Innovative Industrial Properties (IIPR) 10-K 28 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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		28,002,799
Entity Public Float			$ 3
Auditor Name	BDO USA, LLP
Auditor Firm ID	243
Auditor Location	San Diego, California
Entity Central Index Key	0001677576
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
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, 2022	Dec. 31, 2021
Real estate, at cost:
Land	$ 139,953	$ 122,386
Buildings and improvements	1,305,306	979,417
Tenant improvements	705,322	620,301
Construction in progress	54,106
Total real estate, at cost	2,204,687	1,722,104
Less accumulated depreciation	(138,405)	(81,938)
Net real estate held for investment	2,066,282	1,640,166
Construction loan receivable	18,021	12,916
Cash and cash equivalents	87,122	81,096
Restricted cash	1,450	5,323
Investments	200,935	324,889
Right of use office lease asset	1,739	1,068
In-place lease intangible assets, net	9,105	9,148
Other assets, net	30,182	9,996
Total assets	2,414,836	2,084,602
Liabilities and stockholders' equity
Exchangeable Senior Notes, net	6,380	32,232
Notes due 2026, net	295,115	293,860
Tenant improvements and construction funding payable	29,376	46,274
Accounts payable and accrued expenses	10,615	7,718
Dividends payable	50,840	38,847
Rent received in advance and tenant security deposits	58,716	52,805
Other liabilities	1,901	1,167
Total liabilities	452,943	472,903
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, 2022 and December 31, 2021	14,009	14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 27,972,830 and 25,612,541 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	28	26
Additional paid-in capital	2,065,248	1,672,882
Dividends in excess of earnings	(117,392)	(75,218)
Total stockholders' equity	1,961,893	1,611,699
Total liabilities and stockholders' equity	$ 2,414,836	$ 2,084,602

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares Issued	27,972,830	25,612,541
Common Stock, Shares Outstanding	27,972,830	25,612,541
Series A Preferred Stock
Preferred stock, Par Value (in dollars per share)	$ 0.001
Preferred Stock, Dividend Rate, Percentage	9%	9%
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental (including tenant reimbursements)	$ 274,377	$ 204,551	$ 116,896
Other	1,982
Total revenues	276,359	204,551	116,896
Expenses:
Property expenses	10,520	4,443	4,952
General and administrative expense	38,520	22,961	14,182
Depreciation and amortization expense	61,303	41,776	28,025
Total expenses	110,343	69,180	47,159
Gain on sale of real estate	3,601
Income from operations	169,617	135,371	69,737
Interest and other income	3,195	397	3,424
Interest expense	(18,301)	(18,086)	(7,431)
Loss on exchange of Exchangeable Senior Notes	(125)	(3,692)
Net income	154,386	113,990	65,730
Preferred stock dividends	(1,352)	(1,352)	(1,352)
Net income attributable to common stockholders	$ 153,034	$ 112,638	$ 64,378
Net income attributable to common stockholders per share (Note 8):
Basic	$ 5.57	$ 4.69	$ 3.28
Diluted	$ 5.52	$ 4.55	$ 3.27
Weighted-average shares outstanding:
Basic	27,345,047	23,903,017	19,443,602
Diluted	27,663,169	26,261,155	19,557,619

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Series A Preferred Stock Preferred Stock	Common Stock	Additional Paid-In-Capital Adjustment	Additional Paid-In-Capital	Dividends in Excess of Earnings Adjustment	Dividends in Excess of Earnings	Adjustment	Total
Balances at beginning of period at Dec. 31, 2019	$ 14,009	$ 13		$ 553,932		$ (19,944)		$ 548,010
Balances at beginning of period (in shares) at Dec. 31, 2019		12,637,043
Net income						65,730		65,730
Exchange of Exchangeable Senior Notes				1				1
Exchange of Exchangeable Senior Notes (in shares)		14
Net proceeds from sale of common stock		$ 11		1,003,962				1,003,973
Net proceeds from sale of common stock (in shares)		11,311,366
Preferred stock dividend						(1,352)		(1,352)
Common stock dividend						(92,554)		(92,554)
Issuance of unvested restricted stock, net of forfeitures				(2,166)				(2,166)
Issuance of unvested restricted stock, net of forfeitures (in shares)		(11,495)
Stock-based compensation				3,330				3,330
Balances at end of period at Dec. 31, 2020	14,009	$ 24		1,559,059		(48,120)		1,524,972
Balances at end of period (in shares) at Dec. 31, 2020		23,936,928
Net income						113,990		113,990
Issuance of common stock in conjunction with inducement of Exchangeable Senior Notes, net		$ 2		108,591				108,593
Issuance of common stock in conjunction with inducement of Exchangeable Senior Notes, net (in shares)		1,684,237
Preferred stock dividend						(1,352)		(1,352)
Common stock dividend						(139,736)		(139,736)
Issuance of unvested restricted stock, net of forfeitures				(3,384)				(3,384)
Issuance of unvested restricted stock, net of forfeitures (in shares)		(8,624)
Stock-based compensation				8,616				8,616
Balances at end of period at Dec. 31, 2021	14,009	$ 26	$ (1,340)	1,672,882	$ 728	(75,218)	$ (612)	1,611,699
Balances at end of period (in shares) at Dec. 31, 2021		25,612,541
Net income						154,386		154,386
Exchange of Exchangeable Senior Notes				26,682				26,682
Exchange of Exchangeable Senior Notes (in shares)		413,166
Net proceeds from sale of common stock		$ 2		351,958				351,960
Net proceeds from sale of common stock (in shares)		1,932,813
Preferred stock dividend						(1,352)		(1,352)
Common stock dividend						(195,936)		(195,936)
Issuance of unvested restricted stock, net of forfeitures				(2,441)				(2,441)
Issuance of unvested restricted stock, net of forfeitures (in shares)		14,310
Stock-based compensation				17,507				17,507
Balances at end of period at Dec. 31, 2022	$ 14,009	$ 28		$ 2,065,248		$ (117,392)		$ 1,961,893
Balances at end of period (in shares) at Dec. 31, 2022		27,972,830

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 154,386	$ 113,990	$ 65,730
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	61,303	41,776	28,025
Loss on exchange of Exchangeable Senior Notes	125	3,692
Gain on sale of real estate	(3,601)
Other non-cash adjustments	185	95	162
Stock-based compensation	17,507	8,616	3,330
Amortization of discounts on short-term investments	(2,246)	(340)	(2,791)
Amortization of debt discount and issuance costs	1,349	2,851	2,040
Changes in assets and liabilities
Other assets, net	(3,506)	(3,687)	(428)
Accounts payable, accrued expenses and other liabilities	2,717	3,102	1,224
Rent received in advance and tenant security deposits	5,911	18,652	13,522
Net cash provided by operating activities	234,130	188,747	110,814
Cash flows from investing activities
Purchases of investments in real estate	(150,090)	(287,585)	(240,509)
Proceeds from sale of real estate asset	23,500
Funding of draws for tenant improvements and construction	(373,878)	(374,541)	(289,517)
Funding of construction loan and other investments	(21,683)	(16,068)
Deposits in escrow for acquisitions	(250)	(625)	(200)
Purchases of short-term investments	(388,800)	(569,772)	(1,077,867)
Maturities of short-term investments	515,000	864,498	580,978
Net cash used in investing activities	(396,201)	(384,093)	(1,027,115)
Cash flows from financing activities
Issuance of common stock, net of offering costs	351,960		1,003,973
Gross proceeds from issuance of Notes due 2026		300,000
Payment of deferred financing costs from issuance of Notes due 2026		(6,855)
Payment of inducement and transaction costs relating to inducement of the Exchangeable Senior Notes		(1,696)
Dividends paid to common stockholders	(183,943)	(130,954)	(75,464)
Dividends paid to preferred stockholders	(1,352)	(1,352)	(1,352)
Taxes paid related to net share settlement of equity awards	(2,441)	(3,384)	(2,166)
Net cash provided by financing activities	164,224	155,759	924,991
Net increase (decrease) in cash, cash equivalents and restricted cash	2,153	(39,587)	8,690
Cash, cash equivalents and restricted cash, beginning of year	86,419	126,006	117,316
Cash, cash equivalents and restricted cash, end of year	88,572	86,419	126,006
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	17,247	14,381	5,391
Supplemental disclosure of non-cash investing and financing activities:
Accrual for draws for tenant improvements and construction funding	29,376	46,274	36,500
Deposits applied for acquisitions	25	200	650
Accrual for common and preferred stock dividends declared	50,840	38,847	$ 30,065
Exchange of Exchangeable Senior Notes for common stock	26,682	109,040
Operating lease liability for obtaining right of use asset	$ 1,017	$ 192

Organization

Organization	12 Months Ended
	Dec. 31, 2022
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, 2022
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. Variable Interest Entities. Federal Income Taxes. Use of Estimates. made include determination of lease accounting, fair value of acquisition of real estate properties and valuation of stock-based compensation. Reportable Segment Acquisition of Real Estate Properties. 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 consolidated balance sheets 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 consolidated balance sheets and is amortized on a straight-line basis as a reduction of rental income over the remaining term of the applicable lease. Sale of Real Estate. Gains and Losses from the Derecognition of Nonfinancial Assets. 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, 2022, 2021 and 2020, we recognized depreciation expense of approximately $60.5 million, $41.7 million and $28.0 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. We define redevelopment properties as existing properties for which we expect to spend significant development and construction costs that are not reimbursements to tenants for improvements at the properties. When existing properties are determined to be redevelopment properties, the net carrying value of the buildings and improvements and tenant improvements are transferred to construction in progress while the redevelopment activities are in process. Costs capitalized to construction in progress related to redevelopment properties are transferred to buildings and improvements and tenant improvements at historical cost of the properties as the redevelopment project or phases of projects are placed in service. During the year ended December 31, 2022, we reclassified the net carrying value of buildings and improvements and tenant improvements totaling approximately $54.1 million to construction in progress in connection with the default by Kings Garden Inc. (“Kings Garden”) and the related litigation (see Note 11 “Commitments and Contingencies — Litigation — Kings Garden Lawsuit”). 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, 2022, 2021 and 2020. Revenue Recognition. Construction Loan. ​ Cash and Cash Equivalents respectively, were invested in short-term money market funds, obligations of the U.S. government and certificates of deposit with an original maturity at the time of purchase of less than or equal to three months. Restricted Cash. Investments Exchangeable Notes. In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models, and convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature, will no longer be allocated between debt and equity components. ASU 2020-06 also updates the earnings per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. We adopted ASU 2020-06 on January 1, 2022 and recognized a cumulative-effect adjustment of approximately $728,000 to the opening balance of retained earnings and derecognized approximately $1.3 million of the remaining equity component relating to the outstanding principal balance of our Exchangeable Senior Notes at the date of adoption. Deferred Financing Costs. Stock-Based Compensation. Lease Accounting. We elected the practical expedient not to separate certain non-lease components 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 short-term lease exception for lessees for leases that are less than 12 months. 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 amendment, we re-measured the lease liability relating to the existing lease space and measured the lease liability to the expansion space based on the present value of the respective 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, 2022, 2021 and 2020, we recognized office lease expense of approximately $466,000, $231,000 and $229,000, respectively, which are included in general and administrative expense in our consolidated statements of income. For the years ended December 31, 2022, 2021 and 2020, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were approximately $402,000, $234,000 and $172,000, 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. Substantially all of 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 revenues 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. Lease amendments 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. Concentration of Credit Risk The following tables set forth the five tenants in our portfolio that represented the largest percentage of our total rental revenues for the years ended December 31, 2022, 2021 and 2020, including tenant reimbursements: ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann Inc. ("PharmaCann") 11 ​ 14 % SH Parent, Inc. ("Parallel") (1) ​ 4 ​ 10 % Ascend Wellness Holdings, Inc. ("Ascend") 4 ​ 9 % Green Thumb Industries, Inc. ("Green Thumb") ​ 3 ​ 7 % Trulieve Cannabis Corp. ("Trulieve") 6 ​ 7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann 5 ​ 12 % Parallel (1) ​ 4 ​ 10 % Ascend 3 ​ 9 % Cresco Labs Inc. ("Cresco") ​ 5 ​ 8 % Kings Garden (2) 5 ​ 8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann 5 ​ 18 % Ascend ​ 3 ​ 10 % Cresco 5 ​ 10 % Curaleaf Holdings, Inc. ("Curaleaf") ​ 4 ​ 7 % Holistic Industries Inc. ("Holistic") 4 ​ 6 % (1) Commencing in November 2022, Parallel defaulted on its obligations to pay rent at one of our Pennsylvania properties. See Note 11 “Commitments and Contingencies — Litigation” to our consolidated financial statements for more information. (2) In July 2022, Kings Garden defaulted on its obligations to pay rent at all of the properties it leases with us, and pursuant to a confidential, conditional settlement agreement executed on September 11, 2022 between us and Kings Garden, we terminated the leases for two properties that were in development or redevelopment as of December 31, 2022 and regained possession of those properties. We have recovered approximately $15.4 million of funds paid to Kings Garden. See Note 11 “Commitments and Contingencies — Litigation” to our consolidated financial statements for more information. At December 31, 2022 and 2021, 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, 2022, 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, 2022
Common Stock.
Common Stock	3. Common Stock As of December 31, 2022, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 27,972,830 shares of common stock issued and outstanding. ​ In April 2022, we issued 1,815,790 shares of common stock in an underwritten public offering, including the exercise in full of the underwriters’ option to purchase an additional 236,842 shares, resulting in net proceeds of approximately $330.9 million. ​ During the year ended December 31, 2022, we sold 117,023 shares of our common stock pursuant to an “at-the-market” offering program (the “Prior ATM Program”) for net proceeds of approximately $21.1 million. ​ During the year ended December 31, 2022, we issued 413,166 shares of our common stock upon exchange by holders of approximately $26.9 million of outstanding principal amount of our Exchangeable Senior Notes. ​ In January 2023, we terminated the Prior ATM Program and entered into new equity distribution agreements with four sales agents, pursuant to which we may offer and sell from time to time through an “at-the-market” offering program, or ATM Program, up to $500.0 million in shares of our common stock. As of February 28, 2023, we had not sold any shares of common stock under the ATM Program. ​

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2022
Preferred Stock.
Preferred Stock	4. Preferred Stock As of December 31, 2022, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001 per share, and there were issued and outstanding 600,000 shares of 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”). The Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such Series A Preferred Stock up to, but excluding the redemption date. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2022
Dividends
Dividends	5. Dividends The following table describes the dividends declared by the Company during the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ Dividend Dividend Declaration Date ​ Security Class ​ Per Share ​ Period Covered ​ Paid Date ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 13, 2020 ​ Common stock ​ $ 1.00 ​ January 1, 2020 to March 31, 2020 ​ April 15, 2020 ​ $ 17,070 March 13, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ January 15, 2020 to April 14, 2020 ​ April 15, 2020 ​ $ 338 June 15, 2020 ​ Common stock ​ $ 1.06 ​ April 1, 2020 to June 30, 2020 ​ July 15, 2020 ​ $ 19,770 June 15, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ April 15, 2020 to July 14, 2020 ​ July 15, 2020 ​ $ 338 September 15, 2020 ​ Common stock ​ $ 1.17 ​ July 1, 2020 to September 30, 2020 ​ October 15, 2020 ​ $ 25,987 September 15, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ July 15, 2020 to October 14, 2020 ​ October 15, 2020 ​ $ 338 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 March 14, 2022 ​ Common stock ​ $ 1.75 ​ January 1, 2022 to March 31, 2022 ​ April 14, 2022 ​ $ 45,830 March 14, 2022 ​ Series A preferred stock ​ $ 0.5625 ​ January 15, 2022 to April 14, 2022 ​ April 14, 2022 ​ $ 338 June 15, 2022 ​ Common stock ​ $ 1.75 ​ April 1, 2022 to June 30, 2022 ​ July 15, 2022 ​ $ 49,101 June 15, 2022 ​ Series A preferred stock ​ $ 0.5625 ​ April 15, 2022 to July 14, 2022 ​ July 15, 2022 ​ $ 338 September 15, 2022 ​ Common stock ​ $ 1.80 ​ July 1, 2022 to September 30, 2022 ​ October 14, 2022 ​ $ 50,503 September 15, 2022 ​ Series A preferred stock ​ $ 0.5625 ​ July 15, 2022 to October 14, 2022 ​ October 14, 2022 ​ $ 338 December 15, 2022 ​ Common stock ​ $ 1.80 ​ October 1, 2022 to December 31, 2022 ​ January 13, 2023 ​ $ 50,502 December 15, 2022 ​ Series A preferred stock ​ $ 0.5625 ​ October 15, 2022 to January 14, 2023 ​ January 13, 2023 ​ $ 338 ​ ​

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2022
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, 2022 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ Initial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Purchase ​ Transaction ​ ​ ​ ​ Property Market Closing Date Feet (1) Price Costs Total Everett Street ​ Massachusetts ​ January 28, 2022 ​ 57,000 ​ $ 16,000 ​ $ 20 ​ $ 16,020 (2) Munsonhurst Road ​ New Jersey ​ February 10, 2022 ​ 114,000 ​ ​ 35,400 ​ ​ 8 ​ ​ 35,408 (3) South 17th Street ​ Pennsylvania ​ March 23, 2022 ​ 3,000 ​ ​ 2,750 ​ ​ 68 ​ ​ 2,818 ​ Perez Road ​ California ​ March 25, 2022 ​ 23,000 ​ ​ 8,158 ​ ​ 11 ​ ​ 8,169 (4) Western Maryland Parkway ​ Maryland ​ April 13, 2022 ​ 84,000 ​ ​ 25,000 ​ ​ 290 ​ ​ 25,290 ​ East Cherry Street ​ Arizona ​ April 27, 2022 ​ 17,000 ​ ​ 5,238 ​ ​ 11 ​ ​ 5,249 ​ Mozzone Boulevard ​ Massachusetts ​ May 16, 2022 ​ 104,000 ​ ​ 40,000 ​ ​ 32 ​ ​ 40,032 ​ FM 969 ​ Texas ​ June 14, 2022 ​ 85,000 ​ ​ 12,040 ​ ​ 25 ​ ​ 12,065 (5) Worcester Road ​ Massachusetts ​ September 1, 2022 ​ 104,000 ​ ​ 21,500 ​ ​ 25 ​ ​ 21,525 (6) Total ​ ​ 591,000 ​ $ 166,086 ​ $ 490 ​ $ 166,576 (7) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) The acquisition of the property did not satisfy the requirements for sale-leaseback accounting and therefore, the transaction is recognized as a note receivable and is included in other assets, net on our consolidated balance sheet. (3) The tenant is expected to complete improvements at the property, for which we agreed to provide funding of up to $4.6 million. (4) The purchase price includes $1.8 million holdback held in an escrow account, which is subject to distribution to the seller upon seller’s completion of certain improvements at the property. As of December 31, 2022, we have distributed approximately $1.4 million of the holdback. The remaining approximately $400,000 is included in restricted cash on our consolidated balance sheet. (5) The tenant is expected to complete improvements at the property, for which we agreed to provide funding of up to approximately $10.0 million. The purchase price includes approximately $908,000 attributable to the property which did not satisfy the requirements for sale-leaseback accounting; therefore, this amount is recognized as a note receivable and is included in other assets, net on our consolidated balance sheet. (6) The purchase price includes approximately $1.0 million held in an escrow account, which is subject to distribution to the seller upon seller’s completion of certain improvements at the property and is included in restricted cash on our consolidated balance sheet. (7) Approximately $16.9 million of financing note receivables were included in other assets; $2.8 million was included in restricted cash; approximately $14.5 million was allocated to land; approximately $131.5 million was allocated to building and improvements; and approximately $798,000 was allocated to in-place leases. ​ Acquired In-Place Lease Intangible Assets In-place lease intangible assets and related accumulated amortization as of December 31, 2022 and 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 In-place lease intangible assets ​ $ 9,979 ​ $ 9,181 Accumulated amortization (874) ​ (33) In-place lease intangible assets, net ​ $ 9,105 ​ $ 9,148 ​ Amortization of in-place lease intangible assets classified in depreciation and amortization expense in our consolidated statements of income was approximately $841,000 and $33,000 for the years ended December 31, 2022 and 2021, respectively. The remaining weighted-average amortization period of the value of acquired in-place leases was approximately 10.6 years, and the estimated annual amortization of the value of the acquired in-place leases as of December 31, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2023 ​ $ 860 2024 ​ 860 2025 ​ 860 2026 ​ 860 2027 ​ 860 Thereafter ​ 4,805 Total ​ $ 9,105 ​ Above-Market Lease The above-market lease and related accumulated amortization included in other assets, net on our consolidated balance sheets as of December 31, 2022 and 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Above-market lease ​ $ 1,054 ​ $ 1,054 Accumulated amortization (95) ​ (4) Above-market lease, net ​ $ 959 ​ $ 1,050 ​ Additional Improvement Allowances In February 2022, we amended our lease with Green Peak Industries, Inc. (“Green Peak”) at one of our Michigan properties, increasing the improvement allowance under the lease by $18.0 million to a total of approximately $47.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In March 2022, we amended our lease with Holistic at one of our Michigan properties, increasing the improvement allowance under the lease by $3.5 million to a total of $22.3 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In March 2022, we amended our lease with a subsidiary of Ascend at one of our Michigan properties, increasing the improvement allowance under the lease by $4.4 million to a total of $19.4 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In March 2022, we amended our lease with a subsidiary of Ascend at one of our Massachusetts properties, increasing the improvement allowance under the lease by $14.9 million to a total of approximately $37.2 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In April 2022, we amended our lease and development agreement with PharmaCann at one of our New York properties, increasing the construction fund by $45.0 million to a total of approximately $78.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In June 2022, we amended our lease with a subsidiary of Curaleaf at one of our Illinois properties, increasing the improvement allowance under the lease by approximately $10.9 million to a total of $29.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In June 2022, we amended our lease with Sozo Health, Inc. (“Sozo”) at one of our Michigan properties, increasing the improvement allowance by approximately $1.2 million to a total of approximately $7.0 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In June 2022, we amended our lease with a subsidiary of Curaleaf at one of our Pennsylvania properties, increasing the improvement allowance by $35.0 million to a total of approximately $47.4 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In June 2022, we amended our lease with a subsidiary of Green Thumb at one of our Pennsylvania properties, increasing the improvement allowance by $55.0 million to a total $74.3 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In October 2022, we amended our lease with Holistic at one of our Massachusetts properties, increasing the improvement allowance under the lease by $2.0 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. ​ In November 2022, we amended our lease with a subsidiary of 4Front Ventures Corp. (“4Front”) at one of our Illinois properties, increasing the improvement allowance under the lease by $19.9 million, which resulted in a corresponding adjustment to the base rent for the lease at the property. In November 2022, we amended our lease with Gold Flora, LLC at one of our California properties, increasing the improvement allowance under the lease by $3.5 million, which 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, 2022, we capitalized costs of approximately $355.6 million and funded approximately $373.9 million relating to improvements and construction activities at our properties. Future contractual minimum rent (including base rent and property management fees) under the operating leases as of December 31, 2022 for future periods is summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Contractual Minimum Rent 2023 ​ $ 287,050 2024 ​ 296,006 2025 ​ 304,794 2026 ​ 313,877 2027 ​ 323,234 Thereafter ​ 4,147,777 Total ​ $ 5,672,738 ​ Property Disposition ​ In November 2022, we sold one of our Pennsylvania properties that was leased to a subsidiary of Maitri Holdings, LLC for $23.5 million, excluding transaction costs, and recognized a gain on sale of the property of approximately $3.6 million.

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt
Debt	7. Debt Exchangeable Senior Notes As of December 31, 2022 and 2021, our Operating Partnership had outstanding approximately $6.4 million and $33.4 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, 2022 was 16.10097 shares of our common stock per $1,000 principal amount of the Exchangeable Senior Notes and the exchange price at December 31, 2022 was approximately $62.11 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, 2022, the if-exchanged value of the Exchangeable Senior Notes exceeded the principal amount by approximately $4.1 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. During the year ended December 31, 2022, we issued 413,166 shares of our common stock upon exchanges by holders of approximately $26.9 million of outstanding principal amount of our Exchangeable Senior Notes. For the year ended December 31, 2022, we recognized a loss on the exchange totaling approximately $125,000 resulting from the difference between the fair value and carrying value of the debt as of the date of the exchange. The issuance of the shares pursuant to the exchanges resulted in a non-cash increase to our additional paid-in capital account of approximately $26.7 million for the year ended December 31, 2022. 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. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 ​ 2021 2020 Cash coupon ​ $ 452 ​ $ 5,380 ​ $ 5,391 Amortization of debt discount ​ ​ — ​ ​ 1,146 ​ ​ 1,093 Amortization of issuance cost ​ 94 ​ ​ 991 ​ ​ 947 Total interest expense ​ $ 546 ​ $ 7,517 ​ $ 7,431 ​ ​ The following table details the carrying value of our Exchangeable Senior Notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Principal amount $ 6,436 $ 33,373 Unamortized discount — ​ (612) Unamortized issuance cost (56) ​ (529) Carrying value $ 6,380 $ 32,232 ​ Accrued interest payable for the Exchangeable Senior Notes was approximately $70,000 and $365,000 as of December 31, 2022 and 2021, 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. The Notes due 2026 will pay interest semiannually at a rate of 5.50% per 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 ​ 2021 Cash coupon ​ $ 16,500 ​ $ 9,854 Amortization of issuance cost ​ 1,255 ​ ​ 715 Total interest expense ​ $ 17,755 ​ $ 10,569 ​ The following table details the carrying value of our Notes due 2026 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Principal amount $ 300,000 $ 300,000 Unamortized issuance cost (4,885) ​ (6,140) Carrying value $ 295,115 $ 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, 2022. Accrued interest payable for the Notes due 2026 as of December 31, 2022 and 2021 was approximately $2.1 million and is included in accounts payable and accrued expenses on our consolidated balance sheets. The following table summarizes the principal payments on our outstanding indebtedness as of December 31, 2022 (in thousands): ​ ​ ​ ​ ​ Payments Due ​ ​ by Year Amount 2023 ​ $ — 2024 ​ ​ 6,436 2025 ​ ​ — 2026 ​ ​ 300,000 2027 ​ ​ — Thereafter ​ ​ — Total ​ $ 306,436 ​ ​

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2022
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, 2022, 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 202,076 shares and 2,180,550 shares necessary to settle the Exchangeable Senior Notes on the if-exchanged method basis were dilutive for the years ended December 31, 2022 and 2021, respectively, and were included in the computation of diluted earnings per share. The 2,158,837 potentially issuable shares necessary to settle the Exchangeable Senior Notes on the if-exchanged method basis were anti-dilutive for the year ended December 31, 2020 and were excluded from the computation of diluted earnings per share. For the year ended December 31, 2022, the performance share units (“PSUs”) granted to certain employees were not included in dilutive securities as the performance thresholds for the vesting of the PSUs were not met as measured as of December 31, 2022. For the year ended December 31, 2021, 81,414 shares issuable upon vesting of 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, ​ 2022 2021 2020 Net income ​ $ 154,386 ​ $ 113,990 ​ $ 65,730 Preferred stock dividends ​ (1,352) ​ (1,352) ​ (1,352) Distribution to participating securities ​ (834) ​ (557) ​ (509) Net income attributable to common stockholders used to compute net income per share - basic ​ ​ 152,200 ​ ​ 112,081 ​ ​ 63,869 Dilutive effect of Exchangeable Senior Notes ​ ​ 546 ​ ​ 7,517 ​ ​ — Net income attributable to common stockholders used to compute net income per share - diluted ​ $ 152,746 ​ $ 119,598 ​ $ 63,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding: ​ ​ ​ Basic ​ 27,345,047 ​ 23,903,017 ​ 19,443,602 Restricted stock and RSUs ​ ​ 116,046 ​ ​ 96,174 ​ ​ 114,017 PSUs ​ ​ — ​ ​ 81,414 ​ ​ — Dilutive effect of Exchangeable Senior Notes ​ ​ 202,076 ​ ​ 2,180,550 ​ ​ — Diluted ​ 27,663,169 ​ 26,261,155 ​ 19,557,619 Net income attributable to common stockholders per share: ​ ​ ​ ​ ​ Basic ​ $ 5.57 ​ $ 4.69 ​ $ 3.28 Diluted ​ $ 5.52 ​ $ 4.55 ​ $ 3.27 ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ At December 31, 2021 ​ ​ ​ ​ ​ ​ Carrying Value Fair Value Carrying Value Fair Value Investments (1) ​ $ 200,935 ​ $ 200,715 ​ $ 324,889 ​ $ 324,772 Exchangeable Senior Notes (2) ​ $ 6,380 ​ $ 10,282 ​ $ 32,232 ​ $ 134,270 Notes due 2026 (2) ​ $ 295,115 ​ $ 264,234 ​ $ 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, 2022 and 2021, cash equivalent instruments consisted of approximately $78.0 million and $72.0 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 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, 2022
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, 2022, 2021 and 2020 is included in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Restricted ​ Average Grant Date ​ ​ Shares ​ Fair Value 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 Granted ​ 24,456 ​ $ 205.62 Vested ​ (18,051) ​ $ 91.57 Forfeited (1) ​ (10,146) ​ $ 69.74 Nonvested balance at December 31, 2022 ​ 34,026 ​ $ 181.08 (1) All of these shares were forfeited to cover the employees’ tax withholding obligation upon vesting. The remaining unrecognized compensation cost of approximately $3.6 million for restricted stock awards is expected to be recognized over a weighted-average amortization period of approximately 1.8 years as of December 31, 2022. The fair value of restricted stock that vested in 2022, 2021 and 2020 was approximately $6.9 million, $8.8 million and $6.0 million, respectively. The following table summarizes our RSU activity for the years ended December 31, 2022, 2021 and 2020. 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 Granted ​ 23,351 ​ $ 206.45 Balance at December 31, 2022 ​ 83,677 ​ $ 144.30 ​ The remaining unrecognized compensation cost of approximately $4.5 million for RSU awards is expected to be recognized over an amortization period of approximately 1.7 years as of December 31, 2022. ​ In January 2021, we initiated the PSU program and 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. In January 2022, we issued 102,641 “target” PSUs to a select group of officers, which vest and are settled in shares of common stock (referred to herein together with the 2021 PSU Award Shares as the “Award Shares”) based on the Company’s total stockholder return over a period commencing on January 11, 2022 and ending on December 31, 2024 (referred to herein together with the 2021 PSU Performance Period as the “Performance Periods”) relative to two different comparator groups of companies. ​ At the end of the applicable Performance Periods, a recipient of PSUs may receive as few as zero Award Shares or as many as 150% 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 applicable 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 applicable Performance Periods. At the end of the applicable Performance Periods, 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 and January 2022 was $12.0 million and $20.0 million, respectively. The fair value was calculated using a Monte Carlo simulation pricing model based on the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 PSU Award ​ 2022 PSU Award ​ Fair Value Assumptions ​ Fair Value Assumptions Valuation date January 6, 2021 ​ ​ January 7, 2022 ​ Fair value per share on valuation date ​ $169.51 ​ ​ ​ $194.86 ​ Expected term ​ 3 years ​ ​ ​ 3 years ​ Expected price volatility 57.64% ​ ​ 55.99% ​ Risk-free interest rate ​ 0.20% ​ ​ ​ 1.17% ​ Discount for post vesting restriction 12.44% ​ ​ 12.22% ​ ​ The expected share price volatility was based on the historical volatility of our shares of common stock over a period of approximately the applicable Performance Periods. 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 applicable Performance Periods. For the years ended December 31, 2022 and 2021, we recognized stock-based compensation expense of approximately $10.7 million and $4.0 million, respectively, relating to the PSU awards. As of December 31, 2022, the remaining unrecognized compensation cost of approximately $17.3 million relating to PSU awards is expected to be recognized over the remaining Performance Period of approximately 1.8 years.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies Office Lease. ​ ​ ​ ​ ​ Year Amount 2023 ​ $ 496 2024 ​ 511 2025 ​ 526 2026 ​ 543 2027 ​ 45 Total future contractual lease payments ​ 2,121 Effect of discounting ​ (245) Office lease liability ​ $ 1,876 ​ Improvement Allowances. Construction Loan. Environmental Matters Litigation Class Action Lawsuit On April 25, 2022, a federal securities class action lawsuit was filed against the Company and certain of its officers. The case was named Michael V. Malozzi, individually and on behalf of others similarly situated v. Innovative Industrial Properties, Inc., Paul Smithers, Catherine Hastings and Andy Bui, Case No. 2-22-cv-02359, and alleges that we and certain of our officers made false or misleading statements regarding our business in violation of Section 10(b) of the Securities Exchange Act of 1934, as (the “Exchange Act”), SEC Rule 10b-5, and Section 20(a) of the Exchange Act. According to the filed complaint, the p On September 29, 2022, an Amended Class Action complaint was filed under the same Case Number, adding as defendants Alan D. Gold, Tracie J. Hager, and Benjamin C. Regin, and asserting causes of action under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. According to the Amended Class Action Complaint, the plaintiff is seeking an undetermined amount of damages, interest, attorneys’ fees and costs and other relief on behalf of the putative classes of all persons who acquired shares of the Company’s common stock between August 7, 2020 and August 4, 2022. On December 1, 2022, defendants moved to dismiss the Amended Class Action Complaint. On January 25, 2023, plaintiff responded to defendants’ motion to dismiss the Amended Class Action Complaint. It is possible that similar lawsuits may yet be filed in the same or other courts that name the same or additional defendants. We intend to defend the lawsuit vigorously. However, at this time, we cannot predict the probable outcome of this action, and, accordingly, no amounts have been accrued in the Company’s consolidated financial statements. ​ Derivative Action Lawsuit On July 26, 2022, a derivative action lawsuit was filed against the Company and certain of its officers and directors. The case was named John Rice, derivatively on behalf of Innovative Industrial Properties, Inc. v. Paul Smithers, Catherine Hastings, Andy Bui, Alan Gold, Gary Kreitzer, Mary Curran, Scott Shoemaker, David Stecher, and Innovative Industrial Properties, Inc., The plaintiffs are seeking declaratory relief, direction to reform and improve corporate governance and internal procedures, and an undetermined amount of damages, restitution, interest, and attorneys’ fees and costs. On September 6, 2022, the defendants in this action filed a Consent Motion to Stay the Proceedings, which was granted on October 11, 2022. On September 28, 2022, a second derivative action lawsuit was filed against the Company and certain of its officers and directors. The case was named Karen Drover, derivatively on behalf of Innovative Industrial Properties, Inc. v. Paul Smithers, Catherine Hastings, Andy Bui, Alan Gold, Gary Kreitzer, Mary Curran, Scott Shoemaker, David Stecher, Defendants, and Innovative Industrial Properties Inc., Nominal Defendant and costs. On October 19, 2022, the parties to both cases filed a Joint Motion to Consolidate Related Shareholder Derivative Actions and to Appoint Lead and Liaison Counsel for plaintiffs, which was granted on December 16, 2022, along with a stay in the lawsuit pending a ruling on the defendants’ motion to dismiss the federal class action lawsuit described above. The Company intends to vigorously defend these consolidated lawsuits. However, at this time, the Company cannot predict the probable outcome of this action, and, accordingly, no amounts have been accrued in the Company’s consolidated financial statements. ​ Kings Garden Lawsuit In July 2022, one of our tenants, Kings Garden Inc., defaulted on its obligations to pay base rent and property management fees under each of its six leases with our indirect, wholly owned subsidiary, IIP-CA 2 LP, and defaulted on its obligations to reimburse us for certain insurance premiums at the properties incurred by us that are payable by Kings Garden as operating expenses under such leases. For the year ended December 31, 2022, Kings Garden’s monetary defaults under its leases with us were approximately $7.3 million in the aggregate, consisting of approximately $6.6 million of contractual base rents and property management fees and approximately $671,000 of insurance premiums and property taxes, but excluding applicable late charges and default interest. Of that total monetary default, approximately $4.5 million pertained to the 19 th On July 25, 2022, IIP-CA 2 LP filed a lawsuit against Kings Garden. The case was named IIP-CA 2 LP, a Delaware limited partnership v. Kings Garden Inc., a Nevada corporation, CK Endeavors, Inc., a California corporation, and JM Endeavors, Inc., a California corporation IIP-CA 2 LP, a Delaware limited partnership v. Kings Garden Inc., a Nevada corporation, CK Endeavors, Inc., a California corporation, JM Endeavors, Inc., a California corporation, Michael King, an individual, Gary LaSalle, an individual, Charles Kieley, an individual, and Laurie Kibby, an individual On September 11, 2022, the parties to the lawsuit entered into a confidential, conditional settlement agreement pertaining to matters related to the lawsuit. Pursuant to the conditional settlement agreement, as of December 31, 2022, Out of the amounts included in construction in progress at December 31, 2022, we are in the process of investigating additional costs paid of approximately $9.8 million to determine whether these are potential overpayments. Although there is at least a reasonable possibility that a loss may have been incurred in connection with the default by Kings Garden and the related construction projects, as of December 31, 2022, we are unable to make such an estimate. On February 14, 2023, Kings Garden filed an Arbitration Demand related to the interpretation of the confidential, conditional settlement agreement between the parties that concerns certain terms governing (along with the relevant lease) the assignment of one of the Kings Garden leases. Parallel Pennsylvania Litigation Subsequent to December 31, 2022, on February 6, 2023, IIP-PA 8 LLC, as landlord and an indirect subsidiary of the Company, filed a lawsuit against Goodblend Pennsylvania LLC, as tenant, and Parallel, as guarantor, in the Court of Common Pleas of Allegheny County, Pennsylvania, regarding the lease and related guaranty for one of the Company’s properties located in Pennsylvania. The lawsuit asserts claims for breach of contract by the tenant and guarantor and possession. Parallel Texas Litigation Subsequent to December 31, 2022, on February 11, 2023, a subsidiary of Parallel defaulted on its obligations to pay rent under the lease at one of our properties in Texas that is under development. On February 23, 2023, IIP-TX 1 LLC, as landlord and an indirect subsidiary of the Company, filed a lawsuit against Surterra San Marcos, LLC, as tenant, in the Justice Court of Hays County, Texas, regarding the lease, asserting claim for possession. Green Peak Michigan Litigation Subsequent to December 31, 2022, on February 2, 2023, IIP-MI 1 LLC, as landlord and an indirect subsidiary of the Company, filed a lawsuit against Green Peak, as tenant, in 56-A District Court of the State of Michigan, regarding the lease for one of the Company’s properties located in Michigan, asserting claim for possession. On February 22, 2023, IIP-MI 1 LLC filed a subsequent lawsuit against Green Peak and Tropics LP (“SAF”) in the 56 th Circuit Court of the State of Michigan, regarding the same lease, asserting claims against Green Peak for breach of contract, unjust enrichment, and innocent misrepresentation, against SAF for tortious interference with contract, and against both Green Peak and SAF for civil conspiracy. We may, from time to time, be a party to other legal proceedings, which arise in the ordinary course of our business. Although the results of these proceedings, claims, inquiries, and investigations cannot be predicted with certainty, we do not believe that the final outcome of these matters is reasonably likely to have a material adverse effect on our business, financial condition, or results of operations. Regardless of final outcomes, however, any such proceedings, claims, inquiries, and investigations may nonetheless impose a significant burden on management and employees and may come with significant defense costs or unfavorable preliminary and interim rulings. ​ Deferred Compensation Plan.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	12. Subsequent Events ATM Program ​ In January 2023, we terminated the Prior ATM Program and entered into new equity distribution agreements for the ATM Program, pursuant to which we may offer and sell from time to time up to $500.0 million of shares of our common stock. As of February 28, 2023, we had no t issued any shares of common stock under this ATM Program. ​ Acquisition ​ In February 2023, we acquired a 58,000 square foot operational cannabis cultivation facility in Pennsylvania for $15.0 million (excluding transaction costs) and executed a lease with a subsidiary of TILT Holdings Inc. for the entire property. ​ Lease Amendments ​ In February 2023, we amended our lease with a subsidiary of Ascend at one of our New Jersey properties, increasing the improvement allowance under the lease by $15.0 million to a total of approximately $19.6 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. ​ In February 2023, we amended our lease and development agreement with PharmaCann at one of our New York properties, increasing the construction fund by $15.0 million to a total of approximately $93.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. ​ In February 2023, we amended our lease with a subsidiary of Goodness Growth Holdings Inc. at one of our New York properties, increasing the improvement allowance under the lease by $4.0 million to a total of approximately $53.4 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. ​ In January 2023 ​ In January 2023, we executed a lease amendment with Calyx Peak, Inc. at our Missouri property, which (1) extended the term of the lease; and (2) provided for 100% base rent deferral through March 31, 2023, with pro rata monthly payback of the deferred rent over the twelve month period starting April 2023. ​ Construction Loan Amendment ​ In February 2023, we amended the construction loan for the development of a regulated cannabis cultivation and processing facility in California, for which we are the lender, to provide for, among other things: (1) the additional capital commitment of the borrower into the project of $1.0 million; (2) our agreement to fund an additional $4.5 million into the project; (3) an increase in the interest rate commencing effective April 1, 2023; (4) an extension of the loan term to December 31, 2023; and (5) the provision of additional collateral from the borrower for the loan. Interest on the loan continues to accrue through March 31, 2023 with monthly payment of interest commencing April 1, 2023. ​ Pending Disposition ​ In February 2023, we executed definitive agreements to sell the portfolio of properties in California leased to affiliates of Medical Investor Holdings, LLC (“Vertical”) for $16.2 million (excluding transaction costs) with a secured loan for that amount with the buyer of the property. The transaction is subject to continued diligence and customary closing conditions, and there can be no assurance that the transaction will be completed on the terms described above, or at all. ​ Lease Defaults ​ In January 2023, we delivered notices of default to Parallel for defaulting on its obligations to pay rent at one of our properties in Pennsylvania, and to Green Peak for defaulting on its obligations to pay rent at one our properties in Michigan. In February 2023, we delivered a notice of default to Parallel for defaulting on its obligations to pay rent at one of our Texas properties. See Note 11 “Commitments and Contingencies — Litigation” for more information. ​

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2022
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, 2022 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ Total Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ ​ ​ Building and ​ Subsequent to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accumulated ​ Net Cost ​ ​ Property Property Type (1) State Built/Renovated Land ​ Improvements Acquisition Land Improvements Total Depreciation Basis Year Acquired East Cherry Street ​ Industrial ​ Arizona ​ 1971 / 2016 ​ $ 723 ​ $ 3,995 ​ $ — ​ $ 723 ​ $ 3,995 ​ $ 4,718 ​ $ (70) ​ $ 4,648 ​ 2022 West Greenhouse Drive ​ Industrial ​ Arizona ​ 1995 / 2017 ​ ​ 398 ​ ​ 14,629 ​ ​ 5,003 ​ ​ 398 ​ ​ 19,632 ​ ​ 20,030 ​ ​ (3,544) ​ ​ 16,486 ​ 2017 64125 19th Avenue ​ Industrial ​ California ​ 2019/ (2) ​ ​ 5,930 ​ ​ 45,081 ​ ​ 11,509 ​ ​ 5,930 ​ ​ 56,590 ​ ​ 62,520 ​ ​ (1,648) ​ ​ 60,872 ​ 2021 McLane Street ​ Industrial ​ California ​ 2005 / 2019 ​ ​ 1,577 ​ ​ 15,935 ​ ​ — ​ ​ 1,577 ​ ​ 15,935 ​ ​ 17,512 ​ ​ (1,050) ​ ​ 16,462 ​ 2020 63795 19th Avenue ​ Industrial ​ California ​ 2004 / 2021 ​ ​ 2,177 ​ ​ 12,852 ​ ​ — ​ ​ 2,177 ​ ​ 12,852 ​ ​ 15,029 ​ ​ (1,479) ​ ​ 13,550 ​ 2019 North Anza Road ​ Industrial ​ California ​ 1980 / 2017 ​ ​ 916 ​ ​ 5,406 ​ ​ — ​ ​ 916 ​ ​ 5,406 ​ ​ 6,322 ​ ​ (622) ​ ​ 5,700 ​ 2019 North Anza Road & Del Sol Road ​ Industrial ​ California ​ 1980 / 2017 ​ ​ 840 ​ ​ 4,959 ​ ​ — ​ ​ 840 ​ ​ 4,959 ​ ​ 5,799 ​ ​ (571) ​ ​ 5,228 ​ 2019 1804 Needles Highway ​ Industrial ​ California ​ 1964 / 2019 ​ ​ 174 ​ ​ 715 ​ ​ — ​ ​ 174 ​ ​ 715 ​ ​ 889 ​ ​ (65) ​ ​ 824 ​ 2019 West Broadway ​ Industrial ​ California ​ 1976 / 2019 ​ ​ 289 ​ ​ 1,185 ​ ​ — ​ ​ 289 ​ ​ 1,185 ​ ​ 1,474 ​ ​ (108) ​ ​ 1,366 ​ 2019 3253 Needles Highway ​ Industrial ​ California ​ 2018 / 2019 ​ ​ 949 ​ ​ 3,900 ​ ​ — ​ ​ 949 ​ ​ 3,900 ​ ​ 4,849 ​ ​ (354) ​ ​ 4,495 ​ 2019 3241 & 3247 Needles Highway ​ Industrial ​ California ​ 2020 / 2020 ​ ​ 1,981 ​ ​ 8,138 ​ ​ — ​ ​ 1,981 ​ ​ 8,138 ​ ​ 10,119 ​ ​ (739) ​ ​ 9,380 ​ 2019 Sacramento ​ Industrial ​ California ​ 1990 / 2019 ​ ​ 1,376 ​ ​ 5,321 ​ ​ 6,033 ​ ​ 1,376 ​ ​ 11,354 ​ ​ 12,730 ​ ​ (1,335) ​ ​ 11,395 ​ 2019 Steele Street ​ Industrial ​ Colorado ​ 1967 / 1978 / 2018 ​ ​ 2,101 ​ ​ 9,176 ​ ​ — ​ ​ 2,101 ​ ​ 9,176 ​ ​ 11,277 ​ ​ (1,305) ​ ​ 9,972 ​ 2018 Washington Street ​ Industrial ​ Colorado ​ 1975 / 2017 ​ ​ 4,309 ​ ​ 4,988 ​ ​ — ​ ​ 4,309 ​ ​ 4,988 ​ ​ 9,297 ​ ​ (140) ​ ​ 9,157 ​ 2021 West Barberry Place ​ Industrial ​ Colorado ​ 1971 / 2012 ​ ​ 389 ​ ​ 2,478 ​ ​ — ​ ​ 389 ​ ​ 2,478 ​ ​ 2,867 ​ ​ (66) ​ ​ 2,801 ​ 2021 Hamilton Road ​ Industrial ​ Florida ​ 1982 / 2021 ​ ​ 2,186 ​ ​ 17,371 ​ ​ — ​ ​ 2,186 ​ ​ 17,371 ​ ​ 19,557 ​ ​ (993) ​ ​ 18,564 ​ 2020 West Lake Drive ​ Industrial ​ Florida ​ 2014 / 2021 ​ ​ 1,071 ​ ​ 34,249 ​ ​ 52,343 ​ ​ 1,071 ​ ​ 86,592 ​ ​ 87,663 ​ ​ (5,541) ​ ​ 82,122 ​ 2020 NW Highway 441 ​ Industrial ​ Florida ​ 1981 / 2021 ​ ​ 752 ​ ​ 23,064 ​ ​ 17,782 ​ ​ 752 ​ ​ 40,846 ​ ​ 41,598 ​ ​ (2,046) ​ ​ 39,552 ​ 2021 Ben Bostic Road ​ Industrial ​ Florida ​ 2019 / 2020 ​ ​ 274 ​ ​ 16,729 ​ ​ — ​ ​ 274 ​ ​ 16,729 ​ ​ 17,003 ​ ​ (1,688) ​ ​ 15,315 ​ 2019 East Mazon Avenue ​ Industrial ​ Illinois ​ 1992 / 2020 ​ ​ 201 ​ ​ 17,807 ​ ​ 10,008 ​ ​ 201 ​ ​ 27,815 ​ ​ 28,016 ​ ​ (3,065) ​ ​ 24,951 ​ 2019 Revolution Road ​ Industrial ​ Illinois ​ 2015 / 2020 ​ ​ 563 ​ ​ 18,457 ​ ​ 51,539 ​ ​ 563 ​ ​ 69,996 ​ ​ 70,559 ​ ​ (6,996) ​ ​ 63,563 ​ 2018 East 4th Street ​ Industrial ​ Illinois ​ 2015 / 2020 ​ ​ 739 ​ ​ 8,284 ​ ​ 40,997 ​ ​ 739 ​ ​ 49,281 ​ ​ 50,020 ​ ​ (4,139) ​ ​ 45,881 ​ 2020 Industrial Drive ​ Industrial ​ Illinois ​ 1984 / 2020 ​ ​ 350 ​ ​ 10,191 ​ ​ 29,446 ​ ​ 350 ​ ​ 39,637 ​ ​ 39,987 ​ ​ (3,716) ​ ​ 36,271 ​ 2019 S US Highway 45 52 ​ Industrial ​ Illinois ​ 2015 / 2019 ​ ​ 268 ​ ​ 11,840 ​ ​ 13,286 ​ ​ 268 ​ ​ 25,126 ​ ​ 25,394 ​ ​ (2,748) ​ ​ 22,646 ​ 2019 Centerpoint Way ​ Industrial ​ Illinois ​ 2016 / 2019 ​ ​ 2,947 ​ ​ 17,761 ​ ​ 248 ​ ​ 2,947 ​ ​ 18,009 ​ ​ 20,956 ​ ​ (1,812) ​ ​ 19,144 ​ 2019 Adams Street ​ Industrial ​ Illinois ​ (2) ​ ​ 3,366 ​ ​ — ​ ​ 43,036 ​ ​ 3,366 ​ ​ 43,036 ​ ​ 46,402 ​ ​ (694) ​ ​ 45,708 ​ 2021 South Street ​ Industrial ​ Maryland ​ 1980 / 2021 ​ ​ 1,861 ​ ​ 14,775 ​ ​ 12,734 ​ ​ 1,861 ​ ​ 27,509 ​ ​ 29,370 ​ ​ (1,181) ​ ​ 28,189 ​ 2021 Alaking Court ​ Industrial ​ Maryland ​ 2017 / 2017 ​ ​ 2,785 ​ ​ 8,410 ​ ​ 22,765 ​ ​ 2,785 ​ ​ 31,175 ​ ​ 33,960 ​ ​ (4,417) ​ ​ 29,543 ​ 2017 Western Maryland Parkway ​ Industrial ​ Maryland ​ 1996 / 2021 ​ ​ 1,849 ​ ​ 23,441 ​ ​ — ​ ​ 1,849 ​ ​ 23,441 ​ ​ 25,290 ​ ​ (415) ​ ​ 24,875 ​ 2022 Hopping Brook Road ​ Industrial ​ Massachusetts ​ 2020 / 2020 ​ ​ 3,030 ​ ​ — ​ ​ 27,512 ​ ​ 3,030 ​ ​ 27,512 ​ ​ 30,542 ​ ​ (2,530) ​ ​ 28,012 ​ 2018 Chestnut Hill Avenue ​ Industrial ​ Massachusetts ​ 1938 / 2021 ​ ​ 2,202 ​ ​ 24,568 ​ ​ 36,965 ​ ​ 2,202 ​ ​ 61,533 ​ ​ 63,735 ​ ​ (3,959) ​ ​ 59,776 ​ 2020 Worcester Road ​ Industrial ​ Massachusetts ​ 1973 / 2022 ​ ​ 4,063 ​ ​ 16,462 ​ ​ — ​ ​ 4,063 ​ ​ 16,462 ​ ​ 20,525 ​ ​ (120) ​ ​ 20,405 ​ 2022 Canal Street/7 North Bridge Street ​ Industrial ​ Massachusetts ​ 1890 / 2021 ​ ​ 694 ​ ​ 2,831 ​ ​ 40,035 ​ ​ 694 ​ ​ 42,866 ​ ​ 43,560 ​ ​ (5,166) ​ ​ 38,394 ​ 2019 Palmer Road ​ Industrial ​ Massachusetts ​ 1980 / 2018 ​ ​ 1,059 ​ ​ 11,717 ​ ​ 6,973 ​ ​ 1,059 ​ ​ 18,690 ​ ​ 19,749 ​ ​ (1,936) ​ ​ 17,813 ​ 2018 East Main Street ​ Industrial ​ Massachusetts ​ 1991 / 2019 ​ ​ 2,316 ​ ​ 13,194 ​ ​ — ​ ​ 2,316 ​ ​ 13,194 ​ ​ 15,510 ​ ​ (762) ​ ​ 14,748 ​ 2020 Curran Highway ​ Industrial ​ Massachusetts ​ 1978 / 2021 ​ ​ 2,082 ​ ​ 1,026 ​ ​ 23,662 ​ ​ 2,082 ​ ​ 24,688 ​ ​ 26,770 ​ ​ (722) ​ ​ 26,048 ​ 2021 Hoover Road ​ Industrial ​ Michigan ​ 1940 / 2020 / 2021 ​ ​ 1,237 ​ ​ 17,791 ​ ​ 64,484 ​ ​ 1,237 ​ ​ 82,275 ​ ​ 83,512 ​ ​ (5,637) ​ ​ 77,875 ​ 2019 East Hazel Street ​ Industrial ​ Michigan ​ 1929 / 2021 ​ ​ 409 ​ ​ 4,360 ​ ​ 19,297 ​ ​ 409 ​ ​ 23,657 ​ ​ 24,066 ​ ​ (1,897) ​ ​ 22,169 ​ 2019 Oliver Drive ​ Industrial ​ Michigan ​ 1930 / 1972 / 2021 ​ ​ 1,385 ​ ​ 3,631 ​ ​ 26,755 ​ ​ 1,385 ​ ​ 30,386 ​ ​ 31,771 ​ ​ (2,016) ​ ​ 29,755 ​ 2020 Davis Highway ​ Industrial ​ Michigan ​ 1999 / (2) ​ ​ 1,907 ​ ​ 13,647 ​ ​ 39,573 ​ ​ 1,907 ​ ​ 53,220 ​ ​ 55,127 ​ ​ (1,336) ​ ​ 53,791 ​ 2021 Harvest Park ​ Industrial ​ Michigan ​ 2018 / 2021 ​ ​ 1,933 ​ ​ 3,559 ​ ​ 10,301 ​ ​ 1,933 ​ ​ 13,860 ​ ​ 15,793 ​ ​ (2,072) ​ ​ 13,721 ​ 2018 Executive Drive ​ Industrial ​ Michigan ​ 1960 / 2020 ​ ​ 389 ​ ​ 6,489 ​ ​ 3,139 ​ ​ 389 ​ ​ 9,628 ​ ​ 10,017 ​ ​ (1,131) ​ ​ 8,886 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ Total Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ ​ ​ Building and ​ Subsequent to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accumulated ​ Net Cost ​ ​ Property Property Type (1) State Built/Renovated Land ​ Improvements Acquisition Land Improvements Total Depreciation Basis Year Acquired 77th Street Northeast ​ Industrial ​ Minnesota ​ 2015 / 2017 / 2019 ​ ​ 427 ​ ​ 2,644 ​ ​ 6,618 ​ ​ 427 ​ ​ 9,262 ​ ​ 9,689 ​ ​ (1,366) ​ ​ 8,323 ​ 2017 Industrial Drive ​ Industrial ​ Missouri ​ 2022 ​ ​ 753 ​ ​ 787 ​ ​ 26,708 ​ ​ 753 ​ ​ 27,495 ​ ​ 28,248 ​ ​ (712) ​ ​ 27,536 ​ 2021 East Cheyenne Avenue ​ Industrial ​ Nevada ​ 1984 / 2020 ​ ​ 1,088 ​ ​ 2,768 ​ ​ 5,771 ​ ​ 1,088 ​ ​ 8,539 ​ ​ 9,627 ​ ​ (1,034) ​ ​ 8,593 ​ 2019 Munsonhurst Road ​ Industrial ​ New Jersey ​ 1956 / 2022 ​ ​ 4,987 ​ ​ 30,421 ​ ​ 4,616 ​ ​ 4,987 ​ ​ 35,037 ​ ​ 40,024 ​ ​ (964) ​ ​ 39,060 ​ 2022 South Route 73 ​ Industrial New Jersey 1995 / 2020 ​ 702 ​ 4,857 ​ 29,511 ​ 702 ​ 34,368 ​ 35,070 ​ (3,162) ​ 31,908 2020 North West Blvd ​ Industrial ​ New Jersey ​ 1962 / 2020 ​ ​ 222 ​ ​ 10,046 ​ ​ 1,580 ​ ​ 222 ​ ​ 11,626 ​ ​ 11,848 ​ ​ (868) ​ ​ 10,980 ​ 2020 Hudson Crossing Drive ​ Industrial New York 2016 / (2) ​ 7,600 ​ 22,475 ​ 57,723 ​ 7,600 ​ 80,198 ​ 87,798 ​ (4,582) ​ 83,216 2016 County Route 117 ​ Industrial New York 1970 / (2) ​ 1,593 ​ 3,157 ​ 51,124 ​ 1,593 ​ 54,281 ​ 55,874 ​ (2,314) ​ 53,560 2017 98th Ave South ​ Industrial North Dakota 2018 / 2020 ​ 191 ​ 9,743 ​ 2,271 ​ 191 ​ 12,014 ​ 12,205 ​ (1,204) ​ 11,001 2019 Hunts Landing Road ​ Industrial Ohio 2019 / 2019 ​ 712 ​ — ​ 19,310 ​ 712 ​ 19,310 ​ 20,022 ​ (1,661) ​ 18,361 2019 Jason Street ​ Industrial Ohio 1937 / 2020 ​ 239 ​ 2,688 ​ 29,250 ​ 239 ​ 31,938 ​ 32,177 ​ (2,163) ​ 30,014 2020 Springs Way ​ Industrial Ohio 2018 / 2020 ​ 235 ​ 10,377 ​ 2,949 ​ 235 ​ 13,326 ​ 13,561 ​ (1,038) ​ 12,523 2020 East Tallmadge Ave. ​ Industrial Ohio 1954 / 1986 / 2020 ​ 22 ​ 1,014 ​ 2,501 ​ 22 ​ 3,515 ​ 3,537 ​ (506) ​ 3,031 2019 Scott Technology Park ​ Industrial Pennsylvania 2020 / 2020 ​ 954 ​ — ​ 27,070 ​ 954 ​ 27,070 ​ 28,024 ​ (1,720) ​ 26,304 2019 New Beaver Avenue ​ Industrial Pennsylvania 1976 / 2021 ​ 6,979 ​ 34,781 ​ 25,893 ​ 6,979 ​ 60,674 ​ 67,653 ​ (2,944) ​ 64,709 2021 East Market Street ​ Industrial Pennsylvania 1927 / 2017 ​ 1,435 ​ 19,098 ​ 74,306 ​ 1,435 ​ 93,404 ​ 94,839 ​ (6,610) ​ 88,229 2019 Wayne Avenue ​ Industrial Pennsylvania 1980 / (2) ​ 1,228 ​ 13,080 ​ 37,595 ​ 1,228 ​ 50,675 ​ 51,903 ​ (3,798) ​ 48,105 2019 Horton Drive ​ Industrial ​ Pennsylvania ​ 1988 / 2020 ​ ​ 1,353 ​ ​ 11,854 ​ ​ 29,741 ​ ​ 1,353 ​ ​ 41,595 ​ ​ 42,948 ​ ​ (2,872) ​ ​ 40,076 ​ 2019 Industrial Street ​ Industrial ​ Pennsylvania ​ 1930 / 2020 ​ ​ 941 ​ ​ 7,941 ​ ​ 15,967 ​ ​ 941 ​ ​ 23,908 ​ ​ 24,849 ​ ​ (1,623) ​ ​ 23,226 ​ 2020 Rosanna Avenue ​ Industrial ​ Pennsylvania ​ 1959 / 2020 ​ ​ 3,540 ​ ​ 5,603 ​ ​ 36,671 ​ ​ 3,540 ​ ​ 42,274 ​ ​ 45,814 ​ ​ (3,625) ​ ​ 42,189 ​ 2018 FM 969 ​ Industrial ​ Texas ​ (2) ​ ​ — ​ ​ 11,157 ​ ​ 4,542 ​ ​ — ​ ​ 15,699 ​ ​ 15,699 ​ ​ (212) ​ ​ 15,487 ​ 2022 Decatur Street ​ Industrial ​ Virginia ​ 2019 / 2020 ​ ​ 231 ​ ​ 11,582 ​ ​ 7,936 ​ ​ 231 ​ ​ 19,518 ​ ​ 19,749 ​ ​ (2,402) ​ ​ 17,347 ​ 2020 Lathrop Industrial Drive SW ​ Industrial ​ Washington ​ 1997 / 2015 ​ ​ 1,826 ​ ​ 15,684 ​ ​ — ​ ​ 1,826 ​ ​ 15,684 ​ ​ 17,510 ​ ​ (1,009) ​ ​ 16,501 ​ 2020 East Glendale Avenue ​ Retail ​ Arizona ​ 2019 / 2019 ​ ​ 1,216 ​ ​ 811 ​ ​ 501 ​ ​ 1,216 ​ ​ 1,312 ​ ​ 2,528 ​ ​ (176) ​ ​ 2,352 ​ 2019 Dahlia Street ​ Retail ​ Colorado ​ 2019 / 2019 ​ ​ 179 ​ ​ 2,132 ​ ​ — ​ ​ 179 ​ ​ 2,132 ​ ​ 2,311 ​ ​ (146) ​ ​ 2,165 ​ 2020 East Colfax Avenue ​ Retail ​ Colorado ​ 1998 / 2020 ​ ​ 244 ​ ​ 307 ​ ​ 906 ​ ​ 244 ​ ​ 1,213 ​ ​ 1,457 ​ ​ (30) ​ ​ 1,427 ​ 2021 North 2nd Street ​ Retail ​ Colorado ​ 1973 / 2020 ​ ​ 140 ​ ​ 258 ​ ​ 801 ​ ​ 140 ​ ​ 1,059 ​ ​ 1,199 ​ ​ (24) ​ ​ 1,175 ​ 2021 West Railroad Avenue ​ Retail ​ Colorado ​ 1977 / 2020 ​ ​ 149 ​ ​ 618 ​ ​ 168 ​ ​ 149 ​ ​ 786 ​ ​ 935 ​ ​ (32) ​ ​ 903 ​ 2021 Southgate Pl ​ Retail ​ Colorado ​ 1998 / 2019 ​ ​ 367 ​ ​ 645 ​ ​ 55 ​ ​ 367 ​ ​ 700 ​ ​ 1,067 ​ ​ (63) ​ ​ 1,004 ​ 2020 Wewatta Street ​ Retail ​ Colorado ​ 2015 / 2018 ​ ​ 4,036 ​ ​ 2,417 ​ ​ — ​ ​ 4,036 ​ ​ 2,417 ​ ​ 6,453 ​ ​ (66) ​ ​ 6,387 ​ 2021 Southgate Place ​ Retail Colorado 2018 / 2018 ​ 942 ​ 3,314 ​ — ​ 942 ​ 3,314 ​ 4,256 ​ (99) ​ 4,157 2021 South Peoria Court ​ Retail ​ Colorado ​ 1979 / 2016 ​ ​ 938 ​ ​ 2,770 ​ ​ — ​ ​ 938 ​ ​ 2,770 ​ ​ 3,708 ​ ​ (82) ​ ​ 3,626 ​ 2021 Highway 6 & 24 ​ Retail ​ Colorado ​ 1960 / 2019 ​ ​ 892 ​ ​ 1,996 ​ ​ — ​ ​ 892 ​ ​ 1,996 ​ ​ 2,888 ​ ​ (59) ​ ​ 2,829 ​ 2021 North College Avenue ​ Retail Colorado 1952 / 2017 ​ 527 ​ 2,952 ​ — ​ 527 ​ 2,952 ​ 3,479 ​ (79) ​ 3,400 2021 East Quincy Avenue ​ Retail Colorado 2018 / 2018 ​ 659 ​ 2,493 ​ — ​ 659 ​ 2,493 ​ 3,152 ​ (71) ​ 3,081 2021 East Montview Boulevard ​ Retail Colorado 1952 / 2019 ​ 256 ​ 1,490 ​ — ​ 256 ​ 1,490 ​ 1,746 ​ (41) ​ 1,705 2021 South Federal Blvd ​ Retail Colorado 1980 / 2017 ​ 193 ​ 1,361 ​ — ​ 193 ​ 1,361 ​ 1,554 ​ (36) ​ 1,518 2021 Santa Fe Trail ​ Retail Colorado 1948 / 2000 ​ 232 ​ 1,110 ​ — ​ 232 ​ 1,110 ​ 1,342 ​ (32) ​ 1,310 2021 Water Street ​ Retail Colorado 1930 / 2013 ​ 319 ​ 945 ​ — ​ 319 ​ 945 ​ 1,264 ​ (29) ​ 1,235 2021 Gregory Street ​ Retail Colorado 1875 / 2014 ​ 101 ​ 1,058 ​ — ​ 101 ​ 1,058 ​ 1,159 ​ (27) ​ 1,132 2021 West 20th Avenue ​ Retail Colorado 1970 / 2014 ​ 289 ​ 666 ​ — ​ 289 ​ 666 ​ 955 ​ (19) ​ 936 2021 South Federal Blvd. ​ Retail Colorado 1941 / 2018 ​ 461 ​ 319 ​ — ​ 461 ​ 319 ​ 780 ​ (10) ​ 770 2021 West 6th Street ​ Retail ​ Colorado ​ 2019 / 2019 ​ ​ 60 ​ ​ 272 ​ ​ — ​ ​ 60 ​ ​ 272 ​ ​ 332 ​ ​ (9) ​ ​ 323 ​ 2021 Elm Avenue ​ Retail ​ Colorado ​ 1962 / 2020 ​ ​ 21 ​ ​ 311 ​ ​ — ​ ​ 21 ​ ​ 311 ​ ​ 332 ​ ​ (11) ​ ​ 321 ​ 2021 Bent Avenue North ​ Retail ​ Colorado ​ 2019 / 2019 ​ ​ 49 ​ ​ 284 ​ ​ — ​ ​ 49 ​ ​ 284 ​ ​ 333 ​ ​ (9) ​ ​ 324 ​ 2021 Coolidge Rd ​ Retail ​ Michigan ​ 2019 / 2019 ​ ​ 1,635 ​ ​ — ​ ​ 1,755 ​ ​ 1,635 ​ ​ 1,755 ​ ​ 3,390 ​ ​ (182) ​ ​ 3,208 ​ 2019 South Cedar Street ​ Retail ​ Michigan ​ 1957 / 2019 ​ ​ 282 ​ ​ 1,951 ​ ​ — ​ ​ 282 ​ ​ 1,951 ​ ​ 2,233 ​ ​ (248) ​ ​ 1,985 ​ 2019 West Pierson Road ​ Retail ​ Michigan ​ 1975 / 2019 ​ ​ 122 ​ ​ 2,065 ​ ​ — ​ ​ 122 ​ ​ 2,065 ​ ​ 2,187 ​ ​ (243) ​ ​ 1,944 ​ 2019 Wilder Road ​ Retail ​ Michigan ​ 1988 / 2019 ​ ​ 49 ​ ​ 1,696 ​ ​ — ​ ​ 49 ​ ​ 1,696 ​ ​ 1,745 ​ ​ (194) ​ ​ 1,551 ​ 2019 East Front Street ​ Retail ​ Michigan ​ 1992 / 2019 ​ ​ 449 ​ ​ 827 ​ ​ — ​ ​ 449 ​ ​ 827 ​ ​ 1,276 ​ ​ (142) ​ ​ 1,134 ​ 2019 South Mason Drive ​ Retail ​ Michigan ​ 1970 / 2019 ​ ​ 25 ​ ​ 973 ​ ​ — ​ ​ 25 ​ ​ 973 ​ ​ 998 ​ ​ (111) ​ ​ 887 ​ 2019 N Delsea Dr ​ Retail ​ New Jersey ​ 1974 / 2020 ​ ​ 244 ​ ​ 1,928 ​ ​ — ​ ​ 244 ​ ​ 1,928 ​ ​ 2,172 ​ ​ (118) ​ ​ 2,054 ​ 2020 24th Street East ​ Retail ​ North Dakota ​ 2019 / 2019 ​ ​ 348 ​ ​ 1,368 ​ ​ — ​ ​ 348 ​ ​ 1,368 ​ ​ 1,716 ​ ​ (43) ​ ​ 1,673 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ Total Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ ​ ​ Building and ​ Subsequent to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accumulated ​ Net Cost ​ ​ Property Property Type (1) State Built/Renovated Land ​ Improvements Acquisition Land Improvements Total Depreciation Basis Year Acquired Highway 2 East ​ Retail ​ North Dakota ​ 1976 / 2019 ​ ​ 120 ​ ​ 1,225 ​ ​ — ​ ​ 120 ​ ​ 1,225 ​ ​ 1,345 ​ ​ (40) ​ ​ 1,305 ​ 2021 Main Street ​ Retail ​ Pennsylvania ​ 1980 / 2019 ​ ​ 57 ​ ​ 840 ​ ​ — ​ ​ 57 ​ ​ 840 ​ ​ 897 ​ ​ (22) ​ ​ 875 ​ 2021 South 17th Street ​ Retail ​ Pennsylvania ​ 2021 / 2021 ​ ​ 553 ​ ​ 2,000 ​ ​ — ​ ​ 553 ​ ​ 2,000 ​ ​ 2,553 ​ ​ (40) ​ ​ 2,513 ​ 2022 Esperanza Street ​ Industrial/Retail ​ California ​ 1926 / 1976 ​ ​ 1,713 ​ ​ 11,307 ​ ​ 981 ​ ​ 1,713 ​ ​ 12,288 ​ ​ 14,001 ​ ​ (1,036) ​ ​ 12,965 ​ 2019 Grape Street ​ Industrial/Retail ​ Colorado ​ 1982 / 2018 ​ ​ 1,380 ​ ​ 5,786 ​ ​ — ​ ​ 1,380 ​ ​ 5,786 ​ ​ 7,166 ​ ​ (157) ​ ​ 7,009 ​ 2021 US 50 Business and Baxter Road ​ Industrial/Retail ​ Colorado ​ 1929 / 2019 ​ ​ 119 ​ ​ 1,652 ​ ​ — ​ ​ 119 ​ ​ 1,652 ​ ​ 1,771 ​ ​ (54) ​ ​ 1,717 ​ 2021 South Fox Street ​ Industrial/Retail ​ Colorado ​ 1965 / 2014 ​ ​ 297 ​ ​ 829 ​ ​ — ​ ​ 297 ​ ​ 829 ​ ​ 1,126 ​ ​ (22) ​ ​ 1,104 ​ 2021 West Street ​ Industrial/Retail ​ Massachusetts ​ 1880 / 2021 ​ ​ 650 ​ ​ 7,119 ​ ​ 17,381 ​ ​ 650 ​ ​ 24,500 ​ ​ 25,150 ​ ​ (1,566) ​ ​ 23,584 ​ 2020 Mozzone Boulevard ​ Industrial/Retail ​ Massachusetts ​ 1975 / 2019 ​ ​ 1,626 ​ ​ 38,406 ​ ​ — ​ ​ 1,626 ​ ​ 38,406 ​ ​ 40,032 ​ ​ (660) ​ ​ 39,372 ​ 2022 Stephenson Highway ​ Industrial/Retail ​ Michigan ​ 2021 / 2021 ​ ​ 6,211 ​ ​ — ​ ​ 22,293 ​ ​ 6,211 ​ ​ 22,293 ​ ​ 28,504 ​ ​ (1,084) ​ ​ 27,420 ​ 2020 Hoover Road ​ Industrial/Retail ​ Michigan ​ 1951 / 2021 ​ ​ 700 ​ ​ 9,557 ​ ​ 6,979 ​ ​ 700 ​ ​ 16,536 ​ ​ 17,236 ​ ​ (756) ​ ​ 16,480 ​ 2021 Leah Avenue ​ Industrial/Retail ​ Texas ​ (2) ​ ​ 2,222 ​ ​ 1,195 ​ ​ 4,848 ​ ​ 2,222 ​ ​ 6,043 ​ ​ 8,265 ​ ​ (164) ​ ​ 8,101 ​ 2021 Inland Center Drive ​ Under Development ​ California ​ 1969 / (2) ​ ​ 3,485 ​ ​ 21,911 ​ ​ 9,587 ​ ​ 3,485 ​ ​ 31,498 ​ ​ 34,983 ​ ​ — ​ ​ 34,983 ​ 2020 Perez Road ​ Under Development ​ California ​ 1981 / (2) ​ ​ 734 ​ ​ 5,634 ​ ​ 1,825 ​ ​ 734 ​ ​ 7,459 ​ ​ 8,193 ​ ​ (153) ​ ​ 8,040 ​ 2022 63795 19th Avenue Expansion ​ Under Development California ​ (2) ​ ​ 1,357 ​ ​ — ​ ​ 22,609 ​ ​ 1,357 ​ ​ 22,609 ​ ​ 23,966 ​ ​ — ​ ​ 23,966 ​ 2021 Total ​ ​ ​ ​ ​ $ 139,953 ​ $ 858,967 ​ $ 1,205,767 ​ $ 139,953 ​ $ 2,064,734 ​ $ 2,204,687 ​ $ (138,405) ​ $ 2,066,282 (1) “Industrial” reflects facilities utilized or expected to be utilized for regulated cannabis cultivation, processing and/or distribution activities, which can consist of industrial and/or greenhouse space. (2) As of December 31, 2022, all or a portion of the property was under development or redevelopment. ​ As of December 31, 2022, the aggregate gross cost of the properties included above for federal income tax purposes was approximately $2.2 billion. ​ A reconciliation of historical cost and related accumulated depreciation is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 2020 Investment in real estate, at cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ 1,722,104 ​ $ 1,060,239 ​ $ 518,031 Purchases of investments in real estate ​ 149,317 ​ 277,717 ​ 241,159 Additions and improvements, net ​ 355,633 ​ 384,148 ​ 301,049 Sale of real estate investments ​ ​ (22,367) ​ ​ — ​ ​ — Balance at end of year ​ $ 2,204,687 ​ $ 1,722,104 ​ $ 1,060,239 Accumulated Depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ (81,938) ​ $ (40,195) ​ $ (12,170) Depreciation expense, net ​ (58,935) ​ (41,743) ​ (28,025) Sale of real estate investments ​ ​ 2,468 ​ ​ — ​ ​ — Balance at end of year ​ $ (138,405) ​ $ (81,938) ​ $ (40,195) ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Basis of Presentation	Basis of Presentation.
Variable Interest Entities	Variable Interest Entities.
Federal Income Taxes	Federal Income Taxes.
Use of Estimates	Use of Estimates. made include determination of lease accounting, fair value of acquisition of real estate properties and valuation of stock-based compensation.
Reportable Segment	Reportable Segment
Acquisition of Real Estate Properties	Acquisition of Real Estate Properties. 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 consolidated balance sheets 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 consolidated balance sheets and is amortized on a straight-line basis as a reduction of rental income over the remaining term of the applicable lease.
Sale of Real Estate	Sale of Real Estate. Gains and Losses from the Derecognition of Nonfinancial Assets.
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, 2022, 2021 and 2020, we recognized depreciation expense of approximately $60.5 million, $41.7 million and $28.0 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. We define redevelopment properties as existing properties for which we expect to spend significant development and construction costs that are not reimbursements to tenants for improvements at the properties. When existing properties are determined to be redevelopment properties, the net carrying value of the buildings and improvements and tenant improvements are transferred to construction in progress while the redevelopment activities are in process. Costs capitalized to construction in progress related to redevelopment properties are transferred to buildings and improvements and tenant improvements at historical cost of the properties as the redevelopment project or phases of projects are placed in service. During the year ended December 31, 2022, we reclassified the net carrying value of buildings and improvements and tenant improvements totaling approximately $54.1 million to construction in progress in connection with the default by Kings Garden Inc. (“Kings Garden”) and the related litigation (see Note 11 “Commitments and Contingencies — Litigation — Kings Garden Lawsuit”).
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, 2022, 2021 and 2020.
Revenue Recognition	Revenue Recognition.
Construction Loan	Construction Loan.
Cash and Cash Equivalents	Cash and Cash Equivalents respectively, were invested in short-term money market funds, obligations of the U.S. government and certificates of deposit with an original maturity at the time of purchase of less than or equal to three months.
Restricted Cash	Restricted Cash.
Investments	Investments
Exchangeable Notes	Exchangeable Notes. In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models, and convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature, will no longer be allocated between debt and equity components. ASU 2020-06 also updates the earnings per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. We adopted ASU 2020-06 on January 1, 2022 and recognized a cumulative-effect adjustment of approximately $728,000 to the opening balance of retained earnings and derecognized approximately $1.3 million of the remaining equity component relating to the outstanding principal balance of our Exchangeable Senior Notes at the date of adoption.
Deferred Financing Costs	Deferred Financing Costs.
Stock-Based Compensation	Stock-Based Compensation.
Lease Accounting	Lease Accounting. We elected the practical expedient not to separate certain non-lease components 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 short-term lease exception for lessees for leases that are less than 12 months. 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 amendment, we re-measured the lease liability relating to the existing lease space and measured the lease liability to the expansion space based on the present value of the respective 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, 2022, 2021 and 2020, we recognized office lease expense of approximately $466,000, $231,000 and $229,000, respectively, which are included in general and administrative expense in our consolidated statements of income. For the years ended December 31, 2022, 2021 and 2020, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were approximately $402,000, $234,000 and $172,000, 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. Substantially all of 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 revenues 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. Lease amendments 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.
Concentration of Credit Risk	Concentration of Credit Risk The following tables set forth the five tenants in our portfolio that represented the largest percentage of our total rental revenues for the years ended December 31, 2022, 2021 and 2020, including tenant reimbursements: ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann Inc. ("PharmaCann") 11 ​ 14 % SH Parent, Inc. ("Parallel") (1) ​ 4 ​ 10 % Ascend Wellness Holdings, Inc. ("Ascend") 4 ​ 9 % Green Thumb Industries, Inc. ("Green Thumb") ​ 3 ​ 7 % Trulieve Cannabis Corp. ("Trulieve") 6 ​ 7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann 5 ​ 12 % Parallel (1) ​ 4 ​ 10 % Ascend 3 ​ 9 % Cresco Labs Inc. ("Cresco") ​ 5 ​ 8 % Kings Garden (2) 5 ​ 8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann 5 ​ 18 % Ascend ​ 3 ​ 10 % Cresco 5 ​ 10 % Curaleaf Holdings, Inc. ("Curaleaf") ​ 4 ​ 7 % Holistic Industries Inc. ("Holistic") 4 ​ 6 % (1) Commencing in November 2022, Parallel defaulted on its obligations to pay rent at one of our Pennsylvania properties. See Note 11 “Commitments and Contingencies — Litigation” to our consolidated financial statements for more information. (2) In July 2022, Kings Garden defaulted on its obligations to pay rent at all of the properties it leases with us, and pursuant to a confidential, conditional settlement agreement executed on September 11, 2022 between us and Kings Garden, we terminated the leases for two properties that were in development or redevelopment as of December 31, 2022 and regained possession of those properties. We have recovered approximately $15.4 million of funds paid to Kings Garden. See Note 11 “Commitments and Contingencies — Litigation” to our consolidated financial statements for more information. At December 31, 2022 and 2021, 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, 2022, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Schedule of tenants in the company's portfolio that represented the largest percentage of total rental revenue for each period presented, including tenant reimbursements	The following tables set forth the five tenants in our portfolio that represented the largest percentage of our total rental revenues for the years ended December 31, 2022, 2021 and 2020, including tenant reimbursements: ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann Inc. ("PharmaCann") 11 ​ 14 % SH Parent, Inc. ("Parallel") (1) ​ 4 ​ 10 % Ascend Wellness Holdings, Inc. ("Ascend") 4 ​ 9 % Green Thumb Industries, Inc. ("Green Thumb") ​ 3 ​ 7 % Trulieve Cannabis Corp. ("Trulieve") 6 ​ 7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann 5 ​ 12 % Parallel (1) ​ 4 ​ 10 % Ascend 3 ​ 9 % Cresco Labs Inc. ("Cresco") ​ 5 ​ 8 % Kings Garden (2) 5 ​ 8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann 5 ​ 18 % Ascend ​ 3 ​ 10 % Cresco 5 ​ 10 % Curaleaf Holdings, Inc. ("Curaleaf") ​ 4 ​ 7 % Holistic Industries Inc. ("Holistic") 4 ​ 6 % (1) Commencing in November 2022, Parallel defaulted on its obligations to pay rent at one of our Pennsylvania properties. See Note 11 “Commitments and Contingencies — Litigation” to our consolidated financial statements for more information. (2) In July 2022, Kings Garden defaulted on its obligations to pay rent at all of the properties it leases with us, and pursuant to a confidential, conditional settlement agreement executed on September 11, 2022 between us and Kings Garden, we terminated the leases for two properties that were in development or redevelopment as of December 31, 2022 and regained possession of those properties. We have recovered approximately $15.4 million of funds paid to Kings Garden. See Note 11 “Commitments and Contingencies — Litigation” to our consolidated financial statements for more information.

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2022
Dividends
Schedule of dividends declared	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ Dividend Dividend Declaration Date ​ Security Class ​ Per Share ​ Period Covered ​ Paid Date ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 13, 2020 ​ Common stock ​ $ 1.00 ​ January 1, 2020 to March 31, 2020 ​ April 15, 2020 ​ $ 17,070 March 13, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ January 15, 2020 to April 14, 2020 ​ April 15, 2020 ​ $ 338 June 15, 2020 ​ Common stock ​ $ 1.06 ​ April 1, 2020 to June 30, 2020 ​ July 15, 2020 ​ $ 19,770 June 15, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ April 15, 2020 to July 14, 2020 ​ July 15, 2020 ​ $ 338 September 15, 2020 ​ Common stock ​ $ 1.17 ​ July 1, 2020 to September 30, 2020 ​ October 15, 2020 ​ $ 25,987 September 15, 2020 ​ Series A preferred stock ​ $ 0.5625 ​ July 15, 2020 to October 14, 2020 ​ October 15, 2020 ​ $ 338 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 March 14, 2022 ​ Common stock ​ $ 1.75 ​ January 1, 2022 to March 31, 2022 ​ April 14, 2022 ​ $ 45,830 March 14, 2022 ​ Series A preferred stock ​ $ 0.5625 ​ January 15, 2022 to April 14, 2022 ​ April 14, 2022 ​ $ 338 June 15, 2022 ​ Common stock ​ $ 1.75 ​ April 1, 2022 to June 30, 2022 ​ July 15, 2022 ​ $ 49,101 June 15, 2022 ​ Series A preferred stock ​ $ 0.5625 ​ April 15, 2022 to July 14, 2022 ​ July 15, 2022 ​ $ 338 September 15, 2022 ​ Common stock ​ $ 1.80 ​ July 1, 2022 to September 30, 2022 ​ October 14, 2022 ​ $ 50,503 September 15, 2022 ​ Series A preferred stock ​ $ 0.5625 ​ July 15, 2022 to October 14, 2022 ​ October 14, 2022 ​ $ 338 December 15, 2022 ​ Common stock ​ $ 1.80 ​ October 1, 2022 to December 31, 2022 ​ January 13, 2023 ​ $ 50,502 December 15, 2022 ​ Series A preferred stock ​ $ 0.5625 ​ October 15, 2022 to January 14, 2023 ​ January 13, 2023 ​ $ 338 ​

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of real estate properties	The Company made the following acquisitions during the year ended December 31, 2022 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ Initial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Purchase ​ Transaction ​ ​ ​ ​ Property Market Closing Date Feet (1) Price Costs Total Everett Street ​ Massachusetts ​ January 28, 2022 ​ 57,000 ​ $ 16,000 ​ $ 20 ​ $ 16,020 (2) Munsonhurst Road ​ New Jersey ​ February 10, 2022 ​ 114,000 ​ ​ 35,400 ​ ​ 8 ​ ​ 35,408 (3) South 17th Street ​ Pennsylvania ​ March 23, 2022 ​ 3,000 ​ ​ 2,750 ​ ​ 68 ​ ​ 2,818 ​ Perez Road ​ California ​ March 25, 2022 ​ 23,000 ​ ​ 8,158 ​ ​ 11 ​ ​ 8,169 (4) Western Maryland Parkway ​ Maryland ​ April 13, 2022 ​ 84,000 ​ ​ 25,000 ​ ​ 290 ​ ​ 25,290 ​ East Cherry Street ​ Arizona ​ April 27, 2022 ​ 17,000 ​ ​ 5,238 ​ ​ 11 ​ ​ 5,249 ​ Mozzone Boulevard ​ Massachusetts ​ May 16, 2022 ​ 104,000 ​ ​ 40,000 ​ ​ 32 ​ ​ 40,032 ​ FM 969 ​ Texas ​ June 14, 2022 ​ 85,000 ​ ​ 12,040 ​ ​ 25 ​ ​ 12,065 (5) Worcester Road ​ Massachusetts ​ September 1, 2022 ​ 104,000 ​ ​ 21,500 ​ ​ 25 ​ ​ 21,525 (6) Total ​ ​ 591,000 ​ $ 166,086 ​ $ 490 ​ $ 166,576 (7) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) The acquisition of the property did not satisfy the requirements for sale-leaseback accounting and therefore, the transaction is recognized as a note receivable and is included in other assets, net on our consolidated balance sheet. (3) The tenant is expected to complete improvements at the property, for which we agreed to provide funding of up to $4.6 million. (4) The purchase price includes $1.8 million holdback held in an escrow account, which is subject to distribution to the seller upon seller’s completion of certain improvements at the property. As of December 31, 2022, we have distributed approximately $1.4 million of the holdback. The remaining approximately $400,000 is included in restricted cash on our consolidated balance sheet. (5) The tenant is expected to complete improvements at the property, for which we agreed to provide funding of up to approximately $10.0 million. The purchase price includes approximately $908,000 attributable to the property which did not satisfy the requirements for sale-leaseback accounting; therefore, this amount is recognized as a note receivable and is included in other assets, net on our consolidated balance sheet. (6) The purchase price includes approximately $1.0 million held in an escrow account, which is subject to distribution to the seller upon seller’s completion of certain improvements at the property and is included in restricted cash on our consolidated balance sheet. (7) Approximately $16.9 million of financing note receivables were included in other assets; $2.8 million was included in restricted cash; approximately $14.5 million was allocated to land; approximately $131.5 million was allocated to building and improvements; and approximately $798,000 was allocated to in-place leases. ​
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, 2022 for future periods is summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Contractual Minimum Rent 2023 ​ $ 287,050 2024 ​ 296,006 2025 ​ 304,794 2026 ​ 313,877 2027 ​ 323,234 Thereafter ​ 4,147,777 Total ​ $ 5,672,738 ​
Acquired In-Place Lease Intangible Assets
Schedule of intangible assets and related accumulated amortization	In-place lease intangible assets and related accumulated amortization as of December 31, 2022 and 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 In-place lease intangible assets ​ $ 9,979 ​ $ 9,181 Accumulated amortization (874) ​ (33) In-place lease intangible assets, net ​ $ 9,105 ​ $ 9,148 ​
Schedule of estimated annual amortization	The remaining weighted-average amortization period of the value of acquired in-place leases was approximately 10.6 years, and the estimated annual amortization of the value of the acquired in-place leases as of December 31, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2023 ​ $ 860 2024 ​ 860 2025 ​ 860 2026 ​ 860 2027 ​ 860 Thereafter ​ 4,805 Total ​ $ 9,105 ​
Above-Market Lease
Schedule of Information Relating to Above Market Lease	The above-market lease and related accumulated amortization included in other assets, net on our consolidated balance sheets as of December 31, 2022 and 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Above-market lease ​ $ 1,054 ​ $ 1,054 Accumulated amortization (95) ​ (4) Above-market lease, net ​ $ 959 ​ $ 1,050 ​

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of principal payments on outstanding indebtedness	​ ​ ​ ​ ​ Payments Due ​ ​ by Year Amount 2023 ​ $ — 2024 ​ ​ 6,436 2025 ​ ​ — 2026 ​ ​ 300,000 2027 ​ ​ — Thereafter ​ ​ — Total ​ $ 306,436 ​
Exchangeable Senior Notes
Schedule of interest expense	The following table details our interest expense related to the Exchangeable Senior Notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 ​ 2021 2020 Cash coupon ​ $ 452 ​ $ 5,380 ​ $ 5,391 Amortization of debt discount ​ ​ — ​ ​ 1,146 ​ ​ 1,093 Amortization of issuance cost ​ 94 ​ ​ 991 ​ ​ 947 Total interest expense ​ $ 546 ​ $ 7,517 ​ $ 7,431 ​ ​
Schedule of carrying value	The following table details the carrying value of our Exchangeable Senior Notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Principal amount $ 6,436 $ 33,373 Unamortized discount — ​ (612) Unamortized issuance cost (56) ​ (529) Carrying value $ 6,380 $ 32,232 ​
Notes due 2026
Schedule of interest expense	The following table details our interest expense related to the Notes due 2026 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 ​ 2021 Cash coupon ​ $ 16,500 ​ $ 9,854 Amortization of issuance cost ​ 1,255 ​ ​ 715 Total interest expense ​ $ 17,755 ​ $ 10,569 ​
Schedule of carrying value	The following table details the carrying value of our Notes due 2026 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Principal amount $ 300,000 $ 300,000 Unamortized issuance cost (4,885) ​ (6,140) Carrying value $ 295,115 $ 293,860 ​

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
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, ​ 2022 2021 2020 Net income ​ $ 154,386 ​ $ 113,990 ​ $ 65,730 Preferred stock dividends ​ (1,352) ​ (1,352) ​ (1,352) Distribution to participating securities ​ (834) ​ (557) ​ (509) Net income attributable to common stockholders used to compute net income per share - basic ​ ​ 152,200 ​ ​ 112,081 ​ ​ 63,869 Dilutive effect of Exchangeable Senior Notes ​ ​ 546 ​ ​ 7,517 ​ ​ — Net income attributable to common stockholders used to compute net income per share - diluted ​ $ 152,746 ​ $ 119,598 ​ $ 63,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding: ​ ​ ​ Basic ​ 27,345,047 ​ 23,903,017 ​ 19,443,602 Restricted stock and RSUs ​ ​ 116,046 ​ ​ 96,174 ​ ​ 114,017 PSUs ​ ​ — ​ ​ 81,414 ​ ​ — Dilutive effect of Exchangeable Senior Notes ​ ​ 202,076 ​ ​ 2,180,550 ​ ​ — Diluted ​ 27,663,169 ​ 26,261,155 ​ 19,557,619 Net income attributable to common stockholders per share: ​ ​ ​ ​ ​ Basic ​ $ 5.57 ​ $ 4.69 ​ $ 3.28 Diluted ​ $ 5.52 ​ $ 4.55 ​ $ 3.27

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ At December 31, 2021 ​ ​ ​ ​ ​ ​ Carrying Value Fair Value Carrying Value Fair Value Investments (1) ​ $ 200,935 ​ $ 200,715 ​ $ 324,889 ​ $ 324,772 Exchangeable Senior Notes (2) ​ $ 6,380 ​ $ 10,282 ​ $ 32,232 ​ $ 134,270 Notes due 2026 (2) ​ $ 295,115 ​ $ 264,234 ​ $ 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, 2022
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, 2022, 2021 and 2020 is included in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Restricted ​ Average Grant Date ​ ​ Shares ​ Fair Value 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 Granted ​ 24,456 ​ $ 205.62 Vested ​ (18,051) ​ $ 91.57 Forfeited (1) ​ (10,146) ​ $ 69.74 Nonvested balance at December 31, 2022 ​ 34,026 ​ $ 181.08 (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, 2022, 2021 and 2020. 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 Granted ​ 23,351 ​ $ 206.45 Balance at December 31, 2022 ​ 83,677 ​ $ 144.30 ​
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 and January 2022 was $12.0 million and $20.0 million, respectively. The fair value was calculated using a Monte Carlo simulation pricing model based on the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 PSU Award ​ 2022 PSU Award ​ Fair Value Assumptions ​ Fair Value Assumptions Valuation date January 6, 2021 ​ ​ January 7, 2022 ​ Fair value per share on valuation date ​ $169.51 ​ ​ ​ $194.86 ​ Expected term ​ 3 years ​ ​ ​ 3 years ​ Expected price volatility 57.64% ​ ​ 55.99% ​ Risk-free interest rate ​ 0.20% ​ ​ ​ 1.17% ​ Discount for post vesting restriction 12.44% ​ ​ 12.22% ​ ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Schedule of future contractual lease payments	Office Lease. ​ ​ ​ ​ ​ Year Amount 2023 ​ $ 496 2024 ​ 511 2025 ​ 526 2026 ​ 543 2027 ​ 45 Total future contractual lease payments ​ 2,121 Effect of discounting ​ (245) Office lease liability ​ $ 1,876 ​

Organization (Details)

Organization (Details)	Dec. 31, 2022
Iip Operating Partnership Lp
Percentage Leased	100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Variable Interest Entities (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) property
Purchase Price	$ 166,086,000
Variable Interest Entities
Number of properties acquired | property	4
Purchase Price	$ 82,300,000
Number of reverse exchanges terminated during the period	4
Number of real estate properties transferred | property	4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 30, 2021	Jun. 30, 2021 USD ($)	Dec. 31, 2018
Number of Reportable Segments | segment	1
Depreciation expense	$ 60,500,000	$ 41,700,000	$ 28,000,000
Total investment in property	2,066,282,000	1,640,166,000
Impairment loss	0	0	0
Maximum construction loan agreed to lend					$ 18,500,000
Construction loan funded	18,021,000	12,916,000
Cash equivalents	$ 78,000,000	72,000,000
Lease, Practical Expedients, Package [true false]	true
Incremental borrowing rate				5.50%		7.25%
Amounts paid and classified as operating activities for the office lease	$ 402,000	234,000	172,000
Adjustment | Accounting Standards Update 2020-06
Accumulated deficit		728,000
Equity Components		$ 1,300,000
Geographic Concentration Risk | Net real estate held for investment
Concentration Risk, Threshold Percentage	5%	5%
General and administrative expense
Office lease expense	$ 466,000	$ 231,000	$ 229,000
Maximum
Cash, FDIC Insured Amount	$ 250,000
Buildings and improvements and tenant improvements
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	7 years
Construction in Progress [Member] | Kings Garden Lawsuit | Kings Garden. | Adjustment
Total investment in property	$ 54,100,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Concentration of Credit Risk (Details) $ in Millions		12 Months Ended
	Sep. 11, 2022 USD ($)	Dec. 31, 2022 USD ($) lease property tenant item	Dec. 31, 2021 lease	Dec. 31, 2020 lease
Concentration Risk [Line Items]
Number of Properties | property		110
Number of states in which properties are owned | item		19
Number of properties lease terminated | property		2
Kings Garden Lawsuit
Concentration Risk [Line Items]
Funds recovered | $	$ 15.4	$ 15.4
Rental revenues (including tenant reimbursements) | Customer concentration
Concentration Risk [Line Items]
Number of Tenants | tenant		5
Rental revenues (including tenant reimbursements) | Customer concentration | PharmaCann
Concentration Risk [Line Items]
Number of Leases		11	5	5
Percentage of Rental Revenue		14%	12%	18%
Rental revenues (including tenant reimbursements) | Customer concentration | Parallel
Concentration Risk [Line Items]
Number of Leases		4	4
Percentage of Rental Revenue		10%	10%
Rental revenues (including tenant reimbursements) | Customer concentration | Ascend
Concentration Risk [Line Items]
Number of Leases		4	3	3
Percentage of Rental Revenue		9%	9%	10%
Rental revenues (including tenant reimbursements) | Customer concentration | Cresco Labs Inc.
Concentration Risk [Line Items]
Number of Leases			5	5
Percentage of Rental Revenue			8%	10%
Rental revenues (including tenant reimbursements) | Customer concentration | Kings Garden
Concentration Risk [Line Items]
Number of Leases			5
Percentage of Rental Revenue			8%
Rental revenues (including tenant reimbursements) | Customer concentration | Trulieve
Concentration Risk [Line Items]
Number of Leases		6
Percentage of Rental Revenue		7%
Rental revenues (including tenant reimbursements) | Customer concentration | Curaleaf
Concentration Risk [Line Items]
Number of Leases				4
Percentage of Rental Revenue				7%
Rental revenues (including tenant reimbursements) | Customer concentration | Green Thumb
Concentration Risk [Line Items]
Number of Leases		3
Percentage of Rental Revenue		7%
Rental revenues (including tenant reimbursements) | Customer concentration | Holistic Industries Inc.
Concentration Risk [Line Items]
Number of Leases				4
Percentage of Rental Revenue				6%

Common Stock (Details)

Common Stock (Details) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Feb. 28, 2023 shares	Jan. 31, 2023 item shares	Apr. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2021 $ / shares shares
Common Stock, Shares Authorized				50,000,000		50,000,000
Common Stock, Par Value (in dollars per share) | $ / shares				$ 0.001		$ 0.001
Common Stock, Shares Outstanding				27,972,830		25,612,541
Common Stock, Shares Issued				27,972,830		25,612,541
Number of shares issued			1,815,790
Issuance of common stock, net of offering costs | $			$ 330,900	$ 351,960	$ 1,003,973
Number of shares issued upon conversion				413,166
Outstanding principal amount | $				$ 26,900
At The Market Offerings
Number of shares issued				117,023
Issuance of common stock, net of offering costs | $				$ 21,100
Number of sales agents | item		4
At The Market Offerings | Subsequent Event
Number of shares issued	0
At The Market Offerings | Maximum | Subsequent Event
Maximum number of common stock issuable		500,000,000
Over-Allotment Option
Number of shares issued			236,842

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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%	9%
Preferred Stock, Redemption Price Per Share	$ 25
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.

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands																									12 Months Ended
	Jan. 13, 2023	Dec. 15, 2022	Oct. 14, 2022	Sep. 15, 2022	Jul. 15, 2022	Jun. 15, 2022	Apr. 14, 2022	Mar. 14, 2022	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	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends declared per common share		$ 1.80		$ 1.80		$ 1.75		$ 1.75		$ 1.50		$ 1.50		$ 1.40		$ 1.32		$ 1.24		$ 1.17		$ 1.06		$ 1
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			$ 50,503		$ 49,101		$ 45,830		$ 38,509		$ 35,983		$ 33,584		$ 31,660		$ 29,727		$ 25,987		$ 19,770		$ 17,070		$ 183,943	$ 130,954	$ 75,464
Dividend amount - Series A preferred stock			$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 338		$ 1,352	$ 1,352	$ 1,352
Subsequent event
Dividend amount - Common stock	$ 50,502
Dividend amount - Series A preferred stock	$ 338

Investments in Real Estate (Det

Investments in Real Estate (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) ft²
Rentable Square Feet | ft²	591,000
Initial Purchase Price	$ 166,086,000
Transaction Costs	490,000
Total	166,576,000
Acquired In-Place Lease Intangible Assets
Total	798,000
Land
Total	14,500,000
Building and Improvements
Total	131,500,000
Other assets
Total	16,900,000
Restricted Cash.
Total	$ 2,800,000
Everett Street
Rentable Square Feet | ft²	57,000
Initial Purchase Price	$ 16,000,000
Transaction Costs	20,000
Total	$ 16,020,000
Munsonhurst Road [Member]
Rentable Square Feet | ft²	114,000
Initial Purchase Price	$ 35,400,000
Transaction Costs	8,000
Total	35,408,000
Munsonhurst Road [Member] | Maximum
Agreed funding for redevelopment of building	$ 4,600,000
South 17th Street
Rentable Square Feet | ft²	3,000
Initial Purchase Price	$ 2,750,000
Transaction Costs	68,000
Total	$ 2,818,000
Perez Road
Rentable Square Feet | ft²	23,000
Initial Purchase Price	$ 8,158,000
Transaction Costs	11,000
Total	8,169,000
Purchase price holdback held in escrow account	1,800,000
Purchase price holdback	1,400,000
Perez Road | Restricted Cash.
Investment purchase price holdback	$ 400,000
Western Maryland Parkway
Rentable Square Feet | ft²	84,000
Initial Purchase Price	$ 25,000,000
Transaction Costs	290,000
Total	$ 25,290,000
East Cherry Street
Rentable Square Feet | ft²	17,000
Initial Purchase Price	$ 5,238,000
Transaction Costs	11,000
Total	$ 5,249,000
Mozzone Boulevard
Rentable Square Feet | ft²	104,000
Initial Purchase Price	$ 40,000,000
Transaction Costs	32,000
Total	$ 40,032,000
FM 969
Rentable Square Feet | ft²	85,000
Initial Purchase Price	$ 12,040,000
Transaction Costs	25,000
Total	12,065,000
Agreed funding for redevelopment of building	10,000,000
FM 969 | Other assets
Investment purchase price, not part of construction	$ 908,000
Worcester Road
Rentable Square Feet | ft²	104,000
Initial Purchase Price	$ 21,500,000
Transaction Costs	25,000
Total	21,525,000
Purchase price holdback held in escrow account	$ 1,000,000

Investments in Real Estate - In

Investments in Real Estate - Intangible assets and related accumulated amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Acquired In-Place Lease Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross	$ 9,979	$ 9,181
Accumulated amortization	(874)	(33)
Net	9,105	9,148
Above-Market Lease
Finite-Lived Intangible Assets [Line Items]
Gross	1,054	1,054
Accumulated amortization	(95)	(4)
Net	$ 959	$ 1,050

Investments in Real Estate - Es

Investments in Real Estate - Estimated annual amortization (Details) - Acquired In-Place Lease Intangible Assets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 860
2024	860
2025	860
2026	860
2027	860
Thereafter	4,805
Net	$ 9,105	$ 9,148

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($)	1 Months Ended						12 Months Ended
	Nov. 30, 2022	Oct. 31, 2022	Jun. 30, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Rental (including tenant reimbursements)							$ 274,377,000	$ 204,551,000	$ 116,896,000
Operating Income (Loss)							$ 169,617,000	135,371,000	$ 69,737,000
Weighted-average amortization period (in years)							10 years 7 months 6 days
Purchase Price							$ 166,086,000
Real estate property cost							355,600,000
Tenant improvements and construction activities funded							373,900,000
Proceeds from sale of real estate asset							23,500,000
Gain on sale of real estate							3,601,000
Acquired In-Place Lease Intangible Assets
Initial value							9,105,000	9,148,000
Amortization expense							841,000	33,000
Above-Market Lease
Initial value							$ 959,000	1,050,000
Amortization period (in years)							10 years 3 months 18 days
Amortization expense							$ 91,000	$ 4,000
Gold Flora CA | California Property
Increase amount of tenant improvement allowance	$ 3,500,000
PharmaCann Inc. [Member] | New York Properties
Increase amount of tenant improvement allowance				$ 45,000,000
Tenant improvement allowance				$ 78,500,000
Holistic Industries [Member] | Massachusetts properties
Increase amount of tenant improvement allowance		$ 2,000,000
Maitri In Pennsylvania [Member] | Pennsylvania properties
Proceeds from sale of real estate asset	23,500,000
Gain on sale of real estate	3,600,000
Curaleaf | Pennsylvania properties
Increase amount of tenant improvement allowance			$ 35,000,000
Tenant improvement allowance			47,400,000
Curaleaf | Illinois properties
Increase amount of tenant improvement allowance			10,900,000
Tenant improvement allowance			29,500,000
Ascend | Michigan Properties
Increase amount of tenant improvement allowance					$ 4,400,000
Tenant improvement allowance					19,400,000
Ascend | Massachusetts properties
Increase amount of tenant improvement allowance					14,900,000
Tenant improvement allowance					37,200,000
Green Thumb | Pennsylvania properties
Increase amount of tenant improvement allowance			55,000,000
Tenant improvement allowance			74,300,000
Holistic At Massachusetts | Michigan Properties
Increase amount of tenant improvement allowance					3,500,000
Tenant improvement allowance					$ 22,300,000
Green Peak Industries LLC [Member] | Michigan Properties
Increase amount of tenant improvement allowance						$ 18,000,000
Tenant improvement allowance						$ 47,500,000
Sozo Health, Inc. [Member] | Michigan Properties
Increase amount of tenant improvement allowance			1,200,000
Tenant improvement allowance			$ 7,000,000
4Front MA | Illinois properties
Increase amount of tenant improvement allowance	$ 19,900,000

Investments in Real Estate - Fu

Investments in Real Estate - Future Contractual Minimum Rent (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Contractual Minimum Rent
2023	$ 287,050
2024	296,006
2025	304,794
2026	313,877
2027	323,234
Thereafter	4,147,777
Total	$ 5,672,738

Debt - Exchangeable Senior Note

Debt - Exchangeable Senior Notes - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Feb. 28, 2019 USD ($)
Number of shares issued upon conversion | shares		413,166
Loss on exchange of Exchangeable Senior Notes	$ 3,700,000	$ 125,000	$ 3,692,000
Outstanding principal amount		26,900,000
Issuance of common stock in conjunction with inducement of Exchangeable Senior Notes, net			108,593,000
Additional Paid-In-Capital
Issuance of common stock in conjunction with inducement of Exchangeable Senior Notes, net			108,591,000
Exchangeable Senior Notes
Outstanding principal amount	$ 33,400,000	$ 6,400,000	33,400,000
Interest rate		3.75%
If-converted value in excess of principal amount		$ 4,100,000
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	413,166
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
Loss on exchange of Exchangeable Senior Notes		$ 125,000
Outstanding principal amount		26,900,000
Exchangeable Senior Notes | Additional Paid-In-Capital
Issuance of common stock in conjunction with inducement of Exchangeable Senior Notes, net		26,700,000
Exchangeable Senior Notes | Accounts payable and accrued expenses
Accrued interest payable	$ 365,000,000,000	$ 70,000	$ 365,000,000,000
Exchangeable Senior Notes | Common Stock
Debt Instrument, Convertible, Conversion Ratio		16.10097
Conversion of Stock, Amount Converted		$ 1,000
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 62.11

Debt - Exchangeable Senior No_2

Debt - Exchangeable Senior Notes - Interest expense (Details) - Exchangeable Senior Notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash coupon	$ 452	$ 5,380	$ 5,391
Amortization of debt discount		1,146	1,093
Amortization of issuance cost	94	991	947
Total interest expense	$ 546	$ 7,517	$ 7,431

Debt - Exchangeable Senior No_3

Debt - Exchangeable Senior Notes - Carrying value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Principal amount	$ 306,436
Exchangeable Senior Notes
Principal amount	6,436	$ 33,373
Unamortized discount		(612)
Unamortized issuance cost	(56)	(529)
Carrying value	$ 6,380	$ 32,232

Debt - Notes due 2026 (Details)

Debt - Notes due 2026 (Details) - USD ($) $ in Thousands		12 Months Ended
	May 25, 2021	Dec. 31, 2022	Dec. 31, 2021
Principal amount		$ 306,436
Notes due 2026
Principal amount	$ 300,000	$ 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%
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%
Notes due 2026 | Redeemed On Or After February 25, 2026
Redemption price percentage		100%
Notes due 2026 | Accounts payable and accrued expenses
Accrued interest payable		$ 2,100	$ 2,100

Debt - Notes due 2026 - Interes

Debt - Notes due 2026 - Interest expense (Details) - Notes due 2026 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash coupon	$ 16,500	$ 9,854
Amortization of issuance cost	1,255	715
Total interest expense	$ 17,755	$ 10,569

Debt - Notes due 2026 - Carryin

Debt - Notes due 2026 - Carrying value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	May 25, 2021
Principal amount	$ 306,436
Notes due 2026
Principal amount	300,000	$ 300,000	$ 300,000
Unamortized issuance cost	(4,885)	(6,140)
Carrying value	$ 295,115	$ 293,860

Debt - Principal Payments (Deta

Debt - Principal Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt
2024	$ 6,436
2026	300,000
Total	$ 306,436

Net Income Per Share - Addition

Net Income Per Share - Additional information (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dilutive effect of Exchangeable Senior Notes	202,076	2,180,550
Antidilutive securities excluded from computation			2,158,837
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 154,386	$ 113,990	$ 65,730
Preferred stock dividends	(1,352)	(1,352)	(1,352)
Distribution to participating securities	(834)	(557)	(509)
Net income attributable to common stockholders used to compute net income per share - basic	152,200	112,081	63,869
Dilutive effect of Exchangeable Senior Notes	546	7,517
Net income attributable to common stockholders used to compute net income per share - diluted	$ 152,746	$ 119,598	$ 63,869
Weighted-average common shares outstanding:
Basic	27,345,047	23,903,017	19,443,602
Dilutive effect of Exchangeable Senior Notes	202,076	2,180,550
Diluted	27,663,169	26,261,155	19,557,619
Net income attributable to common stockholders per share:
Basic	$ 5.57	$ 4.69	$ 3.28
Diluted	$ 5.52	$ 4.55	$ 3.27
Restricted stock and RSUs
Weighted-average common shares outstanding:
Restricted stock and RSUs	116,046,000	96,174,000	114,017,000
PSUs
Weighted-average common shares outstanding:
Restricted stock and RSUs		81,414

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value of Financial Instruments
Investments, Carrying Value	$ 200,935	$ 324,889
Exchangeable Senior Notes, Carrying Value	6,380	32,232
Notes due 2026, Carrying Value	295,115	293,860
Investments, Fair Value	200,715	324,772
Exchangeable Senior Notes, Fair Value	10,282	134,270
Notes due 2026, Fair Value	$ 264,234	$ 318,486

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Money market funds
Cash and Cash Equivalents, Fair Value Disclosure	$ 78	$ 72

Common Stock Incentive Plan - A

Common Stock Incentive Plan - Additional Information (Details)	1 Months Ended		12 Months Ended
	Jan. 31, 2022 item shares	Jan. 31, 2021 USD ($) item shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Restricted Shares
Unrecognized compensation cost			$ 3,600,000
Amortization period			1 year 9 months 18 days
Fair value of restricted stock			$ 6,900,000	$ 8,800,000	$ 6,000,000
Granted | shares			24,456	9,679	17,057
RSUs
Unrecognized compensation cost			$ 4,500,000
Amortization period			1 year 8 months 12 days
Granted | shares			23,351	23,639	36,687
PSUs
Amortization period			1 year 9 months 18 days
Granted | shares	102,641	70,795
Number of comparator groups | item	2	2
Maximum total value at the at the vesting date as a percentage of the grant date price		800%
Dividends		$ 0
Minimum Term of Holding of Vested Shares		1 year
Granted date fair value		$ 12,000,000	$ 20,000,000
Stock-based compensation expense			10,700,000	$ 4,000,000
Remaining unrecognized compensation			$ 17,300,000
PSUs | Minimum
Percentage of Number of Target Awards and Deemed Dividend		0%
PSUs | Maximum
Percentage of Number of Target Awards and Deemed Dividend		150%
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	1 Months Ended		12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Beginning Balance	37,767	76,346	37,767	76,346	139,546
Granted			24,456	9,679	17,057
Vested			(18,051)	(29,955)	(51,705)
Forfeited			(10,146)	(18,303)	(28,552)
Shares, Ending Balance			34,026	37,767	76,346
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 92.49	$ 50.14	$ 92.49	$ 50.14	$ 37.03
Weighted-Average Grant Date Fair Value, Granted			205.62	187.74	75.96
Weighted-Average Grant Date Fair Value, Vested			91.57	52.31	40.07
Weighted-Average Grant Date Fair Value, Forfeited			69.74	31.99	19.72
Weighted-Average Grant Date Fair Value, Ending Balance			$ 181.08	$ 92.49	$ 50.14
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Beginning Balance	60,326	36,687	60,326	36,687	0
Granted			23,351	23,639	36,687
Shares, Ending Balance			83,677	60,326	36,687
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 120.24	$ 76.06	$ 120.24	$ 76.06	$ 0
Weighted-Average Grant Date Fair Value, Granted			206.45	188.80	76.06
Weighted-Average Grant Date Fair Value, Ending Balance			$ 144.30	$ 120.24	$ 76.06
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	102,641	70,795

Common Stock Incentive Plan - S

Common Stock Incentive Plan - Summary of Fair Value Assumption (Details) - PSUs - $ / shares	Jan. 07, 2022	Jan. 06, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share on valuation date	$ 194.86	$ 169.51
Expected term	3 years	3 years
Expected price volatility	55.99%	57.64%
Risk-free interest rate	1.17%	0.20%
Discount for post vesting restriction	12.22%	12.44%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies
2023	$ 496
2024	511
2025	526
2026	543
2027	45
Total future contractual lease payments	2,121
Effect of discounting	(245)
Office lease liability	$ 1,876
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)		12 Months Ended
	Sep. 11, 2022 USD ($)	Dec. 31, 2022 USD ($) property	Sep. 29, 2022 USD ($)	Jul. 26, 2022 USD ($)	Jul. 13, 2022 lease	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Construction in progress		$ 54,106,000
Number of properties lease terminated | property		2
Amended Class Action Lawsuit
Other Commitments [Line Items]
Amount accrued			$ 0
Derivative Action Lawsuit
Other Commitments [Line Items]
Amount accrued				$ 0
Kings Garden Lawsuit
Other Commitments [Line Items]
Funds recovered	$ 15,400,000	$ 15,400,000
Investigating additional costs		9,800,000
Kings Garden.
Other Commitments [Line Items]
Monetary default		7,300,000
Base rent and property management fee		6,600,000
Insurance premium (excluding late charges and default interest)		671,000
Security deposit applied as payments for defaulted lease		$ 2,700,000
Kings Garden. | Kings Garden Lawsuit
Other Commitments [Line Items]
Number of leased properties		6			6
Construction in progress		$ 33,200,000
Buildings and improvements and tenant improvements						$ 11,500,000
Number of leased properties that are operational | property		4
Number of leased properties with expansion project | property		1
Number of leased properties that were in development or redevelopment | property		2
Operational Building and Construction in Progress in Nineteenth Street [Member]
Other Commitments [Line Items]
Monetary default		$ 4,500,000
Commitments related to improvement allowances
Other Commitments [Line Items]
Other Commitment		96,600,000
Commitments related to construction loan
Other Commitments [Line Items]
Other Commitment		$ 479,000

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%
Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation rate (in percentage)	100%
Deferred Director Fees
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation rate (in percentage)	100%
Deferred Restricted Equity Awards
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation rate (in percentage)	100%

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands			1 Months Ended				12 Months Ended
	Mar. 01, 2023 USD ($)	Feb. 28, 2023 USD ($) ft² property shares	Feb. 28, 2023 USD ($) ft² property	Jan. 31, 2023 USD ($) property	Apr. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) ft² shares
Subsequent Event [Line Items]
Number of shares issued | shares					1,815,790
Initial Purchase Price							$ 166,086
Rentable Square Feet | ft²							591,000
Proceeds from sale of real estate asset							$ 23,500
Michigan Properties | Ascend
Subsequent Event [Line Items]
Tenant Improvement Allowance, Increase						$ 4,400
Tenant improvement allowance						$ 19,400
New York Properties | PharmaCann Inc. [Member]
Subsequent Event [Line Items]
Tenant Improvement Allowance, Increase					$ 45,000
Tenant improvement allowance					$ 78,500
At The Market Offerings
Subsequent Event [Line Items]
Number of shares issued | shares							117,023
Subsequent Event | California Property | Medical Investor Holdings LLC | Forecast
Subsequent Event [Line Items]
Proceeds from sale of real estate asset	$ 16,200
Subsequent Event | Missouri Property | Calyx Peak MO
Subsequent Event [Line Items]
Percent of base rent deferral under lease				100%
Payback of the deferred rent (in months)				12 months
Subsequent Event | Pennsylvania properties | Parallel FL Wimauma
Subsequent Event [Line Items]
Number of properties of which lease obligations defaulted | property				1
Subsequent Event | Michigan Properties | Green Peak MI
Subsequent Event [Line Items]
Number of properties of which lease obligations defaulted | property				1
Subsequent Event | New Jersey properties | Ascend
Subsequent Event [Line Items]
Tenant Improvement Allowance, Increase			$ 15,000
Tenant improvement allowance		$ 19,600	$ 19,600
Subsequent Event | New York Properties | PharmaCann Inc. [Member]
Subsequent Event [Line Items]
Number of properties | property		1	1
Tenant Improvement Allowance, Increase			$ 15,000
Tenant improvement allowance		$ 93,500	$ 93,500
Subsequent Event | New York Properties | Goodness Growth Holdings Inc.
Subsequent Event [Line Items]
Number of properties | property		1	1
Tenant Improvement Allowance, Increase			$ 4,000
Tenant improvement allowance		$ 53,400	53,400
Subsequent Event | Cannabis cultivation facility, Pennsylvania
Subsequent Event [Line Items]
Initial Purchase Price		$ 15,000	$ 15,000
Rentable Square Feet | ft²		58,000	58,000
Subsequent Event | California, Maryland, Massachusetts, Michigan and Pennsylvania properties. | Holistic Industries Inc.
Subsequent Event [Line Items]
Percent of base rent which is applied from security deposits for lease payments				100%
Subsequent Event | Cannabis cultivation and processing facility, California
Subsequent Event [Line Items]
Additional capital commitment		$ 1,000	$ 1,000
Additional amount of construction loan		$ 4,500	$ 4,500
Subsequent Event | At The Market Offerings
Subsequent Event [Line Items]
Amount of Shares Authorized				$ 500,000
Number of shares issued | shares		0

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	$ 139,953
Building and Improvement, Initial Cost	858,967
Costs Capitalized Subsequent to Acquisition	1,205,767
Land, Total Costs	139,953
Building and Improvements, Total Costs	2,064,734
Total Costs	2,204,687	$ 1,722,104	$ 1,060,239	$ 518,031
Accumulated Depreciation	(138,405)	$ (81,938)	$ (40,195)	$ (12,170)
Net Cost Basis	2,066,282
Aggregate gross cost of the properties for federal income tax purposes	2,200,000
East Cherry Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	723
Building and Improvement, Initial Cost	3,995
Land, Total Costs	723
Building and Improvements, Total Costs	3,995
Total Costs	4,718
Accumulated Depreciation	(70)
Net Cost Basis	4,648
West Greenhouse Drive
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	(3,544)
Net Cost Basis	16,486
64125 19th Avenue
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	11,509
Land, Total Costs	5,930
Building and Improvements, Total Costs	56,590
Total Costs	62,520
Accumulated Depreciation	(1,648)
Net Cost Basis	60,872
McLane Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,577
Building and Improvement, Initial Cost	15,935
Land, Total Costs	1,577
Building and Improvements, Total Costs	15,935
Total Costs	17,512
Accumulated Depreciation	(1,050)
Net Cost Basis	16,462
63795 19th Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,177
Building and Improvement, Initial Cost	12,852
Land, Total Costs	2,177
Building and Improvements, Total Costs	12,852
Total Costs	15,029
Accumulated Depreciation	(1,479)
Net Cost Basis	13,550
North Anza Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	916
Building and Improvement, Initial Cost	5,406
Land, Total Costs	916
Building and Improvements, Total Costs	5,406
Total Costs	6,322
Accumulated Depreciation	(622)
Net Cost Basis	5,700
North Anza Road & Del Sol Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	840
Building and Improvement, Initial Cost	4,959
Land, Total Costs	840
Building and Improvements, Total Costs	4,959
Total Costs	5,799
Accumulated Depreciation	(571)
Net Cost Basis	5,228
1804 Needles Highway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	174
Building and Improvement, Initial Cost	715
Land, Total Costs	174
Building and Improvements, Total Costs	715
Total Costs	889
Accumulated Depreciation	(65)
Net Cost Basis	824
West Broadway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	289
Building and Improvement, Initial Cost	1,185
Land, Total Costs	289
Building and Improvements, Total Costs	1,185
Total Costs	1,474
Accumulated Depreciation	(108)
Net Cost Basis	1,366
3253 Needles Highway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	949
Building and Improvement, Initial Cost	3,900
Land, Total Costs	949
Building and Improvements, Total Costs	3,900
Total Costs	4,849
Accumulated Depreciation	(354)
Net Cost Basis	4,495
3241 & 3247 Needles Highway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,981
Building and Improvement, Initial Cost	8,138
Land, Total Costs	1,981
Building and Improvements, Total Costs	8,138
Total Costs	10,119
Accumulated Depreciation	(739)
Net Cost Basis	9,380
Sacramento
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	(1,335)
Net Cost Basis	11,395
Steele Street
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	(1,305)
Net Cost Basis	9,972
Washington Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	4,309
Building and Improvement, Initial Cost	4,988
Land, Total Costs	4,309
Building and Improvements, Total Costs	4,988
Total Costs	9,297
Accumulated Depreciation	(140)
Net Cost Basis	9,157
West Barberry Place
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	2,478
Land, Total Costs	389
Building and Improvements, Total Costs	2,478
Total Costs	2,867
Accumulated Depreciation	(66)
Net Cost Basis	2,801
Hamilton Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,186
Building and Improvement, Initial Cost	17,371
Land, Total Costs	2,186
Building and Improvements, Total Costs	17,371
Total Costs	19,557
Accumulated Depreciation	(993)
Net Cost Basis	18,564
NW Highway 441
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	752
Building and Improvement, Initial Cost	23,064
Costs Capitalized Subsequent to Acquisition	17,782
Land, Total Costs	752
Building and Improvements, Total Costs	40,846
Total Costs	41,598
Accumulated Depreciation	(2,046)
Net Cost Basis	39,552
West Lake Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,071
Building and Improvement, Initial Cost	34,249
Costs Capitalized Subsequent to Acquisition	52,343
Land, Total Costs	1,071
Building and Improvements, Total Costs	86,592
Total Costs	87,663
Accumulated Depreciation	(5,541)
Net Cost Basis	82,122
Ben Bostic Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	274
Building and Improvement, Initial Cost	16,729
Land, Total Costs	274
Building and Improvements, Total Costs	16,729
Total Costs	17,003
Accumulated Depreciation	(1,688)
Net Cost Basis	15,315
East Mazon Avenue
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	(3,065)
Net Cost Basis	24,951
Revolution Road
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	51,539
Land, Total Costs	563
Building and Improvements, Total Costs	69,996
Total Costs	70,559
Accumulated Depreciation	(6,996)
Net Cost Basis	63,563
East 4th Street
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	(4,139)
Net Cost Basis	45,881
Industrial Drive
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	29,446
Land, Total Costs	350
Building and Improvements, Total Costs	39,637
Total Costs	39,987
Accumulated Depreciation	(3,716)
Net Cost Basis	36,271
S US Highway 45 52
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	268
Building and Improvement, Initial Cost	11,840
Costs Capitalized Subsequent to Acquisition	13,286
Land, Total Costs	268
Building and Improvements, Total Costs	25,126
Total Costs	25,394
Accumulated Depreciation	(2,748)
Net Cost Basis	22,646
Centerpoint Way
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	2,947
Building and Improvement, Initial Cost	17,761
Costs Capitalized Subsequent to Acquisition	248
Land, Total Costs	2,947
Building and Improvements, Total Costs	18,009
Total Costs	20,956
Accumulated Depreciation	(1,812)
Net Cost Basis	19,144
Adams Street
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	43,036
Land, Total Costs	3,366
Building and Improvements, Total Costs	43,036
Total Costs	46,402
Accumulated Depreciation	(694)
Net Cost Basis	45,708
South Street
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	12,734
Land, Total Costs	1,861
Building and Improvements, Total Costs	27,509
Total Costs	29,370
Accumulated Depreciation	(1,181)
Net Cost Basis	28,189
Alaking Court
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	22,765
Land, Total Costs	2,785
Building and Improvements, Total Costs	31,175
Total Costs	33,960
Accumulated Depreciation	(4,417)
Net Cost Basis	29,543
Western Maryland Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,849
Building and Improvement, Initial Cost	23,441
Land, Total Costs	1,849
Building and Improvements, Total Costs	23,441
Total Costs	25,290
Accumulated Depreciation	(415)
Net Cost Basis	24,875
Hopping Brook Road
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	(2,530)
Net Cost Basis	28,012
Chestnut Hill Avenue
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	36,965
Land, Total Costs	2,202
Building and Improvements, Total Costs	61,533
Total Costs	63,735
Accumulated Depreciation	(3,959)
Net Cost Basis	59,776
Canal Street/7 North Bridge Street
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	(5,166)
Net Cost Basis	38,394
Worcester Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	4,063
Building and Improvement, Initial Cost	16,462
Land, Total Costs	4,063
Building and Improvements, Total Costs	16,462
Total Costs	20,525
Accumulated Depreciation	(120)
Net Cost Basis	20,405
Palmer Road
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	6,973
Land, Total Costs	1,059
Building and Improvements, Total Costs	18,690
Total Costs	19,749
Accumulated Depreciation	(1,936)
Net Cost Basis	17,813
East Main Street
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	(762)
Net Cost Basis	14,748
Curran Highway
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	23,662
Land, Total Costs	2,082
Building and Improvements, Total Costs	24,688
Total Costs	26,770
Accumulated Depreciation	(722)
Net Cost Basis	26,048
Hoover Road
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	64,484
Land, Total Costs	1,237
Building and Improvements, Total Costs	82,275
Total Costs	83,512
Accumulated Depreciation	(5,637)
Net Cost Basis	77,875
East Hazel Street
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	19,297
Land, Total Costs	409
Building and Improvements, Total Costs	23,657
Total Costs	24,066
Accumulated Depreciation	(1,897)
Net Cost Basis	22,169
Oliver Drive
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	26,755
Land, Total Costs	1,385
Building and Improvements, Total Costs	30,386
Total Costs	31,771
Accumulated Depreciation	(2,016)
Net Cost Basis	29,755
Davis Highway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,907
Building and Improvement, Initial Cost	13,647
Costs Capitalized Subsequent to Acquisition	39,573
Land, Total Costs	1,907
Building and Improvements, Total Costs	53,220
Total Costs	55,127
Accumulated Depreciation	(1,336)
Net Cost Basis	53,791
Harvest Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,933
Building and Improvement, Initial Cost	3,559
Costs Capitalized Subsequent to Acquisition	10,301
Land, Total Costs	1,933
Building and Improvements, Total Costs	13,860
Total Costs	15,793
Accumulated Depreciation	(2,072)
Net Cost Basis	13,721
Executive Drive
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	(1,131)
Net Cost Basis	8,886
77th Street Northeast
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	(1,366)
Net Cost Basis	8,323
Industrial Drive
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	26,708
Land, Total Costs	753
Building and Improvements, Total Costs	27,495
Total Costs	28,248
Accumulated Depreciation	(712)
Net Cost Basis	27,536
East Cheyenne Avenue
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	(1,034)
Net Cost Basis	8,593
Munsonhurst Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	4,987
Building and Improvement, Initial Cost	30,421
Costs Capitalized Subsequent to Acquisition	4,616
Land, Total Costs	4,987
Building and Improvements, Total Costs	35,037
Total Costs	40,024
Accumulated Depreciation	(964)
Net Cost Basis	39,060
South Route 73
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	(3,162)
Net Cost Basis	31,908
North West Blvd
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	222
Building and Improvement, Initial Cost	10,046
Costs Capitalized Subsequent to Acquisition	1,580
Land, Total Costs	222
Building and Improvements, Total Costs	11,626
Total Costs	11,848
Accumulated Depreciation	(868)
Net Cost Basis	10,980
Hudson Crossing Drive
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	57,723
Land, Total Costs	7,600
Building and Improvements, Total Costs	80,198
Total Costs	87,798
Accumulated Depreciation	(4,582)
Net Cost Basis	83,216
County Route 117
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	51,124
Land, Total Costs	1,593
Building and Improvements, Total Costs	54,281
Total Costs	55,874
Accumulated Depreciation	(2,314)
Net Cost Basis	53,560
98th Ave South
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	(1,204)
Net Cost Basis	11,001
Hunts Landing Road
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	(1,661)
Net Cost Basis	18,361
Jason Street
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	29,250
Land, Total Costs	239
Building and Improvements, Total Costs	31,938
Total Costs	32,177
Accumulated Depreciation	(2,163)
Net Cost Basis	30,014
Springs Way
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	2,949
Land, Total Costs	235
Building and Improvements, Total Costs	13,326
Total Costs	13,561
Accumulated Depreciation	(1,038)
Net Cost Basis	12,523
East Tallmadge Ave.
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	(506)
Net Cost Basis	3,031
Scott Technology Park
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	(1,720)
Net Cost Basis	26,304
New Beaver Avenue
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	25,893
Land, Total Costs	6,979
Building and Improvements, Total Costs	60,674
Total Costs	67,653
Accumulated Depreciation	(2,944)
Net Cost Basis	64,709
East Market Street
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	74,306
Land, Total Costs	1,435
Building and Improvements, Total Costs	93,404
Total Costs	94,839
Accumulated Depreciation	(6,610)
Net Cost Basis	88,229
Wayne Avenue
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	37,595
Land, Total Costs	1,228
Building and Improvements, Total Costs	50,675
Total Costs	51,903
Accumulated Depreciation	(3,798)
Net Cost Basis	48,105
Horton Drive
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	29,741
Land, Total Costs	1,353
Building and Improvements, Total Costs	41,595
Total Costs	42,948
Accumulated Depreciation	(2,872)
Net Cost Basis	40,076
Industrial Street
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	15,967
Land, Total Costs	941
Building and Improvements, Total Costs	23,908
Total Costs	24,849
Accumulated Depreciation	(1,623)
Net Cost Basis	23,226
Rosanna Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,540
Building and Improvement, Initial Cost	5,603
Costs Capitalized Subsequent to Acquisition	36,671
Land, Total Costs	3,540
Building and Improvements, Total Costs	42,274
Total Costs	45,814
Accumulated Depreciation	(3,625)
Net Cost Basis	42,189
FM 969
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Building and Improvement, Initial Cost	11,157
Costs Capitalized Subsequent to Acquisition	4,542
Building and Improvements, Total Costs	15,699
Total Costs	15,699
Accumulated Depreciation	(212)
Net Cost Basis	15,487
Decatur Street
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	(2,402)
Net Cost Basis	17,347
Lathrop Industrial Drive SW
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	(1,009)
Net Cost Basis	16,501
East Glendale Avenue
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	(176)
Net Cost Basis	2,352
Dahlia Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	179
Building and Improvement, Initial Cost	2,132
Land, Total Costs	179
Building and Improvements, Total Costs	2,132
Total Costs	2,311
Accumulated Depreciation	(146)
Net Cost Basis	2,165
East Colfax Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	244
Building and Improvement, Initial Cost	307
Costs Capitalized Subsequent to Acquisition	906
Land, Total Costs	244
Building and Improvements, Total Costs	1,213
Total Costs	1,457
Accumulated Depreciation	(30)
Net Cost Basis	1,427
North 2nd Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	140
Building and Improvement, Initial Cost	258
Costs Capitalized Subsequent to Acquisition	801
Land, Total Costs	140
Building and Improvements, Total Costs	1,059
Total Costs	1,199
Accumulated Depreciation	(24)
Net Cost Basis	1,175
West Railroad Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	149
Building and Improvement, Initial Cost	618
Costs Capitalized Subsequent to Acquisition	168
Land, Total Costs	149
Building and Improvements, Total Costs	786
Total Costs	935
Accumulated Depreciation	(32)
Net Cost Basis	903
Southgate Pl
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	367
Building and Improvement, Initial Cost	645
Costs Capitalized Subsequent to Acquisition	55
Land, Total Costs	367
Building and Improvements, Total Costs	700
Total Costs	1,067
Accumulated Depreciation	(63)
Net Cost Basis	1,004
Wewatta Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	4,036
Building and Improvement, Initial Cost	2,417
Land, Total Costs	4,036
Building and Improvements, Total Costs	2,417
Total Costs	6,453
Accumulated Depreciation	(66)
Net Cost Basis	6,387
Southgate Place
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	942
Building and Improvement, Initial Cost	3,314
Land, Total Costs	942
Building and Improvements, Total Costs	3,314
Total Costs	4,256
Accumulated Depreciation	(99)
Net Cost Basis	4,157
South Peoria Court
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	938
Building and Improvement, Initial Cost	2,770
Land, Total Costs	938
Building and Improvements, Total Costs	2,770
Total Costs	3,708
Accumulated Depreciation	(82)
Net Cost Basis	3,626
Highway 6 & 24
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	892
Building and Improvement, Initial Cost	1,996
Land, Total Costs	892
Building and Improvements, Total Costs	1,996
Total Costs	2,888
Accumulated Depreciation	(59)
Net Cost Basis	2,829
North College Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	527
Building and Improvement, Initial Cost	2,952
Land, Total Costs	527
Building and Improvements, Total Costs	2,952
Total Costs	3,479
Accumulated Depreciation	(79)
Net Cost Basis	3,400
East Quincy Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	659
Building and Improvement, Initial Cost	2,493
Land, Total Costs	659
Building and Improvements, Total Costs	2,493
Total Costs	3,152
Accumulated Depreciation	(71)
Net Cost Basis	3,081
East Montview Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	256
Building and Improvement, Initial Cost	1,490
Land, Total Costs	256
Building and Improvements, Total Costs	1,490
Total Costs	1,746
Accumulated Depreciation	(41)
Net Cost Basis	1,705
South Federal Blvd
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	193
Building and Improvement, Initial Cost	1,361
Land, Total Costs	193
Building and Improvements, Total Costs	1,361
Total Costs	1,554
Accumulated Depreciation	(36)
Net Cost Basis	1,518
Santa Fe Trail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	232
Building and Improvement, Initial Cost	1,110
Land, Total Costs	232
Building and Improvements, Total Costs	1,110
Total Costs	1,342
Accumulated Depreciation	(32)
Net Cost Basis	1,310
Water Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	319
Building and Improvement, Initial Cost	945
Land, Total Costs	319
Building and Improvements, Total Costs	945
Total Costs	1,264
Accumulated Depreciation	(29)
Net Cost Basis	1,235
Gregory Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	101
Building and Improvement, Initial Cost	1,058
Land, Total Costs	101
Building and Improvements, Total Costs	1,058
Total Costs	1,159
Accumulated Depreciation	(27)
Net Cost Basis	1,132
West 20th Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	289
Building and Improvement, Initial Cost	666
Land, Total Costs	289
Building and Improvements, Total Costs	666
Total Costs	955
Accumulated Depreciation	(19)
Net Cost Basis	936
South Federal Blvd.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	461
Building and Improvement, Initial Cost	319
Land, Total Costs	461
Building and Improvements, Total Costs	319
Total Costs	780
Accumulated Depreciation	(10)
Net Cost Basis	770
West 6th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	60
Building and Improvement, Initial Cost	272
Land, Total Costs	60
Building and Improvements, Total Costs	272
Total Costs	332
Accumulated Depreciation	(9)
Net Cost Basis	323
Elm Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	21
Building and Improvement, Initial Cost	311
Land, Total Costs	21
Building and Improvements, Total Costs	311
Total Costs	332
Accumulated Depreciation	(11)
Net Cost Basis	321
Bent Avenue North
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	49
Building and Improvement, Initial Cost	284
Land, Total Costs	49
Building and Improvements, Total Costs	284
Total Costs	333
Accumulated Depreciation	(9)
Net Cost Basis	324
Coolidge Rd
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,635
Costs Capitalized Subsequent to Acquisition	1,755
Land, Total Costs	1,635
Building and Improvements, Total Costs	1,755
Total Costs	3,390
Accumulated Depreciation	(182)
Net Cost Basis	3,208
South Cedar Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	282
Building and Improvement, Initial Cost	1,951
Land, Total Costs	282
Building and Improvements, Total Costs	1,951
Total Costs	2,233
Accumulated Depreciation	(248)
Net Cost Basis	1,985
West Pierson Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	122
Building and Improvement, Initial Cost	2,065
Land, Total Costs	122
Building and Improvements, Total Costs	2,065
Total Costs	2,187
Accumulated Depreciation	(243)
Net Cost Basis	1,944
Wilder Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	49
Building and Improvement, Initial Cost	1,696
Land, Total Costs	49
Building and Improvements, Total Costs	1,696
Total Costs	1,745
Accumulated Depreciation	(194)
Net Cost Basis	1,551
East Front Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	449
Building and Improvement, Initial Cost	827
Land, Total Costs	449
Building and Improvements, Total Costs	827
Total Costs	1,276
Accumulated Depreciation	(142)
Net Cost Basis	1,134
South Mason Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	25
Building and Improvement, Initial Cost	973
Land, Total Costs	25
Building and Improvements, Total Costs	973
Total Costs	998
Accumulated Depreciation	(111)
Net Cost Basis	887
N Delsea Dr
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	244
Building and Improvement, Initial Cost	1,928
Land, Total Costs	244
Building and Improvements, Total Costs	1,928
Total Costs	2,172
Accumulated Depreciation	(118)
Net Cost Basis	2,054
24th Street East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	348
Building and Improvement, Initial Cost	1,368
Land, Total Costs	348
Building and Improvements, Total Costs	1,368
Total Costs	1,716
Accumulated Depreciation	(43)
Net Cost Basis	1,673
Highway 2 East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	120
Building and Improvement, Initial Cost	1,225
Land, Total Costs	120
Building and Improvements, Total Costs	1,225
Total Costs	1,345
Accumulated Depreciation	(40)
Net Cost Basis	1,305
Main Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	57
Building and Improvement, Initial Cost	840
Land, Total Costs	57
Building and Improvements, Total Costs	840
Total Costs	897
Accumulated Depreciation	(22)
Net Cost Basis	875
South 17th Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	553
Building and Improvement, Initial Cost	2,000
Land, Total Costs	553
Building and Improvements, Total Costs	2,000
Total Costs	2,553
Accumulated Depreciation	(40)
Net Cost Basis	2,513
Esperanza Street
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	981
Land, Total Costs	1,713
Building and Improvements, Total Costs	12,288
Total Costs	14,001
Accumulated Depreciation	(1,036)
Net Cost Basis	12,965
Grape Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,380
Building and Improvement, Initial Cost	5,786
Land, Total Costs	1,380
Building and Improvements, Total Costs	5,786
Total Costs	7,166
Accumulated Depreciation	(157)
Net Cost Basis	7,009
US 50 Business and Baxter Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	119
Building and Improvement, Initial Cost	1,652
Land, Total Costs	119
Building and Improvements, Total Costs	1,652
Total Costs	1,771
Accumulated Depreciation	(54)
Net Cost Basis	1,717
South Fox Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	297
Building and Improvement, Initial Cost	829
Land, Total Costs	297
Building and Improvements, Total Costs	829
Total Costs	1,126
Accumulated Depreciation	(22)
Net Cost Basis	1,104
West Street
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	17,381
Land, Total Costs	650
Building and Improvements, Total Costs	24,500
Total Costs	25,150
Accumulated Depreciation	(1,566)
Net Cost Basis	23,584
Mozzone Boulevard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,626
Building and Improvement, Initial Cost	38,406
Land, Total Costs	1,626
Building and Improvements, Total Costs	38,406
Total Costs	40,032
Accumulated Depreciation	(660)
Net Cost Basis	39,372
Stephenson Highway
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	22,293
Land, Total Costs	6,211
Building and Improvements, Total Costs	22,293
Total Costs	28,504
Accumulated Depreciation	(1,084)
Net Cost Basis	27,420
Hoover Road
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	6,979
Land, Total Costs	700
Building and Improvements, Total Costs	16,536
Total Costs	17,236
Accumulated Depreciation	(756)
Net Cost Basis	16,480
Leah Avenue
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	4,848
Land, Total Costs	2,222
Building and Improvements, Total Costs	6,043
Total Costs	8,265
Accumulated Depreciation	(164)
Net Cost Basis	8,101
Inland Center Drive
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	3,485
Building and Improvement, Initial Cost	21,911
Costs Capitalized Subsequent to Acquisition	9,587
Land, Total Costs	3,485
Building and Improvements, Total Costs	31,498
Total Costs	34,983
Net Cost Basis	34,983
Perez Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	734
Building and Improvement, Initial Cost	5,634
Costs Capitalized Subsequent to Acquisition	1,825
Land, Total Costs	734
Building and Improvements, Total Costs	7,459
Total Costs	8,193
Accumulated Depreciation	(153)
Net Cost Basis	8,040
19th Avenue Expansion
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost	1,357
Costs Capitalized Subsequent to Acquisition	22,609
Land, Total Costs	1,357
Building and Improvements, Total Costs	22,609
Total Costs	23,966
Net Cost Basis	$ 23,966

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in real estate, at cost:
Balance at beginning of year	$ 1,722,104	$ 1,060,239	$ 518,031
Purchases of investments in real estate	149,317	277,717	241,159
Additions and improvements, net	355,633	384,148	301,049
Sale of real estate investments	(22,367)
Balance at end of year	2,204,687	1,722,104	1,060,239
Accumulated Depreciation:
Balance at beginning of year	(81,938)	(40,195)	(12,170)
Depreciation expense, net	(58,935)	(41,743)	(28,025)
Sale of real estate investments	2,468
Balance at end of year	$ (138,405)	$ (81,938)	$ (40,195)