Innovative Industrial Properties (IIPR) 10-K 27 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 27, 2024	Jun. 30, 2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,205,423
Entity Public Float			$ 2
Auditor Name	BDO USA, P.C.
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	2023
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, 2023	Dec. 31, 2022
Real estate, at cost:
Land	$ 142,524	$ 139,953
Buildings and improvements	2,108,218	2,010,628
Construction in progress	117,773	54,106
Total real estate, at cost	2,368,515	2,204,687
Less accumulated depreciation	(202,692)	(138,405)
Net real estate held for investment	2,165,823	2,066,282
Construction loan receivable	22,000	18,021
Cash and cash equivalents	140,249	87,122
Restricted cash	1,450	1,450
Investments	21,948	200,935
Right of use office lease asset	1,355	1,739
In-place lease intangible assets, net	8,245	9,105
Other assets, net	30,020	30,182
Total assets	2,391,090	2,414,836
Liabilities:
Exchangeable Senior Notes, net	4,431	6,380
Notes due 2026, net	296,449	295,115
Building improvements and construction funding payable	9,591	29,376
Accounts payable and accrued expenses	11,406	10,615
Dividends payable	51,827	50,840
Rent received in advance and tenant security deposits	59,358	58,716
Other liabilities	5,056	1,901
Total liabilities	438,118	452,943
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, 2023 and December 31, 2022	14,009	14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,140,891 and 27,972,830 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	28	28
Additional paid-in capital	2,095,789	2,065,248
Dividends in excess of earnings	(156,854)	(117,392)
Total stockholders' equity	1,952,972	1,961,893
Total liabilities and stockholders' equity	$ 2,391,090	$ 2,414,836

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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	28,140,891	27,972,830
Common Stock, Shares Outstanding	28,140,891	27,972,830
Series A Preferred Stock
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental (including tenant reimbursements)	$ 307,349	$ 274,377	$ 204,551
Other	2,157	1,982
Total revenues	309,506	276,359	204,551
Expenses:
Property expenses	24,893	10,520	4,443
General and administrative expense	42,832	38,520	22,961
Depreciation and amortization expense	67,194	61,303	41,776
Total expenses	134,919	110,343	69,180
Gain on sale of real estate		3,601
Income from operations	174,587	169,617	135,371
Interest and other income	8,446	3,195	397
Interest expense	(17,467)	(18,301)	(18,086)
Gain (loss) on exchange of Exchangeable Senior Notes	22	(125)	(3,692)
Net income	165,588	154,386	113,990
Preferred stock dividends	(1,352)	(1,352)	(1,352)
Net income attributable to common stockholders	$ 164,236	$ 153,034	$ 112,638
Net income attributable to common stockholders per share (Note 8):
Basic (in dollars per share)	$ 5.82	$ 5.57	$ 4.69
Diluted (in dollars per share)	$ 5.77	$ 5.52	$ 4.55
Weighted-average shares outstanding:
Basic (in shares)	27,977,807	27,345,047	23,903,017
Diluted (in shares)	28,255,797	27,663,169	26,261,155

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, 2020	$ 14,009	$ 24		$ 1,559,059		$ (48,120)		$ 1,524,972
Balances at beginning of period (in shares) at Dec. 31, 2020		23,936,928
Net Income (Loss)						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 (Loss)						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
Net Income (Loss)						165,588		165,588
Exchange of Exchangeable Senior Notes				1,964				1,964
Exchange of Exchangeable Senior Notes (in shares)		32,200
Net proceeds from sale of common stock				9,564				9,564
Net proceeds from sale of common stock (in shares)		101,061
Preferred stock dividend						(1,352)		(1,352)
Common stock dividend						(203,698)		(203,698)
Issuance of unvested restricted stock, net of forfeitures				(568)				(568)
Issuance of unvested restricted stock, net of forfeitures (in shares)		34,800
Stock-based compensation				19,581				19,581
Balances at end of period at Dec. 31, 2023	$ 14,009	$ 28		$ 2,095,789		$ (156,854)		$ 1,952,972
Balances at end of period (in shares) at Dec. 31, 2023		28,140,891

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 165,588	$ 154,386	$ 113,990
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization	67,194	61,303	41,776
Loss (gain) on exchange of Exchangeable Senior Notes	(22)	125	3,692
Gain on sale of real estate		(3,601)
Other non-cash adjustments	111	185	95
Stock-based compensation	19,581	17,507	8,616
Amortization of discounts on investments	(3,198)	(2,246)	(340)
Amortization of debt discount and issuance costs	1,371	1,349	2,851
Changes in assets and liabilities
Other assets, net	352	(3,506)	(3,687)
Accounts payable, accrued expenses and other liabilities	3,924	2,717	3,102
Rent received in advance and tenant security deposits	642	5,911	18,652
Net cash provided by (used in) operating activities	255,543	234,130	188,747
Cash flows from investing activities
Purchases of investments in real estate	(34,906)	(150,090)	(287,585)
Proceeds from sale of real estate asset		23,500
Funding of draws for improvements and construction	(150,088)	(373,878)	(374,541)
Funding of construction loan and other investments	(3,979)	(21,683)	(16,068)
Deposits in escrow for acquisitions		(250)	(625)
Purchases of short-term investments	(111,872)	(388,800)	(569,772)
Maturities of short-term investments	294,057	515,000	864,498
Net cash provided by (used in) investing activities	(6,788)	(396,201)	(384,093)
Cash flows from financing activities
Issuance of common stock, net of offering costs	9,564	351,960
Gross proceeds from issuance of Notes due 2026			300,000
Payment of deferred financing costs	(561)		(6,855)
Payment of inducement and transaction costs relating to inducement of the Exchangeable Senior Notes			(1,696)
Dividends paid to common stockholders	(202,711)	(183,943)	(130,954)
Dividends paid to preferred stockholders	(1,352)	(1,352)	(1,352)
Taxes paid related to net share settlement of equity awards	(568)	(2,441)	(3,384)
Net cash provided by (used in) financing activities	(195,628)	164,224	155,759
Net increase (decrease) in cash, cash equivalents and restricted cash	53,127	2,153	(39,587)
Cash, cash equivalents and restricted cash, beginning of year	88,572	86,419	126,006
Cash, cash equivalents and restricted cash, end of year	141,699	88,572	86,419
Supplemental disclosure of cash flow information:
Cash paid during the year for interest, net of interest capitalized	16,125	17,247	14,381
Supplemental disclosure of non-cash investing and financing activities:
Accrual for current-period additions to real estate	8,385	29,376	46,274
Deposits applied for acquisitions	250	25	200
Accrual for common and preferred stock dividends declared	51,827	50,840	38,847
Exchange of Exchangeable Senior Notes for common stock	$ 2,000	26,682	109,040
Operating lease liability for obtaining right of use asset		$ 1,017	$ 192

Organization

Organization	12 Months Ended
	Dec. 31, 2023
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, 2023
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. Reclassification Federal Income Taxes. Use of Estimates. Reportable Segment strategies. The financial information disclosed herein represents all of the financial information related to our one 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. Certain acquisitions of real estate did not satisfy the requirements for sale-leaseback accounting and therefore as of December 31, 2023 and 2022, acquisitions of approximately $20.0 million and approximately $20.1 million, respectively, have been recognized as notes receivable and are included in other assets, net on our consolidated balance sheets. Sale of Real Estate. Gains and Losses from the Derecognition of Nonfinancial Assets Revenue from Contracts with Customers (Topic 606) Cost Capitalization and Depreciation. Amounts capitalized are depreciated on a straight-line basis over the estimated useful lives determined by management. We depreciate buildings and 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, 2023, 2022 and 2021, we recognized depreciation expense of approximately $66.3 million, $60.5 million and $41.7 million, respectively, which are included in depreciation and amortization expense in our consolidated statements of income. We depreciate office equipment and furniture and fixtures on a straight-line basis over the 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 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 at historical cost of the properties as the redevelopment project or phases of projects are placed in service. During the year ended December 31, 2023, we reclassified the net carrying value of the buildings and improvements 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, 2023, 2022 and 2021. Revenue Recognition. For the year ended December 31, 2023, rental revenue recognized included the application of approximately $3.1 million of security deposits for rent with two tenants who were in default under their respective lease agreements and approximately $5.7 million of security deposits for rent with three tenants in connection with lease amendments. Construction Loan. In February 2023, we amended the construction loan 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 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 continued to accrue through March 31, 2023, with monthly payments of interest contractually required commencing April 1, 2023. In December 2023, we further amended to construction loan to extend the loan term to June 30, 2024, with an option for the borrower to extend the loan term to December 31, 2024 upon satisfaction of certain conditions and payment of an extension fee. ​ Cash and Cash Equivalents Restricted Cash. Investments Exchangeable Notes. Deferred Financing Costs. Stock-Based Compensation. Lease Accounting. We account for our leases under ASC 842, Leases , and have 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, which contains annual escalations. 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, 2023, 2022 and 2021, we recognized office lease expense of approximately $486,000, $466,000 and $231,000, respectively, which are included in general and administrative expense in our consolidated statements of income. For the years ended December 31, 2023, 2022 and 2021, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were approximately $496,000, $402,000 and $234,000, 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. Recent Accounting Pronouncements . In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, measures of segment profit and loss, and disclosures of how the chief operating decision maker uses the reported measure(s) of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. . 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, 2023, 2022 and 2021, including tenant reimbursements: ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2023 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann Inc. ("PharmaCann") 11 ​ 15 % Ascend Wellness Holdings, Inc. ("Ascend") ​ 4 ​ 10 % Green Thumb Industries, Inc. ("Green Thumb") 3 ​ 8 % SH Parent, Inc. ("Parallel") (1) ​ 4 ​ 7 % Curaleaf Holdings, Inc. ("Curaleaf") 8 ​ 7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann 11 ​ 14 % Parallel (1) ​ 4 ​ 10 % Ascend 4 ​ 9 % Green Thumb ​ 3 ​ 7 % Trulieve Cannabis Corp. 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 % (1) Commencing in November 2022, Parallel defaulted on its obligations to pay rent at one of our Pennsylvania properties, and we regained possession of that property in October 2023. In February 2023, Parallel defaulted on its obligations to pay rent at one of our Texas properties, and we regained possession of that property in March 2023. See Note 11 “Commitments and Contingencies — Litigation” 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 and regained possession of those properties, which continued to be in development or redevelopment as of December 31, 2023. Kings Garden paid the stipulated rent during its period of occupancy for the remaining four properties through September 20, 2023, and we regained possession of those properties in September 2023. See Note 11 “Commitments and Contingencies — Litigation” for more information. In each of the tables above, these leases include leases with affiliates of each entity, for which the entity has provided a corporate guaranty. As of December 31, 2023, our largest property was located in New York and accounted for approximately 5.4% of our net real estate held for investment. No other properties accounted for more than 5% of our net real estate held for investment as of December 31, 2023. As of December 31, 2022, 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, 2023, 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, 2023
Common Stock.
Common Stock	3. Common Stock As of December 31, 2023, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 28,140,891 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. ​ 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 (the “ATM Program”) up to $500.0 million in shares of our common stock. During the year ended December 31, 2023, we sold 101,061 shares of our common stock under the ATM Program for net proceeds of approximately $9.6 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. ​ During the year ended December 31, 2023, we issued 32,200 shares of our common stock upon exchange by holders of $2.0 million of outstanding principal amount of our Exchangeable Senior Notes. ​

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2023
Preferred Stock.
Preferred Stock	4. Preferred Stock As of December 31, 2023, 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 (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, 2023
Dividends
Dividends	5. Dividends The following table describes the dividends declared by the Company during the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ Dividend Dividend Declaration Date ​ Security Class ​ Per Share ​ Period Covered ​ Paid Date ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) 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 March 15, 2023 ​ Common stock ​ $ 1.80 ​ January 1, 2023 to March 31, 2023 ​ April 14, 2023 ​ $ 50,725 March 15, 2023 ​ Series A preferred stock ​ $ 0.5625 ​ January 15, 2023 to April 14, 2023 ​ April 14, 2023 ​ $ 338 June 15, 2023 ​ Common stock ​ $ 1.80 ​ April 1, 2023 to June 30, 2023 ​ July 14, 2023 ​ $ 50,742 June 15, 2023 ​ Series A preferred stock ​ $ 0.5625 ​ April 15, 2023 to July 14, 2023 ​ July 14, 2023 ​ $ 338 September 15, 2023 ​ Common stock ​ $ 1.80 ​ July 1, 2023 to September 30, 2023 ​ October 13, 2023 ​ $ 50,742 September 15, 2023 ​ Series A preferred stock ​ $ 0.5625 ​ July 15, 2023 to October 14, 2023 ​ October 13, 2023 ​ $ 338 December 15, 2023 ​ Common stock ​ $ 1.82 ​ October 1, 2023 to December 31, 2023 ​ January 12, 2024 ​ $ 51,489 December 15, 2023 ​ Series A preferred stock ​ $ 0.5625 ​ October 15, 2023 to January 14, 2024 ​ January 12, 2024 ​ $ 338 ​

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2023
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, 2023 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ Initial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Purchase ​ Transaction ​ ​ ​ ​ Property Market Closing Date Feet (1) Price Costs Total Susquehanna Street ​ Pennsylvania ​ February 15, 2023 ​ 58,000 ​ $ 15,000 ​ $ 26 ​ $ 15,026 ​ Boltonfield Street ​ Ohio ​ March 3, 2023 ​ 157,000 ​ ​ 20,100 ​ ​ 29 ​ ​ 20,129 (2) Total ​ ​ 215,000 ​ $ 35,100 ​ $ 55 ​ $ 35,155 (3) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) The tenant is expected to complete improvements at the property, for which we agreed to provide funding of up to $21.9 million. (3) Approximately $2.6 million was allocated to land and approximately $32.6 million was allocated to building and improvements. ​ Acquired In-Place Lease Intangible Assets In-place lease intangible assets and related accumulated amortization as of December 31, 2023 and 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 In-place lease intangible assets ​ $ 9,979 ​ $ 9,979 Accumulated amortization (1,734) ​ (874) In-place lease intangible assets, net ​ $ 8,245 ​ $ 9,105 ​ Amortization of in-place lease intangible assets classified in depreciation and amortization expense in our consolidated statements of income was approximately $860,000, $841,000 and $33,000 for the years ended December 31, 2023, 2022 and 2021, respectively. The remaining weighted-average amortization period of the value of acquired in-place leases was approximately 9.6 years, and the estimated annual amortization of the value of the acquired in-place leases as of December 31, 2023 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2024 ​ $ 860 2025 ​ 860 2026 ​ 860 2027 ​ 860 2028 ​ ​ 860 Thereafter ​ 3,945 Total ​ $ 8,245 ​ 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, 2023 and 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Above-market lease ​ $ 1,054 ​ $ 1,054 Accumulated amortization (187) ​ (95) Above-market lease, net ​ $ 867 ​ $ 959 ​ next five years approximately Additional Improvement Allowances 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. We also amended each of our leases with Ascend to include cross-default provisions applicable to each lease. ​ In February 2023, we amended our lease and development agreement with PharmaCann at one of our New York properties, increasing the construction funding 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. We also amended each of our leases with PharmaCann to include cross-default provisions applicable to each lease. ​ In February 2023, we amended our lease with a subsidiary of Goodness Growth Holdings Inc. (“Goodness Growth”) 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. We also amended each of our leases with Goodness Growth to include cross-default provisions applicable to each lease. ​ In October 2023, we amended our lease with a subsidiary of Goodness Growth at one of our New York properties, increasing the improvement allowance under the lease by $14.0 million to a total of approximately $67.4 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. In connection with the lease amendment, the tenant prepaid rent for the three month period commencing on November 1, 2023 and ending January 31, 2024. ​ Lease Amendments 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. ​ In March 2023, we executed a lease amendment with Temescal Wellness of Massachusetts, LLC at our Massachusetts property, which (1) provided for temporary reduced base rent from April 2023 through January 2024 to be partially paid through application of security deposits, with pro rata payback of those security deposits over twelve months starting in February 2024; (2) extended the lease term; and (3) increased base rent for the remainder of the term of the lease. ​ In July 2023, we amended our lease with a subsidiary of 4Front Ventures Corp. (“4Front”) at one of our Illinois properties, pursuant to which, among other things, we agreed to apply a portion of the security deposit that we hold under the lease to pay one-half of the monthly installments of base rent due from the tenant, commencing on August 1, 2023 and continuing through November 30, 2023, which the tenant is then required to repay over a 12 -month period commencing on January 1, 2024. ​ New Leases ​ In June 2023, we executed a new long-term lease with a tenant at our property located at 68860 Perez Road in Cathedral City, California that was previously leased to Kings Garden, which is under construction as of December 31, 2023. ​ In December 2023, we executed a new lease with a tenant at our property located at 9410 Davis Highway in Dimondale, Michigan that was previously leased to Green Peak, which is under construction as of December 31, 2023. ​ Capitalized Costs ​ Including all of our properties, during the year ended December 31, 2023, we capitalized costs of approximately $130.7 million and funded approximately $150.1 million relating to improvements and construction activities at our properties. Property Dispositions 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. In March 2023, we sold the portfolio of four properties in California previously leased to affiliates of Medical Investor Holdings, LLC (“Vertical”) for $16.2 million (excluding transaction costs) and provided a secured loan for $16.1 million to the buyer of the properties. The loan matures on February 29, 2028 with two options to extend the maturity for twelve months, conditional in each instance on the payment of an extension fee and at least $500,000 of the principal balance. The loan is interest only and payments are payable monthly in advance. The transaction did not qualify for recognition as a completed sale under GAAP since not all of the criteria were met. Accordingly, we have not derecognized the assets transferred on our consolidated balance sheets. All consideration received, as well as any future payments, from the buyer will be recognized as a deposit liability and will be included in other liabilities on our consolidated balance sheet until such time the criteria for recognition as a sale have been met. As of December 31, 2023, we received interest payments of approximately $1.3 million. In addition, as we have not met all of the held-for-sale criteria, land and building and improvements with gross carrying values of approximately $3.4 million and approximately $13.9 million, respectively, and accumulated depreciation of approximately $1.6 million as of December 31, 2023, remain on the consolidated balance sheet, and the buildings and improvements continue to be depreciated. Future Contractual Minimum Rent Future contractual minimum rent (including base rent and property management fees) under the operating leases as of December 31, 2023 for future periods is summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Contractual Minimum Rent 2024 ​ $ 291,260 2025 ​ 303,164 2026 ​ 312,135 2027 ​ 319,665 2028 ​ 326,618 Thereafter ​ 3,727,850 Total ​ $ 5,280,692 ​ ​

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt
Debt	7. Debt Exchangeable Senior Notes As of December 31, 2023 and 2022, our Operating Partnership had outstanding approximately $4.4 million and $6.4 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, 2023 was 17.30699 shares of our common stock per $1,000 principal amount of the Exchangeable Senior Notes and the exchange price at December 31, 2023 was approximately $57.78 per share of our common stock. At December 31, 2023, there were 76,774 shares potentially issuable upon conversion of the Exchangeable Senior Notes. 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. The effective interest rate including amortization of issuance costs is 4.53%. 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, 2023, the if-exchanged value of the Exchangeable Senior Notes exceeded the principal amount by approximately $3.3 million. See Note 12 “Subsequent Events” for more information. During the year ended December 31, 2023, we issued 32,200 shares of our common stock upon exchanges by holders of $2.0 million of outstanding principal amount of our Exchangeable Senior Notes. For the year ended December 31, 2023, we recognized a gain on the exchange totaling approximately $22,000 , 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 net non-cash increase to our additional paid-in capital account of approximately $2.0 million for the year ended December 31, 2023. 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, ​ 2023 ​ 2022 2021 Cash coupon ​ $ 182 ​ $ 452 ​ $ 5,380 Amortization of debt discount ​ ​ — ​ ​ — ​ ​ 1,146 Amortization of issuance cost ​ 37 ​ ​ 94 ​ ​ 991 Capitalized interest ​ ​ (7) ​ ​ — ​ ​ — Total interest expense ​ $ 212 ​ $ 546 ​ $ 7,517 ​ ​ The following table details the carrying value of our Exchangeable Senior Notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Principal amount $ 4,436 $ 6,436 Unamortized issuance cost (5) ​ (56) Carrying value $ 4,431 $ 6,380 ​ Accrued interest payable for the Exchangeable Senior Notes was approximately $49,000 and $70,000 as of December 31, 2023 and 2022, 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 and will mature on 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, Argent Institutional 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 effective interest rate including amortization of issuance costs is 6.03%. The following table details our interest expense related to the Notes due 2026 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2023 ​ 2022 2021 Cash coupon ​ $ 16,500 ​ $ 16,500 ​ $ 9,854 Amortization of issuance cost ​ ​ 1,334 ​ ​ 1,255 ​ ​ 715 Capitalized interest ​ (620) ​ ​ — ​ ​ — Total interest expense ​ $ 17,214 ​ $ 17,755 ​ $ 10,569 ​ The following table details the carrying value of our Notes due 2026 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Principal amount $ 300,000 $ 300,000 Unamortized issuance cost (3,551) ​ (4,885) Carrying value $ 296,449 $ 295,115 ​ 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, 2023. Accrued interest payable for the Notes due 2026 as of December 31, 2023 and 2022 was approximately $2.1 million and is included in accounts payable and accrued expenses on our consolidated balance sheets. Revolving Credit Facility On October 23, 2023, our Operating Partnership entered into a loan and security agreement (the “Loan Agreement”) with a federally regulated commercial bank, as lender and as agent for lenders that become party thereto from time to time. The Loan Agreement matures on October 23, 2026, and provides $30.0 million in aggregate commitments for secured revolving loans (the “Revolving Credit Facility”), the availability of which is based on a borrowing base consisting of real properties owned by subsidiaries (the “Subsidiary Guarantors”) of the Operating Partnership that satisfy eligibility criteria set forth in the Loan Agreement. The obligations of the Operating Partnership under the Loan Agreement are guaranteed by the Company and the Subsidiary Guarantors, and are secured by (i) operating accounts of the Operating Partnership into which lease payments under the real property included in the borrowing base are paid, (ii) the equity interest of the Subsidiary Guarantors, (iii) the real estate included in the borrowing base and the leases and rents thereunder, and (iv) all personal property of the Subsidiary Guarantors. Borrowings under the Revolving Credit Facility bear interest at a variable rate based on the greater of the prime rate and an applicable margin based on deposits with the participating bank(s) and a stipulated interest rate. The Revolving Credit Facility is subject to an unused line of credit fee, calculated in accordance with the Loan Agreement. The Loan Agreement is subject to certain liquidity and operating covenants and includes customary representations and warranties, affirmative and negative covenants and events of default. The Loan Agreement also allows the Operating Partnership, subject to the satisfaction of certain conditions, to request additional revolving loan commitments up to a specified amount. There were no amounts outstanding under the Revolving Credit Facility as of December 31, 2023. In connection with the Revolving Credit Facility, we recorded approximately $561,000 of issuance costs, which are being amortized on a straight-line basis and recognized as non-cash interest expense over the term of the Revolving Credit Facility. For the year ended December 31, 2023, we recognized approximately $41,000 of non-cash interest expense related to the Revolving Credit Facility. The following table summarizes the principal payments on our outstanding indebtedness as of December 31, 2023 (in thousands): ​ ​ ​ ​ Payments Due ​ ​ by Year Amount 2024 ​ ​ 4,436 2025 ​ ​ — 2026 ​ ​ 300,000 2027 ​ ​ — 2028 ​ ​ — Thereafter ​ ​ — Total ​ $ 304,436 ​ ​

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2023
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, 2023, 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 81,169 shares, 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, 2023, 2022 and 2021, respectively, and were included in the computation of diluted earnings per share. For the years ended December 31, 2023 and 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 the respective dates. 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, ​ 2023 2022 2021 Net income ​ $ 165,588 ​ $ 154,386 ​ $ 113,990 Preferred stock dividends ​ (1,352) ​ (1,352) ​ (1,352) Distribution to participating securities ​ (1,482) ​ (834) ​ (557) Net income attributable to common stockholders used to compute net income per share – basic ​ ​ 162,754 ​ ​ 152,200 ​ ​ 112,081 Dilutive effect of Exchangeable Senior Notes ​ ​ 212 ​ ​ 546 ​ ​ 7,517 Net income attributable to common stockholders used to compute net income per share – diluted ​ $ 162,966 ​ $ 152,746 ​ $ 119,598 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding: ​ ​ ​ Basic ​ 27,977,807 ​ 27,345,047 ​ 23,903,017 Restricted stock and RSUs ​ ​ 196,821 ​ ​ 116,046 ​ ​ 96,174 PSUs ​ ​ — ​ ​ — ​ ​ 81,414 Dilutive effect of Exchangeable Senior Notes ​ ​ 81,169 ​ ​ 202,076 ​ ​ 2,180,550 Diluted ​ 28,255,797 ​ 27,663,169 ​ 26,261,155 Net income attributable to common stockholders per share: ​ ​ ​ ​ ​ Basic ​ $ 5.82 ​ $ 5.57 ​ $ 4.69 Diluted ​ $ 5.77 ​ $ 5.52 ​ $ 4.55 ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 ​ At December 31, 2022 ​ ​ ​ ​ ​ ​ Carrying Value Fair Value Carrying Value Fair Value Investments (1) ​ $ 21,948 ​ $ 21,951 ​ $ 200,935 ​ $ 200,715 Investments as cash equivalents (2) ​ $ 15,187 ​ $ 15,029 ​ $ — ​ $ — Exchangeable Senior Notes (3) ​ $ 4,431 ​ $ 7,576 ​ $ 6,380 ​ $ 10,282 Notes due 2026 (3) ​ $ 296,449 ​ $ 278,325 ​ $ 295,115 ​ $ 264,234 Construction Loan (4) ​ $ 22,000 ​ $ 27,543 ​ $ 18,021 ​ $ 20,167 (1) Investments consisting of short-term obligations of the U.S. government with an original maturity at the time of purchase of greater than three months and less than one year are classified as held-to-maturity and valued using Level 1 inputs. At December 31, 2023, the unrecognized gain was approximately $78,000 . (2) Investments as cash equivalents consisting of obligations of the U.S. government with an original maturity at the time of purchase of less than or equal to three months are classified as held-to-maturity and valued using Level 1 inputs. (3) 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. (4) The construction loan receivable is categorized as Level 3 and was valued using a yield analysis, which is typically performed for non-credit impaired loans. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the expected market yield for a similarly structured loan with a similar level of risk. In the yield analysis, the Company considers the current contractual interest rate, the maturity and other terms of the loan relative to risk of the company and the specific loan. At December 31, 2023 and 2022, the expected market yields used to determine fair value were 16.25% and 25% , respectively. Changes in market yields may change the fair value of the construction loan. Generally, an increase in market yields may result in a decrease in the fair value of the construction loan. Due to the inherent uncertainty of determining the fair value of a loan that does not have a readily available market value, the fair value of the construction loan may fluctuate from period to period. Additionally, the fair value of the construction loan may differ significantly from the value that would have been used had a readily available market existed for such loan and may differ materially from the value that the Company may ultimately realize. ​ The carrying amounts of cash equivalents, accounts payable, accrued expenses and other liabilities approximate fair values.

Common Stock Incentive Plan

Common Stock Incentive Plan	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 is included in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Restricted ​ Average Grant Date ​ ​ Shares ​ Fair Value 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 Granted ​ 40,770 ​ $ 105.85 Vested ​ (12,115) ​ $ 173.37 Forfeited (1) ​ (5,970) ​ $ 116.31 Nonvested balance at December 31, 2023 ​ 56,711 ​ $ 135.46 (1) Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting or employees’ cessation of employment. The remaining unrecognized compensation cost of approximately $4.3 million for restricted stock awards is expected to be recognized over a weighted-average amortization period of approximately 1.6 years as of December 31, 2023. The fair value of restricted stock that vested in 2023, 2022 and 2021 was approximately $1.7 million, $6.9 million and $8.8 million, respectively. The following table summarizes our RSU activity for the years ended December 31, 2023, 2022 and 2021. 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, 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 Granted ​ 66,279 ​ $ 101.40 Balance at December 31, 2023 ​ 149,956 ​ $ 125.34 ​ The remaining unrecognized compensation cost of approximately $5.9 million for RSU awards is expected to be recognized over an amortization period of approximately 1.7 years as of December 31, 2023. ​ 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, 2023, 2022 and 2021, we recognized stock-based compensation expense of approximately $10.7 million, $10.7 million and $4.0 million respectively, relating to the PSU awards. As of December 31, 2023, the remaining unrecognized compensation cost of approximately $6.7 million relating to the PSUs granted in January 2022 is expected to be recognized over the remaining Performance Period of 1.0 year. As measured as of December 31, 2023, the performance thresholds for the vesting of the PSUs were not met for any of the applicable awards, and the PSUs granted in January 2021 were forfeited in their entirety pursuant to the terms of the agreements.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies Office Lease. ​ ​ ​ ​ ​ Year Amount 2024 ​ $ 511 2025 ​ 526 2026 ​ 543 2027 ​ 45 2028 ​ — Total future contractual lease payments ​ 1,625 Effect of discounting ​ (143) Office lease liability ​ $ 1,482 ​ Improvement Allowances. Construction Commitments. million of commitments related to contracts with vendors for improvements at our properties. 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 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 September 19, 2023, the court granted defendants’ motion to dismiss the Amended Class Action Complaint without prejudice. ​ On October 19, 2023, a Second Amended Class Action Complaint was filed under the same Case Number, and asserted 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 Second 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 18, 2023, defendants moved to dismiss the Second Amended Class Action Complaint. On February 1, 2024, plaintiff responded with their opposition to defendants’ motion to dismiss the Second Amended Class Action Complaint. Defendants’ reply in support of the motion to dismiss is due March 1, 2024. 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 Draper, 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 Ross Weintraub, derivatively on behalf of Innovative Industrial Properties, Inc. v. Alan Gold, Paul Smithers, Catherine Hastings, Ben Regin, Andy Bui, Tracie Hager, Gary Kreitzer, David Stecher, Scott Shoemaker, Mary Curran, and Innovative Industrial Properties, Inc., Franco DeBlasio, on behalf of Gerich Melenth Nin (GMN) LP, derivatively on behalf of Innovative Industrial Properties, Inc. v. Paul Smithers, Catherine Hastings, Alan D. Gold, Tracie J. Hager, Benjamin C. Regin, Andy Bui, Gary A. Kreitzer, David Stecher, Scott Shoemaker, Mary Curran, and Innovative Industrial Properties, Inc., at this time, the Company cannot predict the probable outcome of these actions, and, accordingly, no amounts have been accrued in the Company’s consolidated financial statements. ​ Kings Garden Lawsuit On July 25, 2022, IIP-CA 2 LP filed a lawsuit against Kings Garden, a former tenant at six properties. 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, 2023, 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 the assignment of one of the Kings Garden leases. On August 4, 2023, the Company accepted an offer of judgment extended by Kings Garden under California Code of Civil Procedure Section 998, pursuant to which Kings Garden (i) vacated the remaining four properties it previously occupied in September 2023, paying the stipulated rent during its period of occupancy through September 20, 2023, and (ii) agreed to pay the Company damages and attorneys’ fees totaling approximately $6.0 million, including interest on the then-outstanding amount, on a fully amortizing schedule of approximately $193,000 per month over a three-year period. The offer of judgment included a mutual release. During November and December 2023, we received an aggregate of approximately $386,000 from Kings Garden pursuant to the terms of the offer of judgement, which is primarily reported as rental revenues for the year ended December 31, 2023. ​ Orr Lawsuit ​ On August 16, 2023, we filed suit against Orr Builders, the general contractor for certain amounts on one construction project undertaken by Kings Garden, and filed a first amended complaint on January 24, 2024, named IIP-CA 2 LP v. Orr Builders and Does 1-20 ​ Enviro Air Lawsuit ​ On January 29, 2024, we filed suit against Enviro Air Systems Inc., Haik Akiopyan and Desert Construction Services, LLC, regarding certain amounts for one construction project undertaken by Kings Garden, named IIP-CA 2 LP vs. Enviro Air Systems Inc., Haik Akopyan and Desert Construction Services, LLC ​ Parallel Pennsylvania Litigation 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. On October 25, 2023, a consent order was executed by the Court which awarded possession of the property to IIP-PA 8 LLC on October 31, 2023 and damages in favor of IIP-PA 8 LLC in the amount of approximately $15.5 million. In December 2023, IIP-PA 8 LLC received approximately $1.7 million from Goodblend Pennsylvania LLC as a partial payment of the judgment, which is reported as rental revenues for the year ended December 31, 2023. ​ Parallel Texas Litigation 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. In March 2023, a judgment for possession was entered in favor of IIP-TX 1 LLC, as well as monthly rental amounts due, and we regained possession of the property. On March 13, 2023, IIP-TX 1 LLC filed a subsequent lawsuit against Surterra San Marcos, LLC, Parallel and Sunstream Opportunities LP (“SAF Entity 1”) in the District Court of Hays County, Texas, regarding the same lease, asserting claims against Surterra San Marcos, LLC, Parallel and SAF Entity 1 for breach of contract, tortious interference with contract, unjust enrichment, fraud and fraudulent inducement, intentional failure to disclose and misrepresentations and conversion, and also requested the granting of a temporary injunction and the appointment of a receiver over the license(s) pertaining to the property’s operations as a regulated cannabis facility. The parties exchanged initial disclosures in September 2023, and are in the discovery phase. Green Peak Michigan Litigation On February 22, 2023, IIP-MI 1 LLC filed a lawsuit against Green Peak and Tropics LP (“SAF Entity 2”) in the Circuit Court of Eaton County, Michigan, regarding a lease for one of the Company’s properties located in Michigan, asserting claims against Green Peak for breach of contract, unjust enrichment, and innocent misrepresentation, against SAF Entity 2 for tortious interference with contract, and against both Green Peak and SAF Entity 2 for civil conspiracy (the “Circuit Court Action”). On March 3, 2023, a receiver was appointed over substantially all of Green Peak’s assets in the Circuit Court of Ingham County, Michigan (the “Receivership Case”), pursuant to which the Company subsequently re-gained possession of one of the Company’s cultivation and processing properties, which is under redevelopment as December 31, 2023, and three retail properties. As a result of the Receivership Case, the claims asserted against Green Peak in the Circuit Court Action were stayed by order of the court and the claims against SAF Entity 2 were suspended by agreement of the parties pending the outcome of the Receivership Case. On October 3, 2023, the court approved the sale of substantially all of Green Peak’s remaining assets in receivership to an affiliate of Green Peak’s senior secured lender. The receiver informed the Company that it intends to vacate the remaining operational cannabis cultivation and processing facility occupied by the receiver by February 29, 2024. The leases for the remaining 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, 2023
Subsequent Events
Subsequent Events	12. Subsequent Events Exchange of Remaining Outstanding Principal Amount Exchangeable Senior Notes ​ Subsequent to year-end, we issued 28,408 shares of our common stock and paid approximately $4.3 million in cash upon exchange by holders of approximately $4.3 million principal amount of Exchangeable Senior Notes and paid off the remaining $100,000 principal amount at maturity, in accordance with terms of the indenture for the Exchangeable Senior Notes. ​ Lease Amendments ​ In January 2024, we entered into lease amendments with subsidiaries of 4Front Ventures Corp. (“4Front”) at the four properties we lease to them in Illinois, Massachusetts and Washington, extending the term of each lease. The Illinois property, which is under development, has experienced significant delays in construction, primarily relating to completion of required utilities enhancements, which has resulted in an extended delay of the estimated completion of the project. As a result, we amended the Illinois lease to reduce base rent owing for the nine months ending September 30, 2024, defer the payback of the security deposit applicable to the lease (with the security deposit subject to future pro-rata monthly payback), and increase the base rent for the remainder of the term commencing November 1, 2024. In February 2024, we amended our lease and development agreement with PharmaCann at one of our New York properties, increasing the construction funding by $16.0 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. We also amended the lease to extend the term. New Lease ​ In January 2024, we executed a new lease with a tenant at one of our retail properties in Michigan that was previously leased to Green Peak. ​ Amendment to Loan Agreement to Increase Commitments Under Revolving Credit Facility ​ In February 2024, our Operating Partnership entered into an amendment to the Loan Agreement, pursuant to which the aggregate commitments under the Revolving Credit Facility were increased from $30.0 million to $45.0 million. ​

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
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, 2023 (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 (6) Total Depreciation Basis Year Acquired East Cherry Street ​ Industrial ​ Arizona ​ 1971 / 2016 ​ $ 723 ​ $ 3,995 ​ $ — ​ $ 723 ​ $ 3,995 ​ $ 4,718 ​ $ (171) ​ $ 4,547 ​ 2022 West Greenhouse Drive ​ Industrial ​ Arizona ​ 1995 / 2017 ​ ​ 398 ​ ​ 14,629 ​ ​ 5,003 ​ ​ 398 ​ ​ 19,632 ​ ​ 20,030 ​ ​ (4,221) ​ ​ 15,809 ​ 2017 Perez Road (5) ​ Industrial ​ California ​ 1981 / (2) ​ ​ 734 ​ ​ 5,634 ​ ​ 7,080 ​ ​ 734 ​ ​ 12,714 ​ ​ 13,448 ​ ​ (329) ​ ​ 13,119 ​ 2022 64125 19th Avenue ​ Industrial ​ California ​ 2019 / 2023 ​ ​ 5,930 ​ ​ 45,081 ​ ​ 12,605 ​ ​ 5,930 ​ ​ 57,686 ​ ​ 63,616 ​ ​ (3,144) ​ ​ 60,472 ​ 2021 McLane Street ​ Industrial ​ California ​ 2005 / 2019 ​ ​ 1,577 ​ ​ 15,935 ​ ​ — ​ ​ 1,577 ​ ​ 15,935 ​ ​ 17,512 ​ ​ (1,449) ​ ​ 16,063 ​ 2020 Inland Center Drive (5) ​ Industrial (4) ​ California ​ 1969 / (2) ​ ​ 3,485 ​ ​ 21,911 ​ ​ 10,481 ​ ​ 3,485 ​ ​ 32,392 ​ ​ 35,877 ​ ​ — ​ ​ 35,877 ​ 2020 63795 19th Avenue (5) ​ Industrial ​ California ​ 2004 / (2) ​ ​ 3,534 ​ ​ 12,852 ​ ​ 18,234 ​ ​ 3,534 ​ ​ 31,086 ​ ​ 34,620 ​ ​ (1,869) ​ ​ 32,751 ​ 2019 North Anza Road ​ Industrial (4) ​ California ​ 1980 / 2017 ​ ​ 916 ​ ​ 5,406 ​ ​ — ​ ​ 916 ​ ​ 5,406 ​ ​ 6,322 ​ ​ (786) ​ ​ 5,536 ​ 2019 North Anza Road & Del Sol Road ​ Industrial (4) ​ California ​ 1980 / 2017 ​ ​ 840 ​ ​ 4,959 ​ ​ — ​ ​ 840 ​ ​ 4,959 ​ ​ 5,799 ​ ​ (721) ​ ​ 5,078 ​ 2019 1804 Needles Highway (3) ​ Industrial ​ California ​ 1964 / 2019 ​ ​ 174 ​ ​ 715 ​ ​ 1 ​ ​ 174 ​ ​ 716 ​ ​ 890 ​ ​ (84) ​ ​ 806 ​ 2019 West Broadway (3) ​ Industrial ​ California ​ 1976 / 2019 ​ ​ 289 ​ ​ 1,185 ​ ​ 2 ​ ​ 289 ​ ​ 1,187 ​ ​ 1,476 ​ ​ (139) ​ ​ 1,337 ​ 2019 3253 Needles Highway (3) ​ Industrial ​ California ​ 2018 / 2019 ​ ​ 949 ​ ​ 3,900 ​ ​ 8 ​ ​ 949 ​ ​ 3,908 ​ ​ 4,857 ​ ​ (458) ​ ​ 4,399 ​ 2019 3241 & 3247 Needles Highway (3) ​ Industrial ​ California ​ 2020 / 2020 ​ ​ 1,981 ​ ​ 8,138 ​ ​ 16 ​ ​ 1,981 ​ ​ 8,154 ​ ​ 10,135 ​ ​ (957) ​ ​ 9,178 ​ 2019 Sacramento ​ Industrial ​ California ​ 1990 / 2019 ​ ​ 1,376 ​ ​ 5,321 ​ ​ 6,033 ​ ​ 1,376 ​ ​ 11,354 ​ ​ 12,730 ​ ​ (1,694) ​ ​ 11,036 ​ 2019 Steele Street ​ Industrial ​ Colorado ​ 1967 / 1978 / 2018 ​ ​ 2,101 ​ ​ 9,176 ​ ​ — ​ ​ 2,101 ​ ​ 9,176 ​ ​ 11,277 ​ ​ (1,579) ​ ​ 9,698 ​ 2018 Washington Street ​ Industrial ​ Colorado ​ 1975 / 2017 ​ ​ 4,309 ​ ​ 4,988 ​ ​ — ​ ​ 4,309 ​ ​ 4,988 ​ ​ 9,297 ​ ​ (271) ​ ​ 9,026 ​ 2021 West Barberry Place ​ Industrial ​ Colorado ​ 1971 / 2012 ​ ​ 389 ​ ​ 2,478 ​ ​ — ​ ​ 389 ​ ​ 2,478 ​ ​ 2,867 ​ ​ (129) ​ ​ 2,738 ​ 2021 Hamilton Road ​ Industrial ​ Florida ​ 1982 / 2021 ​ ​ 2,186 ​ ​ 17,371 ​ ​ 36,340 ​ ​ 2,186 ​ ​ 53,711 ​ ​ 55,897 ​ ​ (3,871) ​ ​ 52,026 ​ 2020 West Lake Drive ​ Industrial ​ Florida ​ 2014 / 2021 ​ ​ 1,071 ​ ​ 34,249 ​ ​ 16,007 ​ ​ 1,071 ​ ​ 50,256 ​ ​ 51,327 ​ ​ (5,808) ​ ​ 45,519 ​ 2020 NW Highway 441 ​ Industrial ​ Florida ​ 1981 / 2021 ​ ​ 752 ​ ​ 23,064 ​ ​ 17,782 ​ ​ 752 ​ ​ 40,846 ​ ​ 41,598 ​ ​ (3,237) ​ ​ 38,361 ​ 2021 Ben Bostic Road ​ Industrial ​ Florida ​ 2019 / 2020 ​ ​ 274 ​ ​ 16,729 ​ ​ — ​ ​ 274 ​ ​ 16,729 ​ ​ 17,003 ​ ​ (2,214) ​ ​ 14,789 ​ 2019 East Mazon Avenue ​ Industrial ​ Illinois ​ 1992 / 2020 ​ ​ 201 ​ ​ 17,807 ​ ​ 10,008 ​ ​ 201 ​ ​ 27,815 ​ ​ 28,016 ​ ​ (4,107) ​ ​ 23,909 ​ 2019 Revolution Road ​ Industrial ​ Illinois ​ 2015 / 2020 ​ ​ 563 ​ ​ 18,457 ​ ​ 51,538 ​ ​ 563 ​ ​ 69,995 ​ ​ 70,558 ​ ​ (9,631) ​ ​ 60,927 ​ 2018 East 4th Street ​ Industrial ​ Illinois ​ 2015 / 2020 ​ ​ 739 ​ ​ 8,284 ​ ​ 40,998 ​ ​ 739 ​ ​ 49,282 ​ ​ 50,021 ​ ​ (5,887) ​ ​ 44,134 ​ 2020 Industrial Drive ​ Industrial ​ Illinois ​ 1984 / 2020 ​ ​ 350 ​ ​ 10,191 ​ ​ 29,446 ​ ​ 350 ​ ​ 39,637 ​ ​ 39,987 ​ ​ (5,287) ​ ​ 34,700 ​ 2019 S US Highway 45 52 ​ Industrial ​ Illinois ​ 2015 / 2019 ​ ​ 268 ​ ​ 11,840 ​ ​ 13,279 ​ ​ 268 ​ ​ 25,119 ​ ​ 25,387 ​ ​ (3,477) ​ ​ 21,910 ​ 2019 Centerpoint Way ​ Industrial ​ Illinois ​ 2016 / 2019 ​ ​ 2,947 ​ ​ 17,761 ​ ​ 254 ​ ​ 2,947 ​ ​ 18,015 ​ ​ 20,962 ​ ​ (2,376) ​ ​ 18,586 ​ 2019 Adams Street ​ Industrial ​ Illinois ​ (2) ​ ​ 3,366 ​ ​ — ​ ​ 62,247 ​ ​ 3,366 ​ ​ 62,247 ​ ​ 65,613 ​ ​ (2,273) ​ ​ 63,340 ​ 2021 South Street ​ Industrial ​ Maryland ​ 1980 / 2021 ​ ​ 1,861 ​ ​ 14,775 ​ ​ 12,858 ​ ​ 1,861 ​ ​ 27,633 ​ ​ 29,494 ​ ​ (2,134) ​ ​ 27,360 ​ 2021 Alaking Court ​ Industrial ​ Maryland ​ 2017 / 2017 ​ ​ 2,785 ​ ​ 8,410 ​ ​ 22,765 ​ ​ 2,785 ​ ​ 31,175 ​ ​ 33,960 ​ ​ (5,711) ​ ​ 28,249 ​ 2017 Western Maryland Parkway ​ Industrial ​ Maryland ​ 1996 / 2021 ​ ​ 1,849 ​ ​ 23,441 ​ ​ — ​ ​ 1,849 ​ ​ 23,441 ​ ​ 25,290 ​ ​ (1,001) ​ ​ 24,289 ​ 2022 Hopping Brook Road ​ Industrial ​ Massachusetts ​ 2020 / 2020 ​ ​ 3,030 ​ ​ — ​ ​ 27,512 ​ ​ 3,030 ​ ​ 27,512 ​ ​ 30,542 ​ ​ (3,236) ​ ​ 27,306 ​ 2018 Chestnut Hill Avenue ​ Industrial ​ Massachusetts ​ 1938 / 2021 ​ ​ 2,202 ​ ​ 24,568 ​ ​ 36,965 ​ ​ 2,202 ​ ​ 61,533 ​ ​ 63,735 ​ ​ (6,039) ​ ​ 57,696 ​ 2020 Worcester Road ​ Industrial ​ Massachusetts ​ 1973 / 2022 ​ ​ 4,063 ​ ​ 16,462 ​ ​ — ​ ​ 4,063 ​ ​ 16,462 ​ ​ 20,525 ​ ​ (532) ​ ​ 19,993 ​ 2022 Canal Street/7 North Bridge Street ​ Industrial ​ Massachusetts ​ 1890 / 2021 ​ ​ 694 ​ ​ 2,831 ​ ​ 40,035 ​ ​ 694 ​ ​ 42,866 ​ ​ 43,560 ​ ​ (6,594) ​ ​ 36,966 ​ 2019 Palmer Road ​ Industrial ​ Massachusetts ​ 1980 / 2018 ​ ​ 1,059 ​ ​ 11,717 ​ ​ 6,977 ​ ​ 1,059 ​ ​ 18,694 ​ ​ 19,753 ​ ​ (2,550) ​ ​ 17,203 ​ 2018 East Main Street ​ Industrial ​ Massachusetts ​ 1991 / 2019 ​ ​ 2,316 ​ ​ 13,194 ​ ​ — ​ ​ 2,316 ​ ​ 13,194 ​ ​ 15,510 ​ ​ (1,135) ​ ​ 14,375 ​ 2020 Curran Highway ​ Industrial ​ Massachusetts ​ 1978 / 2021 ​ ​ 2,082 ​ ​ 1,026 ​ ​ 23,685 ​ ​ 2,082 ​ ​ 24,711 ​ ​ 26,793 ​ ​ (1,568) ​ ​ 25,225 ​ 2021 Hoover Road ​ Industrial ​ Michigan ​ 1940 / 2020 / 2021 ​ ​ 1,237 ​ ​ 17,791 ​ ​ 64,484 ​ ​ 1,237 ​ ​ 82,275 ​ ​ 83,512 ​ ​ (7,934) ​ ​ 75,578 ​ 2019 East Hazel Street ​ Industrial ​ Michigan ​ 1929 / 2021 ​ ​ 409 ​ ​ 4,360 ​ ​ 19,297 ​ ​ 409 ​ ​ 23,657 ​ ​ 24,066 ​ ​ (2,656) ​ ​ 21,410 ​ 2019 Oliver Drive ​ Industrial ​ Michigan ​ 1930 / 1972 / 2021 ​ ​ 1,385 ​ ​ 3,631 ​ ​ 26,755 ​ ​ 1,385 ​ ​ 30,386 ​ ​ 31,771 ​ ​ (3,011) ​ ​ 28,760 ​ 2020 Davis Highway (5) ​ Industrial ​ Michigan ​ 1999 / (2) ​ ​ 1,907 ​ ​ 13,647 ​ ​ 42,105 ​ ​ 1,907 ​ ​ 55,752 ​ ​ 57,659 ​ ​ — ​ ​ 57,659 ​ 2021 Harvest Park ​ Industrial ​ Michigan ​ 2018 / 2021 ​ ​ 1,933 ​ ​ 3,559 ​ ​ 10,301 ​ ​ 1,933 ​ ​ 13,860 ​ ​ 15,793 ​ ​ (2,574) ​ ​ 13,219 ​ 2018 Executive Drive ​ Industrial ​ Michigan ​ 1960 / 2020 ​ ​ 389 ​ ​ 6,489 ​ ​ 3,140 ​ ​ 389 ​ ​ 9,629 ​ ​ 10,018 ​ ​ (1,451) ​ ​ 8,567 ​ 2019 77th Street Northeast ​ Industrial ​ Minnesota ​ 2015 / 2017 / 2019 ​ ​ 427 ​ ​ 2,644 ​ ​ 6,618 ​ ​ 427 ​ ​ 9,262 ​ ​ 9,689 ​ ​ (1,658) ​ ​ 8,031 ​ 2017 Industrial Drive ​ Industrial ​ Missouri ​ 2022 ​ ​ 753 ​ ​ 787 ​ ​ 26,710 ​ ​ 753 ​ ​ 27,497 ​ ​ 28,250 ​ ​ (1,501) ​ ​ 26,749 ​ 2021 East Cheyenne Avenue ​ Industrial ​ Nevada ​ 1984 / 2020 ​ ​ 1,088 ​ ​ 2,768 ​ ​ 5,771 ​ ​ 1,088 ​ ​ 8,539 ​ ​ 9,627 ​ ​ (1,313) ​ ​ 8,314 ​ 2019 Munsonhurst Road ​ Industrial ​ New Jersey ​ 1956 / 2022 ​ ​ 4,987 ​ ​ 30,421 ​ ​ 19,637 ​ ​ 4,987 ​ ​ 50,058 ​ ​ 55,045 ​ ​ (2,499) ​ ​ 52,546 ​ 2022 South Route 73 ​ Industrial New Jersey 1995 / 2020 ​ 702 ​ 4,857 ​ 29,511 ​ 702 ​ 34,368 ​ 35,070 ​ (4,626) ​ 30,444 2020 North West Blvd ​ Industrial ​ New Jersey ​ 1962 / 2020 ​ ​ 222 ​ ​ 10,046 ​ ​ 1,580 ​ ​ 222 ​ ​ 11,626 ​ ​ 11,848 ​ ​ (1,231) ​ ​ 10,617 ​ 2020 Hudson Crossing Drive ​ Industrial New York 2016 / (2) ​ 7,600 ​ 22,475 ​ 93,670 ​ 7,600 ​ 116,145 ​ 123,745 ​ (7,467) ​ 116,278 2016 County Route 117 ​ Industrial New York 1970 / (2) ​ 1,593 ​ 3,157 ​ 72,008 ​ 1,593 ​ 75,165 ​ 76,758 ​ (4,220) ​ 72,538 2017 98th Ave South ​ Industrial North Dakota 2018 / 2020 ​ 191 ​ 9,743 ​ 2,272 ​ 191 ​ 12,015 ​ 12,206 ​ (1,602) ​ 10,604 2019 Hunts Landing Road ​ Industrial Ohio 2019 / 2019 ​ 712 ​ — ​ 19,309 ​ 712 ​ 19,309 ​ 20,021 ​ (2,149) ​ 17,872 2019 Jason Street ​ Industrial Ohio 1937 / 2020 ​ 239 ​ 2,688 ​ 29,250 ​ 239 ​ 31,938 ​ 32,177 ​ (3,259) ​ 28,918 2020 Springs Way ​ Industrial Ohio 2018 / 2020 ​ 235 ​ 10,377 ​ 2,335 ​ 235 ​ 12,712 ​ 12,947 ​ (1,457) ​ 11,490 2020 East Tallmadge Ave. ​ Industrial Ohio 1954 / 1986 / 2020 ​ 22 ​ 1,014 ​ 2,501 ​ 22 ​ 3,515 ​ 3,537 ​ (612) ​ 2,925 2019 Boltonfield Street ​ Industrial ​ Ohio ​ 2023 / (2) ​ ​ 1,253 ​ ​ 18,876 ​ ​ 21,990 ​ ​ 1,253 ​ ​ 40,866 ​ ​ 42,119 ​ ​ (692) ​ ​ 41,427 ​ 2023 Scott Technology Park ​ Industrial Pennsylvania 2020 / 2020 ​ 954 ​ — ​ 27,070 ​ 954 ​ 27,070 ​ 28,024 ​ (2,413) ​ 25,611 2019 New Beaver Avenue ​ Industrial Pennsylvania 1976 / 2021 ​ 6,979 ​ 34,781 ​ 25,986 ​ 6,979 ​ 60,767 ​ 67,746 ​ (4,838) ​ 62,908 2021 East Market Street ​ Industrial Pennsylvania 1927 / 2017 ​ 1,435 ​ 19,098 ​ 74,306 ​ 1,435 ​ 93,404 ​ 94,839 ​ (10,239) ​ 84,600 2019 Wayne Avenue ​ Industrial Pennsylvania 1980 / (2) ​ 1,228 ​ 13,080 ​ 47,359 ​ 1,228 ​ 60,439 ​ 61,667 ​ (6,005) ​ 55,662 2019 Horton Drive ​ Industrial ​ Pennsylvania ​ 1988 / 2020 ​ ​ 1,353 ​ ​ 11,854 ​ ​ 29,745 ​ ​ 1,353 ​ ​ 41,599 ​ ​ 42,952 ​ ​ (4,353) ​ ​ 38,599 ​ 2019 Industrial Street ​ Industrial ​ Pennsylvania ​ 1930 / 2020 ​ ​ 941 ​ ​ 7,941 ​ ​ 16,318 ​ ​ 941 ​ ​ 24,259 ​ ​ 25,200 ​ ​ (2,478) ​ ​ 22,722 ​ 2020 Rosanna Avenue ​ Industrial ​ Pennsylvania ​ 1959 / 2020 ​ ​ 3,540 ​ ​ 5,603 ​ ​ 36,671 ​ ​ 3,540 ​ ​ 42,274 ​ ​ 45,814 ​ ​ (5,247) ​ ​ 40,567 ​ 2018 Susquehanna Street ​ Industrial ​ Pennsylvania ​ 1968 / 2017 ​ ​ 1,318 ​ ​ 13,708 ​ ​ — ​ ​ 1,318 ​ ​ 13,708 ​ ​ 15,026 ​ ​ (327) ​ ​ 14,699 ​ 2023 FM 969 ​ Industrial ​ Texas ​ (2) ​ ​ — ​ ​ 11,157 ​ ​ 3,682 ​ ​ — ​ ​ 14,839 ​ ​ 14,839 ​ ​ (604) ​ ​ 14,235 ​ 2022 Decatur Street ​ Industrial ​ Virginia ​ 2019 / 2020 ​ ​ 231 ​ ​ 11,582 ​ ​ 7,936 ​ ​ 231 ​ ​ 19,518 ​ ​ 19,749 ​ ​ (3,233) ​ ​ 16,516 ​ 2020 Lathrop Industrial Drive SW ​ Industrial ​ Washington ​ 1997 / 2015 ​ ​ 1,826 ​ ​ 15,684 ​ ​ — ​ ​ 1,826 ​ ​ 15,684 ​ ​ 17,510 ​ ​ (1,504) ​ ​ 16,006 ​ 2020 East Glendale Avenue ​ Retail ​ Arizona ​ 2019 / 2019 ​ ​ 1,216 ​ ​ 811 ​ ​ 501 ​ ​ 1,216 ​ ​ 1,312 ​ ​ 2,528 ​ ​ (230) ​ ​ 2,298 ​ 2019 Dahlia Street ​ Retail ​ Colorado ​ 2019 / 2019 ​ ​ 179 ​ ​ 2,132 ​ ​ — ​ ​ 179 ​ ​ 2,132 ​ ​ 2,311 ​ ​ (207) ​ ​ 2,104 ​ 2020 East Colfax Avenue ​ Retail ​ Colorado ​ 1998 / 2020 ​ ​ 244 ​ ​ 307 ​ ​ 916 ​ ​ 244 ​ ​ 1,223 ​ ​ 1,467 ​ ​ (73) ​ ​ 1,394 ​ 2021 North 2nd Street ​ Retail ​ Colorado ​ 1973 / 2020 ​ ​ 140 ​ ​ 258 ​ ​ 810 ​ ​ 140 ​ ​ 1,068 ​ ​ 1,208 ​ ​ (60) ​ ​ 1,148 ​ 2021 West Railroad Avenue ​ Retail ​ Colorado ​ 1977 / 2020 ​ ​ 149 ​ ​ 618 ​ ​ 168 ​ ​ 149 ​ ​ 786 ​ ​ 935 ​ ​ (62) ​ ​ 873 ​ 2021 Southgate Pl ​ Retail ​ Colorado ​ 1998 / 2019 ​ ​ 367 ​ ​ 645 ​ ​ 54 ​ ​ 367 ​ ​ 699 ​ ​ 1,066 ​ ​ (76) ​ ​ 990 ​ 2020 Wewatta Street ​ Retail ​ Colorado ​ 2015 / 2018 ​ ​ 4,036 ​ ​ 2,417 ​ ​ — ​ ​ 4,036 ​ ​ 2,417 ​ ​ 6,453 ​ ​ (129) ​ ​ 6,324 ​ 2021 Southgate Place ​ Retail Colorado 2018 / 2018 ​ 942 ​ 3,314 ​ — ​ 942 ​ 3,314 ​ 4,256 ​ (194) ​ 4,062 2021 South Peoria Court ​ Retail ​ Colorado ​ 1979 / 2016 ​ ​ 938 ​ ​ 2,770 ​ ​ — ​ ​ 938 ​ ​ 2,770 ​ ​ 3,708 ​ ​ (161) ​ ​ 3,547 ​ 2021 Highway 6 & 24 ​ Retail ​ Colorado ​ 1960 / 2019 ​ ​ 892 ​ ​ 1,996 ​ ​ — ​ ​ 892 ​ ​ 1,996 ​ ​ 2,888 ​ ​ (116) ​ ​ 2,772 ​ 2021 North College Avenue ​ Retail Colorado 1952 / 2017 ​ 527 ​ 2,952 ​ — ​ 527 ​ 2,952 ​ 3,479 ​ (156) ​ 3,323 2021 East Quincy Avenue ​ Retail Colorado 2018 / 2018 ​ 659 ​ 2,493 ​ — ​ 659 ​ 2,493 ​ 3,152 ​ (139) ​ 3,013 2021 East Montview Boulevard ​ Retail Colorado 1952 / 2019 ​ 256 ​ 1,490 ​ — ​ 256 ​ 1,490 ​ 1,746 ​ (80) ​ 1,666 2021 South Federal Blvd ​ Retail Colorado 1980 / 2017 ​ 193 ​ 1,361 ​ — ​ 193 ​ 1,361 ​ 1,554 ​ (71) ​ 1,483 2021 Santa Fe Trail ​ Retail Colorado 1948 / 2000 ​ 232 ​ 1,110 ​ — ​ 232 ​ 1,110 ​ 1,342 ​ (64) ​ 1,278 2021 Water Street ​ Retail Colorado 1930 / 2013 ​ 319 ​ 945 ​ — ​ 319 ​ 945 ​ 1,264 ​ (56) ​ 1,208 2021 Gregory Street ​ Retail Colorado 1875 / 2014 ​ 101 ​ 1,058 ​ — ​ 101 ​ 1,058 ​ 1,159 ​ (54) ​ 1,105 2021 West 20th Avenue ​ Retail Colorado 1970 / 2014 ​ 289 ​ 666 ​ — ​ 289 ​ 666 ​ 955 ​ (38) ​ 917 2021 South Federal Blvd. ​ Retail Colorado 1941 / 2018 ​ 461 ​ 319 ​ — ​ 461 ​ 319 ​ 780 ​ (20) ​ 760 2021 West 6th Street ​ Retail ​ Colorado ​ 2019 / 2019 ​ ​ 60 ​ ​ 272 ​ ​ — ​ ​ 60 ​ ​ 272 ​ ​ 332 ​ ​ (18) ​ ​ 314 ​ 2021 Elm Avenue ​ Retail ​ Colorado ​ 1962 / 2020 ​ ​ 21 ​ ​ 311 ​ ​ — ​ ​ 21 ​ ​ 311 ​ ​ 332 ​ ​ (22) ​ ​ 310 ​ 2021 Bent Avenue North ​ Retail ​ Colorado ​ 2019 / 2019 ​ ​ 49 ​ ​ 284 ​ ​ — ​ ​ 49 ​ ​ 284 ​ ​ 333 ​ ​ (18) ​ ​ 315 ​ 2021 Coolidge Rd ​ Retail ​ Michigan ​ 2019 / 2019 ​ ​ 1,635 ​ ​ — ​ ​ 1,727 ​ ​ 1,635 ​ ​ 1,727 ​ ​ 3,362 ​ ​ (224) ​ ​ 3,138 ​ 2019 South Cedar Street ​ Retail ​ Michigan ​ 1957 / 2019 ​ ​ 282 ​ ​ 1,951 ​ ​ — ​ ​ 282 ​ ​ 1,951 ​ ​ 2,233 ​ ​ (308) ​ ​ 1,925 ​ 2019 West Pierson Road ​ Retail ​ Michigan ​ 1975 / 2019 ​ ​ 122 ​ ​ 2,065 ​ ​ — ​ ​ 122 ​ ​ 2,065 ​ ​ 2,187 ​ ​ (326) ​ ​ 1,861 ​ 2019 Wilder Road ​ Retail ​ Michigan ​ 1988 / 2019 ​ ​ 49 ​ ​ 1,696 ​ ​ — ​ ​ 49 ​ ​ 1,696 ​ ​ 1,745 ​ ​ (267) ​ ​ 1,478 ​ 2019 East Front Street ​ Retail ​ Michigan ​ 1992 / 2019 ​ ​ 449 ​ ​ 827 ​ ​ — ​ ​ 449 ​ ​ 827 ​ ​ 1,276 ​ ​ (130) ​ ​ 1,146 ​ 2019 South Mason Drive ​ Retail ​ Michigan ​ 1970 / 2019 ​ ​ 25 ​ ​ 973 ​ ​ — ​ ​ 25 ​ ​ 973 ​ ​ 998 ​ ​ (153) ​ ​ 845 ​ 2019 N Delsea Dr ​ Retail ​ New Jersey ​ 1974 / 2020 ​ ​ 244 ​ ​ 1,928 ​ ​ — ​ ​ 244 ​ ​ 1,928 ​ ​ 2,172 ​ ​ (167) ​ ​ 2,005 ​ 2020 24th Street East ​ Retail ​ North Dakota ​ 2019 / 2019 ​ ​ 348 ​ ​ 1,368 ​ ​ — ​ ​ 348 ​ ​ 1,368 ​ ​ 1,716 ​ ​ (83) ​ ​ 1,633 ​ 2021 Highway 2 East ​ Retail ​ North Dakota ​ 1976 / 2019 ​ ​ 120 ​ ​ 1,225 ​ ​ — ​ ​ 120 ​ ​ 1,225 ​ ​ 1,345 ​ ​ (78) ​ ​ 1,267 ​ 2021 Main Street ​ Retail ​ Pennsylvania ​ 1980 / 2019 ​ ​ 57 ​ ​ 840 ​ ​ — ​ ​ 57 ​ ​ 840 ​ ​ 897 ​ ​ (43) ​ ​ 854 ​ 2021 South 17th Street ​ Retail ​ Pennsylvania ​ 2021 / 2021 ​ ​ 553 ​ ​ 2,000 ​ ​ — ​ ​ 553 ​ ​ 2,000 ​ ​ 2,553 ​ ​ (90) ​ ​ 2,463 ​ 2022 Esperanza Street ​ Industrial/Retail ​ California ​ 1926 / 1976 ​ ​ 1,713 ​ ​ 11,307 ​ ​ 979 ​ ​ 1,713 ​ ​ 12,286 ​ ​ 13,999 ​ ​ (1,346) ​ ​ 12,653 ​ 2019 Grape Street ​ Industrial/Retail ​ Colorado ​ 1982 / 2018 ​ ​ 1,380 ​ ​ 5,786 ​ ​ — ​ ​ 1,380 ​ ​ 5,786 ​ ​ 7,166 ​ ​ (308) ​ ​ 6,858 ​ 2021 US 50 Business and Baxter Road ​ Industrial/Retail ​ Colorado ​ 1929 / 2019 ​ ​ 119 ​ ​ 1,652 ​ ​ — ​ ​ 119 ​ ​ 1,652 ​ ​ 1,771 ​ ​ (106) ​ ​ 1,665 ​ 2021 South Fox Street ​ Industrial/Retail ​ Colorado ​ 1965 / 2014 ​ ​ 297 ​ ​ 829 ​ ​ — ​ ​ 297 ​ ​ 829 ​ ​ 1,126 ​ ​ (44) ​ ​ 1,082 ​ 2021 West Street ​ Industrial/Retail ​ Massachusetts ​ 1880 / 2021 ​ ​ 650 ​ ​ 7,119 ​ ​ 19,050 ​ ​ 650 ​ ​ 26,169 ​ ​ 26,819 ​ ​ (2,419) ​ ​ 24,400 ​ 2020 Mozzone Boulevard ​ Industrial/Retail ​ Massachusetts ​ 1975 / 2019 ​ ​ 1,626 ​ ​ 38,406 ​ ​ — ​ ​ 1,626 ​ ​ 38,406 ​ ​ 40,032 ​ ​ (1,717) ​ ​ 38,315 ​ 2022 Stephenson Highway ​ Industrial/Retail ​ Michigan ​ 2021 / 2021 ​ ​ 6,211 ​ ​ — ​ ​ 22,304 ​ ​ 6,211 ​ ​ 22,304 ​ ​ 28,515 ​ ​ (1,741) ​ ​ 26,774 ​ 2020 Hoover Road ​ Industrial/Retail ​ Michigan ​ 1951 / 2021 ​ ​ 700 ​ ​ 9,557 ​ ​ 6,984 ​ ​ 700 ​ ​ 16,541 ​ ​ 17,241 ​ ​ (1,276) ​ ​ 15,965 ​ 2021 Leah Avenue (5) ​ Industrial/Retail ​ Texas ​ (2) ​ ​ 2,222 ​ ​ 1,195 ​ ​ 4,471 ​ ​ 2,222 ​ ​ 5,666 ​ ​ 7,888 ​ ​ — ​ ​ 7,888 ​ 2021 Total ​ ​ ​ ​ ​ $ 142,524 ​ $ 891,551 ​ $ 1,334,440 ​ $ 142,524 ​ $ 2,225,991 ​ $ 2,368,515 ​ $ (202,692) ​ $ 2,165,823 (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, 2023, all or a portion of the property was under development or redevelopment. (3) These four properties were sold in March 2023 but the transaction did not qualify for recognition as a completed sale under GAAP. As such, the properties remain on the consolidated balance sheet. Refer to Note 6 “Investments in Real Estate” for more information. (4) As of December 31, 2023, we were evaluating alternative non-cannabis uses for the property, due in part to changes in the zoning of the property that no longer allow for regulated cannabis cultivation and processing. (5) As of December 31, 2023, these properties were vacant and excluded from our operating portfolio. (6) Building and improvements balance includes Construction in progress. ​ As of December 31, 2023, the aggregate gross cost of the properties included above for federal income tax purposes was approximately $2.4 billion, which excludes the four properties that were sold in March 2023 that did not qualify for recognition as a completed sale under GAAP but is recognized as a sale for tax purposes. ​ A reconciliation of historical cost and related accumulated depreciation is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2023 2022 2021 Investment in real estate, at cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ 2,204,687 ​ $ 1,722,104 ​ $ 1,060,239 Purchases of investments in real estate ​ 35,155 ​ 149,317 ​ 277,717 Additions and improvements, net ​ 128,673 ​ 355,633 ​ 384,148 Sale of real estate investments ​ ​ — ​ ​ (22,367) ​ ​ — Balance at end of year ​ $ 2,368,515 ​ $ 2,204,687 ​ $ 1,722,104 Accumulated Depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ (138,405) ​ $ (81,938) ​ $ (40,195) Depreciation expense, net ​ (64,287) ​ (58,935) ​ (41,743) Sale of real estate investments ​ ​ — ​ ​ 2,468 ​ ​ — Balance at end of year ​ $ (202,692) ​ $ (138,405) ​ $ (81,938) ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Basis of Presentation	Basis of Presentation.
Reclassifications	Reclassification
Federal Income Taxes	Federal Income Taxes.
Use of Estimates	Use of Estimates.
Reportable Segment	Reportable Segment strategies. The financial information disclosed herein represents all of the financial information related to our one 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. Certain acquisitions of real estate did not satisfy the requirements for sale-leaseback accounting and therefore as of December 31, 2023 and 2022, acquisitions of approximately $20.0 million and approximately $20.1 million, respectively, have been recognized as notes receivable and are included in other assets, net on our consolidated balance sheets.
Sale of Real Estate	Sale of Real Estate. Gains and Losses from the Derecognition of Nonfinancial Assets Revenue from Contracts with Customers (Topic 606)
Cost Capitalization and Depreciation	Cost Capitalization and Depreciation. Amounts capitalized are depreciated on a straight-line basis over the estimated useful lives determined by management. We depreciate buildings and 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, 2023, 2022 and 2021, we recognized depreciation expense of approximately $66.3 million, $60.5 million and $41.7 million, respectively, which are included in depreciation and amortization expense in our consolidated statements of income. We depreciate office equipment and furniture and fixtures on a straight-line basis over the 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 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 at historical cost of the properties as the redevelopment project or phases of projects are placed in service. During the year ended December 31, 2023, we reclassified the net carrying value of the buildings and improvements
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, 2023, 2022 and 2021.
Revenue Recognition	Revenue Recognition. For the year ended December 31, 2023, rental revenue recognized included the application of approximately $3.1 million of security deposits for rent with two tenants who were in default under their respective lease agreements and approximately $5.7 million of security deposits for rent with three tenants in connection with lease amendments.
Construction Loan	Construction Loan. In February 2023, we amended the construction loan 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 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 continued to accrue through March 31, 2023, with monthly payments of interest contractually required commencing April 1, 2023. In December 2023, we further amended to construction loan to extend the loan term to June 30, 2024, with an option for the borrower to extend the loan term to December 31, 2024 upon satisfaction of certain conditions and payment of an extension fee.
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash.
Investments	Investments
Exchangeable Notes	Exchangeable Notes.
Deferred Financing Costs	Deferred Financing Costs.
Stock-Based Compensation	Stock-Based Compensation.
Lease Accounting	Lease Accounting. We account for our leases under ASC 842, Leases , and have 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, which contains annual escalations. 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, 2023, 2022 and 2021, we recognized office lease expense of approximately $486,000, $466,000 and $231,000, respectively, which are included in general and administrative expense in our consolidated statements of income. For the years ended December 31, 2023, 2022 and 2021, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were approximately $496,000, $402,000 and $234,000, 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements . In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, measures of segment profit and loss, and disclosures of how the chief operating decision maker uses the reported measure(s) of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. .
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, 2023, 2022 and 2021, including tenant reimbursements: ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2023 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann Inc. ("PharmaCann") 11 ​ 15 % Ascend Wellness Holdings, Inc. ("Ascend") ​ 4 ​ 10 % Green Thumb Industries, Inc. ("Green Thumb") 3 ​ 8 % SH Parent, Inc. ("Parallel") (1) ​ 4 ​ 7 % Curaleaf Holdings, Inc. ("Curaleaf") 8 ​ 7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann 11 ​ 14 % Parallel (1) ​ 4 ​ 10 % Ascend 4 ​ 9 % Green Thumb ​ 3 ​ 7 % Trulieve Cannabis Corp. 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 % (1) Commencing in November 2022, Parallel defaulted on its obligations to pay rent at one of our Pennsylvania properties, and we regained possession of that property in October 2023. In February 2023, Parallel defaulted on its obligations to pay rent at one of our Texas properties, and we regained possession of that property in March 2023. See Note 11 “Commitments and Contingencies — Litigation” 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 and regained possession of those properties, which continued to be in development or redevelopment as of December 31, 2023. Kings Garden paid the stipulated rent during its period of occupancy for the remaining four properties through September 20, 2023, and we regained possession of those properties in September 2023. See Note 11 “Commitments and Contingencies — Litigation” for more information. In each of the tables above, these leases include leases with affiliates of each entity, for which the entity has provided a corporate guaranty. As of December 31, 2023, our largest property was located in New York and accounted for approximately 5.4% of our net real estate held for investment. No other properties accounted for more than 5% of our net real estate held for investment as of December 31, 2023. As of December 31, 2022, 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, 2023, 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, 2023
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, 2023, 2022 and 2021, including tenant reimbursements: ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2023 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann Inc. ("PharmaCann") 11 ​ 15 % Ascend Wellness Holdings, Inc. ("Ascend") ​ 4 ​ 10 % Green Thumb Industries, Inc. ("Green Thumb") 3 ​ 8 % SH Parent, Inc. ("Parallel") (1) ​ 4 ​ 7 % Curaleaf Holdings, Inc. ("Curaleaf") 8 ​ 7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Rental ​ Leases Revenue ​ PharmaCann 11 ​ 14 % Parallel (1) ​ 4 ​ 10 % Ascend 4 ​ 9 % Green Thumb ​ 3 ​ 7 % Trulieve Cannabis Corp. 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 % (1) Commencing in November 2022, Parallel defaulted on its obligations to pay rent at one of our Pennsylvania properties, and we regained possession of that property in October 2023. In February 2023, Parallel defaulted on its obligations to pay rent at one of our Texas properties, and we regained possession of that property in March 2023. See Note 11 “Commitments and Contingencies — Litigation” 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 and regained possession of those properties, which continued to be in development or redevelopment as of December 31, 2023. Kings Garden paid the stipulated rent during its period of occupancy for the remaining four properties through September 20, 2023, and we regained possession of those properties in September 2023. See Note 11 “Commitments and Contingencies — Litigation” for more information.

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2023
Dividends
Schedule of dividends declared	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ Dividend Dividend Declaration Date ​ Security Class ​ Per Share ​ Period Covered ​ Paid Date ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) 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 March 15, 2023 ​ Common stock ​ $ 1.80 ​ January 1, 2023 to March 31, 2023 ​ April 14, 2023 ​ $ 50,725 March 15, 2023 ​ Series A preferred stock ​ $ 0.5625 ​ January 15, 2023 to April 14, 2023 ​ April 14, 2023 ​ $ 338 June 15, 2023 ​ Common stock ​ $ 1.80 ​ April 1, 2023 to June 30, 2023 ​ July 14, 2023 ​ $ 50,742 June 15, 2023 ​ Series A preferred stock ​ $ 0.5625 ​ April 15, 2023 to July 14, 2023 ​ July 14, 2023 ​ $ 338 September 15, 2023 ​ Common stock ​ $ 1.80 ​ July 1, 2023 to September 30, 2023 ​ October 13, 2023 ​ $ 50,742 September 15, 2023 ​ Series A preferred stock ​ $ 0.5625 ​ July 15, 2023 to October 14, 2023 ​ October 13, 2023 ​ $ 338 December 15, 2023 ​ Common stock ​ $ 1.82 ​ October 1, 2023 to December 31, 2023 ​ January 12, 2024 ​ $ 51,489 December 15, 2023 ​ Series A preferred stock ​ $ 0.5625 ​ October 15, 2023 to January 14, 2024 ​ January 12, 2024 ​ $ 338 ​

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Schedule of real estate properties	The Company made the following acquisitions during the year ended December 31, 2023 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ Initial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Purchase ​ Transaction ​ ​ ​ ​ Property Market Closing Date Feet (1) Price Costs Total Susquehanna Street ​ Pennsylvania ​ February 15, 2023 ​ 58,000 ​ $ 15,000 ​ $ 26 ​ $ 15,026 ​ Boltonfield Street ​ Ohio ​ March 3, 2023 ​ 157,000 ​ ​ 20,100 ​ ​ 29 ​ ​ 20,129 (2) Total ​ ​ 215,000 ​ $ 35,100 ​ $ 55 ​ $ 35,155 (3) (1) Includes expected rentable square feet at completion of construction of certain properties. (2) The tenant is expected to complete improvements at the property, for which we agreed to provide funding of up to $21.9 million. (3) Approximately $2.6 million was allocated to land and approximately $32.6 million was allocated to building and improvements.
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, 2023 for future periods is summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Contractual Minimum Rent 2024 ​ $ 291,260 2025 ​ 303,164 2026 ​ 312,135 2027 ​ 319,665 2028 ​ 326,618 Thereafter ​ 3,727,850 Total ​ $ 5,280,692
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, 2023 and 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 In-place lease intangible assets ​ $ 9,979 ​ $ 9,979 Accumulated amortization (1,734) ​ (874) In-place lease intangible assets, net ​ $ 8,245 ​ $ 9,105
Schedule of estimated annual amortization	The remaining weighted-average amortization period of the value of acquired in-place leases was approximately 9.6 years, and the estimated annual amortization of the value of the acquired in-place leases as of December 31, 2023 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2024 ​ $ 860 2025 ​ 860 2026 ​ 860 2027 ​ 860 2028 ​ ​ 860 Thereafter ​ 3,945 Total ​ $ 8,245
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, 2023 and 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Above-market lease ​ $ 1,054 ​ $ 1,054 Accumulated amortization (187) ​ (95) Above-market lease, net ​ $ 867 ​ $ 959

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Summary of principal payments on outstanding indebtedness	The following table summarizes the principal payments on our outstanding indebtedness as of December 31, 2023 (in thousands): ​ ​ ​ ​ Payments Due ​ ​ by Year Amount 2024 ​ ​ 4,436 2025 ​ ​ — 2026 ​ ​ 300,000 2027 ​ ​ — 2028 ​ ​ — Thereafter ​ ​ — Total ​ $ 304,436
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, ​ 2023 ​ 2022 2021 Cash coupon ​ $ 182 ​ $ 452 ​ $ 5,380 Amortization of debt discount ​ ​ — ​ ​ — ​ ​ 1,146 Amortization of issuance cost ​ 37 ​ ​ 94 ​ ​ 991 Capitalized interest ​ ​ (7) ​ ​ — ​ ​ — Total interest expense ​ $ 212 ​ $ 546 ​ $ 7,517 ​ ​
Schedule of carrying value	The following table details the carrying value of our Exchangeable Senior Notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Principal amount $ 4,436 $ 6,436 Unamortized issuance cost (5) ​ (56) Carrying value $ 4,431 $ 6,380
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, ​ 2023 ​ 2022 2021 Cash coupon ​ $ 16,500 ​ $ 16,500 ​ $ 9,854 Amortization of issuance cost ​ ​ 1,334 ​ ​ 1,255 ​ ​ 715 Capitalized interest ​ (620) ​ ​ — ​ ​ — Total interest expense ​ $ 17,214 ​ $ 17,755 ​ $ 10,569
Schedule of carrying value	The following table details the carrying value of our Notes due 2026 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Principal amount $ 300,000 $ 300,000 Unamortized issuance cost (3,551) ​ (4,885) Carrying value $ 296,449 $ 295,115

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
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, ​ 2023 2022 2021 Net income ​ $ 165,588 ​ $ 154,386 ​ $ 113,990 Preferred stock dividends ​ (1,352) ​ (1,352) ​ (1,352) Distribution to participating securities ​ (1,482) ​ (834) ​ (557) Net income attributable to common stockholders used to compute net income per share – basic ​ ​ 162,754 ​ ​ 152,200 ​ ​ 112,081 Dilutive effect of Exchangeable Senior Notes ​ ​ 212 ​ ​ 546 ​ ​ 7,517 Net income attributable to common stockholders used to compute net income per share – diluted ​ $ 162,966 ​ $ 152,746 ​ $ 119,598 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding: ​ ​ ​ Basic ​ 27,977,807 ​ 27,345,047 ​ 23,903,017 Restricted stock and RSUs ​ ​ 196,821 ​ ​ 116,046 ​ ​ 96,174 PSUs ​ ​ — ​ ​ — ​ ​ 81,414 Dilutive effect of Exchangeable Senior Notes ​ ​ 81,169 ​ ​ 202,076 ​ ​ 2,180,550 Diluted ​ 28,255,797 ​ 27,663,169 ​ 26,261,155 Net income attributable to common stockholders per share: ​ ​ ​ ​ ​ Basic ​ $ 5.82 ​ $ 5.57 ​ $ 4.69 Diluted ​ $ 5.77 ​ $ 5.52 ​ $ 4.55 ​

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 ​ At December 31, 2022 ​ ​ ​ ​ ​ ​ Carrying Value Fair Value Carrying Value Fair Value Investments (1) ​ $ 21,948 ​ $ 21,951 ​ $ 200,935 ​ $ 200,715 Investments as cash equivalents (2) ​ $ 15,187 ​ $ 15,029 ​ $ — ​ $ — Exchangeable Senior Notes (3) ​ $ 4,431 ​ $ 7,576 ​ $ 6,380 ​ $ 10,282 Notes due 2026 (3) ​ $ 296,449 ​ $ 278,325 ​ $ 295,115 ​ $ 264,234 Construction Loan (4) ​ $ 22,000 ​ $ 27,543 ​ $ 18,021 ​ $ 20,167 (1) Investments consisting of short-term obligations of the U.S. government with an original maturity at the time of purchase of greater than three months and less than one year are classified as held-to-maturity and valued using Level 1 inputs. At December 31, 2023, the unrecognized gain was approximately $78,000 . (2) Investments as cash equivalents consisting of obligations of the U.S. government with an original maturity at the time of purchase of less than or equal to three months are classified as held-to-maturity and valued using Level 1 inputs. (3) 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. (4) The construction loan receivable is categorized as Level 3 and was valued using a yield analysis, which is typically performed for non-credit impaired loans. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the expected market yield for a similarly structured loan with a similar level of risk. In the yield analysis, the Company considers the current contractual interest rate, the maturity and other terms of the loan relative to risk of the company and the specific loan. At December 31, 2023 and 2022, the expected market yields used to determine fair value were 16.25% and 25% , respectively. Changes in market yields may change the fair value of the construction loan. Generally, an increase in market yields may result in a decrease in the fair value of the construction loan. Due to the inherent uncertainty of determining the fair value of a loan that does not have a readily available market value, the fair value of the construction loan may fluctuate from period to period. Additionally, the fair value of the construction loan may differ significantly from the value that would have been used had a readily available market existed for such loan and may differ materially from the value that the Company may ultimately realize. ​

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 is included in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Restricted ​ Average Grant Date ​ ​ Shares ​ Fair Value 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 Granted ​ 40,770 ​ $ 105.85 Vested ​ (12,115) ​ $ 173.37 Forfeited (1) ​ (5,970) ​ $ 116.31 Nonvested balance at December 31, 2023 ​ 56,711 ​ $ 135.46 (1) Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting or employees’ cessation of employment.
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, 2023, 2022 and 2021. 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, 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 Granted ​ 66,279 ​ $ 101.40 Balance at December 31, 2023 ​ 149,956 ​ $ 125.34 ​
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, 2023
Commitments and Contingencies
Schedule of future contractual lease payments	Office Lease. ​ ​ ​ ​ ​ Year Amount 2024 ​ $ 511 2025 ​ 526 2026 ​ 543 2027 ​ 45 2028 ​ — Total future contractual lease payments ​ 1,625 Effect of discounting ​ (143) Office lease liability ​ $ 1,482

Organization (Details)

Organization (Details)	Dec. 31, 2023
IIP Operating Partnership, LP
Percentage of limited partnership interests	100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment tenant	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 28, 2023 USD ($)	Nov. 30, 2021	Jun. 30, 2021 USD ($)	Dec. 31, 2018
Tenant improvements		$ 705,300,000
Number of reportable segment | segment	1
Depreciation expense	$ 66,300,000	60,500,000	$ 41,700,000
Buildings and improvements	2,108,218,000	2,010,628,000
Construction in progress	$ 117,773,000	54,106,000
Number of properties that were placed into redevelopment	2
Impairment losses	$ 0	0	0
Rental revenue recognized from security deposits applied for rent with tenants in default	$ 3,100,000
Number of tenants who were in default | tenant	2
Rental revenue recognized from security deposits applied for rent with tenants with lease amendments	$ 5,700,000
Number of affected tenants with lease amendments | tenant	3
Maximum construction loan agreed to lend						$ 18,500,000
Additional capital commitment				$ 1,000,000
Additional amount of construction loan				$ 4,500,000
Construction loan funded	$ 22,000,000	18,021,000
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	$ 496,000	402,000	234,000
Other assets, net
Acquisitions of real estate did not satisfy the requirements for sale-leaseback accounting	20,000,000	20,100,000
Adjustment
Buildings and improvements	(56,800,000)
Construction in progress	56,800,000
Adjustment | Accounting Standards Update 2020-06
Accumulated deficit			728,000
Equity Components			1,300,000
General and administrative expense
Office lease expense	486,000	$ 466,000	$ 231,000
Maximum
Cash, FDIC Insured Amount	$ 250,000
Building and 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

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2023 lease item property tenant	Dec. 31, 2022 lease	Dec. 31, 2021 lease	Sep. 20, 2023 property
Concentration Risk
Number of Properties | property	108
Number of states in which properties are owned | item	19
Number of properties lease terminated | property	2
Kings Garden Inc.
Concentration Risk
Number of properties stipulated rent paid | property				4
Rental revenues (including tenant reimbursements) | Customer concentration
Concentration Risk
Number of tenants | tenant	5
Rental revenues (including tenant reimbursements) | Customer concentration | PharmaCann
Concentration Risk
Number of Leases	11	11	5
Percentage of concentration risk	15%	14%	12%
Rental revenues (including tenant reimbursements) | Customer concentration | Ascend Wellness Holdings, Inc.
Concentration Risk
Number of Leases	4	4	3
Percentage of concentration risk	10%	9%	9%
Rental revenues (including tenant reimbursements) | Customer concentration | Green Thumb Industries, Inc.
Concentration Risk
Number of Leases	3	3
Percentage of concentration risk	8%	7%
Rental revenues (including tenant reimbursements) | Customer concentration | SH Parent, Inc. ("Parallel")
Concentration Risk
Number of Leases	4	4	4
Percentage of concentration risk	7%	10%	10%
Rental revenues (including tenant reimbursements) | Customer concentration | Curaleaf Holdings, Inc.
Concentration Risk
Number of Leases	8
Percentage of concentration risk	7%
Rental revenues (including tenant reimbursements) | Customer concentration | Cresco Labs Inc.
Concentration Risk
Number of Leases			5
Percentage of concentration risk			8%
Rental revenues (including tenant reimbursements) | Customer concentration | Trulieve Cannabis Corp.
Concentration Risk
Number of Leases		6
Percentage of concentration risk		7%
Rental revenues (including tenant reimbursements) | Customer concentration | Kings Garden Inc.
Concentration Risk
Number of Leases			5
Percentage of concentration risk			8%
Net real estate held for investment | Customer concentration
Concentration Risk
Concentration Risk, Threshold Percentage	5%	5%
Net real estate held for investment | Customer concentration | New York
Concentration Risk
Percentage of concentration risk	5.40%

Common Stock (Details)

Common Stock (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2023 item shares	Apr. 30, 2022 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / 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			28,140,891	27,972,830
Common Stock, Shares Issued			28,140,891	27,972,830
Number of shares issued		1,815,790
Net proceeds from issuance | $		$ 330,900	$ 9,564	$ 351,960
Number of shares issued upon conversion			32,200	413,166
Outstanding principal amount | $			$ 2,000	$ 26,900
Over-Allotment Option
Number of shares issued		236,842
At Market Offerings Member
Number of shares issued			101,061	117,023
Net proceeds from issuance | $			$ 9,600	$ 21,100
Number of sales agents | item	4
Maximum number of common stock issuable	500,000,000

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Series A Preferred Stock
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. 12, 2024	Dec. 15, 2023	Oct. 13, 2023	Sep. 15, 2023	Jul. 14, 2023	Jun. 15, 2023	Apr. 14, 2023	Mar. 15, 2023	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	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends declared per common share		$ 1.82		$ 1.80		$ 1.80		$ 1.80		$ 1.80		$ 1.80		$ 1.75		$ 1.75		$ 1.50		$ 1.50		$ 1.40		$ 1.32
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			$ 50,742		$ 50,742		$ 50,725		$ 50,502		$ 50,503		$ 49,101		$ 45,830		$ 38,509		$ 35,983		$ 33,584		$ 31,660		$ 202,711	$ 183,943	$ 130,954
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	$ 51,489
Dividend amount - Series A preferred stock	$ 338

Investments in Real Estate (Det

Investments in Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ft²
Rentable Square Feet | ft²	215,000
Initial Purchase Price	$ 35,100
Transaction Costs	55
Total	35,155
Land
Total	2,600
Building and Improvements
Total	$ 32,600
Susquehanna Street
Rentable Square Feet | ft²	58,000
Initial Purchase Price	$ 15,000
Transaction Costs	26
Total	$ 15,026
Boltonfield Street
Rentable Square Feet | ft²	157,000
Initial Purchase Price	$ 20,100
Transaction Costs	29
Total	20,129
Boltonfield Street | Maximum
Agreed funding for redevelopment of building	$ 21,900

Investments in Real Estate - In

Investments in Real Estate - Intangible assets and related accumulated amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Acquired In-Place Lease Intangible Assets
Investments in Real Estate
Gross	$ 9,979	$ 9,979
Accumulated amortization	(1,734)	(874)
Total	8,245	9,105
Above-Market Lease
Investments in Real Estate
Gross	1,054	1,054
Accumulated amortization	(187)	(95)
Total	$ 867	$ 959

Investments in Real Estate - Es

Investments in Real Estate - Estimated annual amortization (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Acquired In-Place Lease Intangible Assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity
2024	$ 860,000
2025	860,000
2026	860,000
2027	860,000
2028	860,000
Thereafter	3,945,000
Total	8,245,000	$ 9,105,000
Above-Market Lease
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity
2024	92,000
2025	92,000
2026	92,000
2027	92,000
2028	92,000
Thereafter	407,000
Total	$ 867,000	$ 959,000

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details)	1 Months Ended						12 Months Ended
	Oct. 31, 2023 USD ($)	Jul. 31, 2023	Mar. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jan. 31, 2023	Nov. 30, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Weighted-average amortization period (in years)							9 years 7 months 6 days
Real estate property cost							$ 130,700,000
Improvements and construction activities funded							150,100,000
Proceeds from sale of real estate asset								$ 23,500,000
Gain on sale of real estate								(3,601,000)
Accrued interest							1,300,000
Illinois properties | 4Front Ventures Corp.
Percentage of security deposit hold on base rent due from tenant		50%
Repayment period of tenant		12 months
Acquired In-Place Lease Intangible Assets
Amortization expense							860,000	841,000	$ 33,000
Above-Market Lease
Amortization expense							$ 92,000	$ 91,000	$ 4,000
Amortization period (in years)							9 years 3 months 18 days
Holistic | California Property
Base rent applied from the security deposits (in months)					8 months
Holistic | Michigan Properties
Base rent applied from the security deposits (in months)					9 months
Holistic | California, Maryland, Massachusetts, Michigan and Pennsylvania properties.
Percent of base rent which is applied from security deposits for lease payments					100%
Payback of the security deposits (in months)					12 months
Temescal MA | Massachusetts properties
Payback of the deferred rent (in months)			12 months
Calyx Peak MO | Missouri Property
Percent of base rent deferral under lease					100%
Payback of the deferred rent (in months)					12 months
PharmaCann | New York Properties
Increase amount of tenant improvement allowance				$ 15,000,000
Tenant improvement allowance				93,500,000
Maitri In Pennsylvania | Pennsylvania properties
Number of properties sold						1
Proceeds from sale of real estate asset						$ 23,500,000
Gain on sale of real estate						$ 3,600,000
Medical Investor Holdings LLC | California Property
Number of properties sold			4
Contracted sale price of properties disposed			$ 16,200,000
Real estate loans receivable			$ 16,100,000
Number of options to extend			2
Extension term			12 months
Minimum principal balance payment			$ 500,000
Accumulated depreciation							$ 1,600,000
Medical Investor Holdings LLC | Land | California Property
Gross carrying value							3,400,000
Medical Investor Holdings LLC | Building and Improvements | California Property
Gross carrying value							$ 13,900,000
Ascend Wellness Holdings, Inc. | New Jersey properties
Increase amount of tenant improvement allowance				15,000,000
Tenant improvement allowance				19,600,000
Goodness Growth Holdings Inc. | New York Properties
Increase amount of tenant improvement allowance	$ 14,000,000			4,000,000
Tenant improvement allowance	$ 67,400,000			$ 53,400,000

Investments in Real Estate - Fu

Investments in Real Estate - Future Contractual Minimum Rent (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Contractual Minimum Rent
2024	$ 291,260
2025	303,164
2026	312,135
2027	319,665
2028	326,618
Thereafter	3,727,850
Total	$ 5,280,692

Debt - Exchangeable Senior Note

Debt - Exchangeable Senior Notes - Additional Information (Details)		1 Months Ended	12 Months Ended
	Jan. 01, 2024 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares
Number of shares issued upon conversion | shares			32,200	413,166
Outstanding principal amount			$ 2,000,000	$ 26,900,000
Loss on exchange of Exchangeable Senior Notes		$ 3,700,000
Principal amount			304,436,000
Exchangeable Senior Notes
Outstanding principal amount			$ 4,400,000	$ 6,400,000
Interest rate			3.75%
Debt Instrument, Interest Rate, Effective Percentage			4.53%
If-converted value in excess of principal amount			$ 3,300,000
Number of shares issued upon conversion | shares		1,684,237	32,200	413,166
Outstanding principal amount	$ 4,300,000		$ 2,000,000	$ 26,900,000
Loss on exchange of Exchangeable Senior Notes				125,000
Cash paid		$ 2,300,000
Accrued interest paid		1,200,000
Inducement		1,100,000
Non-cash increase to APIC		109,000,000	2,000,000	26,700,000
Principal amount			4,436,000	6,436,000
Principal amount of Notes		$ 110,400,000
Gain on exchange of debt			22,000
Exchangeable Senior Notes | Accounts payable and accrued expenses
Accrued interest payable			$ 49,000	$ 70,000
Exchangeable Senior Notes | Common Stock
Exchange rate			17.30699
Amount converted			$ 1,000
Exchange price | $ / shares			$ 57.78
Shares potentially issuable upon conversion			76,774

Debt - Exchangeable Senior No_2

Debt - Exchangeable Senior Notes - Interest expense (Details) - Exchangeable Senior Notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash coupon	$ 182	$ 452	$ 5,380
Amortization of debt discount			1,146
Amortization of issuance cost	37	94	991
Capitalized interest	(7)
Total interest expense	$ 212	$ 546	$ 7,517

Debt - Exchangeable Senior No_3

Debt - Exchangeable Senior Notes - Carrying value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Principal amount	$ 304,436
Exchangeable Senior Notes
Principal amount	4,436	$ 6,436
Unamortized issuance cost	(5)	(56)
Carrying value	$ 4,431	$ 6,380

Debt - Notes due 2026 (Details)

Debt - Notes due 2026 (Details) - USD ($) $ in Thousands		12 Months Ended
	May 25, 2021	Dec. 31, 2023	Dec. 31, 2022
Principal amount		$ 304,436
Notes due 2026
Principal amount	$ 300,000	$ 300,000	$ 300,000
Interest rate	5.50%
Issuance costs	$ 6,800
Debt Instrument, Interest Rate, Effective Percentage		6.03%
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash coupon	$ 16,500	$ 16,500	$ 9,854
Amortization of issuance cost	1,334	1,255	715
Capitalized interest	(620)
Total interest expense	$ 17,214	$ 17,755	$ 10,569

Debt - Notes due 2026 - Carryin

Debt - Notes due 2026 - Carrying value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	May 25, 2021
Principal amount	$ 304,436
Notes due 2026
Principal amount	300,000	$ 300,000	$ 300,000
Unamortized issuance cost	(3,551)	(4,885)
Carrying value	$ 296,449	$ 295,115

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)	12 Months Ended
	Dec. 31, 2023	Oct. 23, 2023
Aggregate commitments		$ 30,000,000
Loan amount outstanding	$ 0
Issuance costs	561,000
Non-cash interest expense	$ 41,000

Debt - Principal Payments (Deta

Debt - Principal Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt
2024	$ 4,436
2026	300,000
Total	$ 304,436

Net Income Per Share - Addition

Net Income Per Share - Additional information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dilutive effect of Exchangeable Senior Notes	81,169	202,076	2,180,550
PSUs
Incremental common shares attributable to share-based payment arrangements			81,414,000
PSUs | Employees
Incremental common shares attributable to share-based payment arrangements			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, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 165,588	$ 154,386	$ 113,990
Preferred stock dividends	(1,352)	(1,352)	(1,352)
Distribution to participating securities	(1,482)	(834)	(557)
Net income attributable to common stockholders used to compute net income per share - basic	162,754	152,200	112,081
Dilutive effect of Exchangeable Senior Notes	212	546	7,517
Net income attributable to common stockholders used to compute net income per share - diluted	$ 162,966	$ 152,746	$ 119,598
Weighted-average common shares outstanding:
Basic	27,977,807	27,345,047	23,903,017
Dilutive effect of Exchangeable Senior Notes	81,169	202,076	2,180,550
Diluted	28,255,797	27,663,169	26,261,155
Net income attributable to common stockholders per share:
Basic (in dollars per share)	$ 5.82	$ 5.57	$ 4.69
Diluted (in dollars per share)	$ 5.77	$ 5.52	$ 4.55
Restricted stock and RSUs
Weighted-average common shares outstanding:
Incremental common shares attributable to share-based payment arrangements	196,821,000	116,046,000	96,174,000
PSUs
Weighted-average common shares outstanding:
Incremental common shares attributable to share-based payment arrangements			81,414,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Investments, Carrying Value	$ 21,948,000	$ 200,935,000
Investments as cash equivalents, Carrying Value	15,187,000
Exchangeable Senior Notes, Carrying Value	4,431,000	6,380,000
Notes due 2026, Carrying Value	296,449,000	295,115,000
Construction loan receivable	22,000,000	18,021,000
Investments, Fair Value	21,951,000	200,715,000
Investments as cash equivalents, Fair Value	15,029,000
Exchangeable Senior Notes, Fair Value	7,576,000	10,282,000
Notes due 2026, Fair Value	278,325,000	264,234,000
Construction Loan, Fair Value	27,543,000	$ 20,167,000
Unrecognized gain	$ 78,000
Expected market yield
Loan Receivable, Measurement Input	0.1625	0.25

Common Stock Incentive Plan - A

Common Stock Incentive Plan - Additional Information (Details)	1 Months Ended		12 Months Ended
	Jan. 31, 2022 USD ($) item shares	Jan. 31, 2021 USD ($) item shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Restricted Shares
Unrecognized compensation cost			$ 4,300,000
Amortization period			1 year 7 months 6 days
Fair value of restricted stock			$ 1,700,000	$ 6,900,000	$ 8,800,000
Granted | shares			40,770	24,456	9,679
RSUs
Unrecognized compensation cost			$ 5,900,000
Amortization period			1 year 8 months 12 days
Granted | shares			66,279	23,351	23,639
PSUs
Amortization period			1 year
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 (in years)		1 year
Granted date fair value	$ 20,000,000	$ 12,000,000
Stock-based compensation expense			$ 10,700,000	$ 10,700,000	$ 4,000,000
Remaining unrecognized compensation			$ 6,700,000
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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Shares
Common Stock Incentive Plan
Shares, Beginning Balance	34,026	37,767	76,346
Granted	40,770	24,456	9,679
Vested	(12,115)	(18,051)	(29,955)
Forfeited	(5,970)	(10,146)	(18,303)
Shares, Ending Balance	56,711	34,026	37,767
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 181.08	$ 92.49	$ 50.14
Weighted-Average Grant Date Fair Value, Granted	105.85	205.62	187.74
Weighted-Average Grant Date Fair Value, Vested	173.37	91.57	52.31
Weighted-Average Grant Date Fair Value, Forfeited	116.31	69.74	31.99
Weighted-Average Grant Date Fair Value, Ending Balance	$ 135.46	$ 181.08	$ 92.49
RSUs
Common Stock Incentive Plan
Shares, Beginning Balance	83,677	60,326	36,687
Granted	66,279	23,351	23,639
Shares, Ending Balance	149,956	83,677	60,326
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 144.30	$ 120.24	$ 76.06
Weighted-Average Grant Date Fair Value, Granted	101.40	206.45	188.80
Weighted-Average Grant Date Fair Value, Ending Balance	$ 125.34	$ 144.30	$ 120.24

Common Stock Incentive Plan - S

Common Stock Incentive Plan - Summary of Fair Value Assumption (Details) - PSUs - $ / shares	Jan. 07, 2022	Jan. 06, 2021
Fair Value Assumptions:
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, 2023 USD ($)
Commitments and Contingencies
2024	$ 511
2025	526
2026	543
2027	45
Total future contractual lease payments	1,625
Effect of discounting	(143)
Office lease liability	$ 1,482
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)			1 Months Ended	2 Months Ended	6 Months Ended	12 Months Ended	16 Months Ended
	Oct. 31, 2023 USD ($)	Aug. 04, 2023 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($) item	Jun. 30, 2022 item	Dec. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($) item	Aug. 16, 2023 item	Jul. 25, 2022 item
Commitments and Contingencies
Number of projects | item					2
Amended Class Action Lawsuit
Commitments and Contingencies
Amount accrued			$ 0	$ 0		$ 0	$ 0
Derivative Action Lawsuit
Commitments and Contingencies
Amount accrued			0	0		0	0
Kings Garden Lawsuit
Commitments and Contingencies
Number of leased properties | item									6
Settlement received				$ 386,000		$ 4,400,000	$ 19,800,000
Number of lease hold properties vacated | item		4
Damages and attorneys' fees awarded		$ 6,000,000
Amortization of litigation damages		$ 193,000
Term of amortization of litigation damages		3 years
Number of construction project under investigation | item								1
Parallel Pennsylvania Litigation
Commitments and Contingencies
Settlement received			$ 1,700,000
Damages and attorneys' fees awarded	$ 15,500,000
Green Peak Michigan Litigation
Commitments and Contingencies
Number of leased properties | item			3	3		3	3
Number of leases retail properties | item			3	3		3	3
Commitments related to improvement allowances
Commitments and Contingencies
Other Commitment			$ 18,700,000	$ 18,700,000		$ 18,700,000	$ 18,700,000
Commitments related to construction commitments
Commitments and Contingencies
Other Commitment			11,800,000	11,800,000		11,800,000	11,800,000
Commitments related to construction loan
Commitments and Contingencies
Other Commitment			$ 1,000,000	$ 1,000,000		$ 1,000,000	$ 1,000,000

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)		1 Months Ended	12 Months Ended
	Jan. 01, 2024 USD ($) shares	Feb. 29, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2024 USD ($) property	Oct. 23, 2023 USD ($)
Subsequent Events
Outstanding principal amount			$ 2,000,000	$ 26,900,000
Exchangeable Senior Notes
Subsequent Events
Outstanding principal amount	$ 4,300,000		$ 2,000,000	$ 26,900,000
Revolving Facility
Subsequent Events
Aggregate commitments						$ 30,000,000
Subsequent Event | Exchangeable Senior Notes
Subsequent Events
Exchange of Exchangeable Senior Notes (in shares) | shares	28,408
Principal amount paid	$ 4,300,000
Principal amount paid off at maturity	$ 100,000
Subsequent Event | Michigan Properties
Subsequent Events
Number of leased properties | property					1
Subsequent Event | PharmaCann | New York Properties
Subsequent Events
Number of leased properties | property		1
Increase in Construction Funding		$ 16,000,000
Subsequent Event | Revolving Facility
Subsequent Events
Aggregate commitments		$ 45,000,000			$ 30,000,000
Subsequent Event | 4Front Ventures Corp.
Subsequent Events
Number of leased properties | property					4

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	1 Months Ended
	Mar. 31, 2023 property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost		$ 142,524
Building and Improvement, Initial Cost		891,551
Costs Capitalized Subsequent to Acquisition		1,334,440
Land, Total Costs		142,524
Building and Improvements, Total Costs		2,225,991
Total Costs		2,368,515	$ 2,204,687	$ 1,722,104	$ 1,060,239
Accumulated Depreciation		(202,692)	$ (138,405)	$ (81,938)	$ (40,195)
Net Cost Basis		2,165,823
Number of properties sold | property	4
Aggregate gross cost of the properties for federal income tax purposes		$ 2,400,000
Number of properties excluded | property		4
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		(171)
Net Cost Basis		4,547
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		(4,221)
Net Cost Basis		15,809
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		7,080
Land, Total Costs		734
Building and Improvements, Total Costs		12,714
Total Costs		13,448
Accumulated Depreciation		(329)
Net Cost Basis		13,119
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		12,605
Land, Total Costs		5,930
Building and Improvements, Total Costs		57,686
Total Costs		63,616
Accumulated Depreciation		(3,144)
Net Cost Basis		60,472
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		(1,449)
Net Cost Basis		16,063
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		10,481
Land, Total Costs		3,485
Building and Improvements, Total Costs		32,392
Total Costs		35,877
Net Cost Basis		35,877
63795 19th Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost		3,534
Building and Improvement, Initial Cost		12,852
Costs Capitalized Subsequent to Acquisition		18,234
Land, Total Costs		3,534
Building and Improvements, Total Costs		31,086
Total Costs		34,620
Accumulated Depreciation		(1,869)
Net Cost Basis		32,751
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		(786)
Net Cost Basis		5,536
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		(721)
Net Cost Basis		5,078
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
Costs Capitalized Subsequent to Acquisition		1
Land, Total Costs		174
Building and Improvements, Total Costs		716
Total Costs		890
Accumulated Depreciation		(84)
Net Cost Basis		806
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
Costs Capitalized Subsequent to Acquisition		2
Land, Total Costs		289
Building and Improvements, Total Costs		1,187
Total Costs		1,476
Accumulated Depreciation		(139)
Net Cost Basis		1,337
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
Costs Capitalized Subsequent to Acquisition		8
Land, Total Costs		949
Building and Improvements, Total Costs		3,908
Total Costs		4,857
Accumulated Depreciation		(458)
Net Cost Basis		4,399
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
Costs Capitalized Subsequent to Acquisition		16
Land, Total Costs		1,981
Building and Improvements, Total Costs		8,154
Total Costs		10,135
Accumulated Depreciation		(957)
Net Cost Basis		9,178
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		(1,694)
Net Cost Basis		11,036
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		(1,579)
Net Cost Basis		9,698
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		(271)
Net Cost Basis		9,026
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		(129)
Net Cost Basis		2,738
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
Costs Capitalized Subsequent to Acquisition		36,340
Land, Total Costs		2,186
Building and Improvements, Total Costs		53,711
Total Costs		55,897
Accumulated Depreciation		(3,871)
Net Cost Basis		52,026
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		16,007
Land, Total Costs		1,071
Building and Improvements, Total Costs		50,256
Total Costs		51,327
Accumulated Depreciation		(5,808)
Net Cost Basis		45,519
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		(3,237)
Net Cost Basis		38,361
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		(2,214)
Net Cost Basis		14,789
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		(4,107)
Net Cost Basis		23,909
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		51,538
Land, Total Costs		563
Building and Improvements, Total Costs		69,995
Total Costs		70,558
Accumulated Depreciation		(9,631)
Net Cost Basis		60,927
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		40,998
Land, Total Costs		739
Building and Improvements, Total Costs		49,282
Total Costs		50,021
Accumulated Depreciation		(5,887)
Net Cost Basis		44,134
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		(5,287)
Net Cost Basis		34,700
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		13,279
Land, Total Costs		268
Building and Improvements, Total Costs		25,119
Total Costs		25,387
Accumulated Depreciation		(3,477)
Net Cost Basis		21,910
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		254
Land, Total Costs		2,947
Building and Improvements, Total Costs		18,015
Total Costs		20,962
Accumulated Depreciation		(2,376)
Net Cost Basis		18,586
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		62,247
Land, Total Costs		3,366
Building and Improvements, Total Costs		62,247
Total Costs		65,613
Accumulated Depreciation		(2,273)
Net Cost Basis		63,340
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		12,858
Land, Total Costs		1,861
Building and Improvements, Total Costs		27,633
Total Costs		29,494
Accumulated Depreciation		(2,134)
Net Cost Basis		27,360
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		(5,711)
Net Cost Basis		28,249
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		(1,001)
Net Cost Basis		24,289
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		(3,236)
Net Cost Basis		27,306
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		(6,039)
Net Cost Basis		57,696
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		(532)
Net Cost Basis		19,993
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		(6,594)
Net Cost Basis		36,966
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		6,977
Land, Total Costs		1,059
Building and Improvements, Total Costs		18,694
Total Costs		19,753
Accumulated Depreciation		(2,550)
Net Cost Basis		17,203
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		(1,135)
Net Cost Basis		14,375
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		23,685
Land, Total Costs		2,082
Building and Improvements, Total Costs		24,711
Total Costs		26,793
Accumulated Depreciation		(1,568)
Net Cost Basis		25,225
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		(7,934)
Net Cost Basis		75,578
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		(2,656)
Net Cost Basis		21,410
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		(3,011)
Net Cost Basis		28,760
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		42,105
Land, Total Costs		1,907
Building and Improvements, Total Costs		55,752
Total Costs		57,659
Net Cost Basis		57,659
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		(2,574)
Net Cost Basis		13,219
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		3,140
Land, Total Costs		389
Building and Improvements, Total Costs		9,629
Total Costs		10,018
Accumulated Depreciation		(1,451)
Net Cost Basis		8,567
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		(1,658)
Net Cost Basis		8,031
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		26,710
Land, Total Costs		753
Building and Improvements, Total Costs		27,497
Total Costs		28,250
Accumulated Depreciation		(1,501)
Net Cost Basis		26,749
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		(1,313)
Net Cost Basis		8,314
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		19,637
Land, Total Costs		4,987
Building and Improvements, Total Costs		50,058
Total Costs		55,045
Accumulated Depreciation		(2,499)
Net Cost Basis		52,546
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		(4,626)
Net Cost Basis		30,444
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		(1,231)
Net Cost Basis		10,617
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		93,670
Land, Total Costs		7,600
Building and Improvements, Total Costs		116,145
Total Costs		123,745
Accumulated Depreciation		(7,467)
Net Cost Basis		116,278
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		72,008
Land, Total Costs		1,593
Building and Improvements, Total Costs		75,165
Total Costs		76,758
Accumulated Depreciation		(4,220)
Net Cost Basis		72,538
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		2,272
Land, Total Costs		191
Building and Improvements, Total Costs		12,015
Total Costs		12,206
Accumulated Depreciation		(1,602)
Net Cost Basis		10,604
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		19,309
Land, Total Costs		712
Building and Improvements, Total Costs		19,309
Total Costs		20,021
Accumulated Depreciation		(2,149)
Net Cost Basis		17,872
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		(3,259)
Net Cost Basis		28,918
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		2,335
Land, Total Costs		235
Building and Improvements, Total Costs		12,712
Total Costs		12,947
Accumulated Depreciation		(1,457)
Net Cost Basis		11,490
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		(612)
Net Cost Basis		2,925
Boltonfield Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost		1,253
Building and Improvement, Initial Cost		18,876
Costs Capitalized Subsequent to Acquisition		21,990
Land, Total Costs		1,253
Building and Improvements, Total Costs		40,866
Total Costs		42,119
Accumulated Depreciation		(692)
Net Cost Basis		41,427
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		(2,413)
Net Cost Basis		25,611
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		25,986
Land, Total Costs		6,979
Building and Improvements, Total Costs		60,767
Total Costs		67,746
Accumulated Depreciation		(4,838)
Net Cost Basis		62,908
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		(10,239)
Net Cost Basis		84,600
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		47,359
Land, Total Costs		1,228
Building and Improvements, Total Costs		60,439
Total Costs		61,667
Accumulated Depreciation		(6,005)
Net Cost Basis		55,662
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		29,745
Land, Total Costs		1,353
Building and Improvements, Total Costs		41,599
Total Costs		42,952
Accumulated Depreciation		(4,353)
Net Cost Basis		38,599
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		16,318
Land, Total Costs		941
Building and Improvements, Total Costs		24,259
Total Costs		25,200
Accumulated Depreciation		(2,478)
Net Cost Basis		22,722
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		(5,247)
Net Cost Basis		40,567
Susquehanna Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Land, Initial Cost		1,318
Building and Improvement, Initial Cost		13,708
Land, Total Costs		1,318
Building and Improvements, Total Costs		13,708
Total Costs		15,026
Accumulated Depreciation		(327)
Net Cost Basis		14,699
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		3,682
Building and Improvements, Total Costs		14,839
Total Costs		14,839
Accumulated Depreciation		(604)
Net Cost Basis		14,235
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		(3,233)
Net Cost Basis		16,516
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		(1,504)
Net Cost Basis		16,006
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		(230)
Net Cost Basis		2,298
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		(207)
Net Cost Basis		2,104
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		916
Land, Total Costs		244
Building and Improvements, Total Costs		1,223
Total Costs		1,467
Accumulated Depreciation		(73)
Net Cost Basis		1,394
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		810
Land, Total Costs		140
Building and Improvements, Total Costs		1,068
Total Costs		1,208
Accumulated Depreciation		(60)
Net Cost Basis		1,148
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		(62)
Net Cost Basis		873
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		54
Land, Total Costs		367
Building and Improvements, Total Costs		699
Total Costs		1,066
Accumulated Depreciation		(76)
Net Cost Basis		990
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		(129)
Net Cost Basis		6,324
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		(194)
Net Cost Basis		4,062
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		(161)
Net Cost Basis		3,547
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		(116)
Net Cost Basis		2,772
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		(156)
Net Cost Basis		3,323
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		(139)
Net Cost Basis		3,013
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		(80)
Net Cost Basis		1,666
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		(71)
Net Cost Basis		1,483
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		(64)
Net Cost Basis		1,278
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		(56)
Net Cost Basis		1,208
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		(54)
Net Cost Basis		1,105
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		(38)
Net Cost Basis		917
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		(20)
Net Cost Basis		760
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		(18)
Net Cost Basis		314
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		(22)
Net Cost Basis		310
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		(18)
Net Cost Basis		315
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		1,727
Land, Total Costs		1,635
Building and Improvements, Total Costs		1,727
Total Costs		3,362
Accumulated Depreciation		(224)
Net Cost Basis		3,138
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		(308)
Net Cost Basis		1,925
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		(326)
Net Cost Basis		1,861
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		(267)
Net Cost Basis		1,478
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		(130)
Net Cost Basis		1,146
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		(153)
Net Cost Basis		845
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		(167)
Net Cost Basis		2,005
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		(83)
Net Cost Basis		1,633
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		(78)
Net Cost Basis		1,267
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		(43)
Net Cost Basis		854
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		(90)
Net Cost Basis		2,463
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		979
Land, Total Costs		1,713
Building and Improvements, Total Costs		12,286
Total Costs		13,999
Accumulated Depreciation		(1,346)
Net Cost Basis		12,653
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		(308)
Net Cost Basis		6,858
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		(106)
Net Cost Basis		1,665
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		(44)
Net Cost Basis		1,082
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		19,050
Land, Total Costs		650
Building and Improvements, Total Costs		26,169
Total Costs		26,819
Accumulated Depreciation		(2,419)
Net Cost Basis		24,400
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		(1,717)
Net Cost Basis		38,315
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		22,304
Land, Total Costs		6,211
Building and Improvements, Total Costs		22,304
Total Costs		28,515
Accumulated Depreciation		(1,741)
Net Cost Basis		26,774
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		6,984
Land, Total Costs		700
Building and Improvements, Total Costs		16,541
Total Costs		17,241
Accumulated Depreciation		(1,276)
Net Cost Basis		15,965
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		4,471
Land, Total Costs		2,222
Building and Improvements, Total Costs		5,666
Total Costs		7,888
Net Cost Basis		$ 7,888

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investment in real estate, at cost:
Balance at beginning of year	$ 2,204,687	$ 1,722,104	$ 1,060,239
Purchases of investments in real estate	35,155	149,317	277,717
Additions and improvements, net	128,673	355,633	384,148
Sale of real estate investments		(22,367)
Balance at end of year	2,368,515	2,204,687	1,722,104
Accumulated Depreciation:
Balance at beginning of year	(138,405)	(81,938)	(40,195)
Depreciation expense, net	(64,287)	(58,935)	(41,743)
Sale of real estate investments		2,468
Balance at end of year	$ (202,692)	$ (138,405)	$ (81,938)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 165,588	$ 154,386	$ 113,990

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false