Innovative Industrial Properties (IIPR) 10-K 24 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 24, 2022	Jun. 30, 2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
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		25,624,772
Entity Public Float			$ 4.5
Auditor Name	BDO USA, LLP
Auditor Firm ID	243
Auditor Location	San Diego, California
Amendment Flag	false
Entity Central Index Key	0001677576
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
Real estate, at cost:
Land	$ 122,386	$ 75,660
Buildings and improvements	979,417	644,932
Tenant improvements	620,301	339,647
Total real estate, at cost	1,722,104	1,060,239
Less accumulated depreciation	(81,938)	(40,195)
Net real estate held for investment	1,640,166	1,020,044
Construction loan receivable	12,916	0
Cash and cash equivalents	81,096	126,006
Restricted cash	5,323	0
Investments	324,889	619,275
Right of use office lease asset	1,068	980
In-place lease intangible assets, net	9,148	0
Other assets, net	9,996	1,776
Total assets	2,084,602	1,768,081
Liabilities and stockholders' equity
Exchangeable senior notes, net	32,232	136,693
Notes due 2026, net	293,860	0
Tenant improvements and construction funding payable	46,274	36,500
Accounts payable and accrued expenses	7,718	4,641
Dividends payable	38,847	30,065
Other liabilities	1,167	1,057
Rent received in advance and tenant security deposits	52,805	34,153
Total liabilities	472,903	243,109
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, 2021 and December 31, 2020	14,009	14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 25,612,541 and 23,936,928 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	26	24
Additional paid-in capital	1,672,882	1,559,059
Dividends in excess of earnings	(75,218)	(48,120)
Total stockholders' equity	1,611,699	1,524,972
Total liabilities and stockholders' equity	$ 2,084,602	$ 1,768,081

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	25,612,541	23,936,928
Common Stock, Shares, Outstanding	25,612,541	23,936,928
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental (including tenant reimbursements)	$ 204,551	$ 116,896	$ 44,667
Total revenues	204,551	116,896	44,667
Expenses:
Property expenses	4,443	4,952	1,315
General and administrative expense	22,961	14,182	9,818
Depreciation and amortization expense	41,776	28,025	8,599
Total expenses	69,180	47,159	19,732
Income from operations	135,371	69,737	24,935
Interest and other income	397	3,424	4,846
Interest expense	(18,086)	(7,431)	(6,306)
Loss on induced exchange of exchangeable senior notes	(3,692)	0	0
Net income	113,990	65,730	23,475
Preferred stock dividends	(1,352)	(1,352)	(1,352)
Net income attributable to common stockholders	$ 112,638	$ 64,378	$ 22,123
Net income attributable to common stockholders per share (Note 8):
Basic	$ 4.69	$ 3.28	$ 2.06
Diluted	$ 4.55	$ 3.27	$ 2.03
Weighted-average shares outstanding:
Basic	23,903,017	19,443,602	10,546,016
Diluted	26,261,155	19,557,619	10,684,068

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Series A Preferred StockPreferred Stock	Common Stock	Additional Paid-In-Capital	Dividends in Excess of Earnings	Total
Balances at beginning of period at Dec. 31, 2018	$ 14,009	$ 10	$ 260,540	$ (10,267)	$ 264,292
Balances at beginning of period (in shares) at Dec. 31, 2018		9,775,800
Net income				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
Issuance of unvested restricted stock, net of forfeitures			(939)		(939)
Issuance of unvested restricted stock, net of forfeitures (in shares)		35,743
Preferred stock dividend				(1,352)	(1,352)
Common stock dividend				(31,800)	(31,800)
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
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
Exchange of exchangeable senior notes			1		1
Exchange of exchangeable senior notes (in shares)		14
Issuance of unvested restricted stock, net of forfeitures			(2,166)		(2,166)
Issuance of unvested restricted stock, net of forfeitures (in shares)		(11,495)
Preferred stock dividend				(1,352)	(1,352)
Common stock dividend				(92,554)	(92,554)
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
Net income				113,990	113,990
Exchange of exchangeable senior notes		$ 2	108,591		108,593
Exchange of exchangeable senior notes (in shares)		1,684,237
Issuance of unvested restricted stock, net of forfeitures			(3,384)		(3,384)
Issuance of unvested restricted stock, net of forfeitures (in shares)		(8,624)
Preferred stock dividend				(1,352)	(1,352)
Common stock dividend				(139,736)	(139,736)
Stock-based compensation			8,616		8,616
Balances at end of period at Dec. 31, 2021	$ 14,009	$ 26	$ 1,672,882	$ (75,218)	$ 1,611,699
Balances at end of period (in shares) at Dec. 31, 2021		25,612,541

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 113,990	$ 65,730	$ 23,475
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation expense	41,776	28,025	8,599
Loss on induced exchange of exchangeable senior notes	3,692	0	0
Other non-cash adjustments	95	162	0
Stock-based compensation	8,616	3,330	2,495
Amortization of discounts on short-term investments	(340)	(2,791)	(3,738)
Amortization of debt discount and issuance costs	2,851	2,040	1,678
Changes in assets and liabilities
Other assets, net	(3,687)	(428)	(619)
Accounts payable, accrued expenses and other liabilities	3,102	1,224	1,427
Rent received in advance and tenant security deposits	18,652	13,522	11,617
Net cash provided by operating activities	188,747	110,814	44,934
Cash flows from investing activities
Purchases of investments in real estate	(287,585)	(240,509)	(259,889)
Reimbursements of tenant improvements and construction funding	(374,541)	(289,517)	(84,677)
Funding of construction loan and other investments	(16,068)		0
Deposits in escrow for acquisitions	(625)	(200)	(650)
Purchases of short-term investments	(569,772)	(1,077,867)	(255,664)
Maturities of short-term investments	864,498	580,978	260,250
Net cash used in investing activities	(384,093)	(1,027,115)	(340,630)
Cash flows from financing activities
Issuance of common stock, net of offering costs		1,003,973	286,292
Net proceeds from issuance of exchangeable senior notes			138,545
Gross proceeds from issuance of notes due 2026	300,000		0
Payment of deferred financing costs from issuance of notes due 2026	(6,855)		0
Payment of inducement and transaction costs relating to inducement of the exchangeable senior notes	(1,696)		0
Dividends paid to common stockholders	(130,954)	(75,464)	(22,584)
Dividends paid to preferred stockholders	(1,352)	(1,352)	(1,352)
Taxes paid related to net share settlement of equity awards	(3,384)	(2,166)	(939)
Net cash provided by financing activities	155,759	924,991	399,962
Net (decrease) increase in cash and cash equivalents	(39,587)	8,690	104,266
Cash, cash equivalents and restricted cash, beginning of year	126,006	117,316	13,050
Cash, cash equivalents and restricted cash, end of year	86,419	126,006	117,316
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	14,381	5,391	3,055
Supplemental disclosure of non-cash investing and financing activities:
Accrual for reimbursements of improvements and construction funding	46,274	36,500	24,968
Deposits applied for acquisitions	200	650	0
Accrual for common and preferred stock dividends declared	38,847	$ 30,065	12,975
Accrual for stock issuance costs			22
Exchange of exchangeable senior notes	109,040		1
Operating lease liability for obtaining right of use asset	$ 192		$ 1,211

Organization

Organization	12 Months Ended
	Dec. 31, 2021
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 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, 2021
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 for the years ended December 31, 2021 and 2020 and financial position at December 31, 2021 and 2020. A prolonged outbreak or resurgence of COVID-19 could have a material adverse impact on the financial results and business operations of the Company. Federal Income Taxes. Use of Estimates. Reportable Segment Acquisition of Real Estate Properties. In December 2021, we acquired a portfolio of properties that included in-place leases. The fair value of acquired in-place leases is derived based on our assessment of estimated lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amounts recorded for acquired in-place leases are reflected as in-place lease intangible assets, net on the balance sheet and are amortized on a straight-line basis as a component of depreciation and amortization expense over the remaining term of the applicable leases. The fair value of the above-market component of an acquired in-place operating lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining non-cancellable lease term and (ii) our estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition measured over the remaining non-cancellable term of the lease. The amount recorded for one above-market operating lease is included in other assets, net on the balance sheet and is amortized on a straight-line basis as a reduction of rental income over the remaining term of the applicable lease. Cost Capitalization and Depreciation. Amounts capitalized are depreciated over estimated useful lives determined by management. We depreciate buildings and improvements and tenant improvements based on our evaluation of the estimated useful life of each specific asset, not to exceed 40 years. For the years ended December 31, 2021, 2020 and 2019, we recognized depreciation expense of approximately $41.7 million, $28.0 million and $8.6 million, respectively, which are included in depreciation and amortization expense in our consolidated statements of income. We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three Determining whether expenditures meet the criteria for capitalization and the assignment of depreciable lives requires management to exercise significant judgment. Project costs that are clearly associated with the acquisition and development or redevelopment of a real estate project, for which we are the accounting owner, are capitalized as a cost of that project. Expenditures that meet one or more of the following criteria generally qualify for capitalization: ● the expenditure provides benefit in future periods; and ● the expenditure extends the useful life of the asset beyond our original estimates 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, 2021, 2020 and 2019. Revenue Recognition. Construction Loan. ​ Cash and Cash Equivalents Restricted Cash. Investments Exchangeable Notes. Deferred Financing Costs. These costs are amortized as non-cash interest expense using the effective interest method over the life of the related obligations. Stock-Based Compensation. Lease Accounting. 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 and a corresponding right-of-use asset related to our corporate office lease. The lease liability was initially measured based on the present value of the future lease payments discounted using the estimated incremental borrowing rate of 7.25%, which was 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. In November 2021, we amended the lease to extend the term from April 2025 to January 2027 in connection with an expansion of the leased space which did not commence until February 2022. As a result of the lease modification on the existing leased space, we re-measured the lease liability based on the present value of the future lease payments (excluding the extension option that we are not reasonably certain to exercise), discounted using the estimated incremental borrowing rate of 5.5%, which was 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, 2021, 2020 and 2019, we recognized office lease expense of approximately $231,000, $229,000 and $82,000, respectively, which are included in general and administrative expense in our consolidated statements of income. For the years ended December 31, 2021, 2020 and 2019, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were approximately $234,000, $172,000 and $87,000, 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. In 2020, we undertook in-depth discussions with each of our tenants as they navigated the COVID-19 pandemic and associated severe economic disruption. In light of those discussions, in 2020, we granted temporary base rent and property management fee deferrals to three affected tenants. In connection with these deferrals, we entered into lease amendments with the three affected tenants to apply a portion of the security deposits that we hold under the leases to pay a portion of the March 2020 rent (for one tenant), pay April 2020 rent in full, defer rent for May and June 2020 in full, and provide for the pro rata repayment of the security deposit and deferred rent over an 18 month time period starting July 1, 2020. Pursuant to these amendments, 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 the March 2020 base rent and property management fees for one of the tenants; and a total of approximately $1.5 million in rent was deferred for May and June 2020. As of December 31, 2021, we have not executed deferrals for any other tenants, other than the deferrals for the three tenants discussed above. The FASB issued additional guidance for companies to account for any COVID-19 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 COVID-19 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 COVID-19 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. Our leases generally contain options to extend the lease terms at the prevailing market rate or at the expiring rental rate at the time of expiration. Certain of our leases provide the lessee with a right of first refusal or right of first offer in the event we market the leased property for sale. Recent Accounting Pronouncements Concentration of Credit Risk Two of our tenants, PharmaCann Inc. (“PharmaCann”) (at five of our properties) and SH Parent Inc. (“Parallel”) (at four of our properties), represented approximately 12% and 10%, respectively, of our rental revenue (including tenant reimbursements) for the year ended December 31, 2021. Three of our tenants, PharmaCann (at five of our properties), Ascend Wellness Holdings, Inc. (“Ascend”) (at three of our properties), and Cresco Labs Inc. (“Cresco”) (at five of our properties), represented approximately 18%, 10%, and 10%, respectively, of our rental revenues (including tenant reimbursements) for the year ended December 31, 2020. Two of our tenants, PharmaCann (at five of our properties) and Ascend (at two of our properties), represented approximately 26% and 12%, respectively, of our rental revenues (including tenant reimbursements) for the year ended December 31, 2019. At December 31, 2021 and 2020, none of our properties individually represented more than 5% 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, 2021, 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
	Dec. 31, 2021
Common Stock.
Common Stock	3. Common Stock As of December 31, 2021, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 25,612,541 shares of common stock issued and outstanding.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2021
Preferred Stock.
Preferred Stock	4. Preferred Stock As of December 31, 2021, 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
	Dec. 31, 2021
Dividends
Dividends	5. Dividends The following table describes the dividends declared by the Company during the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ Dividend Dividend Declaration Date ​ Security Class ​ Per Share ​ Period Covered ​ Paid Date ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) 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 March 15, 2021 ​ Common stock ​ $ 1.32 ​ January 1, 2021 to March 31, 2021 ​ April 15, 2021 ​ $ 31,660 March 15, 2021 ​ Series A preferred stock ​ $ 0.5625 ​ January 15, 2021 to April 14, 2021 ​ April 15, 2021 ​ $ 338 June 15, 2021 ​ Common stock ​ $ 1.40 ​ April 1, 2021 to June 30, 2021 ​ July 15, 2021 ​ $ 33,584 June 15, 2021 ​ Series A preferred stock ​ $ 0.5625 ​ April 15, 2021 to July 14, 2021 ​ July 15, 2021 ​ $ 338 September 15, 2021 ​ Common stock ​ $ 1.50 ​ July 1, 2021 to September 30, 2021 ​ October 15, 2021 ​ $ 35,983 September 15, 2021 ​ Series A preferred stock ​ $ 0.5625 ​ July 15, 2021 to October 14, 2021 ​ October 15, 2021 ​ $ 338 December 15, 2021 ​ Common stock ​ $ 1.50 ​ October 1, 2021 to December 31, 2021 ​ January 14, 2022 ​ $ 38,509 December 15, 2021 ​ Series A preferred stock ​ $ 0.5625 ​ October 15, 2021 to January 14, 2022 ​ January 14, 2022 ​ $ 338 ​ ​

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2021
Investments in Real Estate
Investments in Real Estate	6. Investments in Real Estate Acquisitions The Company made the following acquisitions during the year ended December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ Initial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Purchase ​ Transaction ​ ​ ​ ​ Property Market Closing Date Feet (1)(17) Price Costs Total Trulieve FL ​ Florida ​ January 22, 2021 ​ 295,000 ​ $ 23,800 ​ $ 16 ​ $ 23,816 (2) King's Garden CA ​ California ​ February 5, 2021 ​ 180,000 ​ 1,350 ​ 7 ​ 1,357 (3) Parallel TX ​ Texas ​ March 10, 2021 ​ 63,000 ​ 3,400 ​ 17 ​ 3,417 (4) GPI MI Davis Hwy ​ Michigan ​ April 16, 2021 ​ 175,000 ​ 15,550 ​ 4 ​ 15,554 (5) Parallel PA ​ Pennsylvania ​ May 13, 2021 ​ 239,000 ​ 41,750 ​ 11 ​ 41,761 (6) Sozo MI ​ Michigan ​ May 14, 2021 ​ 85,000 ​ 10,250 ​ 9 ​ 10,259 (7) Temescal MA ​ Massachusetts ​ May 26, 2021 ​ 71,000 ​ 3,100 ​ 9 ​ 3,109 (8) 4Front IL ​ Illinois ​ August 3, 2021 ​ 250,000 ​ 3,348 ​ 18 ​ 3,366 (9) Trulieve MD ​ Maryland ​ August 13, 2021 ​ 112,000 ​ 16,615 ​ 21 ​ 16,636 (10) Calyx MO ​ Missouri ​ September 17, 2021 ​ 83,000 ​ 1,530 ​ 11 ​ 1,541 (11) Vireo NY ​ New York ​ September 24, 2021 ​ 324,000 ​ ​ 10,225 ​ 12 ​ 10,237 (12) Gold Flora CA ​ California ​ October 15, 2021 ​ 201,000 ​ 51,000 ​ 13 ​ 51,013 (13) LivWell MI ​ Michigan ​ December 9, 2021 ​ 15,000 ​ ​ 34,150 ​ ​ 8 ​ ​ 34,158 (14) CO/PA/ND Portfolio ​ Various ​ December 14, 2021 ​ 179,000 ​ 71,585 ​ 143 ​ 71,728 (15) Total ​ ​ 2,272,000 ​ $ 287,653 ​ $ 299 ​ $ 287,952 (16) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) Trulieve acquired Harvest in 2021. The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to approximately $10.8 million. In June 2021, we amended the lease, which increased the improvement allowance by $7.1 million to a total of approximately $17.9 million, which also resulted in a corresponding adjustment to base rent for the lease at the property. (3) The purchase price related to the acquisition of additional land adjacent to one of our existing properties. In connection with the acquisition, we entered into a lease amendment for the existing property, which provided an improvement allowance that resulted in a corresponding adjustment to the base rent for the lease at the property. The tenant is expected to complete construction of two new buildings at 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. (4) The tenant is expected to construct three buildings at the property, for which we agreed to provide reimbursement of up to $24.0 million. (5) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to approximately $14.5 million. In September 2021, we amended the lease, which increased the improvement allowance by $15.0 million to a total of approximately $29.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. (6) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to $26.0 million. (7) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to approximately $5.7 million. (8) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to $15.0 million. In November 2021, we amended the lease, which increased the improvement allowance by $8.7 million to total of $23.7 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. (9) The tenant is expected to construct a 250,000 square foot industrial facility, for which we agreed to provide reimbursement of up to approximately $43.8 million. The purchase price excludes approximately $3.2 million attributable to a portion of the property that is not part of any of the planned construction and which did not satisfy the requirements for sale-leaseback accounting; therefore, this portion of the property is recognized as a notes receivable and is included in other assets, net on our consolidated balance sheet. (10) Trulieve acquired Harvest in 2021. The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to $12.9 million. (11) The tenant is expected to construct an 83,000 square foot industrial facility, for which we agreed to provide reimbursement of up to approximately $26.7 million. (12) The amounts related to the acquisition of additional land adjacent to an existing property and a lease amendment which provided an allowance to fund construction of a new building and resulted in a corresponding adjustment to the base rent for the lease at the property. The tenant is expected to construct approximately 324,000 square feet of industrial space, for which we agreed to provide reimbursement of up to approximately $46.1 million. (13) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to $9.0 million. (14) We acquired the central utility plant facilities from the tenant at the property, which increased the total rentable square feet at the property to 205,000 square feet, provided reimbursements to the tenant for certain other improvements made at the property, and amended the lease to increase the improvement allowance for future improvements by $550,000 , all of which resulted in a corresponding adjustment to the base rent for the property. (15) We acquired a portfolio of 27 properties leased to multiple tenants with 24 properties located in Colorado, two properties located in North Dakota, and one property located in Pennsylvania . The tenants at three of the properties are expected to complete improvements at the properties for which we are obligated to provide reimbursement of up to a total of approximately $1.1 million. (16) Approximately $46.7 million was allocated to land, approximately $231.0 million was allocated to building and improvements, approximately $9.1 million was allocated to in-place leases and approximately $1.1 million was allocated to one above-market lease. (17) Excludes an additional approximately 110,000 rentable square feet relating to expansions at properties acquired prior to 2021. ​ Acquired In-Place Lease Intangible Assets In-place lease intangible assets and related accumulated amortization as of December 31, 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ At December 31, 2021 In-place lease intangible assets ​ $ 9,181 Accumulated amortization (33) In-place lease intangible assets, net ​ $ 9,148 ​ Amortization of in-place lease intangible assets classified in depreciation and amortization expense in our consolidated statements of income was approximately $33,000 for the year ended December 31, 2021. The weighted-average amortization period of the value of acquired in-place leases was approximately 11.7 years, and the estimated annual amortization of the value of the acquired in-place leases as of December 31, 2021 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2022 ​ $ 786 2023 ​ 786 2024 ​ 786 2025 ​ 786 2026 ​ 786 Thereafter ​ 5,218 Total ​ $ 9,148 ​ Above-Market Lease At December 31, 2021, we had one above-market lease acquired on December 14, 2021 with an initial value of approximately $1.1 million and an amortization period of approximately 11.5 years. New Lease and Lease Amendments In January 2021, we executed a new lease at our Los Angeles, California property with a subsidiary of Holistic Industries Inc. (“Holistic”), pursuant to which we agreed to make available up to $11.0 million in funding for future improvements at the property. In February 2021, we amended our lease with a subsidiary of LivWell Holdings, Inc. at one of our Michigan properties, increasing the improvement allowance under the lease by approximately $6.9 million to a total of approximately $29.9 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In February 2021, we amended our lease with PharmaCann Inc. at one of our New York properties, increasing the improvement allowance under the lease by $2.5 million to a total of $33.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In April 2021, we amended our lease with a subsidiary of Jushi Holdings, Inc. at one of our Pennsylvania properties, increasing the improvement allowance under the lease by $30.0 million to a total of approximately $40.0 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. With this additional improvement allowance, the tenant is expected to expand the facility by approximately In June 2021, we amended our lease with a subsidiary of Parallel at one of our Florida properties, increasing the improvement allowance under the lease by $8.0 million to a total of $16.2 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In August 2021, we amended our lease with Holistic at one of our Maryland properties, increasing the improvement allowance under the lease by $8.0 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In September 2021, we amended our lease with a subsidiary of Ascend Wellness Holdings, Inc. at one of our Illinois properties, increasing the improvement allowance under the lease by $20.0 million to a total of $52.0 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. Including all of our properties, during the year ended December 31, 2021, we capitalized costs of approximately $384.1 million and funded approximately $374.5 million relating to improvements and construction activities at our properties. The properties acquired during the year ended December 31, 2021 generated approximately $19.2 million of rental revenue (including tenant reimbursements) and approximately $15.5 million of net operating income after deducting property and depreciation expenses, during that period. The properties acquired during the year ended December 31, 2020 generated approximately $27.2 million of rental revenue (including tenant reimbursements) and approximately $20.7 million net operating income after deducting property and depreciation expenses, during that period. Future contractual minimum rent (including base rent and property management fees) under the operating leases as of December 31, 2021 for future periods is summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Contractual Minimum Rent 2022 ​ $ 258,705 2023 ​ 272,576 2024 ​ 280,595 2025 ​ 288,955 2026 ​ 297,597 Thereafter ​ 4,237,164 Total ​ $ 5,635,592 ​

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt
Debt	7. Debt Exchangeable Senior Notes As of December 31, 2021 and 2020, our Operating Partnership had outstanding approximately $33.4 million and $143.7 million, respectively, principal amount of 3.75% Exchangeable Senior Notes due 2024 (the “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, 2021 was 15.32648 shares of our common stock per $1,000 principal amount of the Exchangeable Senior Notes and the exchange price at December 31, 2021 was approximately $65.25 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. At December 31, 2021, the if-exchanged value of the Exchangeable Senior Notes exceeded the principal amount by approximately $101.1 million. In connection with the issuance of the Exchangeable Senior Notes in February 2019, 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 as well as the debt discount, are being amortized using the effective interest method and recognized as non-cash interest expense over the expected term of the Exchangeable Senior Notes. In December 2021, our Operating Partnership entered into separate privately-negotiated exchange agreements with certain holders of the Exchangeable Senior Notes, pursuant to which the Operating Partnership delivered and paid an aggregate of (a) 1,684,237 shares of the Company’s common stock and (b) approximately $2.3 million in cash (consisting of approximately $1.2 million in accrued interest and approximately $1.1 million in inducement), collectively, in exchange for approximately $110.4 million principal amount of the Exchangeable Senior Notes (the “Exchange Transactions”). The issuance of the shares pursuant to the Exchange Transactions resulted in a non-cash increase to our additional paid-in capital account of approximately $109.0 million, primarily driven by the fair value of the shares issued, partially offset by the amount allocated to the repurchase of the exchange option. Following the closing of the Exchange Transactions, approximately $33.4 million in aggregate principal amount of the Exchangeable Senior Notes remain outstanding with terms unchanged. In connection with the Exchange Transactions, we recognized a million. The following table details our interest expense related to the Exchangeable Senior Notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 2019 Cash coupon ​ ​ $ 5,380 ​ $ 5,391 $ 4,628 Amortization of debt discount ​ ​ ​ 1,146 ​ ​ 1,093 ​ 898 Amortization of issuance cost ​ ​ 991 ​ ​ 947 ​ ​ 780 Total interest expense ​ ​ $ 7,517 ​ $ 7,431 ​ $ 6,306 ​ The following table details the carrying value of our Exchangeable Senior Notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 At December 31, 2020 Principal amount ​ $ 33,373 ​ $ 143,749 Unamortized discount (612) ​ (3,785) Unamortized issuance cost (529) ​ (3,271) Carrying value ​ $ 32,232 ​ $ 136,693 ​ Accrued interest payable for the Exchangeable Senior Notes was approximately $365,000 and $1.6 million as of December 31, 2021 and 2020, respectively, and is included in accounts payable and accrued expenses on our consolidated balance sheets. ​ Notes due 2026 On May 25, 2021, our Operating Partnership issued $300.0 million aggregate principal amount of its 5.50% Senior Notes due 2026 (the “Notes due 2026”). The Notes due 2026 are senior unsecured obligations of our Operating Partnership, are fully and unconditionally guaranteed by us and our Operating Partnership’s subsidiaries and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured indebtedness, including the Exchangeable Senior Notes. However, the Notes due 2026 are effectively subordinated to any of the Company’s, the Operating Partnership’s and the Operating Partnership’s subsidiaries’ future secured indebtedness to the extent of the value of the assets securing such indebtedness. Interest at a rate of 5.50% per year is payable on May 15 and November 15 of each year, beginning on November 15, 2021, until the stated maturity date of May 25, 2026. The terms of the Notes due 2026 are governed by an indenture, dated May 25, 2021, among the Operating Partnership, as issuer, the Company and the Operating Partnership’s subsidiaries, as guarantors, TMI Trust Company, as trustee (as successor-in-interest to GLAS Trust Company LLC), and Securities Transfer Corporation, as registrar (as successor-in-interest to GLAS Trust Company LLC). The terms of the indenture provide that if the debt rating on the Notes due 2026 is downgraded or withdrawn entirely, interest on the Notes due 2026 will increase to a range of 6.0% to 6.5% based on such debt rating. In connection with the issuance of the Notes due 2026, we recorded approximately $6.8 million of issuance costs, which are being amortized using the effective interest method and recognized as non-cash interest expense over the term of the Notes due 2026. ​ ​ The following table details our interest expense related to the Notes due 2026 (in thousands): ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, 2021 Cash coupon ​ $ 9,854 Amortization of issuance cost ​ ​ 715 Total interest expense ​ $ 10,569 ​ The following table details the carrying value of our Notes due 2026 (in thousands): ​ ​ ​ ​ ​ At December 31, 2021 Principal amount ​ $ 300,000 Unamortized issuance cost (6,140) Carrying value ​ $ 293,860 ​ The Operating Partnership may redeem some or all of the notes at its option at any time at the applicable redemption price. If the notes are redeemed prior to February 25, 2026, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus a make-whole premium and accrued and unpaid interest thereon to, but excluding, the applicable redemption date. If the notes are redeemed on or after February 25, 2026, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date. The terms of the indenture for the Notes due 2026 require compliance with various financial covenants, including minimum level of debt service coverage and limits on the amount of total leverage and secured debt maintained by the Operating Partnership. Management believes that it was in compliance with those covenants as of December 31, 2021. On October 19, 2021, in accordance with the registration rights agreement entered into among the Company, the Operating Partnership, the subsidiaries of the Operating Partnership and the initial purchasers of the Notes due 2026, the Operating Partnership completed its exchange offer to exchange all of the outstanding Notes due 2026 for an equal principal amount of a new issuance of 5.50% Senior Notes due 2026 pursuant to an effective registration statement on Form S-4 filed with the Securities and Exchange Commission. A total of $300.0 million aggregate principal amount of the original Notes due 2026, representing 100% of the outstanding principal amount of the original Notes due 2026, was validly tendered and received prior to the expiration of the exchange offer. The terms of the new Notes due 2026 are substantially identical to the original Notes due 2026, except for transfer restrictions and registration rights relating to the original Notes due 2026. Accrued interest payable for the Notes due 2026 as of December 31, 2021 was approximately $2.1 million, and is included in accounts payable and accrued expenses on our condensed consolidated balance sheets. The following table summarizes the principal payments on our outstanding indebtedness as of December 31, 2021 (in thousands): ​ ​ ​ ​ ​ Payments Due ​ ​ by Year Amount 2022 ​ $ — 2023 ​ ​ — 2024 ​ ​ 33,373 2025 ​ ​ — 2026 ​ ​ 300,000 Thereafter ​ ​ — Total ​ $ 333,373 ​ ​

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2021
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, 2021, 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. The 2,180,550 shares necessary to settle the Exchangeable Senior Notes on the if-exchanged method basis were dilutive for the year ended December 31, 2021, and were included in the computation of diluted earnings per share. The 2,158,837 and 2,100,307 potentially issuable shares necessary to settle the Exchangeable Senior Notes on the if-exchanged method basis were anti-dilutive for the years ended December 31, 2020 and 2019, respectively, and were excluded from the computation of diluted earnings per share. For the year ended December 31, 2021, 81,414 shares issuable upon vesting of performance share units (“PSUs”) granted to certain employees in January 2021 were included in dilutive securities, as the performance thresholds for vesting of these PSUs were met as measured as of December 31, 2021 (see Note 10 for further discussion of the PSUs). Computations of net income per basic and diluted share were as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 Net income ​ $ 113,990 ​ $ 65,730 ​ $ 23,475 Preferred stock dividends ​ (1,352) ​ (1,352) ​ (1,352) Distribution to participating securities ​ (557) ​ (509) ​ (396) Net income attributable to common stockholders used to compute net income per share - basic ​ ​ 112,081 ​ ​ 63,869 ​ ​ 21,727 Dilutive effect of Exchangeable Senior Notes ​ ​ 7,517 ​ ​ — ​ ​ — Net income attributable to common stockholders used to compute net income per share - diluted ​ $ 119,598 ​ $ 63,869 ​ $ 21,727 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding: ​ ​ ​ Basic ​ 23,903,017 ​ 19,443,602 ​ 10,546,016 Restricted stock and RSUs ​ ​ 96,174 ​ ​ 114,017 ​ ​ 138,052 PSUs ​ ​ 81,414 ​ ​ — ​ ​ — Dilutive effect of Exchangeable Senior Notes ​ ​ 2,180,550 ​ ​ — ​ ​ — Diluted ​ 26,261,155 ​ 19,557,619 ​ 10,684,068 Net income attributable to common stockholders per share: ​ ​ ​ ​ ​ Basic ​ $ 4.69 ​ $ 3.28 ​ $ 2.06 Diluted ​ $ 4.55 ​ $ 3.27 ​ $ 2.03 ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
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 and approximate fair value of financial instruments at December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 ​ At December 31, 2020 ​ ​ ​ ​ ​ ​ Carrying Value Fair Value Carrying Value Fair Value Investments (1) ​ $ 324,889 ​ $ 324,772 ​ $ 619,275 ​ $ 619,270 Exchangeable Senior Notes (2) ​ $ 32,232 ​ $ 134,270 ​ $ 136,693 ​ $ 397,663 Notes due 2026 (2) ​ $ 293,860 ​ $ 318,486 ​ $ — ​ $ — (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 and Notes due 2026 were trading in the private market. As of December 31, 2021 and 2020, cash equivalent instruments consisted of approximately $72.0 million and $98.3 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, construction loan receivable, 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
	Dec. 31, 2021
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 re-credited to the 2016 Plan’s reserve for future issuance. The 2016 Plan automatically terminates on the date which is ten years following the effective date of the 2016 Plan. A summary of the restricted stock activity under the 2016 Plan and related information for the years ended December 31, 2021, 2020 and 2019 is included in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Restricted ​ Average Grant Date ​ ​ Shares ​ Fair Value 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 Granted ​ 9,679 ​ $ 187.74 Vested ​ (29,955) ​ $ 52.31 Forfeited (1) ​ (18,303) ​ $ 31.99 Nonvested balance at December 31, 2021 ​ 37,767 ​ $ 92.49 (1) All of these shares were forfeited to cover the employees’ tax withholding obligation upon vesting. The remaining unrecognized compensation cost of approximately $1.5 million for restricted stock awards is expected to be recognized over a weighted-average amortization period of approximately 1.6 years as of December 31, 2021. The fair value of restricted stock that vested in 2021, 2020 and 2019 was approximately $8.8 million, $6.0 million and $3.2 million, respectively. The following table summarizes our RSU activity for the years ended December 31, 2021 and 2020. There was no RSU activity for the year ended December 31, 2019. RSUs are issued as part of the Innovative Industrial Properties, Inc. Nonqualified Deferred Compensation Plan (the “Deferred Compensation Plan”), which allows a select group of management and our non-employee directors to defer receiving certain of their cash and equity-based compensation. RSUs are subject to vesting conditions of the Deferred Compensation Plan and 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 Granted ​ 23,639 ​ $ 188.80 Balance at December 31, 2021 ​ 60,326 ​ $ 120.24 ​ The remaining unrecognized compensation cost of approximately $3.7 million for RSU awards is expected to be recognized over an amortization period of approximately 1.7 years as of December 31, 2021. ​ In January 2021, we issued 70,795 “target” PSUs to a select group of officers, which vest and are settled in shares of common stock (“Award Shares”) based on the Company’s total stockholder return over a period commencing on January 11, 2021 and ending on December 31, 2023 (the “Performance Period”) relative to two different comparator groups of companies. At the end of the Performance Period, a recipient of PSUs may receive as few as of the number of target PSUs in Award Shares, plus deemed dividends. PSUs will also be reduced as necessary so the total value at the vesting date does not exceed of the grant date PSU price, and if the Company’s absolute total stockholder return during the Performance Period is negative, the payout of Award Shares is capped at the target number of PSUs, notwithstanding the Company’s outperformance of comparator groups. No dividends are paid to the recipient during the Performance Period. At the end of the Performance Period, if the Company’s total stockholder return is such that the recipient earns Award Shares, the recipient will receive additional shares of common stock relating to dividends deemed to have been paid and reinvested on the Award Shares. The recipient of the Award Shares may not sell, transfer or otherwise dispose of the Award Shares for a one-year period following the vesting date of the Award Shares. The grant date fair value of the PSUs granted in January 2021 was $12.0 million. The fair value was calculated using a Monte Carlo simulation pricing model based on the following assumptions: ​ ​ ​ ​ ​ ​ PSU Award ​ Fair Value Assumptions Valuation date January 6, 2021 ​ Fair value per share on valuation date ​ $169.51 ​ Expected term ​ 3 years ​ Expected price volatility 57.64% ​ Risk-free interest rate ​ 0.20% ​ Discount for post vesting restriction 12.44% ​ ​ The expected share price volatility was based on the historical volatility of our shares of common stock over a period of approximately the Performance Period. The risk-free interest rate was based on the zero-coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve on the valuation date. The discount for the post vesting restriction was estimated using the Finnerty model. Stock-based compensation for market-based PSU awards is based on the grant date fair value of the equity awards and is recognized over the Performance Period. For the year ended December 31, 2021, we recognized stock-based compensation expense of $4.0 million relating to the PSU awards. As of December 31, 2021, the remaining unrecognized compensation cost of approximately $8.0 million relating to PSU awards is expected to be recognized over the remaining Performance Period of approximately 2.0 years.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies Office Lease. ​ ​ ​ ​ ​ Year Amount 2022 ​ $ 241 2023 ​ 249 2024 ​ 256 2025 ​ 264 2026 ​ 295 Total future contractual lease payments ​ 1,305 Effect of discounting ​ (163) Office lease liability ​ $ 1,142 ​ Improvement Allowances. Construction Loan. Environmental Matters Litigation ​ Deferred Compensation Plan.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events
Subsequent Events	12. Subsequent Events Investments ​ Subsequent to December 31, 2021, we acquired the following properties, including commitments to fund improvements and construction, and made the following additional funds available to tenants for improvements at our existing properties (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Purchase ​ Improvement ​ ​ ​ ​ Property ​ Market ​ Closing Date ​ Feet (1) ​ Price Commitments ​ Total (2) ​ 4Front MA ​ Massachusetts ​ January 28, 2022 ​ ​ 57,000 ​ $ 16,000 ​ $ — ​ $ 16,000 ​ GPI MI ​ Michigan ​ February 4, 2022 ​ ​ — ​ ​ — ​ ​ 18,000 ​ ​ 18,000 (3) Ascend NJ ​ New Jersey ​ February 10, 2022 ​ ​ 114,000 ​ ​ 35,400 ​ ​ 4,600 ​ ​ 40,000 (4) Total ​ 171,000 ​ $ 51,400 ​ $ 22,600 ​ $ 74,000 ​ (1) Includes expected rentable square feet at completion of construction. (2) Excludes transaction costs. (3) The amount relates to a lease amendment which increased the improvement allowance under a lease at one of our Michigan properties by $18.0 million to a total of approximately $47.5 million, and also resulted in a corresponding adjustment to base rent for the lease at the property. (4) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to $4.6 million. ​ ​ In addition, we acquired additional land adjacent to one of our existing properties in Pennsylvania on February 2, 2022. In connection with the acquisition, we amended the lease for the existing property to incorporate this land into the leased area and reduced the existing improvement allowance under the lease by an amount equal to the purchase price for the land, which was approximately $3.3 million. ​

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2021
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, 2021 (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 ​ $ (2,862) ​ $ 17,168 ​ 2017 Pharm AZ Retail Arizona 2019 ​ 1,216 ​ 811 ​ 501 ​ 1,216 ​ 1,312 ​ 2,528 ​ (122) ​ 2,406 2019 Sacramento CA California 1990/2019 ​ 1,376 ​ 5,321 ​ 6,033 ​ 1,376 ​ 11,354 ​ 12,730 ​ (976) ​ 11,754 2019 Kings Garden CA Portfolio California Various (1)(11) ​ 10,351 ​ 61,062 ​ 11,475 ​ 10,351 ​ 72,537 ​ 82,888 ​ (3,336) ​ 79,552 2019/2020/2021 Holistic CA California 1926/1976 ​ 1,713 ​ 11,307 ​ 1,077 ​ 1,713 ​ 12,384 ​ 14,097 ​ (726) ​ 13,371 2019 Vertical CA Portfolio California Various (2) ​ 3,393 ​ 13,939 ​ — ​ 3,393 ​ 13,939 ​ 17,332 ​ (892) ​ 16,440 2019 Gold Flora CA California 2021/2021 ​ 5,930 ​ 45,081 ​ 5,243 ​ 5,930 ​ 50,324 ​ 56,254 ​ (254) ​ 56,000 2021 Columbia Care CO Colorado 1967/1978/2018 ​ 2,101 ​ 9,176 ​ — ​ 2,101 ​ 9,176 ​ 11,277 ​ (1,029) ​ 10,248 2018 LivWell CO Retail Portfolio Colorado Various (3) ​ 546 ​ 2,781 ​ 72 ​ 546 ​ 2,853 ​ 3,399 ​ (135) ​ 3,264 2020 Trulieve FL Portfolio Florida Various (4)(11) ​ 1,027 ​ 39,793 ​ 17,793 ​ 1,027 ​ 57,586 ​ 58,613 ​ (2,016) ​ 56,597 2019/2021 Parallel FL Portfolio Florida Various (5) ​ 3,258 ​ 51,625 ​ 52,336 ​ 3,258 ​ 103,961 ​ 107,219 ​ (3,388) ​ 103,831 2020 Ascend IL Illinois 2015/2020 ​ 563 ​ 18,457 ​ 50,267 ​ 563 ​ 68,724 ​ 69,287 ​ (4,365) ​ 64,922 2018 Cresco IL Portfolio Illinois Various (6) ​ 3,215 ​ 29,602 ​ 13,635 ​ 3,215 ​ 43,237 ​ 46,452 ​ (3,265) ​ 43,187 2019 PharmaCann IL ​ Illinois ​ 1992/2020 ​ ​ 201 ​ ​ 17,807 ​ ​ 10,008 ​ ​ 201 ​ ​ 27,815 ​ ​ 28,016 ​ ​ (2,024) ​ ​ 25,992 ​ 2019 Curaleaf IL ​ Illinois ​ 1984/2020 ​ ​ 350 ​ ​ 10,191 ​ ​ 18,514 ​ ​ 350 ​ ​ 28,705 ​ ​ 29,055 ​ ​ (2,276) ​ ​ 26,779 ​ 2019 GTI IL ​ Illinois ​ 2015/2020 ​ ​ 739 ​ ​ 8,284 ​ ​ 40,997 ​ ​ 739 ​ ​ 49,281 ​ ​ 50,020 ​ ​ (2,392) ​ ​ 47,628 ​ 2020 4Front IL ​ Illinois ​ (11) ​ ​ 3,366 ​ ​ — ​ ​ 5,804 ​ ​ 3,366 ​ ​ 5,804 ​ ​ 9,170 ​ ​ (10) ​ ​ 9,160 ​ 2021 Holistic MD ​ Maryland ​ 2017 ​ ​ 2,785 ​ ​ 8,410 ​ ​ 19,309 ​ ​ 2,785 ​ ​ 27,719 ​ ​ 30,504 ​ ​ (3,148) ​ ​ 27,356 ​ 2017 Trulieve MD ​ Maryland ​ 1980/2021 ​ ​ 1,861 ​ ​ 14,775 ​ ​ 8,206 ​ ​ 1,861 ​ ​ 22,981 ​ ​ 24,842 ​ ​ (260) ​ ​ 24,582 ​ 2021 PharmaCann MA ​ Massachusetts ​ 2020 ​ ​ 3,030 ​ ​ — ​ ​ 27,512 ​ ​ 3,030 ​ ​ 27,512 ​ ​ 30,542 ​ ​ (1,824) ​ ​ 28,718 ​ 2018 Holistic MA ​ Massachusetts ​ 1980/2018 ​ ​ 1,059 ​ ​ 11,717 ​ ​ 4,967 ​ ​ 1,059 ​ ​ 16,684 ​ ​ 17,743 ​ ​ (1,398) ​ ​ 16,345 ​ 2018 Trulieve MA ​ Massachusetts ​ 1890/2021 ​ ​ 694 ​ ​ 2,831 ​ ​ 40,035 ​ ​ 694 ​ ​ 42,866 ​ ​ 43,560 ​ ​ (3,737) ​ ​ 39,823 ​ 2019 Ascend MA ​ Massachusetts ​ 1938/2021 ​ ​ 2,202 ​ ​ 24,568 ​ ​ 22,059 ​ ​ 2,202 ​ ​ 46,627 ​ ​ 48,829 ​ ​ (1,989) ​ ​ 46,840 ​ 2020 Cresco MA ​ Massachusetts ​ 1880/2021 ​ ​ 650 ​ ​ 7,119 ​ ​ 15,840 ​ ​ 650 ​ ​ 22,959 ​ ​ 23,609 ​ ​ (748) ​ ​ 22,861 ​ 2020 4Front MA ​ Massachusetts ​ 1987/2019 ​ ​ 2,316 ​ ​ 13,194 ​ ​ — ​ ​ 2,316 ​ ​ 13,194 ​ ​ 15,510 ​ ​ (389) ​ ​ 15,121 ​ 2020 Temescal MA Massachusetts 1978/2021 ​ 2,082 ​ 1,026 ​ 6,158 ​ 2,082 ​ 7,184 ​ 9,266 ​ (77) ​ 9,189 2021 Green Peak MI Michigan Various (7)(11) ​ 3,840 ​ 17,206 ​ 18,228 ​ 3,840 ​ 35,434 ​ 39,274 ​ (1,855) ​ 37,419 2018/2021 Emerald Growth MI Michigan 1960/2020 ​ 389 ​ 6,489 ​ 3,139 ​ 389 ​ 9,628 ​ 10,017 ​ (811) ​ 9,206 2019 Ascend MI Michigan 1929/2021 ​ 409 ​ 4,360 ​ 14,894 ​ 409 ​ 19,254 ​ 19,663 ​ (1,173) ​ 18,490 2019 LivWell MI Michigan 1940/2020/2021 ​ 1,237 ​ 17,791 ​ 64,482 ​ 1,237 ​ 82,273 ​ 83,510 ​ (3,340) ​ 80,170 2019 Green Peak MI Retail Portfolio Michigan Various (8) ​ 2,562 ​ 7,512 ​ 1,755 ​ 2,562 ​ 9,267 ​ 11,829 ​ (762) ​ 11,067 2019 Cresco MI Michigan 1930/1972/2021 ​ 1,385 ​ 3,631 ​ 26,754 ​ 1,385 ​ 30,385 ​ 31,770 ​ (1,021) ​ 30,749 2020 Holistic MI Michigan 2021 ​ 6,211 ​ — ​ 18,789 ​ 6,211 ​ 18,789 ​ 25,000 ​ (428) ​ 24,572 2020 Sozo MI Michigan 1951/2021 ​ 700 ​ 9,557 ​ 5,599 ​ 700 ​ 15,156 ​ 15,856 ​ (247) ​ 15,609 2021 Vireo MN Minnesota 2015/2017/2019 ​ 427 ​ 2,644 ​ 6,618 ​ 427 ​ 9,262 ​ 9,689 ​ (1,072) ​ 8,617 2017 Calyx MO ​ Missouri ​ (11) ​ ​ 753 ​ ​ 787 ​ ​ 8,491 ​ ​ 753 ​ ​ 9,278 ​ ​ 10,031 ​ ​ (46) ​ ​ 9,985 ​ 2021 Las Vegas NV ​ Nevada ​ 1984/2020 ​ ​ 1,088 ​ ​ 2,768 ​ ​ 5,771 ​ ​ 1,088 ​ ​ 8,539 ​ ​ 9,627 ​ ​ (755) ​ ​ 8,872 ​ 2019 Curaleaf NJ ​ New Jersey ​ 1995/2020 ​ ​ 702 ​ ​ 4,857 ​ ​ 29,511 ​ ​ 702 ​ ​ 34,368 ​ ​ 35,070 ​ ​ (1,699) ​ ​ 33,371 ​ 2020 Columbia Care NJ Portfolio ​ New Jersey ​ Various (8) ​ ​ 466 ​ ​ 11,974 ​ ​ 1,580 ​ ​ 466 ​ ​ 13,554 ​ ​ 14,020 ​ ​ (576) ​ ​ 13,444 ​ 2020 PharmaCann NY ​ New York ​ 2016/2021 ​ ​ 7,600 ​ ​ 22,475 ​ ​ 9,765 ​ ​ 7,600 ​ ​ 32,240 ​ ​ 39,840 ​ ​ (3,144) ​ ​ 36,696 ​ 2016 Vireo NY ​ New York ​ 1970/2021 ​ ​ 1,593 ​ ​ 3,157 ​ ​ 27,566 ​ ​ 1,593 ​ ​ 30,723 ​ ​ 32,316 ​ ​ (1,073) ​ ​ 31,243 ​ 2017 Curaleaf ND ​ North Dakota ​ 2018/2020 ​ ​ 191 ​ ​ 9,743 ​ ​ 2,271 ​ ​ 191 ​ ​ 12,014 ​ ​ 12,205 ​ ​ (805) ​ ​ 11,400 ​ 2019 PharmaCann OH ​ Ohio ​ 2019 ​ ​ 712 ​ ​ — ​ ​ 19,310 ​ ​ 712 ​ ​ 19,310 ​ ​ 20,022 ​ ​ (1,173) ​ ​ 18,849 ​ 2019 AYR OH ​ Ohio ​ 1954/1986/2020 ​ ​ 22 ​ ​ 1,014 ​ ​ 2,501 ​ ​ 22 ​ ​ 3,515 ​ ​ 3,537 ​ ​ (401) ​ ​ 3,136 ​ 2019 Cresco OH ​ Ohio ​ 2018/2020 ​ ​ 235 ​ ​ 10,377 ​ ​ 1,981 ​ ​ 235 ​ ​ 12,358 ​ ​ 12,593 ​ ​ (601) ​ ​ 11,992 ​ 2020 GTI OH ​ Ohio ​ 1937/2020 ​ ​ 239 ​ ​ 2,688 ​ ​ 27,741 ​ ​ 239 ​ ​ 30,429 ​ ​ 30,668 ​ ​ (1,070) ​ ​ 29,598 ​ 2020 Jushi PA ​ Pennsylvania ​ 1959/2020 ​ ​ 275 ​ ​ 5,603 ​ ​ 34,013 ​ ​ 275 ​ ​ 39,616 ​ ​ 39,891 ​ ​ (2,009) ​ ​ 37,882 ​ 2018 Maitri PA ​ Pennsylvania ​ 1970/2019 ​ ​ 233 ​ ​ 6,249 ​ ​ 15,884 ​ ​ 233 ​ ​ 22,133 ​ ​ 22,366 ​ ​ (1,762) ​ ​ 20,604 ​ 2019 Columbia Care PA ​ Pennsylvania ​ 1988/2020 ​ ​ 1,353 ​ ​ 11,854 ​ ​ 29,745 ​ ​ 1,353 ​ ​ 41,599 ​ ​ 42,952 ​ ​ (1,391) ​ ​ 41,561 ​ 2019 PharmaCann PA ​ Pennsylvania ​ 2021 ​ ​ 954 ​ ​ — ​ ​ 27,070 ​ ​ 954 ​ ​ 27,070 ​ ​ 28,024 ​ ​ (1,027) ​ ​ 26,997 ​ 2019 GTI PA ​ Pennsylvania ​ 1927/2017 ​ ​ 1,435 ​ ​ 19,098 ​ ​ 19,304 ​ ​ 1,435 ​ ​ 38,402 ​ ​ 39,837 ​ ​ (3,775) ​ ​ 36,062 ​ 2019 Curaleaf PA ​ Pennsylvania ​ 1980/2019 ​ ​ 1,228 ​ ​ 13,080 ​ ​ 12,423 ​ ​ 1,228 ​ ​ 25,503 ​ ​ 26,731 ​ ​ (2,243) ​ ​ 24,488 ​ 2019 Holistic PA ​ Pennsylvania ​ 1930/2020 ​ ​ 941 ​ ​ 7,941 ​ ​ 10,265 ​ ​ 941 ​ ​ 18,206 ​ ​ 19,147 ​ ​ (840) ​ ​ 18,307 ​ 2020 Parallel PA ​ Pennsylvania ​ 1976/2021 ​ ​ 6,979 ​ ​ 34,781 ​ ​ 25,890 ​ ​ 6,979 ​ ​ 60,671 ​ ​ 67,650 ​ ​ (1,050) ​ ​ 66,600 ​ 2021 Parallel TX ​ Texas ​ (11) ​ ​ 2,222 ​ ​ 1,195 ​ ​ 3,861 ​ ​ 2,222 ​ ​ 5,056 ​ ​ 7,278 ​ ​ (14) ​ ​ 7,264 ​ 2021 CO/PA/ND Portfolio ​ Various (11) ​ Various (11) ​ ​ 17,526 ​ ​ 44,134 ​ ​ — ​ ​ 17,526 ​ ​ 44,134 ​ ​ 61,660 ​ ​ (52) ​ ​ 61,608 ​ 2021 Columbia Care VA ​ Virginia ​ 2019/2020 ​ ​ 231 ​ ​ 11,582 ​ ​ 7,936 ​ ​ 231 ​ ​ 19,518 ​ ​ 19,749 ​ ​ (1,570) ​ ​ 18,179 ​ 2020 4Front WA Washington ​ 1997/2015 ​ ​ 1,826 ​ ​ 15,684 ​ ​ — ​ ​ 1,826 ​ ​ 15,684 ​ ​ 17,510 ​ ​ (515) ​ ​ 16,995 ​ 2020 Total ​ ​ ​ $ 122,386 ​ $ 733,737 ​ $ 865,981 ​ $ 122,386 ​ $ 1,599,718 ​ $ 1,722,104 ​ $ (81,938) ​ $ 1,640,166 (1) Portfolio consists of eight properties constructed and renovated between 1969 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 1981 and 2019. One of the properties was renovated in 2020. (5) Portfolio consists of two properties originally constructed in 1982 and 2014. Both properties were renovated and expanded in 2020 and 2021. (6) Portfolio consists of two properties constructed in 2015 and 2016. Both properties were renovated in 2019. (7) Portfolio consists of two properties constructed in 1999 and 2018. (8) Portfolio consists of six properties constructed and renovated between 1957 and 2019. (9) Portfolio consists of two properties constructed between 1962 and 1974. Both properties were renovated in 2020. (10) Portfolio consists of 27 properties with 24 properties located in Colorado, two properties located in North Dakota, and one property located in Pennsylvania, which were constructed and renovated between 1870 and 2020. (11) As of December 31, 2021, 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, ​ 2021 2020 2019 Investment in real estate, at cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ 1,060,239 ​ $ 518,031 ​ $ 150,930 Purchases of investments in real estate ​ 277,717 ​ 241,159 ​ 259,889 Additions and improvements ​ 384,148 ​ 301,049 ​ 107,212 Balance at end of year ​ $ 1,722,104 ​ $ 1,060,239 ​ $ 518,031 Accumulated Depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ (40,195) ​ $ (12,170) ​ $ (3,571) Depreciation expense ​ (41,743) ​ (28,025) ​ (8,599) Balance at end of year ​ $ (81,938) ​ $ (40,195) ​ $ (12,170) ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2021
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 for the years ended December 31, 2021 and 2020 and financial position at December 31, 2021 and 2020. A prolonged outbreak or resurgence of COVID-19 could have a material adverse impact on the financial results and business operations of the Company.
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. In December 2021, we acquired a portfolio of properties that included in-place leases. The fair value of acquired in-place leases is derived based on our assessment of estimated lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amounts recorded for acquired in-place leases are reflected as in-place lease intangible assets, net on the balance sheet and are amortized on a straight-line basis as a component of depreciation and amortization expense over the remaining term of the applicable leases. The fair value of the above-market component of an acquired in-place operating lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining non-cancellable lease term and (ii) our estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition measured over the remaining non-cancellable term of the lease. The amount recorded for one above-market operating lease is included in other assets, net on the balance sheet and is amortized on a straight-line basis as a reduction of rental income over the remaining term of the applicable lease.
Cost Capitalization and Depreciation	Cost Capitalization and Depreciation. Amounts capitalized are depreciated over estimated useful lives determined by management. We depreciate buildings and improvements and tenant improvements based on our evaluation of the estimated useful life of each specific asset, not to exceed 40 years. For the years ended December 31, 2021, 2020 and 2019, we recognized depreciation expense of approximately $41.7 million, $28.0 million and $8.6 million, respectively, which are included in depreciation and amortization expense in our consolidated statements of income. We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three Determining whether expenditures meet the criteria for capitalization and the assignment of depreciable lives requires management to exercise significant judgment. Project costs that are clearly associated with the acquisition and development or redevelopment of a real estate project, for which we are the accounting owner, are capitalized as a cost of that project. Expenditures that meet one or more of the following criteria generally qualify for capitalization: ● the expenditure provides benefit in future periods; and ● the expenditure extends the useful life of the asset beyond our original estimates
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, 2021, 2020 and 2019.
Revenue Recognition	Revenue Recognition.
Construction Loan	Construction Loan.
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash.
Investments	Investments
Exchangeable Notes	Exchangeable Notes.
Deferred Financing Costs	Deferred Financing Costs. These costs are amortized as non-cash interest expense using the effective interest method over the life of the related obligations.
Stock-Based Compensation	Stock-Based Compensation.
Lease Accounting	Lease Accounting. 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 and a corresponding right-of-use asset related to our corporate office lease. The lease liability was initially measured based on the present value of the future lease payments discounted using the estimated incremental borrowing rate of 7.25%, which was 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. In November 2021, we amended the lease to extend the term from April 2025 to January 2027 in connection with an expansion of the leased space which did not commence until February 2022. As a result of the lease modification on the existing leased space, we re-measured the lease liability based on the present value of the future lease payments (excluding the extension option that we are not reasonably certain to exercise), discounted using the estimated incremental borrowing rate of 5.5%, which was 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, 2021, 2020 and 2019, we recognized office lease expense of approximately $231,000, $229,000 and $82,000, respectively, which are included in general and administrative expense in our consolidated statements of income. For the years ended December 31, 2021, 2020 and 2019, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were approximately $234,000, $172,000 and $87,000, 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. In 2020, we undertook in-depth discussions with each of our tenants as they navigated the COVID-19 pandemic and associated severe economic disruption. In light of those discussions, in 2020, we granted temporary base rent and property management fee deferrals to three affected tenants. In connection with these deferrals, we entered into lease amendments with the three affected tenants to apply a portion of the security deposits that we hold under the leases to pay a portion of the March 2020 rent (for one tenant), pay April 2020 rent in full, defer rent for May and June 2020 in full, and provide for the pro rata repayment of the security deposit and deferred rent over an 18 month time period starting July 1, 2020. Pursuant to these amendments, 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 the March 2020 base rent and property management fees for one of the tenants; and a total of approximately $1.5 million in rent was deferred for May and June 2020. As of December 31, 2021, we have not executed deferrals for any other tenants, other than the deferrals for the three tenants discussed above. The FASB issued additional guidance for companies to account for any COVID-19 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 COVID-19 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 COVID-19 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. Our leases generally contain options to extend the lease terms at the prevailing market rate or at the expiring rental rate at the time of expiration. Certain of our leases provide the lessee with a right of first refusal or right of first offer in the event we market the leased property for sale.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
Concentration of Credit Risk	Concentration of Credit Risk Two of our tenants, PharmaCann Inc. (“PharmaCann”) (at five of our properties) and SH Parent Inc. (“Parallel”) (at four of our properties), represented approximately 12% and 10%, respectively, of our rental revenue (including tenant reimbursements) for the year ended December 31, 2021. Three of our tenants, PharmaCann (at five of our properties), Ascend Wellness Holdings, Inc. (“Ascend”) (at three of our properties), and Cresco Labs Inc. (“Cresco”) (at five of our properties), represented approximately 18%, 10%, and 10%, respectively, of our rental revenues (including tenant reimbursements) for the year ended December 31, 2020. Two of our tenants, PharmaCann (at five of our properties) and Ascend (at two of our properties), represented approximately 26% and 12%, respectively, of our rental revenues (including tenant reimbursements) for the year ended December 31, 2019. At December 31, 2021 and 2020, none of our properties individually represented more than 5% 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, 2021, 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
	Dec. 31, 2021
Dividends
Schedule of dividends declared	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ Dividend Dividend Declaration Date ​ Security Class ​ Per Share ​ Period Covered ​ Paid Date ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) 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 March 15, 2021 ​ Common stock ​ $ 1.32 ​ January 1, 2021 to March 31, 2021 ​ April 15, 2021 ​ $ 31,660 March 15, 2021 ​ Series A preferred stock ​ $ 0.5625 ​ January 15, 2021 to April 14, 2021 ​ April 15, 2021 ​ $ 338 June 15, 2021 ​ Common stock ​ $ 1.40 ​ April 1, 2021 to June 30, 2021 ​ July 15, 2021 ​ $ 33,584 June 15, 2021 ​ Series A preferred stock ​ $ 0.5625 ​ April 15, 2021 to July 14, 2021 ​ July 15, 2021 ​ $ 338 September 15, 2021 ​ Common stock ​ $ 1.50 ​ July 1, 2021 to September 30, 2021 ​ October 15, 2021 ​ $ 35,983 September 15, 2021 ​ Series A preferred stock ​ $ 0.5625 ​ July 15, 2021 to October 14, 2021 ​ October 15, 2021 ​ $ 338 December 15, 2021 ​ Common stock ​ $ 1.50 ​ October 1, 2021 to December 31, 2021 ​ January 14, 2022 ​ $ 38,509 December 15, 2021 ​ Series A preferred stock ​ $ 0.5625 ​ October 15, 2021 to January 14, 2022 ​ January 14, 2022 ​ $ 338

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Investments in Real Estate
Schedule of real estate properties	The Company made the following acquisitions during the year ended December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ Initial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Purchase ​ Transaction ​ ​ ​ ​ Property Market Closing Date Feet (1)(17) Price Costs Total Trulieve FL ​ Florida ​ January 22, 2021 ​ 295,000 ​ $ 23,800 ​ $ 16 ​ $ 23,816 (2) King's Garden CA ​ California ​ February 5, 2021 ​ 180,000 ​ 1,350 ​ 7 ​ 1,357 (3) Parallel TX ​ Texas ​ March 10, 2021 ​ 63,000 ​ 3,400 ​ 17 ​ 3,417 (4) GPI MI Davis Hwy ​ Michigan ​ April 16, 2021 ​ 175,000 ​ 15,550 ​ 4 ​ 15,554 (5) Parallel PA ​ Pennsylvania ​ May 13, 2021 ​ 239,000 ​ 41,750 ​ 11 ​ 41,761 (6) Sozo MI ​ Michigan ​ May 14, 2021 ​ 85,000 ​ 10,250 ​ 9 ​ 10,259 (7) Temescal MA ​ Massachusetts ​ May 26, 2021 ​ 71,000 ​ 3,100 ​ 9 ​ 3,109 (8) 4Front IL ​ Illinois ​ August 3, 2021 ​ 250,000 ​ 3,348 ​ 18 ​ 3,366 (9) Trulieve MD ​ Maryland ​ August 13, 2021 ​ 112,000 ​ 16,615 ​ 21 ​ 16,636 (10) Calyx MO ​ Missouri ​ September 17, 2021 ​ 83,000 ​ 1,530 ​ 11 ​ 1,541 (11) Vireo NY ​ New York ​ September 24, 2021 ​ 324,000 ​ ​ 10,225 ​ 12 ​ 10,237 (12) Gold Flora CA ​ California ​ October 15, 2021 ​ 201,000 ​ 51,000 ​ 13 ​ 51,013 (13) LivWell MI ​ Michigan ​ December 9, 2021 ​ 15,000 ​ ​ 34,150 ​ ​ 8 ​ ​ 34,158 (14) CO/PA/ND Portfolio ​ Various ​ December 14, 2021 ​ 179,000 ​ 71,585 ​ 143 ​ 71,728 (15) Total ​ ​ 2,272,000 ​ $ 287,653 ​ $ 299 ​ $ 287,952 (16) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) Trulieve acquired Harvest in 2021. The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to approximately $10.8 million. In June 2021, we amended the lease, which increased the improvement allowance by $7.1 million to a total of approximately $17.9 million, which also resulted in a corresponding adjustment to base rent for the lease at the property. (3) The purchase price related to the acquisition of additional land adjacent to one of our existing properties. In connection with the acquisition, we entered into a lease amendment for the existing property, which provided an improvement allowance that resulted in a corresponding adjustment to the base rent for the lease at the property. The tenant is expected to complete construction of two new buildings at 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. (4) The tenant is expected to construct three buildings at the property, for which we agreed to provide reimbursement of up to $24.0 million. (5) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to approximately $14.5 million. In September 2021, we amended the lease, which increased the improvement allowance by $15.0 million to a total of approximately $29.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. (6) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to $26.0 million. (7) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to approximately $5.7 million. (8) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to $15.0 million. In November 2021, we amended the lease, which increased the improvement allowance by $8.7 million to total of $23.7 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. (9) The tenant is expected to construct a 250,000 square foot industrial facility, for which we agreed to provide reimbursement of up to approximately $43.8 million. The purchase price excludes approximately $3.2 million attributable to a portion of the property that is not part of any of the planned construction and which did not satisfy the requirements for sale-leaseback accounting; therefore, this portion of the property is recognized as a notes receivable and is included in other assets, net on our consolidated balance sheet. (10) Trulieve acquired Harvest in 2021. The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to $12.9 million. (11) The tenant is expected to construct an 83,000 square foot industrial facility, for which we agreed to provide reimbursement of up to approximately $26.7 million. (12) The amounts related to the acquisition of additional land adjacent to an existing property and a lease amendment which provided an allowance to fund construction of a new building and resulted in a corresponding adjustment to the base rent for the lease at the property. The tenant is expected to construct approximately 324,000 square feet of industrial space, for which we agreed to provide reimbursement of up to approximately $46.1 million. (13) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to $9.0 million. (14) We acquired the central utility plant facilities from the tenant at the property, which increased the total rentable square feet at the property to 205,000 square feet, provided reimbursements to the tenant for certain other improvements made at the property, and amended the lease to increase the improvement allowance for future improvements by $550,000 , all of which resulted in a corresponding adjustment to the base rent for the property. (15) We acquired a portfolio of 27 properties leased to multiple tenants with 24 properties located in Colorado, two properties located in North Dakota, and one property located in Pennsylvania . The tenants at three of the properties are expected to complete improvements at the properties for which we are obligated to provide reimbursement of up to a total of approximately $1.1 million. (16) Approximately $46.7 million was allocated to land, approximately $231.0 million was allocated to building and improvements, approximately $9.1 million was allocated to in-place leases and approximately $1.1 million was allocated to one above-market lease. (17) Excludes an additional approximately 110,000 rentable square feet relating to expansions at properties acquired prior to 2021.
Schedule of in-place lease intangible assets and related accumulated amortization	​ ​ ​ ​ ​ ​ At December 31, 2021 In-place lease intangible assets ​ $ 9,181 Accumulated amortization (33) In-place lease intangible assets, net ​ $ 9,148
Schedule of estimated annual amortization of acquired in-place leases	​ ​ ​ ​ ​ Year Amount 2022 ​ $ 786 2023 ​ 786 2024 ​ 786 2025 ​ 786 2026 ​ 786 Thereafter ​ 5,218 Total ​ $ 9,148
Schedule of future contractual minimum rent	Future contractual minimum rent (including base rent and property management fees) under the operating leases as of December 31, 2021 for future periods is summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Contractual Minimum Rent 2022 ​ $ 258,705 2023 ​ 272,576 2024 ​ 280,595 2025 ​ 288,955 2026 ​ 297,597 Thereafter ​ 4,237,164 Total ​ $ 5,635,592

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of principal payments on outstanding indebtedness	​ ​ ​ ​ ​ Payments Due ​ ​ by Year Amount 2022 ​ $ — 2023 ​ ​ — 2024 ​ ​ 33,373 2025 ​ ​ — 2026 ​ ​ 300,000 Thereafter ​ ​ — Total ​ $ 333,373
Exchangeable Senior Notes
Schedule of interest expense	The following table details our interest expense related to the Exchangeable Senior Notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 2019 Cash coupon ​ ​ $ 5,380 ​ $ 5,391 $ 4,628 Amortization of debt discount ​ ​ ​ 1,146 ​ ​ 1,093 ​ 898 Amortization of issuance cost ​ ​ 991 ​ ​ 947 ​ ​ 780 Total interest expense ​ ​ $ 7,517 ​ $ 7,431 ​ $ 6,306 ​
Schedule of carrying value	The following table details the carrying value of our Exchangeable Senior Notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 At December 31, 2020 Principal amount ​ $ 33,373 ​ $ 143,749 Unamortized discount (612) ​ (3,785) Unamortized issuance cost (529) ​ (3,271) Carrying value ​ $ 32,232 ​ $ 136,693
Notes due 2026
Schedule of interest expense	​ ​ The following table details our interest expense related to the Notes due 2026 (in thousands): ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, 2021 Cash coupon ​ $ 9,854 Amortization of issuance cost ​ ​ 715 Total interest expense ​ $ 10,569
Schedule of carrying value	​ The following table details the carrying value of our Notes due 2026 (in thousands): ​ ​ ​ ​ ​ At December 31, 2021 Principal amount ​ $ 300,000 Unamortized issuance cost (6,140) Carrying value ​ $ 293,860

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
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, ​ 2021 2020 2019 Net income ​ $ 113,990 ​ $ 65,730 ​ $ 23,475 Preferred stock dividends ​ (1,352) ​ (1,352) ​ (1,352) Distribution to participating securities ​ (557) ​ (509) ​ (396) Net income attributable to common stockholders used to compute net income per share - basic ​ ​ 112,081 ​ ​ 63,869 ​ ​ 21,727 Dilutive effect of Exchangeable Senior Notes ​ ​ 7,517 ​ ​ — ​ ​ — Net income attributable to common stockholders used to compute net income per share - diluted ​ $ 119,598 ​ $ 63,869 ​ $ 21,727 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding: ​ ​ ​ Basic ​ 23,903,017 ​ 19,443,602 ​ 10,546,016 Restricted stock and RSUs ​ ​ 96,174 ​ ​ 114,017 ​ ​ 138,052 PSUs ​ ​ 81,414 ​ ​ — ​ ​ — Dilutive effect of Exchangeable Senior Notes ​ ​ 2,180,550 ​ ​ — ​ ​ — Diluted ​ 26,261,155 ​ 19,557,619 ​ 10,684,068 Net income attributable to common stockholders per share: ​ ​ ​ ​ ​ Basic ​ $ 4.69 ​ $ 3.28 ​ $ 2.06 Diluted ​ $ 4.55 ​ $ 3.27 ​ $ 2.03

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value of Financial Instruments
Schedule of condensed financial statements	The following table presents the carrying value and approximate fair value of financial instruments at December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 ​ At December 31, 2020 ​ ​ ​ ​ ​ ​ Carrying Value Fair Value Carrying Value Fair Value Investments (1) ​ $ 324,889 ​ $ 324,772 ​ $ 619,275 ​ $ 619,270 Exchangeable Senior Notes (2) ​ $ 32,232 ​ $ 134,270 ​ $ 136,693 ​ $ 397,663 Notes due 2026 (2) ​ $ 293,860 ​ $ 318,486 ​ $ — ​ $ — (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 and Notes due 2026 were trading in the private market.

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 is included in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Restricted ​ Average Grant Date ​ ​ Shares ​ Fair Value 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 Granted ​ 9,679 ​ $ 187.74 Vested ​ (29,955) ​ $ 52.31 Forfeited (1) ​ (18,303) ​ $ 31.99 Nonvested balance at December 31, 2021 ​ 37,767 ​ $ 92.49 (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	The following table summarizes our RSU activity for the years ended December 31, 2021 and 2020. There was no RSU activity for the year ended December 31, 2019. RSUs are issued as part of the Innovative Industrial Properties, Inc. Nonqualified Deferred Compensation Plan (the “Deferred Compensation Plan”), which allows a select group of management and our non-employee directors to defer receiving certain of their cash and equity-based compensation. RSUs are subject to vesting conditions of the Deferred Compensation Plan and 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 Granted ​ 23,639 ​ $ 188.80 Balance at December 31, 2021 ​ 60,326 ​ $ 120.24 ​
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of fair value assumptions	The grant date fair value of the PSUs granted in January 2021 was $12.0 million. The fair value was calculated using a Monte Carlo simulation pricing model based on the following assumptions: ​ ​ ​ ​ ​ ​ PSU Award ​ Fair Value Assumptions Valuation date January 6, 2021 ​ Fair value per share on valuation date ​ $169.51 ​ Expected term ​ 3 years ​ Expected price volatility 57.64% ​ Risk-free interest rate ​ 0.20% ​ Discount for post vesting restriction 12.44% ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Schedule of future contractual lease payments	​ ​ ​ ​ ​ Year Amount 2022 ​ $ 241 2023 ​ 249 2024 ​ 256 2025 ​ 264 2026 ​ 295 Total future contractual lease payments ​ 1,305 Effect of discounting ​ (163) Office lease liability ​ $ 1,142

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2021
Subsequent Events
Schedule of commitments to fund tenant improvements and construction	Subsequent to December 31, 2021, we acquired the following properties, including commitments to fund improvements and construction, and made the following additional funds available to tenants for improvements at our existing properties (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Purchase ​ Improvement ​ ​ ​ ​ Property ​ Market ​ Closing Date ​ Feet (1) ​ Price Commitments ​ Total (2) ​ 4Front MA ​ Massachusetts ​ January 28, 2022 ​ ​ 57,000 ​ $ 16,000 ​ $ — ​ $ 16,000 ​ GPI MI ​ Michigan ​ February 4, 2022 ​ ​ — ​ ​ — ​ ​ 18,000 ​ ​ 18,000 (3) Ascend NJ ​ New Jersey ​ February 10, 2022 ​ ​ 114,000 ​ ​ 35,400 ​ ​ 4,600 ​ ​ 40,000 (4) Total ​ 171,000 ​ $ 51,400 ​ $ 22,600 ​ $ 74,000 ​ (1) Includes expected rentable square feet at completion of construction. (2) Excludes transaction costs. (3) The amount relates to a lease amendment which increased the improvement allowance under a lease at one of our Michigan properties by $18.0 million to a total of approximately $47.5 million, and also resulted in a corresponding adjustment to base rent for the lease at the property. (4) The tenant is expected to complete improvements at the property, for which we agreed to provide reimbursement of up to $4.6 million.

Organization (Details)

Organization (Details)	Dec. 31, 2021
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)	Jul. 01, 2020	Jan. 01, 2019	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Apr. 30, 2020USD ($)	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)tenant	Dec. 31, 2019USD ($)	Nov. 30, 2021	Jun. 30, 2021USD ($)	Dec. 31, 2018
Number of Reportable Segments | segment						1
Depreciation expense						$ 41,700,000	$ 28,000,000	$ 8,600,000
Impairment loss						0	0	0
Maximum construction loan agreed to lend										$ 18,500,000
Construction loan funded						12,916,000	0
Cash equivalents						72,000,000	$ 98,300,000
Lease, Practical Expedients, Package [true false]		true
Incremental borrowing rate									5.50%		7.25%
Number of affected tenants | tenant							3
Number of tenants for whom security deposits were applied | tenant							1
Repayment period	18 months
Security deposits					$ 940,000
Repayments of base rent and property management fee			$ 185,000
Deferred rent				$ 1,500,000
Amounts paid and classified as operating activities for the office lease						234,000	$ 172,000	87,000
Adjustment | Accounting Standards Update 2020-06
Accumulated deficit						$ 728,000
Geographic Concentration Risk [Member] | Net real estate held for investment
Concentration Risk, Threshold Percentage						5.00%	5.00%
General and administrative expense
Office lease expense						$ 231,000	$ 229,000	$ 82,000
Maximum
Cash, FDIC Insured Amount						$ 250,000
Buildings and improvements and tenant improvements | 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

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2021propertytenant	Dec. 31, 2020tenantproperty	Dec. 31, 2019propertytenant
Concentration Risk [Line Items]
Number of Properties	103
Rental revenues (including tenant reimbursements) | Customer concentration
Concentration Risk [Line Items]
Number of Tenants | tenant	2	3	2
Rental revenues (including tenant reimbursements) | Customer concentration | PharmaCann Inc.
Concentration Risk [Line Items]
Number of Properties	5	5	5
Percentage of Rental Revenue	12.00%	18.00%	26.00%
Rental revenues (including tenant reimbursements) | Customer concentration | SH Parent, Inc. (Parallel)
Concentration Risk [Line Items]
Number of Properties	4
Percentage of Rental Revenue	10.00%
Rental revenues (including tenant reimbursements) | Customer concentration | Ascend Wellness Holdings, Inc [Member]
Concentration Risk [Line Items]
Number of Properties		3	2
Percentage of Rental Revenue		10.00%	12.00%
Rental revenues (including tenant reimbursements) | Customer concentration | Cresco Labs, Inc [Member]
Concentration Risk [Line Items]
Number of Properties		5
Percentage of Rental Revenue		10.00%

Common Stock (Details)

Common Stock (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common Stock.
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	25,612,541	23,936,928
Common Stock, Shares, Outstanding	25,612,541	23,936,928

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	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	Jan. 14, 2022	Dec. 15, 2021	Oct. 15, 2021	Sep. 15, 2021	Jul. 15, 2021	Jun. 15, 2021	Apr. 15, 2021	Mar. 15, 2021	Jan. 15, 2021	Dec. 14, 2020	Oct. 15, 2020	Sep. 15, 2020	Jul. 15, 2020	Jun. 15, 2020	Apr. 15, 2020	Mar. 13, 2020	Jan. 15, 2020	Dec. 10, 2019	Oct. 15, 2019	Sep. 13, 2019	Jul. 15, 2019	Jun. 14, 2019	Apr. 15, 2019	Mar. 12, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Preferred Stock.
Dividends declared per common share		$ 1.50		$ 1.50		$ 1.40		$ 1.32		$ 1.24		$ 1.17		$ 1.06		$ 1		$ 1		$ 0.78		$ 0.60		$ 0.45
Dividends declared per Series A preferred stock		$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625
Dividend amount - Common stock	$ 38,509		$ 35,983		$ 33,584		$ 31,660		$ 29,727		$ 25,987		$ 19,770		$ 17,070		$ 12,637		$ 8,866		$ 5,885		$ 4,412		$ 130,954	$ 75,464	$ 22,584
Dividend amount - Series A preferred stock	$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 1,352	$ 1,352	$ 1,352

Investments in Real Estate (Det

Investments in Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²
Rentable Square Feet | ft²	2,272,000
Initial Purchase Price	$ 287,653
Transaction Costs	299
Total	287,952
In-place lease intangible assets
Total	9,100
Above Market Leases
Total	$ 1,100
Trulieve FL [Member]
Rentable Square Feet | ft²	295,000
Initial Purchase Price	$ 23,800
Transaction Costs	16
Total	$ 23,816
Kings Garden CA
Rentable Square Feet | ft²	180,000
Initial Purchase Price	$ 1,350
Transaction Costs	7
Total	$ 1,357
Parallel TX
Rentable Square Feet | ft²	63,000
Initial Purchase Price	$ 3,400
Transaction Costs	17
Total	$ 3,417
GPI MI Davis Hwy
Rentable Square Feet | ft²	175,000
Initial Purchase Price	$ 15,550
Transaction Costs	4
Total	$ 15,554
Parallel PA
Rentable Square Feet | ft²	239,000
Initial Purchase Price	$ 41,750
Transaction Costs	11
Total	$ 41,761
Sozo MI
Rentable Square Feet | ft²	85,000
Initial Purchase Price	$ 10,250
Transaction Costs	9
Total	$ 10,259
Temescal MA
Rentable Square Feet | ft²	71,000
Initial Purchase Price	$ 3,100
Transaction Costs	9
Total	$ 3,109
4Front IL
Rentable Square Feet | ft²	250,000
Initial Purchase Price	$ 3,348
Transaction Costs	18
Total	$ 3,366
Trulieve MD
Rentable Square Feet | ft²	112,000
Initial Purchase Price	$ 16,615
Transaction Costs	21
Total	$ 16,636
Calyx MO
Rentable Square Feet | ft²	83,000
Initial Purchase Price	$ 1,530
Transaction Costs	11
Total	$ 1,541
Vireo NY
Rentable Square Feet | ft²	324,000
Initial Purchase Price	$ 10,225
Transaction Costs	12
Total	$ 10,237
Gold Flora CA
Rentable Square Feet | ft²	201,000
Initial Purchase Price	$ 51,000
Transaction Costs	13
Total	$ 51,013
LivWell MI
Rentable Square Feet | ft²	15,000
Initial Purchase Price	$ 34,150
Transaction Costs	8
Total	$ 34,158
CO/PA/ND Portfolio
Rentable Square Feet | ft²	179,000
Initial Purchase Price	$ 71,585
Transaction Costs	143
Total	$ 71,728

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details)	1 Months Ended						12 Months Ended
	Nov. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Aug. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Apr. 30, 2021USD ($)ft²	Feb. 28, 2021USD ($)	Dec. 31, 2021USD ($)ft²buildingpropertylease	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Feb. 10, 2022USD ($)ft²	Jan. 31, 2021USD ($)
Rentable Square Feet | ft²							2,272,000
Total Property Acquisitions							$ 287,952,000
Rental (including tenant reimbursements)							204,551,000	$ 116,896,000	$ 44,667,000
Operating Income (Loss)							135,371,000	69,737,000	$ 24,935,000
Real Estate Property Cost							384,100,000
Total investment in property							1,640,166,000	1,020,044,000
Tenant improvements and construction activities funded							$ 374,500,000
Rentable Area Excluded | ft²							110,000
Amortization expense							$ 33,000
Weighted-average amortization period (in years)							11 years 8 months 12 days
Michigan Properties
Increase amount of tenant improvement allowance						$ 6,900,000
Tenant improvement allowance						29,900,000
New York Properties
Increase amount of tenant improvement allowance						2,500,000
Tenant improvement allowance						$ 33,500,000
Pennsylvania properties
Rentable Square Feet | ft²					89,000
Increase amount of tenant improvement allowance					$ 30,000,000
Tenant improvement allowance					$ 40,000,000
Expected expansion of facility area upon tenant improvement allowance | ft²					40,000
Florida properties[Member]
Increase amount of tenant improvement allowance				$ 8,000,000
Tenant improvement allowance				16,200,000
Maryland properties [Member]
Increase amount of tenant improvement allowance			$ 8,000,000
Illinois properties [Member]
Increase amount of tenant improvement allowance		$ 20,000,000
Tenant improvement allowance		52,000,000
Subsequent Event
Agreed reimbursement for redevelopment of building										$ 22,600,000
Rentable Square Feet | ft²										171,000
Total Property Acquisitions										$ 74,000,000
Maximum | California Property
Funding for future tenant improvements											$ 11,000,000
Above Market Leases
Total Property Acquisitions							$ 1,100,000
Number of lease acquired | lease							1
Initial value							$ 1,100,000
Amortization period (in years)							11 years 6 months
Land
Total Property Acquisitions							$ 46,700,000
Building and Improvements
Total Property Acquisitions							231,000,000
Properties Acquired In 2021
Rental (including tenant reimbursements)							19,200,000
Operating Income (Loss)							$ 15,500,000
Properties Acquired In 2020
Rental (including tenant reimbursements)								27,200,000
Operating Income (Loss)								$ 20,700,000
Trulieve FL [Member]
Rentable Square Feet | ft²							295,000
Total Property Acquisitions							$ 23,816,000
Increase amount of tenant improvement allowance				7,100,000
Tenant improvement allowance				$ 17,900,000
Trulieve FL [Member] | Maximum
Agreed reimbursement for redevelopment of building							$ 10,800,000
Kings Garden CA
Number of building expected to be constructed | building							2
Rentable Square Feet | ft²							180,000
Total Property Acquisitions							$ 1,357,000
Kings Garden CA | Maximum
Agreed reimbursement for redevelopment of building							$ 51,400,000
Parallel TX
Number of building expected to be constructed | building							3
Rentable Square Feet | ft²							63,000
Total Property Acquisitions							$ 3,417,000
Parallel TX | Maximum
Agreed reimbursement for redevelopment of building							$ 24,000,000
GPI MI Davis Hwy
Rentable Square Feet | ft²							175,000
Total Property Acquisitions							$ 15,554,000
Increase amount of tenant improvement allowance		15,000,000
Tenant improvement allowance		$ 29,500,000
GPI MI Davis Hwy | Maximum
Agreed reimbursement for redevelopment of building							$ 14,500,000
Parallel PA
Rentable Square Feet | ft²							239,000
Total Property Acquisitions							$ 41,761,000
Parallel PA | Maximum
Agreed reimbursement for redevelopment of building							$ 26,000,000
Sozo MI
Rentable Square Feet | ft²							85,000
Total Property Acquisitions							$ 10,259,000
Sozo MI | Maximum
Agreed reimbursement for redevelopment of building							$ 5,700,000
Temescal MA
Rentable Square Feet | ft²							71,000
Total Property Acquisitions							$ 3,109,000
Increase amount of tenant improvement allowance	$ 8,700,000
Tenant improvement allowance	$ 23,700,000
Temescal MA | Maximum
Agreed reimbursement for redevelopment of building							$ 15,000,000
4Front IL
Rentable Square Feet | ft²							250,000
Total Property Acquisitions							$ 3,366,000
4Front IL | Other assets, net
Notes receivable							3,200,000
4Front IL | Maximum
Agreed reimbursement for redevelopment of building							$ 43,800,000
Trulieve MD
Rentable Square Feet | ft²							112,000
Total Property Acquisitions							$ 16,636,000
Trulieve MD | Maximum
Agreed reimbursement for redevelopment of building							$ 12,900,000
Calyx MO
Rentable Square Feet | ft²							83,000
Total Property Acquisitions							$ 1,541,000
Calyx MO | Maximum
Agreed reimbursement for redevelopment of building							$ 26,700,000
Vireo NY
Rentable Square Feet | ft²							324,000
Total Property Acquisitions							$ 10,237,000
Vireo NY | Maximum
Agreed reimbursement for redevelopment of building							$ 46,100,000
Gold Flora CA
Rentable Square Feet | ft²							201,000
Total Property Acquisitions							$ 51,013,000
Gold Flora CA | Maximum
Agreed reimbursement for redevelopment of building							$ 9,000,000
LivWell MI
Rentable Square Feet | ft²							15,000
Total Property Acquisitions							$ 34,158,000
Total net rentable area for properties owned after acquisition | ft²							205,000
Increase amount of tenant improvement allowance							$ 550,000
CO PA ND Portfolio
Rentable Square Feet | ft²							179,000
Total Property Acquisitions							$ 71,728,000
Number of properties included in the portfolio | property							27
Number of Properties, Tenant to Complete Improvements | property							3
CO PA ND Portfolio | Colorado
Number of properties included in the portfolio | property							24
CO PA ND Portfolio | North Dakota
Number of properties included in the portfolio | property							2
CO PA ND Portfolio | Pennsylvania
Number of properties included in the portfolio | property							1
CO PA ND Portfolio | Maximum
Agreed reimbursement for redevelopment of building							$ 1,100,000

Investments in Real Estate - In

Investments in Real Estate - Intangible assets and related accumulated amortization (Details) - In-place lease intangible assets $ in Thousands	Dec. 31, 2021USD ($)
Finite-Lived Intangible Assets [Line Items]
In-place lease intangible assets	$ 9,181
Accumulated amortization	(33)
In-place lease intangible assets, net	$ 9,148

Investments in Real Estate - Es

Investments in Real Estate - Estimated annual amortization (Details) - In-place lease intangible assets $ in Thousands	Dec. 31, 2021USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 786
2023	786
2024	786
2025	786
2026	786
Thereafter	5,218
In-place lease intangible assets, net	$ 9,148

Investments in Real Estate - Fu

Investments in Real Estate - Future Contractual Minimum Rent (Details) $ in Thousands	Dec. 31, 2021USD ($)
Contractual Minimum Rent
2022	$ 258,705
2023	272,576
2024	280,595
2025	288,955
2025	297,597
Thereafter	4,237,164
Total	$ 5,635,592

Debt - Exchangeable Senior Note

Debt - Exchangeable Senior Notes - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Feb. 28, 2019USD ($)
Loss on induced exchange of exchangeable senior notes	$ 3,700,000	$ 3,692,000	$ 0	$ 0
Exchangeable Senior Notes
Outstanding principal amount	$ 33,400,000	$ 33,400,000	143,700,000
Debt Instrument, Interest Rate, Stated Percentage	3.75%	3.75%
If-converted value in excess of principal amount		$ 101,100,000
Debt Instrument, Discount					$ 5,800,000
Debt Instrument, Interest Rate, Effective Percentage					4.65%
Issuance costs					$ 5,200,000
Initial issuance costs - equity components					200,000
Initial issuance costs - liability components					$ 5,000,000
Number of shares issued upon conversion | shares	1,684,237
Cash paid	$ 2,300,000
Accrued interest paid	1,200,000
Inducement	1,100,000
Principal amount of Notes	110,400,000
Non-cash increase to APIC	109,000,000
Exchangeable Senior Notes | Accounts payable and accrued expenses
Accrued interest payable	$ 365,000	$ 365,000	$ 1,600,000
Exchangeable Senior Notes | Common Stock
Debt Instrument, Convertible, Conversion Ratio		0.01532648
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 65.25	$ 65.25

Debt - Exchangeable Senior No_2

Debt - Exchangeable Senior Notes - Interest expense (Details) - Exchangeable Senior Notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash coupon	$ 5,380	$ 5,391	$ 4,628
Amortization of debt discount	1,146	1,093	898
Amortization of issuance cost	991	947	780
Total interest expense	$ 7,517	$ 7,431	$ 6,306

Debt - Exchangeable Senior No_3

Debt - Exchangeable Senior Notes - Carrying value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Principal amount	$ 333,373
Exchangeable Senior Notes
Principal amount	33,373	$ 143,749
Unamortized discount	(612)	(3,785)
Unamortized issuance cost	(529)	(3,271)
Carrying value	$ 32,232	$ 136,693

Debt - Notes due 2026 (Details)

Debt - Notes due 2026 (Details) - USD ($) $ in Thousands	May 25, 2021	Dec. 31, 2021	Oct. 19, 2021
Principal amount		$ 333,373
Notes due 2026
Principal amount	$ 300,000	$ 300,000
Interest rate	5.50%
Issuance costs	$ 6,800
Notes due 2026 | Minimum
Debt instrument change in debt rating interest rate	6.00%
Notes due 2026 | Maximum
Debt instrument change in debt rating interest rate	6.50%
Notes due 2026 | Redeemed Prior To February 25, 2026
Redemption price percentage		100.00%
Notes due 2026 | Redeemed On Or After February 25, 2026 [Member]
Redemption price percentage		100.00%
Notes due 2026 | Accounts payable and accrued expenses
Accrued interest payable		$ 2,100
5.50% Senior Notes Due 2026
Principal amount			$ 300,000
Interest rate			5.50%
Percentage of outstanding principal amount			100.00%

Debt - Notes due 2026 - Interes

Debt - Notes due 2026 - Interest expense (Details) - Notes due 2026 $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Cash coupon	$ 9,854
Amortization of issuance cost	715
Total interest expense	$ 10,569

Debt - Notes due 2026 - Carryin

Debt - Notes due 2026 - Carrying value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	May 25, 2021
Principal amount	$ 333,373
Notes due 2026
Principal amount	300,000	$ 300,000
Unamortized issuance cost	(6,140)
Carrying value	$ 293,860

Debt - Principal Payments (Deta

Debt - Principal Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt
2024	$ 33,373
2026	300,000
Total	$ 333,373

Net Income Per Share - Addition

Net Income Per Share - Additional information (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dilutive effect of Exchangeable Senior Notes	2,180,550
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		2,158,837	2,100,307
PSUs
Dilutive effect of PSUs	81,414
PSUs | Employees
Dilutive effect of PSUs	81,414

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 113,990	$ 65,730	$ 23,475
Preferred stock dividends	(1,352)	(1,352)	(1,352)
Distribution to participating securities	(557)	(509)	(396)
Net income attributable to common stockholders used to compute net income per share - basic	112,081	63,869	21,727
Dilutive effect of Exchangeable Senior Notes	7,517
Net income attributable to common stockholders used to compute net income per share - diluted	$ 119,598	$ 63,869	$ 21,727
Weighted average common shares outstanding:
Basic	23,903,017	19,443,602	10,546,016
Dilutive effect of Exchangeable Senior Notes	2,180,550
Diluted	26,261,155	19,557,619	10,684,068
Net income attributable to common stockholders per share:
Basic	$ 4.69	$ 3.28	$ 2.06
Diluted	$ 4.55	$ 3.27	$ 2.03
Restricted stock and RSUs
Weighted average common shares outstanding:
Restricted stock, RSUs and PSUs	96,174,000	114,017,000	138,052,000
PSUs
Weighted average common shares outstanding:
Restricted stock, RSUs and PSUs	81,414

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Investments, Carrying Value	$ 324,889	$ 619,275
Exchangeable Senior Notes, Carrying Value	32,232	136,693
Notes due 2026, Carrying Value	293,860	0
Investments, Fair Value	324,772	619,270
Exchangeable Senior Notes, Fair Value	134,270	$ 397,663
Notes due 2026, Fair Value	$ 318,486

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Inputs, Level 1 [Member] | Money market funds
Cash and Cash Equivalents, Fair Value Disclosure	$ 72	$ 98.3

Common Stock Incentive Plan - A

Common Stock Incentive Plan - Additional Information (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2021USD ($)itemshares	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Restricted Shares
Unrecognized compensation cost		$ 1,500,000
Amortization period		1 year 7 months 6 days
Fair value of restricted stock		$ 8,800,000	$ 6,000,000	$ 3,200,000
Granted | shares		9,679	17,057	56,460
RSUs
Unrecognized compensation cost		$ 3,700,000
Amortization period		1 year 8 months 12 days
Granted | shares		23,639	36,687
PSUs
Amortization period		2 years
Granted | shares	70,795
Number of comparator groups | item	2
Maximum total value at the at the vesting date as a percentage of the grant date price	800.00%
Dividends	$ 0
Minimum Term of Holding of Vested Shares	1 year
Granted date fair value	$ 12,000,000
PSUs | Minimum
Percentage of Number of Target Awards and Deemed Dividend	0.00%
PSUs | Maximum
Percentage of Number of Target Awards and Deemed Dividend	150.00%
2016 Plan
Expiration term		10 years
2016 Plan | Maximum
Number of shares authorized | shares		1,000,000

Common Stock Incentive Plan -_2

Common Stock Incentive Plan - Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Beginning Balance	76,346	139,546	147,359
Granted	9,679	17,057	56,460
Vested	(29,955)	(51,705)	(43,556)
Forfeited	(18,303)	(28,552)	(20,717)
Shares, Ending Balance	37,767	76,346	139,546
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 50.14	$ 37.03	$ 23.98
Weighted-Average Grant Date Fair Value, Granted	187.74	75.96	55.82
Weighted-Average Grant Date Fair Value, Vested	52.31	40.07	25.82
Weighted-Average Grant Date Fair Value, Forfeited	31.99	19.72	18.98
Weighted-Average Grant Date Fair Value, Ending Balance	$ 92.49	$ 50.14	$ 37.03
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Beginning Balance	36,687	0
Granted	23,639	36,687
Shares, Ending Balance	60,326	36,687	0
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 76.06	$ 0
Weighted-Average Grant Date Fair Value, Granted	188.80	76.06
Weighted-Average Grant Date Fair Value, Ending Balance	$ 120.24	$ 76.06	$ 0

Common Stock Incentive Plan - S

Common Stock Incentive Plan - Summary of Fair Value Assumption (Details) - PSUs - USD ($) $ / shares in Units, $ in Millions	Jan. 06, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share on valuation date	$ 169.51
Expected term	3 years
Expected price volatility	57.64%
Risk-free interest rate	0.20%
Discount for post vesting restriction	12.44%
Stock-based compensation expense		$ 4
Unrecognized compensation cost		$ 8
Remaining Performance Period		2 years

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2021USD ($)
Commitments and Contingencies
2022	$ 241
2023	249
2024	256
2025	264
2026	295
Total future contractual lease payments	1,305
Effect of discounting	(163)
Office lease liability	$ 1,142
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Dec. 31, 2021USD ($)
Commitments related to improvement allowances
Other Commitments [Line Items]
Other Commitment	$ 269.8
Commitments related to construction loan
Other Commitments [Line Items]
Other Commitment	$ 5.6

Commitments and Contingencies_3

Commitments and Contingencies - Deferred Compensation Plan (Details)	Nov. 30, 2019
Deferred Base Salary
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation rate (in percentage)	80.00%
Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation rate (in percentage)	100.00%
Deferred Director Fees
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation rate (in percentage)	100.00%
Deferred Restricted Equity Awards
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation rate (in percentage)	100.00%

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Feb. 10, 2022USD ($)ft²	Feb. 04, 2022USD ($)	Feb. 02, 2022USD ($)	Jan. 28, 2022USD ($)ft²	Dec. 31, 2021USD ($)ft²
Rentable Square Feet | ft²					2,272,000
Purchase Price					$ 287,653
Total					$ 287,952
Subsequent Event
Rentable Square Feet | ft²	171,000
Purchase Price	$ 51,400		$ 3,300
Total	$ 74,000
Subsequent Event | 4Front MA
Rentable Square Feet | ft²				57,000
Purchase Price				$ 16,000
Total				$ 16,000
Subsequent Event | GPI MI
Improvement Commitments		$ 18,000
Total		$ 18,000
Subsequent Event | Ascend NJ
Rentable Square Feet | ft²	114,000
Purchase Price	$ 35,400
Improvement Commitments	4,600
Total	$ 40,000

Subsequent Events - Additional

Subsequent Events - Additional information (Details) - USD ($) $ in Thousands	Feb. 04, 2022	Feb. 10, 2022	Feb. 02, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Initial Purchase Price				$ 287,653
Subsequent Event
Subsequent Event [Line Items]
Agreed to provide reimbursement		$ 22,600
Initial Purchase Price		51,400	$ 3,300
Subsequent Event | GPI MI
Subsequent Event [Line Items]
Tenant Improvement Allowance, Increase	$ 18,000
Tenant improvement allowance	$ 47,500
Subsequent Event | Ascend NJ
Subsequent Event [Line Items]
Initial Purchase Price		35,400
Subsequent Event | Ascend NJ | Maximum
Subsequent Event [Line Items]
Agreed to provide reimbursement		$ 4,600

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)propertyitem	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 122,386
Building and Improvement, Initial Cost	733,737
Costs Capitalized Subsequent to Acquisition	865,981
Land, Total Costs	122,386
Building and Improvements, Total Costs	1,599,718
Total Costs	1,722,104	$ 1,060,239	$ 518,031	$ 150,930
Accumulated Depreciation	(81,938)	$ (40,195)	$ (12,170)	$ (3,571)
Net Cost Basis	1,640,166
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 Costs	398
Building and Improvements, Total Costs	19,632
Total Costs	20,030
Accumulated Depreciation	(2,862)
Net Cost Basis	17,168
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 Costs	1,216
Building and Improvements, Total Costs	1,312
Total Costs	2,528
Accumulated Depreciation	(122)
Net Cost Basis	2,406
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 Costs	1,376
Building and Improvements, Total Costs	11,354
Total Costs	12,730
Accumulated Depreciation	(976)
Net Cost Basis	11,754
Kings Garden CA Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	10,351
Building and Improvement, Initial Cost	61,062
Costs Capitalized Subsequent to Acquisition	11,475
Land, Total Costs	10,351
Building and Improvements, Total Costs	72,537
Total Costs	82,888
Accumulated Depreciation	(3,336)
Net Cost Basis	$ 79,552
Number of Properties | item	8
Holistic CA
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
Costs Capitalized Subsequent to Acquisition	1,077
Land, Total Costs	1,713
Building and Improvements, Total Costs	12,384
Total Costs	14,097
Accumulated Depreciation	(726)
Net Cost Basis	13,371
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 Costs	3,393
Building and Improvements, Total Costs	13,939
Total Costs	17,332
Accumulated Depreciation	(892)
Net Cost Basis	$ 16,440
Number of Properties | item	4
Gold Flora CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 5,930
Building and Improvement, Initial Cost	45,081
Costs Capitalized Subsequent to Acquisition	5,243
Land, Total Costs	5,930
Building and Improvements, Total Costs	50,324
Total Costs	56,254
Accumulated Depreciation	(254)
Net Cost Basis	56,000
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 Costs	2,101
Building and Improvements, Total Costs	9,176
Total Costs	11,277
Accumulated Depreciation	(1,029)
Net Cost Basis	10,248
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	72
Land, Total Costs	546
Building and Improvements, Total Costs	2,853
Total Costs	3,399
Accumulated Depreciation	(135)
Net Cost Basis	3,264
Trulieve FL Portfolio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,027
Building and Improvement, Initial Cost	39,793
Costs Capitalized Subsequent to Acquisition	17,793
Land, Total Costs	1,027
Building and Improvements, Total Costs	57,586
Total Costs	58,613
Accumulated Depreciation	(2,016)
Net Cost Basis	$ 56,597
Number of Properties | property	2
Number of properties renovated | property		1
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	52,336
Land, Total Costs	3,258
Building and Improvements, Total Costs	103,961
Total Costs	107,219
Accumulated Depreciation	(3,388)
Net Cost Basis	$ 103,831
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	50,267
Land, Total Costs	563
Building and Improvements, Total Costs	68,724
Total Costs	69,287
Accumulated Depreciation	(4,365)
Net Cost Basis	64,922
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	13,635
Land, Total Costs	3,215
Building and Improvements, Total Costs	43,237
Total Costs	46,452
Accumulated Depreciation	(3,265)
Net Cost Basis	$ 43,187
Number of Properties | property	2
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	10,008
Land, Total Costs	201
Building and Improvements, Total Costs	27,815
Total Costs	28,016
Accumulated Depreciation	(2,024)
Net Cost Basis	25,992
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	18,514
Land, Total Costs	350
Building and Improvements, Total Costs	28,705
Total Costs	29,055
Accumulated Depreciation	(2,276)
Net Cost Basis	26,779
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	40,997
Land, Total Costs	739
Building and Improvements, Total Costs	49,281
Total Costs	50,020
Accumulated Depreciation	(2,392)
Net Cost Basis	47,628
4Front IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,366
Costs Capitalized Subsequent to Acquisition	5,804
Land, Total Costs	3,366
Building and Improvements, Total Costs	5,804
Total Costs	9,170
Accumulated Depreciation	(10)
Net Cost Basis	9,160
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	19,309
Land, Total Costs	2,785
Building and Improvements, Total Costs	27,719
Total Costs	30,504
Accumulated Depreciation	(3,148)
Net Cost Basis	27,356
Trulieve MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,861
Building and Improvement, Initial Cost	14,775
Costs Capitalized Subsequent to Acquisition	8,206
Land, Total Costs	1,861
Building and Improvements, Total Costs	22,981
Total Costs	24,842
Accumulated Depreciation	(260)
Net Cost Basis	24,582
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 Costs	3,030
Building and Improvements, Total Costs	27,512
Total Costs	30,542
Accumulated Depreciation	(1,824)
Net Cost Basis	28,718
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	4,967
Land, Total Costs	1,059
Building and Improvements, Total Costs	16,684
Total Costs	17,743
Accumulated Depreciation	(1,398)
Net Cost Basis	16,345
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	40,035
Land, Total Costs	694
Building and Improvements, Total Costs	42,866
Total Costs	43,560
Accumulated Depreciation	(3,737)
Net Cost Basis	39,823
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	22,059
Land, Total Costs	2,202
Building and Improvements, Total Costs	46,627
Total Costs	48,829
Accumulated Depreciation	(1,989)
Net Cost Basis	46,840
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	15,840
Land, Total Costs	650
Building and Improvements, Total Costs	22,959
Total Costs	23,609
Accumulated Depreciation	(748)
Net Cost Basis	22,861
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 Costs	2,316
Building and Improvements, Total Costs	13,194
Total Costs	15,510
Accumulated Depreciation	(389)
Net Cost Basis	15,121
Temescal MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,082
Building and Improvement, Initial Cost	1,026
Costs Capitalized Subsequent to Acquisition	6,158
Land, Total Costs	2,082
Building and Improvements, Total Costs	7,184
Total Costs	9,266
Accumulated Depreciation	(77)
Net Cost Basis	9,189
Green Peak MI [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,840
Building and Improvement, Initial Cost	17,206
Costs Capitalized Subsequent to Acquisition	18,228
Land, Total Costs	3,840
Building and Improvements, Total Costs	35,434
Total Costs	39,274
Accumulated Depreciation	(1,855)
Net Cost Basis	$ 37,419
Number of Properties | property	2
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 Costs	389
Building and Improvements, Total Costs	9,628
Total Costs	10,017
Accumulated Depreciation	(811)
Net Cost Basis	9,206
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	14,894
Land, Total Costs	409
Building and Improvements, Total Costs	19,254
Total Costs	19,663
Accumulated Depreciation	(1,173)
Net Cost Basis	18,490
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	64,482
Land, Total Costs	1,237
Building and Improvements, Total Costs	82,273
Total Costs	83,510
Accumulated Depreciation	(3,340)
Net Cost Basis	80,170
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 Costs	2,562
Building and Improvements, Total Costs	9,267
Total Costs	11,829
Accumulated Depreciation	(762)
Net Cost Basis	11,067
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	26,754
Land, Total Costs	1,385
Building and Improvements, Total Costs	30,385
Total Costs	31,770
Accumulated Depreciation	(1,021)
Net Cost Basis	30,749
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	18,789
Land, Total Costs	6,211
Building and Improvements, Total Costs	18,789
Total Costs	25,000
Accumulated Depreciation	(428)
Net Cost Basis	24,572
Sozo MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	700
Building and Improvement, Initial Cost	9,557
Costs Capitalized Subsequent to Acquisition	5,599
Land, Total Costs	700
Building and Improvements, Total Costs	15,156
Total Costs	15,856
Accumulated Depreciation	(247)
Net Cost Basis	15,609
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	6,618
Land, Total Costs	427
Building and Improvements, Total Costs	9,262
Total Costs	9,689
Accumulated Depreciation	(1,072)
Net Cost Basis	8,617
Calyx MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	753
Building and Improvement, Initial Cost	787
Costs Capitalized Subsequent to Acquisition	8,491
Land, Total Costs	753
Building and Improvements, Total Costs	9,278
Total Costs	10,031
Accumulated Depreciation	(46)
Net Cost Basis	9,985
Las Vegas 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	5,771
Land, Total Costs	1,088
Building and Improvements, Total Costs	8,539
Total Costs	9,627
Accumulated Depreciation	(755)
Net Cost Basis	8,872
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	29,511
Land, Total Costs	702
Building and Improvements, Total Costs	34,368
Total Costs	35,070
Accumulated Depreciation	(1,699)
Net Cost Basis	33,371
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	1,580
Land, Total Costs	466
Building and Improvements, Total Costs	13,554
Total Costs	14,020
Accumulated Depreciation	(576)
Net Cost Basis	13,444
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	9,765
Land, Total Costs	7,600
Building and Improvements, Total Costs	32,240
Total Costs	39,840
Accumulated Depreciation	(3,144)
Net Cost Basis	36,696
Vireo NY [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,593
Building and Improvement, Initial Cost	3,157
Costs Capitalized Subsequent to Acquisition	27,566
Land, Total Costs	1,593
Building and Improvements, Total Costs	30,723
Total Costs	32,316
Accumulated Depreciation	(1,073)
Net Cost Basis	31,243
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 Costs	191
Building and Improvements, Total Costs	12,014
Total Costs	12,205
Accumulated Depreciation	(805)
Net Cost Basis	11,400
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 Costs	712
Building and Improvements, Total Costs	19,310
Total Costs	20,022
Accumulated Depreciation	(1,173)
Net Cost Basis	18,849
AYR OH
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 Costs	22
Building and Improvements, Total Costs	3,515
Total Costs	3,537
Accumulated Depreciation	(401)
Net Cost Basis	3,136
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	1,981
Land, Total Costs	235
Building and Improvements, Total Costs	12,358
Total Costs	12,593
Accumulated Depreciation	(601)
Net Cost Basis	11,992
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	27,741
Land, Total Costs	239
Building and Improvements, Total Costs	30,429
Total Costs	30,668
Accumulated Depreciation	(1,070)
Net Cost Basis	29,598
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	34,013
Land, Total Costs	275
Building and Improvements, Total Costs	39,616
Total Costs	39,891
Accumulated Depreciation	(2,009)
Net Cost Basis	37,882
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	15,884
Land, Total Costs	233
Building and Improvements, Total Costs	22,133
Total Costs	22,366
Accumulated Depreciation	(1,762)
Net Cost Basis	20,604
Columbia Care PA
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	29,745
Land, Total Costs	1,353
Building and Improvements, Total Costs	41,599
Total Costs	42,952
Accumulated Depreciation	(1,391)
Net Cost Basis	41,561
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	27,070
Land, Total Costs	954
Building and Improvements, Total Costs	27,070
Total Costs	28,024
Accumulated Depreciation	(1,027)
Net Cost Basis	26,997
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	19,304
Land, Total Costs	1,435
Building and Improvements, Total Costs	38,402
Total Costs	39,837
Accumulated Depreciation	(3,775)
Net Cost Basis	36,062
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	12,423
Land, Total Costs	1,228
Building and Improvements, Total Costs	25,503
Total Costs	26,731
Accumulated Depreciation	(2,243)
Net Cost Basis	24,488
Holistic PA
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	10,265
Land, Total Costs	941
Building and Improvements, Total Costs	18,206
Total Costs	19,147
Accumulated Depreciation	(840)
Net Cost Basis	18,307
Parallel PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	6,979
Building and Improvement, Initial Cost	34,781
Costs Capitalized Subsequent to Acquisition	25,890
Land, Total Costs	6,979
Building and Improvements, Total Costs	60,671
Total Costs	67,650
Accumulated Depreciation	(1,050)
Net Cost Basis	66,600
Parallel TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,222
Building and Improvement, Initial Cost	1,195
Costs Capitalized Subsequent to Acquisition	3,861
Land, Total Costs	2,222
Building and Improvements, Total Costs	5,056
Total Costs	7,278
Accumulated Depreciation	(14)
Net Cost Basis	7,264
CO PA ND Portfolio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	17,526
Building and Improvement, Initial Cost	44,134
Land, Total Costs	17,526
Building and Improvements, Total Costs	44,134
Total Costs	61,660
Accumulated Depreciation	(52)
Net Cost Basis	61,608
Columbia Care VA
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	7,936
Land, Total Costs	231
Building and Improvements, Total Costs	19,518
Total Costs	19,749
Accumulated Depreciation	(1,570)
Net Cost Basis	18,179
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 Costs	1,826
Building and Improvements, Total Costs	15,684
Total Costs	17,510
Accumulated Depreciation	(515)
Net Cost Basis	$ 16,995
LivWell CO [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Green Peak MI - Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | item	6
Columbia Care NJ [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Properties in Colorado, North Dakota, and Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	27
Properties in Colorado, North Dakota, and Pennsylvania | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	24
Properties in Colorado, North Dakota, and Pennsylvania | North Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Properties in Colorado, North Dakota, and Pennsylvania | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment in real estate, at cost:
Balance at beginning of year	$ 1,060,239	$ 518,031	$ 150,930
Purchases of investments in real estate	277,717	241,159	259,889
Additions and improvements	384,148	301,049	107,212
Balance at end of year	1,722,104	1,060,239	518,031
Accumulated Depreciation:
Balance at beginning of year	(40,195)	(12,170)	(3,571)
Depreciation expense	(41,743)	(28,025)	(8,599)
Balance at end of year	$ (81,938)	$ (40,195)	$ (12,170)