevelopment costs, of which we funded approximately $7.0 million. (9) The tenant is expected to complete redevelopment of the property for which we initially agreed to provide reimbursement of up to $11.0 million. In June 2020, we amended the lease, which increased the tenant improvement allowance by $16.0 million to a total of $27.0 million. As of December 31, 2020, we incurred approximately $10.2 million of the redevelopment costs, of which we funded approximately $5.5 million. (10) The tenant is expected to complete redevelopment of the property for which we initially agreed to provide reimbursement of up to approximately $6.4 million. In December 2020, we amended the lease, which increased tenant improvement allowance by $4.0 million to a total of approximately $10.4 million. As of December 31, 2020, we incurred approximately $7.3 million of the redevelopment costs, of which we funded approximately $6.1 million. (11) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $21.0 million. As of December 31, 2020, we incurred approximately $3.1 million of the redevelopment costs, of which we funded approximately $1.2 million. (12) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $29.5 million. As of December 31, 2020, we incurred approximately $20.9 million of the redevelopment costs, of which we funded approximately $13.4 million. (13) Portfolio consists of two properties. The tenant is expected to complete redevelopment of one of the properties for which we agreed to provide reimbursement of up to $1.6 million. As of December 31, 2020, we incurred approximately $1.1 million of the redevelopment costs, of which we funded approximately $648,000 . (14) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $18.8 million. As of December 31, 2020, we incurred approximately $4.4 million of the redevelopment costs, of which we funded approximately $1.7 million. (15) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $36.9 million. As of December 31, 2020, we incurred approximately $2.7 million of the redevelopment costs, of which we funded approximately $2.2 million. (16) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $25.0 million. As of December 31, 2020, we had not incurred any of the redevelopment costs. (17) Approximately $27.0 million was allocated to land and approximately $214.2 million was allocated to buildings and improvements. Lease Amendments In January 2020, we amended our lease with GPI which, among other things, canceled the remaining tenant improvement allowance of approximately $15.2 million and adjusted the corresponding base rent. As of December 31, 2020, our total investment in the property was approximately $15.8 million. In January 2020, we amended our lease with a subsidiary of Vireo at one of our Pennsylvania properties, making available an additional $4.5 million in funding for tenant improvements at the property. In April 2020, we amended the lease to decrease the funding for tenant improvements at the property by $300,000. In August 2020, Vireo transferred its ownership interest in the subsidiary tenant at the property to Jushi Holdings Inc., and we amended the lease to increase the funding for tenant improvements at the property by $2.0 million. As a result, the total tenant improvement allowance for the property is approximately $10.0 million, and assuming full payment of the allowance, our total investment in the property will be $15.8 million. As of December 31, 2020, we incurred approximately $8.7 million of the redevelopment costs, of which we funded approximately $7.6 million. In January 2020, we amended our lease with a subsidiary of The Pharm at one of our Arizona properties, making available an additional $2.0 million in funding for tenant improvements at the property, and making the total tenant improvement allowance $5.0 million. As of December 31, 2020, we incurred and funded the full amount of the redevelopment costs, making our total investment in the property $20.0 million. In January 2020, we amended our lease with the tenant of our Sacramento, California property, making available an additional approximately $1.3 million in funding for tenant improvements at the property, and making the total tenant improvement allowance approximately $6.0 million. As of December 31, 2020, we incurred and funded the full amount of the redevelopment costs, making our total investment in the property approximately $12.7 million. In February 2020, we amended our lease with a subsidiary of Maitri Medicinals, LLC (“Maitri”) at one of our Pennsylvania properties, making available an additional $6.0 million in funding for tenant improvements at the property, and making the total tenant improvement allowance $16.0 million. As of December 31, 2020, we incurred $16.0 million of the redevelopment costs, of which we funded approximately $15.2 million. In February 2020, we amended our lease and development agreement with a subsidiary of PharmaCann at one of our Massachusetts properties, making available an additional $4.0 million in construction funding at the property, with the total construction funding being $27.5 million. We also canceled the optional commitment to provide construction funding of $4.0 million for PharmaCann at one of our Pennsylvania properties. As of December 31, 2020, we incurred and funded the full amount of the construction funding, making our total investment in the Massachusetts property was $30.5 million. In March 2020, we amended our lease with a subsidiary of Holistic at our Maryland property, making available a $5.5 million tenant improvement allowance at the property. Assuming full payment of the funding, our total investment in the property will be $22.4 million. As of December 31, 2020, we incurred $5.5 million of the redevelopment costs, of which we funded approximately $4.8 million. In April 2020, we amended our leases with two subsidiaries of Vireo for one of our properties in New York and our property in Minnesota, making available an additional approximately $1.4 million in funding for tenant improvements at the properties in the aggregate, and making the total tenant improvement allowances approximately $10.1 million in the aggregate. Assuming full payment of the funding, our total investment in the property in New York will be approximately $6.8 million and our total investment in the property in Minnesota will be approximately $9.7 million. As of December 31, 2020, we incurred approximately $10.1 million of the tenant improvement allowances in the aggregate, of which we funded approximately $10.0 million. In response to the coronavirus pandemic and associated severe economic disruption, in April 2020, we amended leases at certain of our properties to provide for temporary base rent and property management fee deferrals through June 30, 2020. Each of the tenants remained responsible for the payment of all other costs under the applicable lease during the deferral period. ● We amended each of our leases with GPI in Michigan to apply a part of GPI’s security deposit at each property for payment of the April 2020 base rent and property management fee, defer the base rent and property management fee for May and June 2020, and amortize the replenishment of the security deposit and payment of the base rent and property management fee deferral over an 18 month period commencing on July 1, 2020. ● We amended our lease with Maitri in Pennsylvania to apply a part of Maitri’s security deposit for payment of the April 2020 base rent and property management fee, defer the base rent and property management fee for May and June 2020, and amortize the replenishment of the security deposit and the base rent and property management fee deferral over an 18 month period commencing on July 1, 2020. ● We amended each of our leases with affiliates of Medical Investor Holdings LLC (“Vertical”) in southern California to apply a part of Vertical’s security deposit at each property for a partial payment of the March 2020 base rent and property management fee and payment in full of the April 2020 base rent and property management fee, defer the base rent and property management fee for May and June 2020, and amortize the replenishment of the security deposit and payment of the base rent and property management fee deferral over an 18 month period commencing on July 1, 2020. Pursuant to these amendments, (1) a total of approximately $940,000 of security deposits were applied to the payment of base rent, property management fees and associated lease penalties for March and April 2020, including approximately $185,000 related to the partial payment of base rent and property management fees by Vertical for March 2020; (2) a total of approximately $743,000 in base rent and property management fees were deferred for May 2020; (3) a total of approximately $781,000 in base rent and property management fees were deferred for June 2020; and (4) a total of approximately $52,000 per month in replenishment of security deposits and approximately $85,000 per month in repayments of base rent and property management fee deferrals are required to be paid each month over an 18 month period commencing on July 1, 2020. Vertical made partial payments of contractual rent due for November and December 2020 and approximately $424,000 of security deposits were applied to the payment of rent and associated lease penalties. In June 2020, we amended our lease and development agreement with a subsidiary of PharmaCann at one of our Illinois properties, making available an additional $3.0 million in construction funding at the property, and making the total available construction funding $10.0 million. As of December 31, 2020, we incurred approximately $9.5 million of the redevelopment costs, of which we funded approximately $9.4 million. In June 2020, we amended our lease with a subsidiary of Green Leaf Medical, LLC at one of our Pennsylvania properties, making available $30.0 million in funding for tenant improvements at the property. Assuming full payment of the tenant improvement allowance, our total investment in the property will be $43.0 million. As of December 31, 2020, we incurred approximately $828,000 of the redevelopment costs, of which we funded approximately $592,000 . In August 2020, we amended our lease with a subsidiary of GR Companies, Inc. (“Grassroots”) at one of our Pennsylvania properties, making available an additional approximately $1.5 million in funding for tenant improvements at the property, and making the total tenant improvement allowance approximately $12.4 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $26.6 million. As of December 31, 2020, we incurred approximately $12.0 million of the redevelopment costs, of which we funded approximately $11.5 million. Grassroots was acquired by Curaleaf Holdings, Inc. in 2020. In August 2020, we amended our lease with a subsidiary of Grassroots at one of our Illinois properties, making available an additional $844,000 in funding for tenant improvements at the property, and making the total tenant improvement allowance at the property approximately $18.6 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $29.1 million. As of December 31, 2020, we incurred approximately $13.9 million of the redevelopment costs, of which we funded approximately $12.8 million. In August 2020, we amended our lease with a subsidiary of Ascend at one of our Illinois properties, making available an additional $18.0 million in funding for tenant improvements at the property, and making the total tenant improvement allowance at the property $32.0 million. Assuming full payment of the additional funding, our total investment in the property will be $51.0 million. As of December 31, 2020, we incurred approximately $25.1 million of the redevelopment costs, of which we funded approximately $22.9 million. In October 2020, we amended our lease with a subsidiary of GTI at one of our Ohio properties, making available an additional $25.0 million in funding for tenant improvements at the property, and making the total tenant improvement allowance $29.3 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be $32.2 million. In October 2020, we amended our lease with GPI at one of our Michigan retail properties, making available an additional $525,000 in funding for tenant improvements at the property, and making the total tenant improvement allowance approximately $1.8 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $3.4 million. In November 2020, we amended our lease and development agreement with PharmaCann at one of our Pennsylvania properties, making available an additional $2.0 million in construction funding at the property, and making the total construction funding approximately $27.1 million. Assuming full payment of the construction funding, our total investment in the property will be $28.0 million. In December 2020, we amended our lease and entered into a development agreement with PharmaCann at one of our New York properties, making available $31.0 million in construction funding at the property. Assuming full payment of the construction funding, our total investment in the property will be $61.0 million. As of December 31, 2020, we incurred approximately In December 2020, we amended our lease with Holistic at one of our Pennsylvania properties, making available an additional $4.0 million in funding for tenant improvements at the property, and making the total tenant improvement allowance approximately $10.4 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $19.3 million. In December 2020, we amended our lease with Holistic at one of our Massachusetts properties, making available an additional $3.0 million in funding for tenant improvements at the property, and making the total tenant improvement allowance $5.0 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $17.8 million. Including all of our properties, during the year ended December 31, 2020, we capitalized costs of approximately $301.0 million and funded approximately $289.5 million relating to tenant improvements and construction activities at our properties. The properties acquired during 2020 generated approximately $27.2 million of rental revenue (including tenant reimbursements) and approximately $20.7 million of net operating income after deducting property and depreciation expenses for the year ended December 31, 2020. The properties acquired during 2019 generated approximately $16.3 million of rental revenue (including tenant reimbursements) and approximately $12.5 million net operating income after deducting property and depreciation expenses for the year ended December 31, 2019. Future contractual minimum rent (including base rent, supplemental base rent (with respect to our lease with PharmaCann at one of our New York properties) and property management fees) under the operating leases as of December 31, 2020 for future periods is summarized as follows (in thousands): Year Contractual Minimum Rent 2021 $ 174,805 2022 182,348 2023 187,798 2024 193,418 2025 199,309 Thereafter 2,836,452 Total $ 3,774,130

Exchangeable Senior Notes

Exchangeable Senior Notes	12 Months Ended
Exchangeable Senior Notes	Dec. 31, 2020
Exchangeable Senior Notes
Exchangeable Senior Notes	7. Exchangeable Senior Notes In February 2019, our Operating Partnership issued $143.75 million of 3.75% Exchangeable Senior Notes due 2024 (the “Exchangeable Senior Notes”) in a private offering, including the exercise in full of the initial purchasers’ option to purchase additional Exchangeable Senior Notes. The Exchangeable Senior Notes are senior unsecured obligations of our Operating Partnership, are fully and unconditionally guaranteed by us and our Operating Partnership’s subsidiaries and are exchangeable for cash, shares of our common stock, or a combination of cash and shares of our common stock, at our Operating Partnership’s option, at any time prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date. The exchange rate for the Exchangeable Senior Notes at December 31, 2020 was 15.01810 shares of our common stock per $1,000 principal amount of Exchangeable Senior Notes and the exchange price at December 31, 2020 was approximately $66.59 per share of our common stock. The exchange rate and exchange price are subject to adjustment in certain circumstances. The Exchangeable Senior Notes will pay interest semiannually at a rate of 3.75% per annum and will mature on February 21, 2024, unless earlier exchanged or repurchased in accordance with their terms. Our Operating Partnership will not have the right to redeem the Exchangeable Senior Notes prior to maturity, but may be required to repurchase the Exchangeable Senior Notes from holders under certain circumstances. Upon our issuance of the Exchangeable Senior Notes, we recorded an approximately $5.8 million discount based on the implied value of the exchange option and an assumed effective interest rate of 4.65%, as well as approximately $5.2 million of initial issuance costs, of which approximately $5.0 million and $200,000 were allocated to the liability and equity components, respectively, based on their relative fair values. Issuance costs allocated to the liability component are being amortized using the effective interest method and recognized as non-cash interest expense over the expected term of the Exchangeable Senior Notes. The following table details our interest expense related to the Exchangeable Senior Notes (in thousands): December 31, December 31, 2020 2019 Cash coupon $ 5,391 $ 4,628 Amortization of debt discount 1,093 898 Amortization of issuance cost 947 780 Total interest expense $ 7,431 $ 6,306 The following table details the carrying value of our Exchangeable Senior Notes on our consolidated balance sheets (in thousands): December 31, 2020 December 31, 2019 Principal amount $ 143,749 $ 143,750 Unamortized discount (3,785) (4,878) Unamortized issuance costs (3,271) (4,218) Carrying value $ 136,693 $ 134,654 Accrued interest payable for the Exchangeable Senior Notes was approximately $1.6 million as of both December 31, 2020 and 2019, and is included in accounts payable and accrued expenses on our consolidated balance sheets.

Net Income Per Share

Net Income Per Share	12 Months Ended
Net Income Per Share	Dec. 31, 2020
Net Income Per Share
Net Income Per Share	8. Net Income Per Share Grants of restricted stock and restricted stock units (“RSUs”) 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 and dividend equivalents 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, 2020, all of the Company’s participating securities received dividends or dividend equivalents at an equal dividend rate per share. As a result, distributions to participating securities have been included in net income attributable to common stockholders to calculate net income per basic and diluted share. We have considered the dilutive effect of the 2,158,837 and 2,100,307 potentially issuable shares necessary to settle the Exchangeable Senior Notes on the if exchanged method basis for the years ended December 31, 2020 and 2019, respectively, and as this effect was anti-dilutive, these shares necessary to settle the Exchangeable Senior Notes were excluded from diluted earnings per share. Computations of net income per basic and diluted share were as follows (in thousands, except share and per share data): Years Ended December 31, 2020 2019 2018 Net income $ 65,730 $ 23,475 $ 6,985 Preferred stock dividends (1,352) (1,352) (1,352) Distribution to participating securities (509) (396) (178) Net income attributable to common stockholders used to compute net income per share $ 63,869 $ 21,727 $ 5,455 Weighted-average common shares outstanding: Basic 19,443,602 10,546,016 7,138,952 Diluted 19,557,619 10,684,068 7,285,801 Net income attributable to common stockholders per share: Basic $ 3.28 $ 2.06 $ 0.76 Diluted $ 3.27 $ 2.03 $ 0.75

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2020
Fair Value of Financial Instruments
Fair Value of Financial Instruments	9. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Includes other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions. The following table presents the carrying value in the consolidated financial statements and approximate fair value of financial instruments at December 31, 2020 and 2019: At December 31, 2020 At December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Investments (1) $ 619,275 $ 619,270 $ 119,595 $ 119,673 Exchangeable Senior Notes (2) $ 136,693 $ 397,663 $ 134,654 $ 185,558 (1) Investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs. (2) The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of December 31, 2020. As of December 31, 2020 and 2019, cash equivalent instruments consisted of approximately $98.3 million and $60.1 million, respectively, in short-term money market funds that were measured using the net asset value per share that have not been classified using the fair value hierarchy. The fund invests primarily in short-term U.S. Treasury and government securities. Short-term investments consisting of certificate of deposits and obligations of the U.S. government are stated at amortized cost, which approximates their fair values due to the short-term maturities and market rates of interest of these instruments. The carrying amounts of financial instruments such as cash equivalents invested in certificates of deposit, obligations of the U.S. government with an original maturity at the time of purchase of less than or equal to three months, accounts payable, accrued expenses and other liabilities approximate their relative fair values due to the short-term maturities and market rates of interest of these instruments.

Common Stock Incentive Plan

Common Stock Incentive Plan	12 Months Ended
Common Stock Incentive Plan	Dec. 31, 2020
Common Stock Incentive Plan
Common Stock Incentive Plan	10. Common Stock Incentive Plan Our board of directors adopted our 2016 Omnibus Incentive Plan (the “2016 Plan”), to enable us to motivate, attract and retain the services of directors, employees and consultants considered essential to our long-term success. The 2016 Plan offers our directors, employees and consultants an opportunity to own our stock or rights that will reflect our growth, development and financial success. Under the terms of the 2016 Plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 1,000,000 shares. Any equity awards that lapse, expire, terminate, are canceled or are forfeited (including forfeitures in connection with satisfaction of tax withholding obligations of the recipient) are recredited to the 2016 Plan’s reserve for future issuance. The 2016 Plan has a term of ten years until December 5, 2026. A summary of the restricted stock activity under the 2016 Plan and related information for the years ended December 31, 2020, 2019 and 2018 is included in the table below: Weighted- Restricted Average Grant Date Shares Fair Value Nonvested balance at December 31, 2017 106,839 $ 18.01 Granted 76,732 $ 29.72 Vested (24,133) $ 18.45 Forfeited (1) (12,079) $ 18.67 Nonvested balance at December 31, 2018 147,359 $ 23.98 Granted 56,460 $ 55.82 Vested (43,556) $ 25.82 Forfeited (1) (20,717) $ 18.98 Nonvested balance at December 31, 2019 139,546 $ 37.03 Granted 17,057 $ 75.96 Vested (51,705) $ 40.07 Forfeited (1) (28,552) $ 19.72 Nonvested balance at December 31, 2020 76,346 $ 50.14 (1) All of these shares were forfeited to cover the employees’ tax withholding obligation upon vesting. The remaining unrecognized compensation cost of approximately $1.8 million for restricted stock awards is expected to be recognized over a weighted-average amortization period of approximately 1.4 years as of December 31, 2020. The fair value of restricted stock that vested in 2020, 2019 and 2018 was approximately $6.0 million, $3.2 million and $1.2 million, respectively. A summary of the RSU activity under the 2016 Plan and related information for the year ended December 31, 2020 is included in the table below. There was no RSU activity for the years ended December 31, 2019 and 2018. RSUs have the same economic rights as shares of restricted stock under the 2016 Plan: Weighted- Unvested Average Grant Date RSUs Fair Value Balance at December 31, 2019 — $ — Granted 36,687 $ 76.06 Balance at December 31, 2020 36,687 $ 76.06 The remaining unrecognized compensation cost of approximately $1.8 million for RSU awards is expected to be recognized over an amortization period of approximately 1.9 years as of December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies Office Lease. Year Amount 2021 $ 235 2022 242 2023 249 2024 256 2025 88 Thereafter — Total future contractual lease payments 1,070 Effect of discounting (13) Office lease liability $ 1,057 Tenant Improvement Allowances. Construction Funding. Environmental Matters Litigation Deferred Compensation Plan. director fees and 100% of restricted equity awards. The Plan assets are held in a rabbi trust which is consolidated and included in the consolidated financial statements.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions
Related Party Transactions	12. Related Party Transactions Private Airplane Reimbursement

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events
Subsequent Events	13. Subsequent Events Subsequent to December 31, 2020, the Company acquired the following properties, including commitments to fund tenant improvements and construction, and made the following additional funds available to tenants for improvements at the Company’s existing properties (dollars in thousands): Rentable Initial Tenant Square Purchase Improvement Property Market Closing Date Feet (1) Price Commitments Total (2) Holistic CA California January 7, 2021 N/A $ N/A $ 11,000 $ 11,000 (3) Harvest FL Florida January 22, 2021 295,000 23,800 10,750 34,550 (4) Kings Garden CA California February 5, 2021 180,000 1,350 51,375 52,725 (5) LivWell MI Michigan February 16, 2021 N/A N/A 6,895 6,895 (6) Total 475,000 $ 25,150 $ 80,020 $ 105,170 (1) Includes expected rentable square feet at completion of construction of certain properties. (2) Excludes transaction costs. (3) The amount relates to the tenant improvement allowance provided in connection with a new lease executed at one of our California properties located in Los Angeles, the prior tenant of which was under receivership. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $24.0 million. As of February 24, 2021 , we had no t funded any of the tenant improvement allowance. (4) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to approximately $ 10.8 million. As of February 24, 2021 , we had no t funded any of the tenant improvement allowance. (5) The amounts relate to the acquisition of additional land adjacent to an existing property and a lease amendment which provided a tenant improvement allowance and resulted in a corresponding adjustment to base rent for lease at the property. The tenant is expected to complete construction of two new buildings on the property comprising approximately 180,000 square feet in the aggregate, for which we agreed to provide reimbursement of up to approximately $51.4 million. As of February 24, 2021, we had no t funded any of the tenant improvement allowance. (6) The amount relates to a lease amendment which increased the tenant improvement allowance under a lease at one of our Michigan properties by approximately $6.9 million to a total of approximately $29.9 million, and also resulted in a corresponding adjustment to the base rent for the lease at the property. As of February 24, 2021, we had funded approximately $29.8 million of the tenant improvement allowance. Rent Collections Update (as of February 24 , 2021) We collected 100% of contractual rent due for the three months ended December 31, 2020 and 100% of contractual rent due for the months of January and February 2021 across our total portfolio, other than: ● The tenant at our Los Angeles, California property that was in receivership until we signed a new lease with Holistic for the entire property on January 7, 2021; and ● Vertical, the tenant at certain properties in southern California, which made partial payments of contractual rent due during these time periods. The properties that Vertical occupies represented less than one percent of our total gross assets at December 31, 2020. We have not provided deferrals of any rent obligations to any tenant since July 1, 2020.

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
Quarterly Financial Information (unaudited)	Dec. 31, 2020
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited)	14. Quarterly Financial Information (unaudited) The Company’s selected quarterly information for the years ended December 31, 2020 and 2019 (in thousands, except share and per share data) was as follows. Three Months Ended (1) December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Revenues: Rental (including tenant reimbursements) $ 37,093 $ 34,327 $ 24,346 $ 21,130 Total revenues 37,093 34,327 24,346 21,130 Expenses: Property expenses 1,019 2,919 414 600 General and administrative expense 4,487 3,339 3,010 3,346 Depreciation expense 8,726 7,646 6,746 4,907 Total expenses 14,232 13,904 10,170 8,853 Income from operations 22,861 20,423 14,176 12,277 Interest and other income 338 653 989 1,444 Interest expense (1,866) (1,861) (1,855) (1,849) Net income 21,333 19,215 13,310 11,872 Preferred stock dividends (338) (338) (338) (338) Net income attributable to common stockholders $ 20,995 $ 18,877 $ 12,972 $ 11,534 Net income attributable to common stockholders per share: Basic $ 0.91 $ 0.87 $ 0.73 $ 0.72 Diluted $ 0.91 $ 0.86 $ 0.73 $ 0.72 Weighted-average shares outstanding: Basic 22,804,185 21,594,637 17,530,721 15,784,296 Diluted (2) 25,077,099 21,708,725 17,644,829 15,898,091 Three Months Ended (1) December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Revenues: Rental (including tenant reimbursements) $ 17,672 $ 11,555 $ 8,617 $ 6,823 Total revenues 17,672 11,555 8,617 6,823 Expenses: Property expenses 374 357 337 247 General and administrative expense 3,151 2,156 2,593 1,918 Depreciation expense 3,545 2,221 1,615 1,218 Total expenses 7,070 4,734 4,545 3,383 Income from operations 10,602 6,821 4,072 3,440 Interest and other income 1,144 1,537 1,172 993 Interest expense (1,844) (1,838) (1,832) (792) Net income 9,902 6,520 3,412 3,641 Preferred stock dividends (338) (338) (338) (338) Net income attributable to common stockholders $ 9,564 $ 6,182 $ 3,074 $ 3,303 Net income attributable to common stockholders per share: Basic $ 0.79 $ 0.56 $ 0.31 $ 0.34 Diluted $ 0.78 $ 0.55 $ 0.30 $ 0.33 Weighted-average shares outstanding: Basic 11,905,021 10,918,477 9,667,079 9,664,775 Diluted 12,044,602 11,057,697 9,807,503 9,797,676 (1) The sum of quarterly financial data may vary from the annual data due to rounding. (2) For the three months ended December 31, 2020, net income attributable to common stockholders per diluted share included 2,158,837 potentially issuable shares as if the Exchangeable Senior Notes were exchanged at the beginning of the period. This adjustment applied only for the three months ended December 31, 2020. The Exchangeable Senior Notes were anti-dilutive for purposes of calculating net income attributable to common stockholders per diluted share for all other periods presented.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Dec. 31, 2020
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	INNOVATIVE INDUSTRIAL PROPERTIES, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2020 (In thousands) Initial Costs Total Costs Costs Capitalized Year Building and Subsequent to Building and Accumulated Net Cost Property State Built/Renovated Land Improvements Acquisition Land Improvements Total Depreciation Basis Year Acquired Pharm AZ Arizona 1995/2017 $ 398 $ 14,629 $ 5,003 $ 398 $ 19,632 $ 20,030 $ (2,136) $ 17,894 2017 Pharm AZ Retail Arizona 2019 1,216 811 501 1,216 1,312 2,528 (68) 2,460 2019 Sacramento CA California 1990/2019 1,376 5,321 6,033 1,376 11,354 12,730 (616) 12,114 2019 Kings Garden CA Portfolio California Various (1)(8) 8,994 61,062 — 8,994 61,062 70,056 (1,584) 68,472 2019/2020 Esperanza CA California 1926/1976 1,713 11,307 — 1,713 11,307 13,020 (424) 12,596 2019 Vertical CA Portfolio California Various (2) 3,393 13,939 — 3,393 13,939 17,332 (519) 16,813 2019 Columbia Care CO Colorado 1978/2018 2,101 9,176 — 2,101 9,176 11,277 (754) 10,523 2018 LivWell CO Retail Portfolio Colorado Various (3) 546 2,781 51 546 2,832 3,378 (63) 3,315 2020 Trulieve FL Florida 2019 274 16,729 — 274 16,729 17,003 (636) 16,367 2019 Parallel FL Portfolio Florida Various (4) 3,258 51,625 6,893 3,258 58,518 61,776 (1,020) 60,756 2020 Ascend IL Illinois 2015 (8) 563 18,457 24,943 563 43,400 43,963 (2,318) 41,645 2018 Cresco IL Portfolio Illinois Various (5)(8) 3,215 29,602 13,596 3,215 43,198 46,413 (1,965) 44,448 2019 Curaleaf IL Illinois 1984 (8) 350 10,191 13,866 350 24,057 24,407 (1,022) 23,385 2019 PharmaCann IL Illinois 1992/2020 201 17,807 9,540 201 27,347 27,548 (985) 26,563 2019 GTI IL Illinois 2015 (8) 739 8,284 29,871 739 38,155 38,894 (711) 38,183 2020 Holistic MD Maryland 2017 2,785 8,410 11,405 2,785 19,815 22,600 (2,187) 20,413 2017 PharmaCann MA Massachusetts 2019 3,030 — 27,512 3,030 27,512 30,542 (1,119) 29,423 2018 Holistic MA Massachusetts 1980/2018 1,059 11,717 2,036 1,059 13,753 14,812 (887) 13,925 2018 Trulieve MA Massachusetts 1890 (8) 694 2,831 40,029 694 42,860 43,554 (2,309) 41,245 2019 Ascend MA Massachusetts 1938 (8) 2,202 24,568 8,598 2,202 33,166 35,368 (569) 34,799 2020 Cresco MA Massachusetts 1880 (8) 650 7,119 3,144 650 10,263 10,913 (102) 10,811 2020 4Front MA Massachusetts 1991/2019 2,316 13,194 — 2,316 13,194 15,510 (15) 15,495 2020 Green Peak MI Michigan 2018 1,933 3,559 10,300 1,933 13,859 15,792 (1,068) 14,724 2018 Emerald Growth MI Michigan 1960/2020 389 6,489 3,139 389 9,628 10,017 (492) 9,525 2019 Ascend MI Michigan 1929 (8) 409 4,360 14,882 409 19,242 19,651 (584) 19,067 2019 LivWell MI Michigan 1940/2020 1,237 17,791 22,912 1,237 40,703 41,940 (1,968) 39,972 2019 Green Peak MI Retail Portfolio Michigan Various (6) 2,562 7,512 1,755 2,562 9,267 11,829 (403) 11,426 2019 Cresco MI Michigan 1930 (8) 1,385 3,631 10,179 1,385 13,810 15,195 (105) 15,090 2020 Holistic MI Michigan (8) 6,211 — 4,397 6,211 4,397 10,608 (13) 10,595 2020 Vireo MN Minnesota 2015/2017 427 2,644 6,617 427 9,261 9,688 (776) 8,912 2017 MJardin NV Nevada 1984/2020 1,088 2,768 5,770 1,088 8,538 9,626 (476) 9,150 2019 Curaleaf NJ New Jersey 1964 (8) 702 4,857 20,955 702 25,812 26,514 (288) 26,226 2020 Columbia Care NJ Portfolio New Jersey Various (7)(8) 466 11,974 1,090 466 13,064 13,530 (169) 13,361 2020 PharmaCann NY New York 2016 7,600 22,475 70 7,600 22,545 30,145 (2,509) 27,636 2016 Vireo NY New York 1970/2015 303 3,157 3,327 303 6,484 6,787 (631) 6,156 2017 Curaleaf ND North Dakota 2018/2020 191 9,743 2,271 191 12,014 12,205 (407) 11,798 2019 PharmaCann OH Ohio 2019 712 — 19,310 712 19,310 20,022 (685) 19,337 2019 Vireo OH Ohio 1986/2020 22 1,014 2,501 22 3,515 3,537 (295) 3,242 2019 Cresco OH Ohio 2018/2020 235 10,377 568 235 10,945 11,180 (250) 10,930 2020 GTI OH Ohio 1937/2020 239 2,688 7,542 239 10,230 10,469 (306) 10,163 2020 Jushi PA Pennsylvania 1959/2020 275 5,603 8,570 275 14,173 14,448 (1,052) 13,396 2018 Maitri PA Pennsylvania 1970/2019 233 6,249 15,887 233 22,136 22,369 (913) 21,456 2019 Green Leaf PA Pennsylvania 1988/2020 1,353 11,854 833 1,353 12,687 14,040 (646) 13,394 2019 PharmaCann PA Pennsylvania (8) 954 — 26,467 954 26,467 27,421 (337) 27,084 2019 GTI PA Pennsylvania 1927/2017 1,435 19,098 19,302 1,435 38,400 39,835 (1,815) 38,020 2019 Curaleaf PA Pennsylvania 1980/2019 1,228 13,080 12,045 1,228 25,125 26,353 (1,013) 25,340 2019 Holistic PA Pennsylvania 1930/2020 941 7,941 7,242 941 15,183 16,124 (227) 15,897 2020 Green Leaf VA Virginia 2019/2020 231 11,582 7,937 231 19,519 19,750 (738) 19,012 2020 4Front WA Washington 1997/2015 1,826 15,684 — 1,826 15,684 17,510 (20) 17,490 2020 Total $ 75,660 $ 545,690 $ 438,889 $ 75,660 $ 984,579 $ 1,060,239 $ (40,195) $ 1,020,044 (1) Portfolio consists of six properties constructed and renovated between 1980 and 2019. (2) Portfolio consists of four properties constructed and renovated between 1964 and 2020. (3) Portfolio consists of two properties constructed in 1998 and 2019. (4) Portfolio consists of two properties constructed in 1982 and 1994. Both properties were renovated in 2020. (5) Portfolio consists of two properties constructed in 2015 and 2016. Both properties were renovated in 2016. (6) Portfolio consists of six properties constructed and renovated between 1957 and 2019. (7) Portfolio consists of two properties constructed between 1962 and 1974. Both properties were renovated in 2020. (8) As of December 31, 2020, all or a portion of the property was under active development or redevelopment. A reconciliation of historical cost and related accumulated depreciation is as follows (in thousands): Years Ended December 31, 2020 2019 2018 Investment in real estate, at cost: Balance at beginning of year $ 518,031 $ 150,930 $ 68,730 Purchases of investments in real estate 241,159 259,889 57,474 Additions and improvements 301,049 107,212 24,726 Balance at end of year $ 1,060,239 $ 518,031 $ 150,930 Accumulated Depreciation: Balance at beginning of year $ (12,170) $ (3,571) $ (942) Depreciation expense (28,025) (8,599) (2,629) Balance at end of year $ (40,195) $ (12,170) $ (3,571)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Basis of Presentation	Basis of Presentation. The Company considered the impact of COVID-19 on its assumptions and estimates used and determined that there were no material adverse impacts on the Company's results of operations and financial position at December 31, 2020. A prolonged outbreak could have a material adverse impact on the financial results and business operations of the Company. See Note 6 for further discussion.
Federal Income Taxes	Federal Income Taxes.
Use of Estimates	Use of Estimates.
Reportable Segment	Reportable Segment
Acquisition of Real Estate Properties	Acquisition of Real Estate Properties.
Depreciation	Depreciation. We 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 periodically evaluate whether certain useful lives remain appropriate in accordance with authoritative guidance. During 2020, we completed a review of the estimated useful life of our buildings and improvements and extended the maximum useful life from 35 years to 40 years based on the condition of the buildings and the extent of the improvements. This was accounted for as a change in accounting estimate and was made on a prospective basis effective January 1, 2020. For the year ended December 31, 2020, depreciation expense was lower by approximately $1.4 million than it would have been had the useful life of these assets not been extended, with a diluted earnings per share impact of $0.08 per share. We depreciate tenant improvements at our buildings where we are considered the owner over the estimated useful lives of the improvements, not to exceed 40 years . We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three
Provision for Impairment	Provision for Impairment. Long-lived assets are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. No impairment losses were recognized during the years ended December 31, 2020, 2019 and 2018.
Revenue Recognition	Revenue Recognition. We record revenue for each of our properties on a cash basis due to the uncertain regulatory environment in the United States relating to the medical-use cannabis industry and the uncertainty of collectability of lease payments from each tenant due to its limited operating history.
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash.
Investments	Investments
Exchangeable Notes	Exchangeable Notes.
Deferred Financing Costs	Deferred Financing Costs.
Stock-Based Compensation	Stock-Based Compensation.
Lease Accounting	Lease Accounting. In February 2016, the FASB issued ASU 2016-02, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases - Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842 and was effective for the Company for its consolidated financial statements for the year ended December 31, 2019. We adopted Topic 842 effective as of January 1, 2019 using the effective date method and elected the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. We also elected the lessor practical expedient, allowing us to continue to amortize previously capitalized initial direct leasing costs incurred prior to the adoption of Topic 842. As lessee, we recognized a liability to account for our future obligations related to our corporate office lease, which has a remaining lease term of approximately 4.3 years and 5.3 years as of December 31, 2020 and 2019, respectively, excluding the extension option that we are not reasonably certain to exercise, and a corresponding right-of-use asset. The lease liability is measured based on the present value of the future lease payments discounted using the estimated incremental borrowing rate of 7.25%, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period. The right-of-use asset is measured based on the corresponding lease liability. We did not incur any initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease. Subsequently, the right-of-use asset is amortized on a straight-line basis during the lease term. For the years ended December 31, 2020, 2019 and 2018, we recognized office lease expense of approximately $229,000, $82,000 and $83,000, respectively, which are included in general and administrative expense in our consolidated statements of income. For the years ended December 31, 2020, 2019 and 2018, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were approximately $172,000, $87,000 and $77,000, respectively. As lessor, for each of our real estate transactions involving the leaseback of the related property to the seller or affiliates of the seller, we determine whether these transactions qualify as sale and leaseback transactions under the accounting guidance. For these transactions, we consider various inputs and assumptions including, but not necessarily limited to, lease terms, renewal options, discount rates, and other rights and provisions in the purchase and sale agreement, lease and other documentation to determine whether control has been transferred to the Company or remains with the lessee. A transaction involving a sale leaseback will be treated as a purchase of a real estate property if it is considered to transfer control of the underlying asset from the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control and will be classified as a sales-type lease if control of the underlying asset is transferred to the lessee. Otherwise, the lease is treated as an operating lease. These criteria also include estimates and assumptions regarding the fair value of the leased facilities, minimum lease payments, the economic useful life of the facilities, the existence of a purchase option, and certain other terms in the lease agreements. The lease accounting guidance requires accounting for a transaction as a financing in a sale leaseback when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. Our leases continued to be classified as operating leases and we continue to record revenue for each of our properties on a cash basis. Our tenant reimbursable revenue and property expenses continue to be presented on a gross basis as rental revenue and as property expenses, respectively, on our consolidated statements of income. Property taxes paid directly by the lessee to a third party continue to be excluded from our consolidated financial statements. Internal leasing costs of approximately $122,000 capitalized during the year ended December 31, 2019 were written off and included in general and administrative expenses on our consolidated statement of income for the year ended December 31, 2019. These costs were capitalized in accordance with the lease accounting standards existing prior to January 1, 2019 and did not qualify for capitalization. The election of the practical expedients available for implementation under the standard permits us to continue to account for our leases that commenced before January 1, 2019 under the previously existing lease accounting guidance for the remainder of their lease terms, and to apply the new lease accounting guidance to leases commencing or modified after January 1, 2019. As a result, there was no restatement of prior issued financial statements and, similarly, no cumulative effect adjustment to opening equity. In April 2020, in response to the coronavirus pandemic and associated severe economic disruption, we amended leases at certain of our properties to provide for temporary base rent and property management fee deferrals through June 30, 2020. The FASB has issued additional guidance for companies to account for any coronavirus related rent concessions in the form of FASB staff and board members' remarks at the April 8, 2020 public meeting and the FASB staff question-and-answer document issued on April 10, 2020. We have elected the practical expedient which allows us to not have to evaluate whether concessions provided in response to coronavirus pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total remaining lease payments are substantially the same or less as compared to the original lease payments prior to the concession being granted. Lease amendments that are not associated with the coronavirus pandemic are evaluated to determine if the modification grants the lessee an additional right-of-use not included in the original lease and if the lease payments increase commensurate with the standalone price of the additional right-of-use, adjusted for the circumstances of the particular contract. If both conditions are present, the lease amendment is accounted for as a new lease that is separate from the original lease. One of our leases that was entered into prior to 2019 provides the lessee with a purchase option to purchase the leased property at the end of the initial lease term in September 2034, subject to the satisfaction of certain conditions. The purchase option provision allows the lessee to purchase the leased property at the greatest of (a) the fair value; (b) the value determined by dividing the then-current base rent by 8%; and (c) an amount equal to our gross investment in the property (including the purchase price at acquisition and any additional investment in the property made by us during the term of the lease), indexed to inflation. At December 31, 2020, our gross investment in the property with the purchase option was approximately $30.5 million. At December 31, 2020, the purchase option was not exercisable. Our leases generally contain options to extend the lease terms at the prevailing market rate at the time of expiration. Certain of our leases provide the lessee with a right of first refusal or right of first offer in the event we market the leased property for sale.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which among other updates, clarifies that receivables arising from operating leases are not within the scope of this guidance and should be evaluated in accordance with Topic 842. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. These standards were effective for the Company on January 1, 2020 and did not have a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. ASU 2020-06 also updates the earnings per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 and is to be adopted through a cumulative-effect adjustment to the opening balance of retained earnings either at the date of adoption or in the first comparative period presented. Upon adoption of ASU 2020-06, convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature, will no longer be allocated between debt and equity components. This will reduce the issue discount and result in less non-cash interest expense in our consolidated financial statements. Additionally, ASU 2020-06 will result in the reporting of a diluted earnings per share, if the effect is dilutive, in our consolidated financial statements, regardless of our settlement intent.
Concentration of Credit Risk	Concentration of Credit Risk At December 31, 2020, none of our properties individually represented more than 5% of our net real estate held for investment. At December 31, 2019, one of our properties in New York accounted for 6% of our net real estate held for investment. We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of December 31, 2020, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.

Dividends (Tables)

Dividends (Tables)	12 Months Ended
Dividends (Tables)	Dec. 31, 2020
Dividends
Schedule of dividends payable	The following table describes the dividends declared by the Company during the years ended December 31, 2020, 2019 and 2018: Amount Dividend Dividend Declaration Date Security Class Per Share Period Covered Paid Date Amount (In thousands) March 15, 2018 Common stock $ 0.25 January 1, 2018 to March 31, 2018 April 16, 2018 $ 1,696 March 15, 2018 Series A preferred stock $ 0.5625 January 15, 2018 to April 14, 2018 April 16, 2018 $ 338 June 15, 2018 Common stock $ 0.25 April 1, 2018 to June 30, 2018 July 16, 2018 $ 1,696 June 15, 2018 Series A preferred stock $ 0.5625 April 15, 2018 to July 14, 2018 July 16, 2018 $ 338 September 14, 2018 Common stock $ 0.35 July 1, 2018 to September 30, 2018 October 15, 2018 $ 2,375 September 14, 2018 Series A preferred stock $ 0.5625 July 15, 2018 to October 14, 2018 October 15, 2018 $ 338 December 14, 2018 Common stock $ 0.35 October 1, 2018 to December 31, 2018 January 15, 2019 $ 3,421 December 14, 2018 Series A preferred stock $ 0.5625 October 15, 2018 to January 14, 2019 January 15, 2019 $ 338 March 12, 2019 Common stock $ 0.45 January 1, 2019 to March 31, 2019 April 15, 2019 $ 4,412 March 12, 2019 Series A preferred stock $ 0.5625 January 15, 2019 to April 14, 2019 April 15, 2019 $ 338 June 14, 2019 Common stock $ 0.60 April 1, 2019 to June 30, 2019 July 15, 2019 $ 5,885 June 14, 2019 Series A preferred stock $ 0.5625 April 15, 2019 to July 14, 2019 July 15, 2019 $ 338 September 13, 2019 Common stock $ 0.78 July 1, 2019 to September 30, 2019 October 15, 2019 $ 8,866 September 13, 2019 Series A preferred stock $ 0.5625 July 15, 2019 to October 14, 2019 October 15, 2019 $ 338 December 10, 2019 Common stock $ 1.00 October 1, 2019 to December 31, 2019 January 15, 2020 $ 12,637 December 10, 2019 Series A preferred stock $ 0.5625 October 15, 2019 to January 14, 2020 January 15, 2020 $ 338 March 13, 2020 Common stock $ 1.00 January 1, 2020 to March 31, 2020 April 15, 2020 $ 17,070 March 13, 2020 Series A preferred stock $ 0.5625 January 15, 2020 to April 14, 2020 April 15, 2020 $ 338 June 15, 2020 Common stock $ 1.06 April 1, 2020 to June 30, 2020 July 15, 2020 $ 19,770 June 15, 2020 Series A preferred stock $ 0.5625 April 15, 2020 to July 14, 2020 July 15, 2020 $ 338 September 15, 2020 Common stock $ 1.17 July 1, 2020 to September 30, 2020 October 15, 2020 $ 25,987 September 15, 2020 Series A preferred stock $ 0.5625 July 15, 2020 to October 14, 2020 October 15, 2020 $ 338 December 14, 2020 Common stock $ 1.24 October 1, 2020 to December 31, 2020 January 15, 2021 $ 29,727 December 14, 2020 Series A preferred stock $ 0.5625 October 15, 2020 to January 14, 2021 January 15, 2021 $ 338

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
Investments in Real Estate (Tables)	Dec. 31, 2020
Investments in Real Estate
Schedule of real estate properties	The Company acquired the following properties during the year ended December 31, 2020 (dollars in thousands): Rentable Initial Square Purchase Transaction Property Market Closing Date Feet (1) Price Costs Total Green Leaf VA Virginia January 15, 2020 82,000 $ 11,740 $ 73 $ 11,813 (2) Cresco OH Ohio January 24, 2020 50,000 10,600 12 10,612 (3) GTI OH Ohio January 31, 2020 101,000 2,900 27 2,927 (4) LivWell CO Retail Portfolio Colorado Various 8,000 3,300 27 3,327 (5) GTI IL Illinois March 6, 2020 231,000 9,000 23 9,023 (6) Parallel FL Wimauma Florida March 11, 2020 373,000 35,300 26 35,326 (7) Ascend MA Massachusetts April 2, 2020 199,000 26,750 20 26,770 (8) Cresco MI Michigan April 22, 2020 115,000 5,000 16 5,016 (9) Kings Garden CA California May 12, 2020 70,000 17,500 12 17,512 Holistic PA Pennsylvania June 10, 2020 108,000 8,870 12 8,882 (10) Cresco MA Massachusetts June 30, 2020 118,000 7,750 19 7,769 (11) Curaleaf NJ New Jersey July 13, 2020 111,000 5,500 59 5,559 (12) Columbia Care NJ Portfolio New Jersey July 16, 2020 54,000 12,385 55 12,440 (13) Holistic MI Michigan September 1, 2020 63,000 6,200 11 6,211 (14) Parallel FL Lakeland Florida September 18, 2020 220,000 19,550 7 19,557 (15) Kings Garden CA California November 16, 2020 192,000 25,375 20 25,395 (16) 4Front WA Washington December 17, 2020 114,000 17,500 10 17,510 4Front MA Massachusetts December 17, 2020 67,000 15,500 10 15,510 Total 2,276,000 $ 240,720 $ 439 $ 241,159 (17) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) We agreed to provide reimbursement to the tenant for development at the property of up to approximately $8.0 million, all of which we incurred and funded as of December 31, 2020. (3) The tenant is expected to complete redevelopment of the property for which we initially agreed to provide reimbursement of up to approximately $1.9 million. In June 2020, we amended the lease, which increased the tenant improvement allowance by $1.0 million to a total of approximately $2.9 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $13.5 million. As of December 31, 2020, we incurred approximately $561,000 of the redevelopment costs, of which none was funded. (4) The tenant is expected to complete redevelopment of the property for which we initially agreed to provide reimbursement of up to $4.3 million. In October 2020, we amended this lease to increase the tenant improvement allowance by $25.0 million to a total of $29.3 million. As of December 31, 2020, we incurred approximately $7.6 million of the redevelopment costs, of which we funded approximately $6.7 million. (5) The portfolio consists of two retail properties, with one property closing on February 19, 2020 and one property closing on February 21, 2020. The tenant is expected to complete tenant improvements at one of the properties, for which we agreed to provide reimbursement of up to $850,000 . As of December 31, 2020, we incurred and funded approximately $49,000 of the redevelopment costs. (6) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $41.0 million. As of December 31, 2020, we incurred approximately $29.9 million of the redevelopment costs, of which we funded approximately $26.8 million. (7) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $8.2 million. As of December 31, 2020, we incurred approximately $4.3 million of the redevelopment costs, of which we funded approximately $3.3 million. (8) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $22.3 million. As of December 31, 2020, we incurred approximately $8.7 million of the redevelopment costs, of which we funded approximately $7.0 million. (9) The tenant is expected to complete redevelopment of the property for which we initially agreed to provide reimbursement of up to $11.0 million. In June 2020, we amended the lease, which increased the tenant improvement allowance by $16.0 million to a total of $27.0 million. As of December 31, 2020, we incurred approximately $10.2 million of the redevelopment costs, of which we funded approximately $5.5 million. (10) The tenant is expected to complete redevelopment of the property for which we initially agreed to provide reimbursement of up to approximately $6.4 million. In December 2020, we amended the lease, which increased tenant improvement allowance by $4.0 million to a total of approximately $10.4 million. As of December 31, 2020, we incurred approximately $7.3 million of the redevelopment costs, of which we funded approximately $6.1 million. (11) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $21.0 million. As of December 31, 2020, we incurred approximately $3.1 million of the redevelopment costs, of which we funded approximately $1.2 million. (12) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $29.5 million. As of December 31, 2020, we incurred approximately $20.9 million of the redevelopment costs, of which we funded approximately $13.4 million. (13) Portfolio consists of two properties. The tenant is expected to complete redevelopment of one of the properties for which we agreed to provide reimbursement of up to $1.6 million. As of December 31, 2020, we incurred approximately $1.1 million of the redevelopment costs, of which we funded approximately $648,000 . (14) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $18.8 million. As of December 31, 2020, we incurred approximately $4.4 million of the redevelopment costs, of which we funded approximately $1.7 million. (15) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $36.9 million. As of December 31, 2020, we incurred approximately $2.7 million of the redevelopment costs, of which we funded approximately $2.2 million. (16) The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $25.0 million. As of December 31, 2020, we had not incurred any of the redevelopment costs. (17) Approximately $27.0 million was allocated to land and approximately $214.2 million was allocated to buildings and improvements.
Schedule of future contractual minimum rent	Future contractual minimum rent (including base rent, supplemental base rent (with respect to our lease with PharmaCann at one of our New York properties) and property management fees) under the operating leases as of December 31, 2020 for future periods is summarized as follows (in thousands): Year Contractual Minimum Rent 2021 $ 174,805 2022 182,348 2023 187,798 2024 193,418 2025 199,309 Thereafter 2,836,452 Total $ 3,774,130

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	12 Months Ended
Exchangeable Senior Notes (Tables)	Dec. 31, 2020
Exchangeable Senior Notes
Schedule of interest expense related to exchangeable senior notes	The following table details our interest expense related to the Exchangeable Senior Notes (in thousands): December 31, December 31, 2020 2019 Cash coupon $ 5,391 $ 4,628 Amortization of debt discount 1,093 898 Amortization of issuance cost 947 780 Total interest expense $ 7,431 $ 6,306
Schedule of carrying value of senior exchangeable notes on condensed consolidated balance sheet	The following table details the carrying value of our Exchangeable Senior Notes on our consolidated balance sheets (in thousands): December 31, 2020 December 31, 2019 Principal amount $ 143,749 $ 143,750 Unamortized discount (3,785) (4,878) Unamortized issuance costs (3,271) (4,218) Carrying value $ 136,693 $ 134,654

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
Net Income Per Share (Tables)	Dec. 31, 2020
Net Income Per Share
Schedule of earnings per share, basic and diluted	Computations of net income per basic and diluted share were as follows (in thousands, except share and per share data): Years Ended December 31, 2020 2019 2018 Net income $ 65,730 $ 23,475 $ 6,985 Preferred stock dividends (1,352) (1,352) (1,352) Distribution to participating securities (509) (396) (178) Net income attributable to common stockholders used to compute net income per share $ 63,869 $ 21,727 $ 5,455 Weighted-average common shares outstanding: Basic 19,443,602 10,546,016 7,138,952 Diluted 19,557,619 10,684,068 7,285,801 Net income attributable to common stockholders per share: Basic $ 3.28 $ 2.06 $ 0.76 Diluted $ 3.27 $ 2.03 $ 0.75

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
Fair Value of Financial Instruments (Tables)	Dec. 31, 2020
Fair Value of Financial Instruments
Schedule of condensed financial statements	The following table presents the carrying value in the consolidated financial statements and approximate fair value of financial instruments at December 31, 2020 and 2019: At December 31, 2020 At December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Investments (1) $ 619,275 $ 619,270 $ 119,595 $ 119,673 Exchangeable Senior Notes (2) $ 136,693 $ 397,663 $ 134,654 $ 185,558 (1) Investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs. (2) The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of December 31, 2020.

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	12 Months Ended
Common Stock Incentive Plan (Tables)	Dec. 31, 2020
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of the activity	A summary of the restricted stock activity under the 2016 Plan and related information for the years ended December 31, 2020, 2019 and 2018 is included in the table below: Weighted- Restricted Average Grant Date Shares Fair Value Nonvested balance at December 31, 2017 106,839 $ 18.01 Granted 76,732 $ 29.72 Vested (24,133) $ 18.45 Forfeited (1) (12,079) $ 18.67 Nonvested balance at December 31, 2018 147,359 $ 23.98 Granted 56,460 $ 55.82 Vested (43,556) $ 25.82 Forfeited (1) (20,717) $ 18.98 Nonvested balance at December 31, 2019 139,546 $ 37.03 Granted 17,057 $ 75.96 Vested (51,705) $ 40.07 Forfeited (1) (28,552) $ 19.72 Nonvested balance at December 31, 2020 76,346 $ 50.14 (1) All of these shares were forfeited to cover the employees’ tax withholding obligation upon vesting.
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of the activity	A summary of the RSU activity under the 2016 Plan and related information for the year ended December 31, 2020 is included in the table below. There was no RSU activity for the years ended December 31, 2019 and 2018. RSUs have the same economic rights as shares of restricted stock under the 2016 Plan: Weighted- Unvested Average Grant Date RSUs Fair Value Balance at December 31, 2019 — $ — Granted 36,687 $ 76.06 Balance at December 31, 2020 36,687 $ 76.06

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2020
Commitments and Contingencies
Schedule of future contractual lease payments	Year Amount 2021 $ 235 2022 242 2023 249 2024 256 2025 88 Thereafter — Total future contractual lease payments 1,070 Effect of discounting (13) Office lease liability $ 1,057

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
Subsequent Events (Tables)	Dec. 31, 2020
Subsequent Events
Schedule of commitments to fund tenant improvements and construction	Subsequent to December 31, 2020, the Company acquired the following properties, including commitments to fund tenant improvements and construction, and made the following additional funds available to tenants for improvements at the Company’s existing properties (dollars in thousands): Rentable Initial Tenant Square Purchase Improvement Property Market Closing Date Feet (1) Price Commitments Total (2) Holistic CA California January 7, 2021 N/A $ N/A $ 11,000 $ 11,000 (3) Harvest FL Florida January 22, 2021 295,000 23,800 10,750 34,550 (4) Kings Garden CA California February 5, 2021 180,000 1,350 51,375 52,725 (5) LivWell MI Michigan February 16, 2021 N/A N/A 6,895 6,895 (6) Total 475,000 $ 25,150 $ 80,020 $ 105,170 (1) Includes expected rentable square feet at completion of construction of certain properties. (2) Excludes transaction costs. (3) The amount relates to the tenant improvement allowance provided in connection with a new lease executed at one of our California properties located in Los Angeles, the prior tenant of which was under receivership. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $24.0 million. As of February 24, 2021 , we had no t funded any of the tenant improvement allowance. (4) The tenant is expected to complete tenant improvements at the property, for which we agreed to provide reimbursement of up to approximately $ 10.8 million. As of February 24, 2021 , we had no t funded any of the tenant improvement allowance. (5) The amounts relate to the acquisition of additional land adjacent to an existing property and a lease amendment which provided a tenant improvement allowance and resulted in a corresponding adjustment to base rent for lease at the property. The tenant is expected to complete construction of two new buildings on the property comprising approximately 180,000 square feet in the aggregate, for which we agreed to provide reimbursement of up to approximately $51.4 million. As of February 24, 2021, we had no t funded any of the tenant improvement allowance. (6) The amount relates to a lease amendment which increased the tenant improvement allowance under a lease at one of our Michigan properties by approximately $6.9 million to a total of approximately $29.9 million, and also resulted in a corresponding adjustment to the base rent for the lease at the property. As of February 24, 2021, we had funded approximately $29.8 million of the tenant improvement allowance.

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
Quarterly Financial Information (unaudited) (Tables)	Dec. 31, 2020
Quarterly Financial Information (unaudited)
Schedule of Quarterly Financial Information	The Company’s selected quarterly information for the years ended December 31, 2020 and 2019 (in thousands, except share and per share data) was as follows. Three Months Ended (1) December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Revenues: Rental (including tenant reimbursements) $ 37,093 $ 34,327 $ 24,346 $ 21,130 Total revenues 37,093 34,327 24,346 21,130 Expenses: Property expenses 1,019 2,919 414 600 General and administrative expense 4,487 3,339 3,010 3,346 Depreciation expense 8,726 7,646 6,746 4,907 Total expenses 14,232 13,904 10,170 8,853 Income from operations 22,861 20,423 14,176 12,277 Interest and other income 338 653 989 1,444 Interest expense (1,866) (1,861) (1,855) (1,849) Net income 21,333 19,215 13,310 11,872 Preferred stock dividends (338) (338) (338) (338) Net income attributable to common stockholders $ 20,995 $ 18,877 $ 12,972 $ 11,534 Net income attributable to common stockholders per share: Basic $ 0.91 $ 0.87 $ 0.73 $ 0.72 Diluted $ 0.91 $ 0.86 $ 0.73 $ 0.72 Weighted-average shares outstanding: Basic 22,804,185 21,594,637 17,530,721 15,784,296 Diluted (2) 25,077,099 21,708,725 17,644,829 15,898,091 Three Months Ended (1) December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Revenues: Rental (including tenant reimbursements) $ 17,672 $ 11,555 $ 8,617 $ 6,823 Total revenues 17,672 11,555 8,617 6,823 Expenses: Property expenses 374 357 337 247 General and administrative expense 3,151 2,156 2,593 1,918 Depreciation expense 3,545 2,221 1,615 1,218 Total expenses 7,070 4,734 4,545 3,383 Income from operations 10,602 6,821 4,072 3,440 Interest and other income 1,144 1,537 1,172 993 Interest expense (1,844) (1,838) (1,832) (792) Net income 9,902 6,520 3,412 3,641 Preferred stock dividends (338) (338) (338) (338) Net income attributable to common stockholders $ 9,564 $ 6,182 $ 3,074 $ 3,303 Net income attributable to common stockholders per share: Basic $ 0.79 $ 0.56 $ 0.31 $ 0.34 Diluted $ 0.78 $ 0.55 $ 0.30 $ 0.33 Weighted-average shares outstanding: Basic 11,905,021 10,918,477 9,667,079 9,664,775 Diluted 12,044,602 11,057,697 9,807,503 9,797,676 (1) The sum of quarterly financial data may vary from the annual data due to rounding. (2) For the three months ended December 31, 2020, net income attributable to common stockholders per diluted share included 2,158,837 potentially issuable shares as if the Exchangeable Senior Notes were exchanged at the beginning of the period. This adjustment applied only for the three months ended December 31, 2020. The Exchangeable Senior Notes were anti-dilutive for purposes of calculating net income attributable to common stockholders per diluted share for all other periods presented.

Organization (Details)

Organization (Details)	Dec. 31, 2020
Iip Operating Partnership Lp [Member]
Percentage Leased	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Additional Information (Details)	Jan. 01, 2019	Dec. 31, 2020USD ($)propertytenantlease$ / shares	Sep. 30, 2020$ / shares	Jun. 30, 2020$ / shares	Mar. 31, 2020$ / shares	Dec. 31, 2019USD ($)propertytenant$ / shares	Sep. 30, 2019$ / shares	Jun. 30, 2019$ / shares	Mar. 31, 2019$ / shares	Dec. 31, 2020USD ($)propertysegmenttenantlease$ / shares	Dec. 31, 2019USD ($)propertytenant$ / shares	Dec. 31, 2018USD ($)tenantproperty$ / shares
Number of Reportable Segments \| segment										1
Diluted earnings per share impact (in US$ per share) \| $ / shares		$ 0.91	$ 0.86	$ 0.73	$ 0.72	$ 0.78	$ 0.55	$ 0.30	$ 0.33	$ 3.27	$ 2.03	$ 0.75
Impairment loss										$ 0	$ 0	$ 0
Short-term Investments		$ 619,275,000				$ 119,595,000				$ 619,275,000	$ 119,595,000
Lease, Practical Expedients, Package [true false]	true
Remaining lease term (in years)		4 years 3 months 18 days				5 years 3 months 18 days				4 years 3 months 18 days	5 years 3 months 18 days
Incremental borrowing rate		7.25%				7.25%				7.25%	7.25%
Amounts paid and classified as operating activities for the office lease										$ 172,000	$ 87,000	$ 77,000
Number of Leases, with Purchase Option \| lease		1								1
Percentage of current base rent		8.00%								8.00%
Gross investment in the property with the purchase option		$ 30,500,000								$ 30,500,000
Number of Properties \| property		66								66
Cash, FDIC Insured Amount		$ 250,000								$ 250,000
Customer concentration \| Rental revenues (including tenant reimbursements)
Number of Tenants \| tenant		3				2				3	2	4
Customer concentration \| Rental revenues (including tenant reimbursements) \| PharmaCann Inc.
Number of Properties \| property		5				5				5	5	2
Concentration Risk, Percentage										18.00%	26.00%	38.00%
Customer concentration \| Rental revenues (including tenant reimbursements) \| Ascend Wellness Holdings, LLC
Number of Properties \| property		3				2				3	2
Concentration Risk, Percentage										10.00%	12.00%
Customer concentration \| Rental revenues (including tenant reimbursements) \| Cresco Labs, LLC
Number of Properties \| property		5								5
Concentration Risk, Percentage										10.00%
Customer concentration \| Rental revenues (including tenant reimbursements) \| Holistic
Number of Properties \| property												1
Concentration Risk, Percentage												18.00%
Customer concentration \| Rental revenues (including tenant reimbursements) \| The Pharm, LLC
Number of Properties \| property												1
Concentration Risk, Percentage												16.00%
Customer concentration \| Rental revenues (including tenant reimbursements) \| Vireo Health, Inc [Member]
Number of Properties \| property												3
Concentration Risk, Percentage												16.00%
Geographic concentration \| Net real estate held for investment \| New York
Number of Properties \| property						1					1
Concentration Risk, Percentage											6.00%
General and administrative expense
Office lease expense										$ 229,000	$ 82,000	$ 83,000
Internal leasing costs											$ 122,000
Tenant improvements at buildings \| Maximum
Property, Plant and Equipment, Useful Life										40 years
Office equipment and furniture and fixtures \| Minimum
Property, Plant and Equipment, Useful Life										3 years
Office equipment and furniture and fixtures \| Maximum
Property, Plant and Equipment, Useful Life										6 years
Change of estimated useful life
Lower of depreciation expense										$ (1,400,000)
Diluted earnings per share impact (in US$ per share) \| $ / shares										$ 0.08
Change of estimated useful life \| Building and Improvements
Property, Plant and Equipment, Useful Life										40 years	35 years
Money market funds
Short-term Investments		$ 98,300,000				$ 60,100,000				$ 98,300,000	$ 60,100,000

Common Stock (Details)

Common Stock (Details)	1 Months Ended					12 Months Ended
Common Stock (Details)	Nov. 30, 2020USD ($)Agency	Jul. 31, 2020USD ($)shares	May 31, 2020USD ($)shares	Jan. 31, 2020USD ($)shares	Sep. 30, 2019USD ($)Agency	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)
Common Stock, Shares Authorized						50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares						$ 0.001	$ 0.001
Common Stock, Shares, Issued						23,936,928	12,637,043
Common Stock, Shares, Outstanding						23,936,928	12,637,043
Net proceeds from issuance \| $						$ 1,003,973,000	$ 286,292,000	$ 193,223,000
Prior ATM Program
Equity Distribution Agreements, Number of Sales Agent \| Agency					3
New ATM Program
Equity Distribution Agreements, Number of Sales Agent \| Agency	6
Common Stock
Common Stock, Shares Authorized						50,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares						$ 0.001
Common Stock, Shares, Issued						23,936,928
Common Stock, Shares, Outstanding						23,936,928
Number of shares issued		3,085,867	1,550,648	3,412,969
Common stock issued for the exercise in full of the underwriters' option \| $		$ 402,504	$ 202,259	$ 445,170
Net proceeds from issuance \| $		$ 248,200,000	$ 114,900,000	$ 239,600,000
Common Stock \| Prior ATM Program
Number of shares issued						1,499,382
Net proceeds from issuance \| $						$ 138,400,000
Amount of Shares Authorized \| $					$ 250,000,000
Common Stock \| New ATM Program
Number of shares issued						1,762,500
Net proceeds from issuance \| $						$ 262,900,000
Amount of Shares Authorized \| $	$ 500,000,000

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	12 Months Ended
Preferred Stock (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Oct. 19, 2022
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Series A Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.001
Preferred Stock, Shares Issued	600,000	600,000
Preferred Stock, Shares Outstanding	600,000	600,000
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%
Preferred Stock, Voting Rights	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.
Series A Preferred Stock \| Forecast
Preferred Stock, Redemption Price Per Share			$ 25

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Dividend Amount	$ 30,065	$ 12,975		$ 30,065
Dividends Declared, Allocation of Amount Per Share	$ 1.02	$ 0.49	$ 0.15
Common Stock On March 15 2018 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 0.25			$ 0.25
Dividend Paid Date				Apr. 16, 2018
Dividend Amount	$ 1,696			$ 1,696
Common Stock On June 15 2018 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 0.25			$ 0.25
Dividend Paid Date				Jul. 16, 2018
Dividend Amount	$ 1,696			$ 1,696
Common Stock On September 14 2018 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 0.35			$ 0.35
Dividend Paid Date				Oct. 15, 2018
Dividend Amount	$ 2,375			$ 2,375
Common Stock On December 14 2018 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 0.35			$ 0.35
Dividend Paid Date				Jan. 15, 2019
Dividend Amount	$ 3,421			$ 3,421
Common Stock On March 12 2019 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 0.45			$ 0.45
Dividend Paid Date				Apr. 15, 2019
Dividend Amount	$ 4,412			$ 4,412
Common Stock On June 14 2019 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 0.60			$ 0.60
Dividend Paid Date				Jul. 15, 2019
Dividend Amount	$ 5,885			$ 5,885
Common Stock On September 13 2019 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 0.78			$ 0.78
Dividend Paid Date				Oct. 15, 2019
Dividend Amount	$ 8,866			$ 8,866
Common Stock On December 10 2019 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 1			$ 1
Dividend Paid Date				Jan. 15, 2020
Dividend Amount	$ 12,637			$ 12,637
Common Stock On March 13 2020 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 1			$ 1
Dividend Paid Date				Apr. 15, 2020
Dividend Amount	$ 17,070			$ 17,070
Common Stock On June 15 2020 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 1.06			$ 1.06
Dividend Paid Date				Jul. 15, 2020
Dividend Amount	$ 19,770			$ 19,770
Common Stock on September 15, 2020 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 1.17			$ 1.17
Dividend Paid Date				Oct. 15, 2020
Dividend Amount	$ 25,987			$ 25,987
Common Stock On December 14 2020 [Member]
Dividends Declared Security Class				Common stock
Amount Per Share	$ 1.24			$ 1.24
Dividend Paid Date				Jan. 15, 2021
Dividend Amount	$ 29,727			$ 29,727
Series A Preferred Stock On March 15 2018 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Apr. 16, 2018
Dividend Amount	$ 338			$ 338
Series A Preferred Stock On June 15 2018 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Jul. 16, 2018
Dividend Amount	$ 338			$ 338
Series A Preferred Stock On September 14 2018 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Oct. 15, 2018
Dividend Amount	$ 338			$ 338
Series A Preferred Stock On December 14 2018 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Jan. 15, 2019
Dividend Amount	$ 338			$ 338
Series A Preferred Stock On March 12 2019 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Apr. 15, 2019
Dividend Amount	$ 338			$ 338
Series A Preferred Stock On June 14 2019 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Jul. 15, 2019
Dividend Amount	$ 338			$ 338
Series A Preferred Stock On September 13 2019 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Oct. 15, 2019
Dividend Amount	$ 338			$ 338
Series A Preferred Stock On December 10 2019 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Jan. 15, 2020
Dividend Amount	$ 338			$ 338
Series A Preferred Stock On March 13 2020 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Apr. 15, 2020
Dividend Amount	$ 338			$ 338
Series A Preferred Stock On June 15 2020 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Jul. 15, 2020
Dividend Amount	$ 338			$ 338
Series A Preferred Stock on September 15, 2020 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Oct. 15, 2020
Dividend Amount	$ 338			$ 338
Series A Preferred Stock On December 14 2020 [Member]
Dividends Declared Security Class				Series A preferred stock
Amount Per Share	$ 0.5625			$ 0.5625
Dividend Paid Date				Jan. 15, 2021
Dividend Amount	$ 338			$ 338

Investments in Real Estate (Det

Investments in Real Estate (Details) $ in Thousands	12 Months Ended
Investments in Real Estate (Details) $ in Thousands	Dec. 31, 2020USD ($)ft²
Rentable Square Feet \| ft²	2,276,000
Initial Purchase Price	$ 240,720
Transaction Costs	439
Total	$ 241,159
Green Leaf VA [Member]
Rentable Square Feet \| ft²	82,000
Initial Purchase Price	$ 11,740
Transaction Costs	73
Total	$ 11,813
Cresco OH [Member]
Rentable Square Feet \| ft²	50,000
Initial Purchase Price	$ 10,600
Transaction Costs	12
Total	$ 10,612
GTI OH [Member]
Rentable Square Feet \| ft²	101,000
Initial Purchase Price	$ 2,900
Transaction Costs	27
Total	$ 2,927
LivWell CO Retail Portfolio [Member]
Rentable Square Feet \| ft²	8,000
Initial Purchase Price	$ 3,300
Transaction Costs	27
Total	$ 3,327
GTI IL [Member]
Rentable Square Feet \| ft²	231,000
Initial Purchase Price	$ 9,000
Transaction Costs	23
Total	$ 9,023
Parallel FL Wimauma [Member]
Rentable Square Feet \| ft²	373,000
Initial Purchase Price	$ 35,300
Transaction Costs	26
Total	$ 35,326
Ascend MA [Member]
Rentable Square Feet \| ft²	199,000
Initial Purchase Price	$ 26,750
Transaction Costs	20
Total	$ 26,770
Cresco MI [Member]
Rentable Square Feet \| ft²	115,000
Initial Purchase Price	$ 5,000
Transaction Costs	16
Total	$ 5,016
Kings Garden CA
Rentable Square Feet \| ft²	70,000
Initial Purchase Price	$ 17,500
Transaction Costs	12
Total	$ 17,512
Holistic PA [Member]
Rentable Square Feet \| ft²	108,000
Initial Purchase Price	$ 8,870
Transaction Costs	12
Total	$ 8,882
Cresco MA [Member]
Rentable Square Feet \| ft²	118,000
Initial Purchase Price	$ 7,750
Transaction Costs	19
Total	$ 7,769
Curaleaf NJ [Member]
Rentable Square Feet \| ft²	111,000
Initial Purchase Price	$ 5,500
Transaction Costs	59
Total	$ 5,559
Columbia Care NJ Portfolio [Member]
Rentable Square Feet \| ft²	54,000
Initial Purchase Price	$ 12,385
Transaction Costs	55
Total	$ 12,440
Holistic MI [Member]
Rentable Square Feet \| ft²	63,000
Initial Purchase Price	$ 6,200
Transaction Costs	11
Total	$ 6,211
Parallel FL Lakeland [Member]
Rentable Square Feet \| ft²	220,000
Initial Purchase Price	$ 19,550
Transaction Costs	7
Total	$ 19,557
Kings Garden CA [Member]
Rentable Square Feet \| ft²	192,000
Initial Purchase Price	$ 25,375
Transaction Costs	20
Total	$ 25,395
4Front WA [Member]
Rentable Square Feet \| ft²	114,000
Initial Purchase Price	$ 17,500
Transaction Costs	10
Total	$ 17,510
4Front MA [Member]
Rentable Square Feet \| ft²	67,000
Initial Purchase Price	$ 15,500
Transaction Costs	10
Total	$ 15,510

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details)	Jul. 01, 2020USD ($)	Feb. 21, 2020property	Feb. 19, 2020property	Nov. 30, 2020USD ($)	Jun. 30, 2020USD ($)	May 31, 2020USD ($)	Apr. 30, 2020USD ($)subsidiary	Feb. 29, 2020USD ($)	Dec. 31, 2020USD ($)	Apr. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Feb. 24, 2021USD ($)	Feb. 16, 2021USD ($)	Feb. 05, 2021USD ($)	Oct. 31, 2020USD ($)	Oct. 01, 2020USD ($)	Aug. 31, 2020USD ($)	Jan. 31, 2020USD ($)
Tenant improvements allowance									$ 339,647,000		$ 339,647,000				$ 87,344,000				$ 339,647,000	$ 87,344,000
Total investment in property									1,020,044,000		1,020,044,000				505,861,000				1,020,044,000	505,861,000
Amount funded by the entity									289,500,000		289,500,000								289,500,000
Total Property Acquisitions									241,159,000		241,159,000								241,159,000
Payments for Building Improvements																			301,000,000
Period Deferral For Base Rent And Management Fee	18 months
Security Deposit Applied For Payment Of Rent							$ 940,000
Rent Being Deferred					$ 781,000	$ 743,000
Security Deposit To Be Replenished	$ 52,000
Repayments Of Base Rent And Property Management Fee	$ 85,000
Security Deposits, applied to Rent and Associated Lease Penalties									424,000
Rental (including tenant reimbursements)											37,093,000	$ 34,327,000	$ 24,346,000	$ 21,130,000	17,672,000	$ 11,555,000	$ 8,617,000	$ 6,823,000	116,896,000	44,667,000	$ 14,787,000
Operating Income (Loss)											22,861,000	$ 20,423,000	14,176,000	12,277,000	10,602,000	$ 6,821,000	$ 4,072,000	$ 3,440,000	69,737,000	24,935,000	5,338,000
Amount incurred									301,049,000		301,049,000				$ 107,212,000				301,049,000	107,212,000	$ 24,726,000
Subsequent Event
Agreed reimbursement for redevelopment of building																							$ 80,020,000
Total Property Acquisitions																							105,170,000
Land
Total Property Acquisitions									27,000,000		27,000,000								27,000,000
Building and Improvements
Total Property Acquisitions									214,200,000		214,200,000								214,200,000
Properties Acquired In 2019 [Member]
Rental (including tenant reimbursements)																			27,200,000
Operating Income (Loss)																			20,700,000
Properties Acquired In 2018 [Member]
Rental (including tenant reimbursements)																				16,300,000
Operating Income (Loss)																				$ 12,500,000
LivWell MI \| Subsequent Event
Agreed reimbursement for redevelopment of building																							6,895,000
Additional Purchase for Building Improvements Payable																							6,900,000
Tenant improvements allowance																							29,900,000
Amount funded by the entity																						$ 29,800,000
Total Property Acquisitions																							$ 6,895,000
Green Leaf VA [Member]
Additional Purchase for Building Improvements Payable					30,000,000								30,000,000
Total investment in property					43,000,000								43,000,000
Total Property Acquisitions									11,813,000		11,813,000								11,813,000
Payments for Building Improvements																			828,000
Real Estate Property Cost, Funded																			592,000
Green Leaf VA [Member] \| Maximum
Agreed reimbursement for redevelopment of building									8,000,000		8,000,000								8,000,000
Cresco OH [Member]
Additional Purchase for Building Improvements Payable					1,000,000								1,000,000
Total investment in property									13,500,000		13,500,000								13,500,000
Real Estate Property Cost									561,000		561,000								561,000
Amount funded by the entity									0		0								0
Total Property Acquisitions									10,612,000		10,612,000								10,612,000
Cresco OH [Member] \| Maximum
Agreed reimbursement for redevelopment of building									1,900,000		1,900,000								1,900,000
Tenant improvements allowance									2,900,000		2,900,000								2,900,000
GTI OH [Member]
Additional Purchase for Building Improvements Payable																										$ 25,000,000
Tenant improvements allowance																										$ 29,300,000
Real Estate Property Cost									7,600,000		7,600,000								7,600,000
Amount funded by the entity									6,700,000		6,700,000								6,700,000
Total Property Acquisitions									2,927,000		2,927,000								2,927,000
GTI OH [Member] \| Maximum
Agreed reimbursement for redevelopment of building									4,300,000		4,300,000								4,300,000
LivWell CO Retail Portfolio [Member]
Real Estate Property Cost									49,000		49,000								$ 49,000
Number of properties included in the portfolio \| property																			2
Total Property Acquisitions									3,327,000		3,327,000								$ 3,327,000
Number of properties closing \| property		1	1
Number of Properties, Tenant to Complete Improvements \| property																			1
LivWell CO Retail Portfolio [Member] \| Maximum
Agreed reimbursement for redevelopment of building									850,000		850,000								$ 850,000
GTI IL [Member]
Real Estate Property Cost									29,900,000		29,900,000								29,900,000
Amount funded by the entity									26,800,000		26,800,000								26,800,000
Total Property Acquisitions									9,023,000		9,023,000								9,023,000
GTI IL [Member] \| Maximum
Agreed reimbursement for redevelopment of building									41,000,000		41,000,000								41,000,000
Parallel FL Wimauma [Member]
Real Estate Property Cost									4,300,000		4,300,000								4,300,000
Amount funded by the entity									3,300,000		3,300,000								3,300,000
Total Property Acquisitions									35,326,000		35,326,000								35,326,000
Parallel FL Wimauma [Member] \| Maximum
Agreed reimbursement for redevelopment of building									8,200,000		8,200,000								8,200,000
Ascend MA [Member]
Real Estate Property Cost									8,700,000		8,700,000								8,700,000
Amount funded by the entity									7,000,000		7,000,000								7,000,000
Total Property Acquisitions									26,770,000		26,770,000								26,770,000
Ascend MA [Member] \| Maximum
Agreed reimbursement for redevelopment of building									22,300,000		22,300,000								22,300,000
Cresco MI [Member]
Additional Purchase for Building Improvements Payable					16,000,000								16,000,000
Real Estate Property Cost									10,200,000		10,200,000								10,200,000
Amount funded by the entity									5,500,000		5,500,000								5,500,000
Total Property Acquisitions									5,016,000		5,016,000								5,016,000
Cresco MI [Member] \| Maximum
Agreed reimbursement for redevelopment of building									11,000,000		11,000,000								11,000,000
Tenant improvements allowance									27,000,000		27,000,000								27,000,000
Kings Garden CA
Total Property Acquisitions									17,512,000		17,512,000								17,512,000
Kings Garden CA \| Subsequent Event
Agreed reimbursement for redevelopment of building																								$ 51,375,000
Amount funded by the entity																						$ 0
Total Property Acquisitions																								52,725,000
Kings Garden CA \| Maximum \| Subsequent Event
Agreed reimbursement for redevelopment of building																								$ 51,400,000
Holistic PA [Member]
Additional Purchase for Building Improvements Payable									4,000,000		4,000,000								4,000,000
Tenant improvements allowance									10,400,000		10,400,000								10,400,000
Total investment in property									19,300,000		19,300,000								19,300,000
Real Estate Property Cost									7,300,000		7,300,000								7,300,000
Amount funded by the entity									6,100,000		6,100,000								6,100,000
Total Property Acquisitions									8,882,000		8,882,000								8,882,000
Real Estate Property Cost, Funded																			6,100,000
Holistic PA [Member] \| Maximum
Agreed reimbursement for redevelopment of building									6,400,000		6,400,000								6,400,000
Tenant improvements allowance									10,400,000		10,400,000								10,400,000
Cresco MA [Member]
Real Estate Property Cost									3,100,000		3,100,000								3,100,000
Amount funded by the entity									1,200,000		1,200,000								1,200,000
Total Property Acquisitions									7,769,000		7,769,000								7,769,000
Cresco MA [Member] \| Maximum
Agreed reimbursement for redevelopment of building									21,000,000		21,000,000								21,000,000
Curaleaf NJ [Member]
Real Estate Property Cost									20,900,000		20,900,000								20,900,000
Amount funded by the entity									13,400,000		13,400,000								13,400,000
Total Property Acquisitions									5,559,000		5,559,000								5,559,000
Curaleaf NJ [Member] \| Maximum
Agreed reimbursement for redevelopment of building									29,500,000		29,500,000								29,500,000
Columbia Care NJ Portfolio [Member]
Real Estate Property Cost									1,100,000		1,100,000								1,100,000
Amount funded by the entity									648,000		648,000								$ 648,000
Number of properties included in the portfolio \| property																			2
Total Property Acquisitions									12,440,000		12,440,000								$ 12,440,000
Number of Properties, Tenant to Complete Improvements \| property																			1
Columbia Care NJ Portfolio [Member] \| Maximum
Agreed reimbursement for redevelopment of building									1,600,000		1,600,000								$ 1,600,000
Holistic MI [Member]
Real Estate Property Cost									4,400,000		4,400,000								4,400,000
Amount funded by the entity									1,700,000		1,700,000								1,700,000
Total Property Acquisitions									6,211,000		6,211,000								6,211,000
Holistic MI [Member] \| Maximum
Agreed reimbursement for redevelopment of building									18,800,000		18,800,000								18,800,000
Parallel FL Lakeland [Member]
Real Estate Property Cost									2,700,000		2,700,000								2,700,000
Amount funded by the entity									2,200,000		2,200,000								2,200,000
Total Property Acquisitions									19,557,000		19,557,000								19,557,000
Parallel FL Lakeland [Member] \| Maximum
Agreed reimbursement for redevelopment of building									36,900,000		36,900,000								36,900,000
Kings Garden CA [Member]
Total Property Acquisitions									25,395,000		25,395,000								25,395,000
Kings Garden CA [Member] \| Maximum
Agreed reimbursement for redevelopment of building									25,000,000		25,000,000								25,000,000
Green Peak Industries LLC [Member]
Additional Purchase for Building Improvements Payable																									$ 525,000
Tenant improvements allowance																									1,800,000
Total investment in property									15,800,000		15,800,000								15,800,000						3,400,000
Real Estate Property Cost									1,800,000		1,800,000								1,800,000
Funding Cancelled																												$ 15,200,000
Real Estate Property Cost, Funded																			1,700,000
Vireo Health, Inc [Member]
Additional Purchase for Building Improvements Payable																												4,500,000
Tenant improvements allowance																											$ 10,000,000
Total investment in property																											15,800,000
Real Estate Property Cost									8,700,000		8,700,000								8,700,000
Amount funded by the entity									7,600,000		7,600,000								7,600,000
Decrease amount in funding for tenant improvement							300,000			$ 300,000
Jushi Holdings Inc. [Member]
Additional Purchase for Building Improvements Payable																											2,000,000
The Pharm, LLC
Additional Purchase for Building Improvements Payable																												2,000,000
Tenant improvements allowance																												5,000,000
Total investment in property									20,000,000		20,000,000								20,000,000
Sacramento, California [Member]
Additional Purchase for Building Improvements Payable																												1,300,000
Tenant improvements allowance																												$ 6,000,000
Total investment in property									12,700,000		12,700,000								12,700,000
Maitri Medicinals, LLC [Member]
Additional Purchase for Building Improvements Payable								$ 6,000,000
Tenant improvements allowance								16,000,000
Real Estate Property Cost									16,000,000		16,000,000								16,000,000
Amount funded by the entity									15,200,000		15,200,000								15,200,000
Pharma Cann [Member]
Additional Purchase for Building Improvements Payable					3,000,000			4,000,000					$ 3,000,000
Amount funded by the entity									9,400,000		9,400,000								9,400,000
Total Property Acquisitions									30,500,000		30,500,000								30,500,000
Funding Cancelled								4,000,000
Payments for Building Improvements					$ 10,000,000			$ 27,500,000
Holistic Industries [Member]
Tenant improvements allowance														5,500,000
Total investment in property														$ 22,400,000
Real Estate Property Cost									5,500,000		5,500,000								5,500,000
Amount funded by the entity									4,800,000		4,800,000								4,800,000
Vireo MN [Member]
Additional Purchase for Building Improvements Payable							1,400,000			1,400,000
Tenant improvements allowance							10,100,000		10,100,000	10,100,000	10,100,000								10,100,000
Total investment in property							$ 9,700,000			9,700,000
Amount funded by the entity									10,000,000		10,000,000								10,000,000
Leases Amended, Number of Subsidiaries \| subsidiary							2
Vireo in New York Property [Member]
Total investment in property							$ 6,800,000			6,800,000
Michigan In GPI [Member]
Period Deferral For Base Rent And Management Fee	18 months
Maitri In Pennsylvania [Member]
Period Deferral For Base Rent And Management Fee	18 months
Medical Investor Holdings LLC [Member]
Period Deferral For Base Rent And Management Fee	18 months
Repayments Of Base Rent And Property Management Fee										$ 185,000
PharmaCann IL [Member]
Real Estate Property Cost									9,500,000		9,500,000								9,500,000
GR Companies Inc. [Member]
Additional Purchase for Building Improvements Payable																											1,500,000
Tenant improvements allowance																											12,400,000
Total investment in property																											26,600,000
Real Estate Property Cost									12,000,000		12,000,000								12,000,000
Amount funded by the entity									11,500,000		11,500,000								11,500,000
GR Companies Inc.. Illinois Property [Member]
Additional Purchase for Building Improvements Payable									12,800,000		12,800,000								12,800,000								844,000
Tenant improvements allowance																											18,600,000
Total investment in property																											29,100,000
Real Estate Property Cost									13,900,000		13,900,000								13,900,000
Ascend Wellness Holdings LLC [Member]
Additional Purchase for Building Improvements Payable									22,900,000		22,900,000								22,900,000								18,000,000
Tenant improvements allowance																											32,000,000
Total investment in property																											$ 51,000,000
Real Estate Property Cost									25,100,000		25,100,000								25,100,000
Green Thumb Industries Inc. [Member]
Additional Purchase for Building Improvements Payable																									25,000,000
Tenant improvements allowance																									29,300,000
Total investment in property																									$ 32,200,000
Real Estate Property Cost									7,600,000		7,600,000								7,600,000
Real Estate Property Cost, Funded																			6,700,000
PharmaCann PA [Member]
Additional Purchase for Building Improvements Payable				$ 2,000,000
Total investment in property				28,000,000
Real Estate Property Cost									26,400,000		26,400,000								26,400,000
Payments for Building Improvements				$ 27,100,000
Real Estate Property Cost, Funded																			24,800,000
PharmaCann At New York [Member]
Additional Purchase for Building Improvements Payable									31,000,000		31,000,000								31,000,000
Total investment in property									61,000,000		61,000,000								61,000,000
Real Estate Property Cost									70,000		70,000								70,000
Real Estate Property Cost, Funded																			0
Holistic At Massachusetts [Member]
Agreed reimbursement for redevelopment of building									3,000,000		3,000,000								3,000,000
Tenant improvements allowance									5,000,000		5,000,000								5,000,000
Total investment in property									17,800,000		17,800,000								17,800,000
Real Estate Property Cost									$ 2,100,000		$ 2,100,000								2,100,000
Real Estate Property Cost, Funded																			$ 2,000,000

Investments in Real Estate - Fu

Investments in Real Estate - Future Contractual Minimum Rent (Details) $ in Thousands	Dec. 31, 2020USD ($)
Contractual Minimum Rent
2021	$ 174,805
2022	182,348
2023	187,798
2024	193,418
2025	199,309
Thereafter	2,836,452
Total	$ 3,774,130

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Feb. 28, 2019USD ($)
Debt Instrument, Face Amount		$ 143,750,000
Exchangeable Senior Notes
Debt Instrument, Face Amount	$ 143,749,000		$ 143,750,000
Debt Instrument, Interest Rate, Stated Percentage			3.75%
Debt Instrument, Discount			$ 5,800,000
Debt Instrument, Interest Rate, Effective Percentage			4.65%
Initial issuance costs			$ 5,200,000
Initial issuance costs - equity components			200,000
Initial issuance costs - liability components			$ 5,000,000
Exchangeable Senior Notes \| Accounts payable and accrued expenses
Accrued interest payable	$ 1,600,000	$ 1,600,000
Exchangeable Senior Notes \| Common Stock
Debt Instrument, Convertible, Conversion Ratio	15.01810
Conversion of Stock, Amount Converted	$ 1,000
Debt Instrument, Convertible, Conversion Price \| $ / shares	$ 66.59

Exchangeable Senior Notes - Int

Exchangeable Senior Notes - Interest expense (Details) - Exchangeable Senior Notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash coupon	$ 5,391	$ 4,628
Amortization of debt discount	1,093	898
Amortization of issuance costs	947	780
Total interest expense	$ 7,431	$ 6,306

Exchangeable Senior Notes - Car

Exchangeable Senior Notes - Carrying value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Feb. 28, 2019
Principal amount		$ 143,750
Unamortized discount		(4,878)
Unamortized issuance costs		(4,218)
Carrying value		$ 134,654
Exchangeable Senior Notes
Principal amount	$ 143,749		$ 143,750
Unamortized discount	(3,785)
Unamortized issuance costs	(3,271)
Carrying value	$ 136,693

Net Income Per Share - Addition

Net Income Per Share - Additional information (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net Income Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,158,837	2,100,307

Net Income Per Share - Computat

Net Income Per Share - Computations of net income per basic and diluted share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Income Per Share
Net income	$ 21,333	$ 19,215	$ 13,310	$ 11,872	$ 9,902	$ 6,520	$ 3,412	$ 3,641	$ 65,730	$ 23,475	$ 6,985
Preferred stock dividends	$ (338)	$ (338)	$ (338)	$ (338)	$ (338)	$ (338)	$ (338)	$ (338)	(1,352)	(1,352)	(1,352)
Distributions to participating securities									(509)	(396)	(178)
Net income attributable to common stockholders used to compute net income per share									$ 63,869	$ 21,727	$ 5,455
Weighted average common shares outstanding:
Basic	22,804,185	21,594,637	17,530,721	15,784,296	11,905,021	10,918,477	9,667,079	9,664,775	19,443,602	10,546,016	7,138,952
Diluted	25,077,099	21,708,725	17,644,829	15,898,091	12,044,602	11,057,697	9,807,503	9,797,676	19,557,619	10,684,068	7,285,801
Net income attributable to common stockholders per share:
Basic	$ 0.91	$ 0.87	$ 0.73	$ 0.72	$ 0.79	$ 0.56	$ 0.31	$ 0.34	$ 3.28	$ 2.06	$ 0.76
Diluted	$ 0.91	$ 0.86	$ 0.73	$ 0.72	$ 0.78	$ 0.55	$ 0.30	$ 0.33	$ 3.27	$ 2.03	$ 0.75

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value of Financial Instruments
Investments	$ 619,275	$ 119,595
Exchangeable Senior Notes, Carrying Value	136,693	134,654
Investments, Fair Value	619,270	119,673
Exchangeable Senior Notes, Fair Value	$ 397,663	$ 185,558

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Inputs, Level 1 [Member] \| Money market funds
Cash and Cash Equivalents, Fair Value Disclosure	$ 98.3	$ 60.1

Common Stock Incentive Plan - A

Common Stock Incentive Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Shares
Unrecognized compensation cost	$ 1.8
Amortization period	1 year 4 months 24 days
Fair value of restricted stock	$ 6	$ 3.2	$ 1.2
RSUs
Unrecognized compensation cost	$ 1.8
Amortization period	1 year 10 months 24 days
2016 Plan
Number of shares authorized	1,000,000
Expiration term	10 years

Common Stock Incentive Plan (De

Common Stock Incentive Plan (Details) - $ / shares	12 Months Ended
Common Stock Incentive Plan (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Beginning Balance	139,546	147,359	106,839
Granted	17,057	56,460	76,732
Vested	(51,705)	(43,556)	(24,133)
Forfeited	(28,552)	(20,717)	(12,079)
Shares, Ending Balance	76,346	139,546	147,359
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 37.03	$ 23.98	$ 18.01
Weighted-Average Grant Date Fair Value, Granted	75.96	55.82	29.72
Weighted-Average Grant Date Fair Value, Vested	40.07	25.82	18.45
Weighted-Average Grant Date Fair Value, Forfeited	19.72	18.98	18.67
Weighted-Average Grant Date Fair Value, Ending Balance	$ 50.14	$ 37.03	$ 23.98
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Beginning Balance	0
Granted	36,687
Shares, Ending Balance	36,687	0
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 0
Weighted-Average Grant Date Fair Value, Granted	76.06
Weighted-Average Grant Date Fair Value, Ending Balance	$ 76.06	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Office Lease Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies
2021	$ 235
2022	242
2023	249
2024	256
2025	88
Total future contractual lease payments	1,070
Effect of discounting	(13)
Office lease liability	$ 1,057	$ 1,202

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended
	Nov. 30, 2019	Dec. 31, 2020
Other Commitments [Line Items]
Other Commitment		$ 250,700,000
Deferred Compensation Plan, Maximum Percentage of Base Salary	80.00%
Deferred Compensation Plan, Maximum Percentage of Bonus	100.00%
Deferred Compensation Plan, Maximum Percentage of Director Fees	100.00%
Deferred Compensation Plan, Maximum Percentage of Restricted Equity Awards	100.00%
Pennsylvania
Other Commitments [Line Items]
Other Commitment		$ 624,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Private airplane reimbursement \| Alan Gold
Related Party Transaction, Amounts of Transaction	$ 309,000	$ 308,000	$ 202,000

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Feb. 16, 2021USD ($)ft²	Feb. 05, 2021USD ($)ft²	Jan. 22, 2021USD ($)ft²	Jan. 07, 2021USD ($)	Dec. 31, 2020USD ($)ft²
Rentable Square Feet \| ft²					2,276,000
Initial Purchase Price					$ 240,720
Total					$ 241,159
Kings Garden CA
Rentable Square Feet \| ft²					70,000
Initial Purchase Price					$ 17,500
Total					$ 17,512
Subsequent Event
Rentable Square Feet \| ft²	475,000
Initial Purchase Price	$ 25,150
Tenant Improvement Commitments	80,020
Total	105,170
Subsequent Event \| Holistic CA
Tenant Improvement Commitments				$ 11,000
Total				$ 11,000
Subsequent Event \| Harvest FL
Rentable Square Feet \| ft²			295,000
Initial Purchase Price			$ 23,800
Tenant Improvement Commitments			10,750
Total			$ 34,550
Subsequent Event \| Kings Garden CA
Rentable Square Feet \| ft²		180,000
Initial Purchase Price		$ 1,350
Tenant Improvement Commitments		51,375
Total		$ 52,725
Subsequent Event \| LivWell MI
Tenant Improvement Commitments	6,895
Total	$ 6,895

Subsequent Events - Additional

Subsequent Events - Additional information (Details)	Feb. 05, 2021USD ($)ft²building	Feb. 28, 2021	Dec. 31, 2020USD ($)ft²	Dec. 31, 2020USD ($)ft²	Feb. 24, 2021USD ($)	Feb. 16, 2021USD ($)ft²	Jan. 22, 2021USD ($)ft²	Jan. 07, 2021USD ($)	Dec. 31, 2019USD ($)
Subsequent Event [Line Items]
Total investment in property			$ 1,020,044,000	$ 1,020,044,000					$ 505,861,000
Amount funded by the entity			$ 289,500,000	$ 289,500,000
Rentable Square Feet \| ft²			2,276,000	2,276,000
Tenant improvements allowance			$ 339,647,000	$ 339,647,000					$ 87,344,000
Percentage of contractual rent collected (%)			100.00%
Maximum
Subsequent Event [Line Items]
Percentage of the properties occupied to the gross total assets				1.00%
Kings Garden CA
Subsequent Event [Line Items]
Rentable Square Feet \| ft²			70,000	70,000
Subsequent Event
Subsequent Event [Line Items]
Agreed reimbursement for redevelopment of building						$ 80,020,000
Rentable Square Feet \| ft²						475,000
Percentage of contractual rent collected (%)		100.00%
Subsequent Event \| Holistic CA
Subsequent Event [Line Items]
Total investment in property								$ 24,000,000
Amount funded by the entity					$ 0
Agreed reimbursement for redevelopment of building								$ 11,000,000
Subsequent Event \| Harvest FL
Subsequent Event [Line Items]
Amount funded by the entity					0
Agreed reimbursement for redevelopment of building							$ 10,750,000
Rentable Square Feet \| ft²							295,000
Subsequent Event \| Harvest FL \| Maximum
Subsequent Event [Line Items]
Agreed reimbursement for redevelopment of building							$ 10,800,000
Subsequent Event \| Kings Garden CA
Subsequent Event [Line Items]
Amount funded by the entity					0
Agreed reimbursement for redevelopment of building	$ 51,375,000
Number of building expected to be constructed \| building	2
Rentable Square Feet \| ft²	180,000
Subsequent Event \| Kings Garden CA \| Maximum
Subsequent Event [Line Items]
Agreed reimbursement for redevelopment of building	$ 51,400,000
Subsequent Event \| LivWell MI
Subsequent Event [Line Items]
Amount funded by the entity					$ 29,800,000
Agreed reimbursement for redevelopment of building						$ 6,895,000
Tenant improvement allowance increased						6,900,000
Tenant improvements allowance						$ 29,900,000

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental (including tenant reimbursements)	$ 37,093	$ 34,327	$ 24,346	$ 21,130	$ 17,672	$ 11,555	$ 8,617	$ 6,823	$ 116,896	$ 44,667	$ 14,787
Total revenues	37,093	34,327	24,346	21,130	17,672	11,555	8,617	6,823	116,896	44,667	14,787
Expenses:
Property expenses	1,019	2,919	414	600	374	357	337	247	4,952	1,315	445
General and administrative expense	4,487	3,339	3,010	3,346	3,151	2,156	2,593	1,918	14,182	9,818	6,375
Depreciation expense	8,726	7,646	6,746	4,907	3,545	2,221	1,615	1,218	28,025	8,599	2,629
Total expenses	14,232	13,904	10,170	8,853	7,070	4,734	4,545	3,383	47,159	19,732	9,449
Income from operations	22,861	20,423	14,176	12,277	10,602	6,821	4,072	3,440	69,737	24,935	5,338
Interest and other income	338	653	989	1,444	1,144	1,537	1,172	993	3,424	4,846	1,647
Interest expense	(1,866)	(1,861)	(1,855)	(1,849)	(1,844)	(1,838)	(1,832)	(792)	(7,431)	(6,306)	0
Net income	21,333	19,215	13,310	11,872	9,902	6,520	3,412	3,641	65,730	23,475	6,985
Preferred stock dividends	(338)	(338)	(338)	(338)	(338)	(338)	(338)	(338)	(1,352)	(1,352)	(1,352)
Net income attributable to common stockholders	$ 20,995	$ 18,877	$ 12,972	$ 11,534	$ 9,564	$ 6,182	$ 3,074	$ 3,303	$ 64,378	$ 22,123	$ 5,633
Net income available to common stockholders per share:
Basic	$ 0.91	$ 0.87	$ 0.73	$ 0.72	$ 0.79	$ 0.56	$ 0.31	$ 0.34	$ 3.28	$ 2.06	$ 0.76
Diluted	$ 0.91	$ 0.86	$ 0.73	$ 0.72	$ 0.78	$ 0.55	$ 0.30	$ 0.33	$ 3.27	$ 2.03	$ 0.75
Weighted average shares outstanding:
Basic	22,804,185	21,594,637	17,530,721	15,784,296	11,905,021	10,918,477	9,667,079	9,664,775	19,443,602	10,546,016	7,138,952
Diluted	25,077,099	21,708,725	17,644,829	15,898,091	12,044,602	11,057,697	9,807,503	9,797,676	19,557,619	10,684,068	7,285,801
Incremental Common Shares Attributable to Dilutive Effect of Exchangeable Debt Securities	2,158,837

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)propertyitem	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 75,660
Building and Improvement, Initial Cost	545,690
Costs Capitalized Subsequent to Acquisition	438,889
Land, Total Cost	75,660
Building and Improvement, Total Cost	984,579
Total Costs	1,060,239
Accumulated Depreciation	(40,195)	$ (12,170)	$ (3,571)	$ (942)
Net Cost	1,020,044
Pharm AZ [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	398
Building and Improvement, Initial Cost	14,629
Costs Capitalized Subsequent to Acquisition	5,003
Land, Total Cost	398
Building and Improvement, Total Cost	19,632
Total Costs	20,030
Accumulated Depreciation	(2,136)
Net Cost	17,894
Pharm AZ - Retail [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,216
Building and Improvement, Initial Cost	811
Costs Capitalized Subsequent to Acquisition	501
Land, Total Cost	1,216
Building and Improvement, Total Cost	1,312
Total Costs	2,528
Accumulated Depreciation	(68)
Net Cost	2,460
Sacramento CA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,376
Building and Improvement, Initial Cost	5,321
Costs Capitalized Subsequent to Acquisition	6,033
Land, Total Cost	1,376
Building and Improvement, Total Cost	11,354
Total Costs	12,730
Accumulated Depreciation	(616)
Net Cost	12,114
Kings Garden CA Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	8,994
Building and Improvement, Initial Cost	61,062
Land, Total Cost	8,994
Building and Improvement, Total Cost	61,062
Total Costs	70,056
Accumulated Depreciation	(1,584)
Net Cost	$ 68,472
Number of Properties \| item	6
Esperanza CA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 1,713
Building and Improvement, Initial Cost	11,307
Land, Total Cost	1,713
Building and Improvement, Total Cost	11,307
Total Costs	13,020
Accumulated Depreciation	(424)
Net Cost	12,596
Vertical CA Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,393
Building and Improvement, Initial Cost	13,939
Land, Total Cost	3,393
Building and Improvement, Total Cost	13,939
Total Costs	17,332
Accumulated Depreciation	(519)
Net Cost	$ 16,813
Number of Properties \| item	4
Columbia Care CO [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 2,101
Building and Improvement, Initial Cost	9,176
Land, Total Cost	2,101
Building and Improvement, Total Cost	9,176
Total Costs	11,277
Accumulated Depreciation	(754)
Net Cost	10,523
LivWell CO Retail Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	546
Building and Improvement, Initial Cost	2,781
Costs Capitalized Subsequent to Acquisition	51
Land, Total Cost	546
Building and Improvement, Total Cost	2,832
Total Costs	3,378
Accumulated Depreciation	(63)
Net Cost	$ 3,315
Number of Properties \| property	2
Trulieve FL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 274
Building and Improvement, Initial Cost	16,729
Land, Total Cost	274
Building and Improvement, Total Cost	16,729
Total Costs	17,003
Accumulated Depreciation	(636)
Net Cost	16,367
Parallel FL Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,258
Building and Improvement, Initial Cost	51,625
Costs Capitalized Subsequent to Acquisition	6,893
Land, Total Cost	3,258
Building and Improvement, Total Cost	58,518
Total Costs	61,776
Accumulated Depreciation	(1,020)
Net Cost	$ 60,756
Number of Properties \| property	2
Ascend IL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 563
Building and Improvement, Initial Cost	18,457
Costs Capitalized Subsequent to Acquisition	24,943
Land, Total Cost	563
Building and Improvement, Total Cost	43,400
Total Costs	43,963
Accumulated Depreciation	(2,318)
Net Cost	41,645
Cresco IL Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,215
Building and Improvement, Initial Cost	29,602
Costs Capitalized Subsequent to Acquisition	13,596
Land, Total Cost	3,215
Building and Improvement, Total Cost	43,198
Total Costs	46,413
Accumulated Depreciation	(1,965)
Net Cost	$ 44,448
Number of Properties \| property	2
Curaleaf IL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 350
Building and Improvement, Initial Cost	10,191
Costs Capitalized Subsequent to Acquisition	13,866
Land, Total Cost	350
Building and Improvement, Total Cost	24,057
Total Costs	24,407
Accumulated Depreciation	(1,022)
Net Cost	23,385
PharmaCann IL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	201
Building and Improvement, Initial Cost	17,807
Costs Capitalized Subsequent to Acquisition	9,540
Land, Total Cost	201
Building and Improvement, Total Cost	27,347
Total Costs	27,548
Accumulated Depreciation	(985)
Net Cost	26,563
GTI IL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	739
Building and Improvement, Initial Cost	8,284
Costs Capitalized Subsequent to Acquisition	29,871
Land, Total Cost	739
Building and Improvement, Total Cost	38,155
Total Costs	38,894
Accumulated Depreciation	(711)
Net Cost	38,183
Holistic MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,785
Building and Improvement, Initial Cost	8,410
Costs Capitalized Subsequent to Acquisition	11,405
Land, Total Cost	2,785
Building and Improvement, Total Cost	19,815
Total Costs	22,600
Accumulated Depreciation	(2,187)
Net Cost	20,413
PharmaCann MA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,030
Costs Capitalized Subsequent to Acquisition	27,512
Land, Total Cost	3,030
Building and Improvement, Total Cost	27,512
Total Costs	30,542
Accumulated Depreciation	(1,119)
Net Cost	29,423
Holistic MA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,059
Building and Improvement, Initial Cost	11,717
Costs Capitalized Subsequent to Acquisition	2,036
Land, Total Cost	1,059
Building and Improvement, Total Cost	13,753
Total Costs	14,812
Accumulated Depreciation	(887)
Net Cost	13,925
Trulieve MA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	694
Building and Improvement, Initial Cost	2,831
Costs Capitalized Subsequent to Acquisition	40,029
Land, Total Cost	694
Building and Improvement, Total Cost	42,860
Total Costs	43,554
Accumulated Depreciation	(2,309)
Net Cost	41,245
Ascend MA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,202
Building and Improvement, Initial Cost	24,568
Costs Capitalized Subsequent to Acquisition	8,598
Land, Total Cost	2,202
Building and Improvement, Total Cost	33,166
Total Costs	35,368
Accumulated Depreciation	(569)
Net Cost	34,799
Cresco MA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	650
Building and Improvement, Initial Cost	7,119
Costs Capitalized Subsequent to Acquisition	3,144
Land, Total Cost	650
Building and Improvement, Total Cost	10,263
Total Costs	10,913
Accumulated Depreciation	(102)
Net Cost	10,811
4Front MA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,316
Building and Improvement, Initial Cost	13,194
Land, Total Cost	2,316
Building and Improvement, Total Cost	13,194
Total Costs	15,510
Accumulated Depreciation	(15)
Net Cost	15,495
Green Peak MI [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,933
Building and Improvement, Initial Cost	3,559
Costs Capitalized Subsequent to Acquisition	10,300
Land, Total Cost	1,933
Building and Improvement, Total Cost	13,859
Total Costs	15,792
Accumulated Depreciation	(1,068)
Net Cost	14,724
Emerald Growth MI [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	389
Building and Improvement, Initial Cost	6,489
Costs Capitalized Subsequent to Acquisition	3,139
Land, Total Cost	389
Building and Improvement, Total Cost	9,628
Total Costs	10,017
Accumulated Depreciation	(492)
Net Cost	9,525
Ascend MI [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	409
Building and Improvement, Initial Cost	4,360
Costs Capitalized Subsequent to Acquisition	14,882
Land, Total Cost	409
Building and Improvement, Total Cost	19,242
Total Costs	19,651
Accumulated Depreciation	(584)
Net Cost	19,067
LivWell MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,237
Building and Improvement, Initial Cost	17,791
Costs Capitalized Subsequent to Acquisition	22,912
Land, Total Cost	1,237
Building and Improvement, Total Cost	40,703
Total Costs	41,940
Accumulated Depreciation	(1,968)
Net Cost	39,972
Green Peak MI - Retail Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,562
Building and Improvement, Initial Cost	7,512
Costs Capitalized Subsequent to Acquisition	1,755
Land, Total Cost	2,562
Building and Improvement, Total Cost	9,267
Total Costs	11,829
Accumulated Depreciation	(403)
Net Cost	$ 11,426
Number of Properties \| item	6
Cresco MI [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 1,385
Building and Improvement, Initial Cost	3,631
Costs Capitalized Subsequent to Acquisition	10,179
Land, Total Cost	1,385
Building and Improvement, Total Cost	13,810
Total Costs	15,195
Accumulated Depreciation	(105)
Net Cost	15,090
Holistic MI [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	6,211
Costs Capitalized Subsequent to Acquisition	4,397
Land, Total Cost	6,211
Building and Improvement, Total Cost	4,397
Total Costs	10,608
Accumulated Depreciation	(13)
Net Cost	10,595
Vireo MN [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	427
Building and Improvement, Initial Cost	2,644
Costs Capitalized Subsequent to Acquisition	6,617
Land, Total Cost	427
Building and Improvement, Total Cost	9,261
Total Costs	9,688
Accumulated Depreciation	(776)
Net Cost	8,912
MJardin NV [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,088
Building and Improvement, Initial Cost	2,768
Costs Capitalized Subsequent to Acquisition	5,770
Land, Total Cost	1,088
Building and Improvement, Total Cost	8,538
Total Costs	9,626
Accumulated Depreciation	(476)
Net Cost	9,150
Curaleaf NJ [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	702
Building and Improvement, Initial Cost	4,857
Costs Capitalized Subsequent to Acquisition	20,955
Land, Total Cost	702
Building and Improvement, Total Cost	25,812
Total Costs	26,514
Accumulated Depreciation	(288)
Net Cost	26,226
Columbia Care NJ Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	466
Building and Improvement, Initial Cost	11,974
Costs Capitalized Subsequent to Acquisition	1,090
Land, Total Cost	466
Building and Improvement, Total Cost	13,064
Total Costs	13,530
Accumulated Depreciation	(169)
Net Cost	$ 13,361
Number of Properties \| property	2
PharmaCann NY [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 7,600
Building and Improvement, Initial Cost	22,475
Costs Capitalized Subsequent to Acquisition	70
Land, Total Cost	7,600
Building and Improvement, Total Cost	22,545
Total Costs	30,145
Accumulated Depreciation	(2,509)
Net Cost	27,636
Vireo NY [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	303
Building and Improvement, Initial Cost	3,157
Costs Capitalized Subsequent to Acquisition	3,327
Land, Total Cost	303
Building and Improvement, Total Cost	6,484
Total Costs	6,787
Accumulated Depreciation	(631)
Net Cost	6,156
Curaleaf ND [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	191
Building and Improvement, Initial Cost	9,743
Costs Capitalized Subsequent to Acquisition	2,271
Land, Total Cost	191
Building and Improvement, Total Cost	12,014
Total Costs	12,205
Accumulated Depreciation	(407)
Net Cost	11,798
PharmaCann OH [member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	712
Costs Capitalized Subsequent to Acquisition	19,310
Land, Total Cost	712
Building and Improvement, Total Cost	19,310
Total Costs	20,022
Accumulated Depreciation	(685)
Net Cost	19,337
Vireo OH [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	22
Building and Improvement, Initial Cost	1,014
Costs Capitalized Subsequent to Acquisition	2,501
Land, Total Cost	22
Building and Improvement, Total Cost	3,515
Total Costs	3,537
Accumulated Depreciation	(295)
Net Cost	3,242
Cresco OH [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	235
Building and Improvement, Initial Cost	10,377
Costs Capitalized Subsequent to Acquisition	568
Land, Total Cost	235
Building and Improvement, Total Cost	10,945
Total Costs	11,180
Accumulated Depreciation	(250)
Net Cost	10,930
GTI OH [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	239
Building and Improvement, Initial Cost	2,688
Costs Capitalized Subsequent to Acquisition	7,542
Land, Total Cost	239
Building and Improvement, Total Cost	10,230
Total Costs	10,469
Accumulated Depreciation	(306)
Net Cost	10,163
Jushi PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	275
Building and Improvement, Initial Cost	5,603
Costs Capitalized Subsequent to Acquisition	8,570
Land, Total Cost	275
Building and Improvement, Total Cost	14,173
Total Costs	14,448
Accumulated Depreciation	(1,052)
Net Cost	13,396
Maitri PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	233
Building and Improvement, Initial Cost	6,249
Costs Capitalized Subsequent to Acquisition	15,887
Land, Total Cost	233
Building and Improvement, Total Cost	22,136
Total Costs	22,369
Accumulated Depreciation	(913)
Net Cost	21,456
Green Leaf PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,353
Building and Improvement, Initial Cost	11,854
Costs Capitalized Subsequent to Acquisition	833
Land, Total Cost	1,353
Building and Improvement, Total Cost	12,687
Total Costs	14,040
Accumulated Depreciation	(646)
Net Cost	13,394
PharmaCann PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	954
Costs Capitalized Subsequent to Acquisition	26,467
Land, Total Cost	954
Building and Improvement, Total Cost	26,467
Total Costs	27,421
Accumulated Depreciation	(337)
Net Cost	27,084
GTI PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,435
Building and Improvement, Initial Cost	19,098
Costs Capitalized Subsequent to Acquisition	19,302
Land, Total Cost	1,435
Building and Improvement, Total Cost	38,400
Total Costs	39,835
Accumulated Depreciation	(1,815)
Net Cost	38,020
Curaleaf PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,228
Building and Improvement, Initial Cost	13,080
Costs Capitalized Subsequent to Acquisition	12,045
Land, Total Cost	1,228
Building and Improvement, Total Cost	25,125
Total Costs	26,353
Accumulated Depreciation	(1,013)
Net Cost	25,340
Holistic PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	941
Building and Improvement, Initial Cost	7,941
Costs Capitalized Subsequent to Acquisition	7,242
Land, Total Cost	941
Building and Improvement, Total Cost	15,183
Total Costs	16,124
Accumulated Depreciation	(227)
Net Cost	15,897
Green Leaf VA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	231
Building and Improvement, Initial Cost	11,582
Costs Capitalized Subsequent to Acquisition	7,937
Land, Total Cost	231
Building and Improvement, Total Cost	19,519
Total Costs	19,750
Accumulated Depreciation	(738)
Net Cost	19,012
4Front WA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,826
Building and Improvement, Initial Cost	15,684
Land, Total Cost	1,826
Building and Improvement, Total Cost	15,684
Total Costs	17,510
Accumulated Depreciation	(20)
Net Cost	$ 17,490

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment in real estate, at cost:
Balance at beginning of year	$ 518,031	$ 150,930	$ 68,730
Purchases of investments in real estate	241,159	259,889	57,474
Additions and improvements	301,049	107,212	24,726
Balance at end of year	1,060,239	518,031	150,930
Accumulated Depreciation:
Balance at beginning of year	(12,170)	(3,571)	(942)
Depreciation expense	(28,025)	(8,599)	(2,629)
Balance at end of year	$ (40,195)	$ (12,170)	$ (3,571)