NewLake Capital Partners (NLCP) S-11/A 21 Sep 21 Registration of securities for real estate companies (amended) Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2021
Document Information [Line Items]
Document Type	S-11/A
Amendment Flag	false
Entity Registrant Name	NewLake Capital Partners, Inc.
Entity Central Index Key	0001854964
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate
Land	$ 15,446	$ 2,490
Building and Improvements	248,930	124,121
Total Real Estate	264,376	126,611
Less Accumulated Depreciation	(5,200)	(2,650)
Net Real Estate	259,176	123,961
Cash and Cash Equivalents	76,530	19,617
In-Place Lease Intangible Assets, net	25,008	0
Other Assets	1,718	598
TOTAL ASSETS	362,432	144,176
LIABILITIES:
Security Deposits Payable	5,431	1,594
Dividends, Dividend Equivalents and Distributions Payable	4,277	894
Accrued Expenses and Other Liabilities	1,895	659
Rent Received in Advance	913	0
Tenant Improvements Payable	807	0
Total Liabilities	13,323	3,147
COMMITMENTS AND CONTINGENCIES
EQUITY:
Preferred Stock	0	61
Common Stock	173	78
Additional Paid-In Capital	359,514	151,778
Accumulated Deficit	(19,415)	(17,154)
Total Stockholders' Equity	340,272	134,763
NONCONTROLLING INTERESTS – OPERATING PARTNERSHIP	8,837	6,266
Total Equity	349,109	141,029
TOTAL LIABILITIES AND EQUITY	$ 362,432	$ 144,176

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	125
Preferred stock, shares outstanding (in shares)	0	125
Preferred stock, rate	12.50%	12.50%
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	17,329,964	7,758,145
Common stock, shares outstanding (in shares)	17,329,964	7,758,145

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUE:
Rental Income	$ 6,650	$ 2,141	$ 11,068	$ 4,151
EXPENSES:
Depreciation and Amortization Expense	2,051	498	3,137	960
General and Administrative Expense	1,702	1,321	2,591	2,328
Stock-Based Compensation	97	6	1,004	13
TOTAL EXPENSES	3,850	1,825	6,732	3,301
INCOME FROM OPERATIONS	2,800	316	4,336	850
OTHER INCOME:
Interest Income	16	2	18	152
TOTAL OTHER INCOME	16	2	18	152
NET INCOME	2,816	318	4,354	1,002
Preferred Stock Dividends	0	(4)	(4)	(8)
Net Income Attributable to Noncontrolling Interests	(78)	0	(155)	0
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,738	$ 314	$ 4,195	$ 994
Net Income Attributable to Common Stockholders Per Share - Basic (in dollars per share)	$ 0.16	$ 0.04	$ 0.31	$ 0.14
Net Income Attributable to Common Stockholders Per Share - Diluted (in dollars per share)	$ 0.16	$ 0.04	$ 0.30	$ 0.14
Weighted Average Shares of Common Stock Outstanding - Basic (in shares)	17,329,964	7,060,250	13,645,990	7,060,250
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares)	17,455,599	7,063,250	13,759,484	7,063,250

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Balance at Dec. 31, 2019	$ 131,152	$ 61	$ 71	$ 131,457	$ (437)	$ 0
Balance (in shares) at Dec. 31, 2019	7,060,250
Stock-Based Compensation	$ 13	0	0	13	0	0
Dividends to Preferred Stock	(8)		0	0	(8)	0
Dividends to Common Stock	(1,059)	0	0	0	(1,059)	0
Net Income	1,002	0	0	0	1,002	0
Balance at Jun. 30, 2020	$ 131,100	61	71	131,470	(502)	0
Balance (in shares) at Jun. 30, 2020	7,060,250
Balance at Mar. 31, 2020	$ 131,345	61	71	131,464	(251)	0
Balance (in shares) at Mar. 31, 2020	7,060,250
Stock-Based Compensation	$ 6	0	0	6	0	0
Dividends to Preferred Stock	(4)	0	0	0	(4)	0
Dividends to Common Stock	(565)	0	0	0	(565)	0
Net Income	318	0	0	0	318	0
Balance at Jun. 30, 2020	$ 131,100	61	71	131,470	(502)	0
Balance (in shares) at Jun. 30, 2020	7,060,250
Balance at Dec. 31, 2020	$ 141,029	61	78	151,778	(17,154)	6,266
Balance (in shares) at Dec. 31, 2020	7,758,145
Net Proceeds from the Issuance of Common Stock	$ 39,578	0	18	39,560	0	0
Common Stock Issued (in shares)	1,871,932
Issuance of Common Stock for Merger Transaction	$ 162,853	0	77	162,776	0	0
Issuance of Common Stock for Merger Transaction (in shares)	7,699,887
Issuance of Warrants for Merger Transaction	$ 4,820	0	0	4,820	0	0
Redemption of Series A Preferred Stock	(125)	(61)	0	0	(64)	0
Issuance of 88,200 OP Units for Property Acquisition	2,205	0	0	0	0	2,205
Stock-Based Compensation	1,004	0	0	1,004	0	0
Dividends to Preferred Stock	(4)		0	0	(4)	0
Dividends to Common Stock	(6,374)	0	0	0	(6,374)	0
Dividend Equivalents to Restricted Stock Units	(59)	0	0	0	(59)	0
Distributions to OP Unit Holders	(172)	0	0	0	0	(172)
Adjustment for Noncontrolling Interest Ownership in Operating Partnership	0	0	0	(424)	0	424
Net Income	4,354	0	0	0	4,240	114
Balance at Jun. 30, 2021	$ 349,109	0	173	359,514	(19,415)	8,837
Balance (in shares) at Jun. 30, 2021	17,329,964
Balance at Mar. 31, 2021	$ 348,393	61	173	358,943	(17,920)	7,136
Balance (in shares) at Mar. 31, 2021	17,329,964
Redemption of Series A Preferred Stock	$ (125)	(61)	0	0	(64)	0
Issuance of 88,200 OP Units for Property Acquisition	2,205	0	0	0	0	2,205
Stock-Based Compensation	97	0	0	97	0	0
Dividends to Common Stock	(4,159)	0	0	0	(4,159)	0
Dividend Equivalents to Restricted Stock Units	(30)	0	0	0	(30)	0
Distributions to OP Unit Holders	(88)	0	0	0	0	(88)
Adjustment for Noncontrolling Interest Ownership in Operating Partnership	0	0	0	474	0	(474)
Net Income	2,816	0	0	0	2,758	58
Balance at Jun. 30, 2021	$ 349,109	$ 0	$ 173	$ 359,514	$ (19,415)	$ 8,837
Balance (in shares) at Jun. 30, 2021	17,329,964

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net Income	$ 4,354,000	$ 1,002,000
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Stock-Based Compensation	1,004,000	13,000
Depreciation and Amortization Expense	3,137,000	960,000
Changes in Assets and Liabilities, Net of Acquisition:
Other Assets	(55,000)	(97,000)
Accrued Expenses and Other Liabilities	(1,691,000)	737,000
Security Deposits Payable	2,179,000	0
Rent Received in Advance	913,000	(403,000)
Net Cash Provided by Operating Activities	9,841,000	2,212,000
Cash Flows from Investing Activities:
Cash Acquired from Merger Transaction	64,355,000	0
Payment of Merger Related Transaction Costs	(2,144,000)	0
Reimbursements of Tenant Improvements	(6,719,000)	0
Deferred Real Estate Costs	0	(10,054,000)
Acquisition of Real Estate	(44,648,000)	0
Net Cash Provided by (Used in) Investing Activities	10,844,000	(10,054,000)
Cash Flows from Financing Activities:
Proceeds from Issuance of Common Stock, Net of Offering Costs	39,579,050	0
Preferred Stock Dividends Paid	(4,000)	(8,000)
Common Stock Dividends Paid	(3,060,000)	(494,000)
Restricted Stock Units Dividend Equivalents Paid	(38,000)	0
Distributions to OP Unit Holders	(124,000)	0
Redemption of Series A Preferred Stock	(125,000)	0
Net Cash Provided by (Used by) Financing Activities	36,228,000	(502,000)
Net Increase (Decrease) in Cash and Cash Equivalents	56,913,000	(8,344,000)
Cash and Cash Equivalents - Beginning of Period	19,617,000	66,901,000
Cash and Cash Equivalents - End of Period	76,530,000	58,557,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Accrual for Dividends and Distributions Payable	4,277,000	565,000
Accrual for Reimbursements of Tenant Improvements	807,000	0
Real Estate Assets, In-Place Leases, Other Assets and Liabilities Acquired through the Issuance of Common Stock and Warrants	103,319,000	0
Operating Partnership (OP) [Member]
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuance of 88,200 OP Units for Property Acquisition	$ 2,205,000	$ 0

Organization

Organization	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Organization	Note 1 ORGANIZATION NewLake Capital Partners, Inc. (the “Company”, “we”, “us”, “our”), a Maryland corporation, was formed on April 9, 2019 under the Maryland General Corporation Law, as GreenAcreage Real Estate Corp. (“GARE”). The Company is an internally managed Real Estate Investment Trust (“REIT”) focused on providing long-term, single-tenant, triple-net build-to-suit year-end The Company conducts its business through its subsidiary, NLCP Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership” or “OP”). The Company holds an equity interest in the Operating Partnership and is the sole general partner. Subsequent to the merger, the name of the Operating Partnership was changed from GreenAcreage Operating Partnership LP to NLCP Operating Partnership LP. Prior to July 15, 2020, the Company was externally managed by GreenAcreage Management LLC, a Delaware limited liability company (the “Sponsor” or “Manager”), an affiliated entity. The Sponsor funded the Company’s organization, offering and transaction costs. On July 15, 2020, the Company, the Manager and certain other parties entered into a Contribution Agreement (the “Contribution Agreement”) whereby the Manager contributed the assets comprising its business and function, including the Management Agreement, to the Operating Partnership in consideration for partnership common units of the Operating Partnership. As a result of the transactions under such Contribution Agreement, the investment management functions and business of the Manager have been internalized into the Operating Partnership (the “Internalization”), employees are compensated directly by the Company and no further fees will be paid to the Manager under the Management Agreement, as the Operating Partnership assumed the Management Agreement in connection with such transactions. See Note 4. Our Articles of Incorporation authorize 400,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01. On April 26, 2019, 100 shares of our common stock were purchased by a member of our Sponsor, for $20 per share, who became our initial stockholder. On August 12, 2019, the Company issued 7,060,150 shares of common stock (the “Offering”) for $20 per share, resulting in net proceeds of $131,523,622, after deducting investment banking discount, placement fees and offering expenses. On December 20, 2019, the Company issued 125 shares of 12.5% Series A Redeemable Cumulative Preferred Stock for $1,000 per share (the “Series A Preferred Stock”) resulting in net proceeds of $60,600, after deducting legal fees and offering expenses. On April 4, 2021, the Company redeemed the 125 shares of Series A Preferred Stock for $1,000 per share. See Note 8. In December 2020, the Company issued 745,241 shares of common stock for $21.15 per share, resulting in net proceeds of $15,704,625, after deducting offering expenses. During the six months ended June 30, 2021, the Company issued 1,871,932 shares of common stock for $21.15 per share, resulting in net proceeds of $39,579,050. On August 13, 2021, the Company closed on its initial public offering (“IPO”) of 3,905,950 shares of common stock at a public offering price of $26.00 per share for gross proceeds of approximately $102 million before deducting placement agent fees and offering expenses.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Summary of Significant Accounting Policies	Note 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of the Company and the Operating Partnership, as well as the Operating Partnership’s wholly owned properties, each of which is held in a single member LLC, presented in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out The accompanying consolidated balance sheet as of December 31, 2020 has been derived from audited financial statements. These consolidated financial statements should be read in conjunction with the final prospectus for our initial public offering (“IPO”) dated as of August 12, 2021 and filed with the Securities and Exchange Commission (“SEC”), pursuant to Rule 424(b)(4) on August 13, 2021. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full year. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management will adjust such Organization, Offering and Transaction Costs Offering costs incurred prior to receipt of any offering proceeds are deferred as an asset. Offering costs are recorded as an offset to additional paid-in Income Taxes We have made an election to be taxed as a REIT, under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with 2019, our initial taxable year. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to currently distribute at least 90% of the REIT’s ordinary taxable income to stockholders. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we will be organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income.​​​​​​​ Acquisition of Real Estate Properties Our investment in real estate is recorded at cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region, the fair value of buildings on an as-if Depreciation We are required to make subjective assessments as to the estimated useful lives of our depreciable assets. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, not to exceed 35 years. We depreciate tenant improvements at our buildings, if any, over the shorter of the estimated useful lives or terms of related leases. Intangible Assets and Related Amortization Intangibles related to the Company’s investments in real estate consist of the value of in- In-place in-place Construction in Progress Reimbursements paid or incurred for tenant improvements are considered construction in progress until placed in service. Such tenant improvements are considered placed in service when ready and available for its intended use. Construction in progress was $5.4 million on June 30, 2021 and is included in Buildings and Improvements on the accompanying Consolidated Balance Sheet. There was no construction in progress on December 31, 2020. Provision for Impairment We review current activities and changes in the business condition of all of our properties to determine the existence of any triggering events or impairment indicators. If triggering events or impairment indicators are identified, we analyze the carrying value of our real estate for any impairment. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key inputs that we utilize in this analysis include projected rental rates, estimated holding periods, capital expenditures, and property sales capitalization rates. As of June 30, 2021, no impairment losses were recognized and no properties were deemed held for sale. Revenue Recognition and Leases 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 recorded such transactions as sale and leaseback transactions. Our leases and future tenant leases are expected to be triple-net each of our properties on a cash basis due to the uncertainty of collectability of lease payments from each tenant due to its limited operating history and the uncertain regulatory environment in the United States relating to the cannabis industry. Any rental payments received in advance of contractual due dates are recorded as rent received in advance on the accompanying consolidated balance sheets.​​​​​​​ Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. Stock-Based Compensation Stock-based compensation for equity awards is based on the grant date fair value of the equity awards and is recognized over the requisite service or performance period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any non-forfeitable We calculate earnings per share (“EPS”) in accordance with ASC 260 – Earnings Per Share (“ASC 260”). Under ASC 260, non-vested two-class two-class Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock in the computation of diluted EPS by using the more dilutive of the two-class Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, 2018-10, 2018-11, 2018-20, Topic 842 requires lessees to record most leases on their balance sheet through a right-of- month-to-month non-lease non-lease lessor practical expedient allowing the Company to not separate these components when certain conditions are met. Upon adoption of Topic 842, the Company expects to continue to combine tenant reimbursements with rental revenues on the Company’s consolidated statement of operations. The Company has historically not capitalized allocated payroll cost incurred as part of the leasing process, which was allowable under ASC 840 but, will no longer qualify for classification as initial direct costs under Topic 842. Also, the Narrow-Scope Improvements for Lessors under ASU 2018-20 Topic 842 provides two transition alternatives. The Company expects to apply this standard based on the prospective optional transition method, in which comparative periods will continue to be reported in accordance with Topic 840. The Company also anticipates expanded disclosures upon adoption, as the new standard requires more extensive quantitative and qualitative disclosures as compared to Topic 840 for both lessees and lessors. The Company is still evaluating the effect to the Company’s consolidated financial statements as a Lessor of the adoption of Topic 842 on January 1, 2022. In June 2016, the FASB issued ASU 2016-13, held-to-maturity 2018-19, Concentration of Credit Risk As of June 30, 2021, we owned 27 properties located in Arizona, Arkansas, California, Connecticut, Florida, Illinois, Massachusetts, North Dakota, Ohio, and Pennsylvania. The ability of any of our tenants to honor the terms of its lease is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. The following table sets forth the tenants in our portfolio that represented the largest percentage of our total revenue for each of the periods presented, including tenant reimbursements: For the Six Months Ended June 30, 2021 2020 Number of Percentage of Number of Percentage of Curaleaf 11 38 % 0 - % Cresco Labs 1 28 % 1 61 % Acreage 3 13 % 4 39 % Columbia Care 5 10 % 0 - % We do not expect that these percentages will be indicative of our revenue for the remainder of the year, as we acquired 19 properties from Target on March 17, 2021, and three additional properties during the three month period ended June 30, 2021. We have deposited cash with four financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per financial institution. As of June 30, 2021 we had cash accounts in excess of FDIC insured limits. Noncontrolling Interests Noncontrolling interests include interests issued by the Operating Partnership in accordance with the terms of the Amended and Restated Operating Partnership Agreement representing a 2.5% ownership interest in the Company, at June 30, 2021, by GreenAcreage Management Owner LLC (“GAMO”), the parent of our former Manager, and are accounted for as a separate component of equity.​​​​​​​ Reclassification Certain reclassifications of the prior period financial statements have been made to conform to the current year presentation.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2021
Disclosure Text Block [Abstract]
Real Estate Disclosure [Text Block]	Note 3 INVESTMENTS IN REAL ESTATE On March 17, 2021, the Company completed the Merger with Target. The Merger was completed through the issuance of 7,699,887 shares of common stock valued at $21.15 per share and warrants to purchase up to 602,392 shares of the Company’s common stock valued at approximately $4.8 million. The Company also incurred approximately $2.1 million in merger-related transaction costs. The consideration issued was based upon the relative value of the two entities, such that the shareholders of the Company and the Target, immediately prior to the Merger, owned 56.79% and 43.21%, respectively, of the outstanding post-merger common stock of the Company. The Company issued warrants to Target shareholders based on the pre-merger The Target company owned a portfolio of 19 properties subject to long-term, single-tenant, triple-net build-to-suit Land $ 9,248 Building and Improvements 78,523 In-Place 25,595 Cash 64,355 Other Assets 154 Security Deposits Payable (1,658 ) Tenant Improvements Payable (4,384 ) Accounts Payable, Accrued Expenses and Other Liabilities (2,015 ) Total purchase price, including transaction costs $ 169,818 The Company acquired the following properties during the six months ended June 30, 2021 (dollars in thousands): Tenant Market Closing Date Real Estate In-Place Allocated Total Trulieve Pennsylvania March 17, 2021 $ 28,225 $ 12,098 $ 777 $ 41,100 Columbia Care Massachusetts March 17, 2021 13,565 4,042 339 17,946 Columbia Care Illinois March 17, 2021 11,146 3,047 274 14,467 Curaleaf Connecticut March 17, 2021 2,877 433 64 3,374 PharmaCann Massachusetts March 17, 2021 2,048 356 46 2,450 Curaleaf Arkansas March 17, 2021 2,117 314 47 2,478 Curaleaf Ohio March 17, 2021 3,290 571 74 3,935 Curaleaf Illinois March 17, 2021 1,701 252 38 1,991 Curaleaf Illinois March 17, 2021 3,298 564 74 3,936 Columbia Care Illinois March 17, 2021 1,192 202 27 1,421 Curaleaf North Dakota March 17, 2021 2,133 348 48 2,529 Columbia Care Massachusetts March 17, 2021 2,276 366 51 2,693 Curaleaf Illinois March 17, 2021 1,005 174 23 1,202 PharaCann Massachusetts March 17, 2021 1,597 268 36 1,901 (1) Curaleaf Pennsylvania March 17, 2021 2,185 362 49 2,596 PharmaCann Pennsylvania March 17, 2021 1,289 251 30 1,570 Columbia Care California March 17, 2021 3,703 1,051 92 4,486 Curaleaf Pennsylvania March 17, 2021 1,881 314 42 2,237 Curaleaf Illinois March 17, 2021 583 97 13 693 Subtotal of Merged properties 86,111 25,110 2,144 113,365 Mint Massachusetts April 1, 2021 1,600 — 1,600 Mint Arizona June 24, 2021 2,715 — 2,715 (2) Revolutionary Massachusetts June 30, 2021 42,275 577 42,852 (3) Total $ 132,701 $ 25,110 $ 2,721 $ 160,532 (1) Includes $806,540 of tenant improvement reimbursement commitments which have not been funded as of June 30, 2021. (2) Includes $315,035 of tenant improvement reimbursement commitments which have been fully funded. (3) Includes $40.1 million in cash and 88,200 OP units issued in connection with the purchase of the property. The transaction costs were not allocated. The Company is required to issue 132,727 OP Units pursuant to a contribution agreement if certain conditions are met. The Company current properties also include: Tenant Market Closing Date Real Estate Costs Total Acreage Pennsylvania October 24, 2019 $ 9,823 $ 336 $ 10,159 Acreage Massachusetts October 24, 2019 9,682 106 9,788 Acreage Connecticut October 30, 2019 800 126 926 Cresco Labs Illinois December 11, 2019 50,000 678 50,678 (1) Curaleaf Florida August 4, 2020 53,763 1,237 55,000 $ 124,068 $ 2,483 $ 126,551 (1) Includes $ 10 s Depreciation expense was approximately $2.6 million and $960,000 for the six months ended June 30, 2021 and 2020, respectively. Depreciation expense was approximately $1.5 million and $498,000 for the three months ended June 30, 2021 and 2020, respectively. Amortization of the Company’s acquired in- Future amortization of the Company’s acquired in-place Year Amortization Expenses 2021 (six months ending December 31) $ 1,006 2022 2,013 2023 2,013 2024 2,013 2025 2,013 Thereafter 15,950 Total $ 25,008 Future contractual minimum rent under the Company’s operating leases as of June 30, 2021 for future periods is summarized as follows (in thousands): Year Contractual Minimum Rent 2021 (six months ending December 31) $ 16,202 2022 34,966 2023 36,793 2024 37,746 2025 38,725 Thereafter 442,813 Total $ 607,245 In connection with the Merger, the Company issued warrants to purchase up to 602,392 shares of the Company’s common stock at an exercise price of $24.00 per share. All or any portion of the warrants may be exercised in whole or in part at any time and from time to time on or before July 15, 2027. The Company calculated the fair value of the warrants using the Black-Scholes model, and the fair value of the warrants was determined to be approximately $4.8 million. Expected volatilities are based on historical daily volatilities of publicly traded guideline companies. The risk-free interest rate for the expected term of the warrants is based on the U.S. Treasury yield. The expected volatility is 59.4% and the expected life is 6.33 years. The dividend yield on common stock and risk-free interest rate is 3.7% and 1.1%, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Disclosure Text Block [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 4 RELATED PARTY TRANSACTIONS Management Agreement and Internalization Transaction On July 15, 2020, the Company, the Manager and certain other parties entered into a Contribution Agreement (the “Contribution Agreement”) whereby the Manager contributed the assets comprising its business and function, including the Management Agreement, to the Operating Partnership in consideration for partnership common units of the Operating Partnership representing a 5.5% ownership interest in the Operating Partnership at the time of the Internalization. As a result of the transactions under such Contribution Agreement, the investment management functions and business of the Manager have been internalized into the Operating Partnership, employees are compensated directly by the Company and no further fees will be paid to the Manager under the Management Agreement as the Operating Partnership assumed the Management Agreement in connection with such transactions. To effectuate the Internalization, the Operating Partnership issued an aggregate of 419,798 OP Units valued at $8,395,960 to GAMO and incurred $911,289 in legal, severance and professional costs. In connection with the closing of the Internalization, HG Vora Capital Management, LLC (“HG Vora”) exercised its right to contribute to the Company its option to purchase a 26.7% interest in GAMO (the sole owner of the Manager’s equity) in exchange for 152,654 shares of the Company’s common stock, valued at $ 3,053,080 and representing a 2% fully diluted ownership interest in our common stock (immediately following the exchange). Prior to the Internalization, we had entered into a management agreement (the “Management Agreement”) on July 19, 2019, pursuant to which our Manager managed, among other things, our day-to-day medical-use adult-use We paid our Manager an annual management fee, payable in monthly cash installments, in arrears, in an amount generally equal to the lesser of (i) the costs and expenses incurred by the Manager with respect to our business or (ii) 1.0% per annum of the Stockholders’ Equity, provided that to the extent the amount in (ii) did not cover the costs and expenses incurred by the Manager with respect to our business, we reimbursed the Manager to the extent of such difference. Stockholders’ Equity was generally defined in the Management Agreement to mean the sum of the net proceeds from any issuances of our equity securities since inception. Our Manager ceased collecting any management fees with respect to subsequent periods following the Internalization. Our former Manager is wholly owned by GAMO, a Delaware limited liability company, which is an affiliate of Acreage. Acreage previously owned 200,000 shares of our common stock and 54,695 OP Units. As of June 30, 2021, Kevin Murphy, the Chairman of Acreage, owned 250,000 shares. As of June 30, 2021 and December 31, 2020, the Company has assets with an original cost basis of $20.9 million and a net book value of $19.9 million and $20.2 million, respectively, that are leased to Acreage. Management fees to GAMO of $0 and $657,089 were incurred for the six months ended June 30, 2021 and 2020, respectively. These amounts are included in general and administrative expense on the accompanying consolidated statements of operations. As of June 30, 2021 and December 31, 2020, there are no management fees payable. For the six months ended June 30, 2021 and 2020, the Company has reimbursed $0 and $310,971, respectively, to the Manager for expenses in accordance with the Management Agreement. These amounts are presented with general and administrative expense on the accompanying consolidated statements of operations. HG Vora, on behalf of a fund managed by it, owns 3.5 million shares of our common stock and formerly had an option to acquire a 26.7% interest in GAMO for which they paid $1.05 million on August 13, 2019. Upon the commencement of the trading of our common stock on a Securities Exchange, HG Vora had the right to contribute its option to purchase the 26.7% interest in exchange for the number of shares of common stock representing a 2% fully diluted ownership in our common stock (immediately following such exchange). This option was exercised by HG Vora, upon the payment of $50,000, in connection with the Internalization and is no longer outstanding. In addition, we paid a $2.55 million structuring fee to HG Vora in conjunction to our initial offering. We have also entered into an Investor Rights Agreement, Excepted Holder Agreement and Side Letter with HG Vora. In accordance with the Investor Rights Agreement, HG Vora had the right to designate three directors, representing a majority, to our Board of Directors. In connection with the Merger, HG Vora has the right to nominate a majority of our Board of Directors. In accordance with the Investor Rights Agreement, the Company will maintain market-based compensation for the non-executive Merger Agreement In connection with the Merger, we entered into an Investor Rights Agreement. The Investor Rights Agreement had provided the stockholders party thereto with certain rights with respect to the nomination of members to our Board of Directors. Prior to the completion of our IPO, pursuant to the Investor Rights Agreement, HG Vora had the right to nominate four directors to our Board of Directors. Following the completion of an IPO, for so long as HG Vora owns (i) at least 9% of our issued and outstanding common stock for 60 consecutive days, HG Vora may nominate two of the members of our Board of Directors, and (ii) at least 5% of our issued and outstanding common stock for 60 consecutive days, HG Vora may nominate one member of our Board of Directors. If HG Vora owns less than 5% of our issued and outstanding common stock for 60 consecutive days, then HG Vora may not nominate any members of our Board of Directors pursuant to the Investor Rights Agreement. Prior to the completion of our IPO, West Investment Holdings, LLC, West CRT Heavy, LLC, Gary and Mary West Foundation, Gary and Mary West Health Endowment, Inc., Gary and Mary West 2012 Gift Trust and WFI Co-Investments Prior to the completion of our IPO, NLCP Holdings, LLC had the right to designate three directors to our Board of Directors. Prior to the completion of our IPO, NL Ventures, LLC (“Pangea”) did not have a director nomination right. Following the completion of our IPO, Pangea may nominate one member of our Board of Directors for so long as Pangea owns at least 4% of our issued and outstanding common stock for 60 consecutive days. If Pangea owns less than 4% of our issued and outstanding common stock for 60 consecutive days, then Pangea may not nominate any members of our Board of Directors pursuant to the Investor Rights Agreement. Option Grants In connection with the closing of the Internalization, the Company and the other parties thereto terminated the Incentive Agreement (described below). In connection therewith the Company issued 791,790 nonqualified stock options (the “Options”), valued at $3,863,935, to purchase shares of the Company’s common stock, subject to the terms and conditions of the applicable Option Grant Agreements, with an exercise price per share of common stock equal to $24.00 and in such amounts as set forth in the Option Grant Agreements. The Options issued represented 3% of the value of the Company at issuance. The shares of common stock issued by the Company upon exercise of such options, shall be duly authorized, validly issued, fully paid and non-assessable We had entered into an Incentive Agreement with two former executive officers of the Company, who also have an ownership interest in our Manager. Pursuant to the Incentive Agreement, the Company had agreed to issue options or provide other performance awards, equal to 5% of the value of the Company after each private placement, merger or public offering, to the management team with each of the two executive officers of the Company party thereto receiving at least 1% of the value of the Company. The Company had also agreed in the Incentive Agreement to enter into an Employment Agreement with such executive officers, upon the internalization of the management, subject to a term of three years at market rate compensation. The Incentive Agreements and all obligations of the Company thereunder were terminated in connection with the Internalization.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2021
Disclosure Text Block [Abstract]
Noncontrolling Interest Disclosure [Text Block]	Note 5 NONCONTROLLING INTERESTS Operating Partnership Units The Company’s noncontrolling interests include interests issued by the Operating Partnership. See Note 6 for a description of our restricted stock units (“RSUs”). The activity for the Company’s noncontrolling interest issued by the Operating partnership is set forth in the following table: Common OP Units Noncontrolling Balance as of January 1, 2021 7,845,472 365,103 4.4 % Restricted Stock Units Issued 38,308 — 4.4 % Common Stock Issued 9,571,819 — 2.0 % OP Units Issued — 88,200 2.5 % Balance as of June 30, 2021 17,455,599 453,303 2.5 %

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 6 STOCK BASED COMPENSATION Restricted Stock Units During the six months ended June 30, 2021, the Company granted 38,308 RSUs to an officer of the Company. Total outstanding RSUs as of June 30, 2021 are 125,635. The granting of restricted stock units is not pursuant to a formal plan. Restricted stock units are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Each restricted stock unit represents the right to receive one share of common stock. Each restricted stock unit is also entitled to receive a dividend equivalent payment equal to the dividend paid on one share of common stock. The amortization of compensation costs for the awards of restricted stock units are included in stock-based compensation in the accompanying consolidated statements of operations and amount to $1,003,578 and $12,772 for the six months ended June 30, 2021 and 2020, respectively. The following table sets forth our unvested restricted stock activity from April 9, 2019 (Inception) through June 30, 2021: Number of Unvested Weighted-Average Grant Granted 3,000 20.00 Vested — 20.00 Balance at December 31, 2019 3,000 20.00 Granted 84,327 21.09 Vested (39,924 ) 21.12 Balance at December 31, 2020 47,403 20.99 Granted 38,308 21.15 Vested (46,225 ) 21.15 Balance at June 30, 2021 39,486 20.96 Stock Options The fair value of each option award was estimated on the date of grant using the Black- Scholes model. Expected volatilities are based on historical daily volatilities of publicly traded guideline companies. The expected term of options granted is based on the “simplified” method for options and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield. The stock price at date of issuance and exercise price are $20.00 and $24.00, respectively. The expected volatility is 52.5% and the expected life is 4.5 years. The risk-free interest rate is 1.56% and the expected dividend yield is 6.0%. The options were fully vested at December 31, 2020. No options have been granted, became exercisable, or been exercised during the period ended June 30, 2021. See Note 4. The following table summarizes stock option activity during the six months ended June 30, 2021 and the year ended December 31, 2020: Number of Weighted Average Outstanding at January 1, 2020 — $ — Granted 791,790 $ 24.00 Exercisable (527,862 ) $ 24.00 Non Exercisable at December 31, 2020 263,928 $ 24.00 Granted — — Exercisable (87,976 ) $ 24.00 Non Exercisable at June 30, 2021 175,952 $ 24.00

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 7 EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share data): For the Six Months Ended June 30, For the Three Months Ended June 30, 2021 2020 2021 2020 Numerator: Net Income $ 4,354 $ 1,002 $ 2,816 $ 318 Less: Preferred Stock Dividends (4 ) (8 ) — (4 ) Less: Net Income Attributable to Noncontrolling OP Interests (114 ) — (58 ) — Less: Net Income Attributable to Noncontrolling RSUs (41 ) — (20 ) — Net Income Attributable to Common Stockholders $ 4,195 $ 994 $ 2,738 $ 314 Denominator Weighted Average Shares of Common Stock Outstanding – Basic 13,645,990 7,060,250 17,329,964 7,060,250 Dilutive Effect of Restricted Stock Units 113,494 3,000 125,635 3,000 Weighted Average Shares of Common Stock Outstanding – Diluted 13,759,484 7,063,250 17,455,599 7,063,250 Earnings Per Share – Basic Net Income Attributable to Common Stockholders $ 0.31 $ 0.14 $ 0.16 $ 0.04 Earnings Per Share – Diluted Net Income Attributable to Common Stockholders $ 0.30 $ 0.14 $ 0.16 $ 0.04 The effect of including 791,790 outstanding stock options and 602,392 warrants was excluded from our calculation of weighted average shares of common stock outstanding – diluted, as their inclusion would have been anti-dilutive.

Preferred Stock

Preferred Stock	6 Months Ended
	Jun. 30, 2021
Disclosure Text Block [Abstract]
Preferred Stock	Note 8 PREFERRED STOCK The Company is authorized to issue up to 100,000,000 shares of preferred stock, par value $0.01 per share. On December 20, 2019, the Company issued 125 shares of 12.5% Series A Preferred Stock resulting in net proceeds of $60,600, after deducting legal fees and offering expenses. The Company at its option, may redeem shares of the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $1,000 per share plus all accrued and unpaid dividends thereon to and including the date fixed for redemption. The shares of Series A Preferred Stock are not convertible into or exchangeable for any other property or securities of the Company. The shares of Series A Preferred Stock are subject to restrictions on ownership and transfer. The holders of the Series A Preferred Stock shall not be entitled to vote on any matter submitted to the stockholders of the Company for a vote. On April 4, 2021, the Company redeemed the 125 shares of Series A Preferred Stock outstanding. The shares were redeemed at a redemption price of $1,000 per share, plus accrued and unpaid dividends and an early redemption fee for a total payment of $137,416, in cash. As of June 30, 2021, there was no preferred stock outstanding.

Common Dividends, Dividend Equi

Common Dividends, Dividend Equivalents and Distributions	6 Months Ended
	Jun. 30, 2021
Disclosure Text Block [Abstract]
Dividends Disclosure [Text Block]	Note 9 COMMON DIVIDENDS, DIVIDEND EQUIVALENTS AND DISTRIBUTIONS The following table describes the dividends, dividend equivalents and distributions declared by the Company during the six months ended June 30, 2021: Declaration Date Amount Period Covered Dividends, Dividend Dividends, Dividend February 27, 2021 $ 0.15 January 1, 2021 to March 16, 2021 March 22, 2021 $ 1,518,070 March 15, 2021 $ 0.08 January 1, 2021 to March 16, 2021 March 29, 2 809,665 June 16, 2021 $ 0.24 March 17, 2021 to June 30, 2021 July 15, 2021 4,276,968 Total $ 6,604,703

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Disclosure Text Block [Abstract]
Fair Value Disclosures [Text Block]	Note 10 FAIR VALUE MEASUREMENTS 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 standards describe 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 carrying amounts of financial instruments such as cash and cash equivalents, short-term obligations of the US government and other liabilities and accrued expenses approximate their fair values due to the short-term maturities and market rates of interest of these instruments.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Disclosure Text Block [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 11 COMMITMENTS AND CONTINGENCIES The Company has aggregate unfunded commitments to invest $34.3 million for the development and improvement of our existing cultivation facilities in Arizona, Massachusetts and Pennsylvania, as well as the development of one dispensary in Massachusetts. The Company has the right to purchase a parcel of land in Arizona for $2.1 million and provide up to $16 million for construction of a cultivation facility. If the purchase is completed, the Company will concurrently enter into a long-term triple net lease with a subsidiary of a publicly-traded multi-state operator that is not currently a tenant. This transaction is subject to customary closing conditions. There is no assurance that the transaction will close on its expected terms, conditions or timeline, or at all. The Company owns a portfolio of properties that it leases to entities which cultivate, harvest, process and distribute cannabis. Cannabis is an illegal substance under the Controlled Substances Act. Although the operations of the Company’s tenants are legalized in the states and local jurisdictions in which they operate, the Company and its tenants are subject to certain risks and uncertainties associated with conducting operations subject to conflicting federal, state and local laws in an industry with a complex regulatory environment which is continuously evolving. These risks and uncertainties include the risk that the strict enforcement of federal laws regarding cannabis would likely result in the Company’s inability, and the inability of its tenants, to execute their respective business plans. In connection with the purchase and leaseback of the Revolutionary Clinics property, the Company is required to issue 132,727 OP Units pursuant to a contribution agreement if certain conditions are met. The extent of the impact of the coronavirus (“COVID-19”) COVID-19 COVID-19

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 12 SUBSEQUENT EVENTS On August 11, 2021, the Company declared a special cash dividend on our common stock, dividend equivalents on our restricted stock units and, in our capacity as general partner of the operating partnership, authorized distributions on our OP units totaling approximately $2.1 million ($0.12 per share) to shareholders of record on August 11, 2021. On August 13, 2021, the Company closed on its IPO of 3,905,950 shares of common stock at a public offering price of $26.00 per share for gross proceeds of approximately $102 million before deducting placement agent fees and offering expenses.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company and the Operating Partnership, as well as the Operating Partnership’s wholly owned properties, each of which is held in a single member LLC, presented in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out The accompanying consolidated balance sheet as of December 31, 2020 has been derived from audited financial statements. These consolidated financial statements should be read in conjunction with the final prospectus for our initial public offering (“IPO”) dated as of August 12, 2021 and filed with the Securities and Exchange Commission (“SEC”), pursuant to Rule 424(b)(4) on August 13, 2021. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full year.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management will adjust such
Organization, Offering and Transaction Costs	Organization, Offering and Transaction Costs Offering costs incurred prior to receipt of any offering proceeds are deferred as an asset. Offering costs are recorded as an offset to additional paid-in
Income Taxes	Income Taxes We have made an election to be taxed as a REIT, under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with 2019, our initial taxable year. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to currently distribute at least 90% of the REIT’s ordinary taxable income to stockholders. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we will be organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income.​​​​​​​
Acquisition of Real Estate Properties	Acquisition of Real Estate Properties Our investment in real estate is recorded at cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region, the fair value of buildings on an as-if
Depreciation	Depreciation We are required to make subjective assessments as to the estimated useful lives of our depreciable assets. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, not to exceed 35 years. We depreciate tenant improvements at our buildings, if any, over the shorter of the estimated useful lives or terms of related leases.
Intangible Assets and Related Amortization	Intangible Assets and Related Amortization Intangibles related to the Company’s investments in real estate consist of the value of in- In-place in-place
Construction in Progress	Construction in Progress Reimbursements paid or incurred for tenant improvements are considered construction in progress until placed in service. Such tenant improvements are considered placed in service when ready and available for its intended use. Construction in progress was $5.4 million on June 30, 2021 and is included in Buildings and Improvements on the accompanying Consolidated Balance Sheet. There was no construction in progress on December 31, 2020.
Provision for Impairment	Provision for Impairment We review current activities and changes in the business condition of all of our properties to determine the existence of any triggering events or impairment indicators. If triggering events or impairment indicators are identified, we analyze the carrying value of our real estate for any impairment. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key inputs that we utilize in this analysis include projected rental rates, estimated holding periods, capital expenditures, and property sales capitalization rates. As of June 30, 2021, no impairment losses were recognized and no properties were deemed held for sale.
Revenue Recognition and Leases	Revenue Recognition and Leases 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 recorded such transactions as sale and leaseback transactions. Our leases and future tenant leases are expected to be triple-net each of our properties on a cash basis due to the uncertainty of collectability of lease payments from each tenant due to its limited operating history and the uncertain regulatory environment in the United States relating to the cannabis industry. Any rental payments received in advance of contractual due dates are recorded as rent received in advance on the accompanying consolidated balance sheets.​​​​​​​
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less to be cash equivalents.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation for equity awards is based on the grant date fair value of the equity awards and is recognized over the requisite service or performance period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any non-forfeitable We calculate earnings per share (“EPS”) in accordance with ASC 260 – Earnings Per Share (“ASC 260”). Under ASC 260, non-vested two-class two-class Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock in the computation of diluted EPS by using the more dilutive of the two-class
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, 2018-10, 2018-11, 2018-20, Topic 842 requires lessees to record most leases on their balance sheet through a right-of- month-to-month non-lease non-lease lessor practical expedient allowing the Company to not separate these components when certain conditions are met. Upon adoption of Topic 842, the Company expects to continue to combine tenant reimbursements with rental revenues on the Company’s consolidated statement of operations. The Company has historically not capitalized allocated payroll cost incurred as part of the leasing process, which was allowable under ASC 840 but, will no longer qualify for classification as initial direct costs under Topic 842. Also, the Narrow-Scope Improvements for Lessors under ASU 2018-20 Topic 842 provides two transition alternatives. The Company expects to apply this standard based on the prospective optional transition method, in which comparative periods will continue to be reported in accordance with Topic 840. The Company also anticipates expanded disclosures upon adoption, as the new standard requires more extensive quantitative and qualitative disclosures as compared to Topic 840 for both lessees and lessors. The Company is still evaluating the effect to the Company’s consolidated financial statements as a Lessor of the adoption of Topic 842 on January 1, 2022. In June 2016, the FASB issued ASU 2016-13, held-to-maturity 2018-19,
Concentration of Credit Risk	Concentration of Credit Risk As of June 30, 2021, we owned 27 properties located in Arizona, Arkansas, California, Connecticut, Florida, Illinois, Massachusetts, North Dakota, Ohio, and Pennsylvania. The ability of any of our tenants to honor the terms of its lease is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. The following table sets forth the tenants in our portfolio that represented the largest percentage of our total revenue for each of the periods presented, including tenant reimbursements: For the Six Months Ended June 30, 2021 2020 Number of Percentage of Number of Percentage of Curaleaf 11 38 % 0 - % Cresco Labs 1 28 % 1 61 % Acreage 3 13 % 4 39 % Columbia Care 5 10 % 0 - % We do not expect that these percentages will be indicative of our revenue for the remainder of the year, as we acquired 19 properties from Target on March 17, 2021, and three additional properties during the three month period ended June 30, 2021. We have deposited cash with four financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per financial institution. As of June 30, 2021 we had cash accounts in excess of FDIC insured limits.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests include interests issued by the Operating Partnership in accordance with the terms of the Amended and Restated Operating Partnership Agreement representing a 2.5% ownership interest in the Company, at June 30, 2021, by GreenAcreage Management Owner LLC (“GAMO”), the parent of our former Manager, and are accounted for as a separate component of equity.​​​​​​​
Reclassification	Reclassification Certain reclassifications of the prior period financial statements have been made to conform to the current year presentation.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Tenants in Portfolio that Represents the Largest Percentage of Total Revenue	For the Six Months Ended June 30, 2021 2020 Number of Percentage of Number of Percentage of Curaleaf 11 38 % 0 - % Cresco Labs 1 28 % 1 61 % Acreage 3 13 % 4 39 % Columbia Care 5 10 % 0 - %

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Asset Acquisition [Table Text Block]	Land $ 9,248 Building and Improvements 78,523 In-Place 25,595 Cash 64,355 Other Assets 154 Security Deposits Payable (1,658 ) Tenant Improvements Payable (4,384 ) Accounts Payable, Accrued Expenses and Other Liabilities (2,015 ) Total purchase price, including transaction costs $ 169,818
Schedule of Real Estate Properties [Table Text Block]	Tenant Market Closing Date Real Estate In-Place Allocated Total Trulieve Pennsylvania March 17, 2021 $ 28,225 $ 12,098 $ 777 $ 41,100 Columbia Care Massachusetts March 17, 2021 13,565 4,042 339 17,946 Columbia Care Illinois March 17, 2021 11,146 3,047 274 14,467 Curaleaf Connecticut March 17, 2021 2,877 433 64 3,374 PharmaCann Massachusetts March 17, 2021 2,048 356 46 2,450 Curaleaf Arkansas March 17, 2021 2,117 314 47 2,478 Curaleaf Ohio March 17, 2021 3,290 571 74 3,935 Curaleaf Illinois March 17, 2021 1,701 252 38 1,991 Curaleaf Illinois March 17, 2021 3,298 564 74 3,936 Columbia Care Illinois March 17, 2021 1,192 202 27 1,421 Curaleaf North Dakota March 17, 2021 2,133 348 48 2,529 Columbia Care Massachusetts March 17, 2021 2,276 366 51 2,693 Curaleaf Illinois March 17, 2021 1,005 174 23 1,202 PharaCann Massachusetts March 17, 2021 1,597 268 36 1,901 (1) Curaleaf Pennsylvania March 17, 2021 2,185 362 49 2,596 PharmaCann Pennsylvania March 17, 2021 1,289 251 30 1,570 Columbia Care California March 17, 2021 3,703 1,051 92 4,486 Curaleaf Pennsylvania March 17, 2021 1,881 314 42 2,237 Curaleaf Illinois March 17, 2021 583 97 13 693 Subtotal of Merged properties 86,111 25,110 2,144 113,365 Mint Massachusetts April 1, 2021 1,600 — 1,600 Mint Arizona June 24, 2021 2,715 — 2,715 (2) Revolutionary Massachusetts June 30, 2021 42,275 577 42,852 (3) Total $ 132,701 $ 25,110 $ 2,721 $ 160,532 Tenant Market Closing Date Real Estate Costs Total Acreage Pennsylvania October 24, 2019 $ 9,823 $ 336 $ 10,159 Acreage Massachusetts October 24, 2019 9,682 106 9,788 Acreage Connecticut October 30, 2019 800 126 926 Cresco Labs Illinois December 11, 2019 50,000 678 50,678 (1) Curaleaf Florida August 4, 2020 53,763 1,237 55,000 $ 124,068 $ 2,483 $ 126,551 (1) Includes $ 10 s
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Year Amortization Expenses 2021 (six months ending December 31) $ 1,006 2022 2,013 2023 2,013 2024 2,013 2025 2,013 Thereafter 15,950 Total $ 25,008
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]	Year Contractual Minimum Rent 2021 (six months ending December 31) $ 16,202 2022 34,966 2023 36,793 2024 37,746 2025 38,725 Thereafter 442,813 Total $ 607,245

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Noncontrolling Interest [Table Text Block]	The activity for the Company’s noncontrolling interest issued by the Operating partnership is set forth in the following table: Common OP Units Noncontrolling Balance as of January 1, 2021 7,845,472 365,103 4.4 % Restricted Stock Units Issued 38,308 — 4.4 % Common Stock Issued 9,571,819 — 2.0 % OP Units Issued — 88,200 2.5 % Balance as of June 30, 2021 17,455,599 453,303 2.5 %

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of Unvested Weighted-Average Grant Granted 3,000 20.00 Vested — 20.00 Balance at December 31, 2019 3,000 20.00 Granted 84,327 21.09 Vested (39,924 ) 21.12 Balance at December 31, 2020 47,403 20.99 Granted 38,308 21.15 Vested (46,225 ) 21.15 Balance at June 30, 2021 39,486 20.96
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Weighted Average Outstanding at January 1, 2020 — $ — Granted 791,790 $ 24.00 Exercisable (527,862 ) $ 24.00 Non Exercisable at December 31, 2020 263,928 $ 24.00 Granted — — Exercisable (87,976 ) $ 24.00 Non Exercisable at June 30, 2021 175,952 $ 24.00

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Six Months Ended June 30, For the Three Months Ended June 30, 2021 2020 2021 2020 Numerator: Net Income $ 4,354 $ 1,002 $ 2,816 $ 318 Less: Preferred Stock Dividends (4 ) (8 ) — (4 ) Less: Net Income Attributable to Noncontrolling OP Interests (114 ) — (58 ) — Less: Net Income Attributable to Noncontrolling RSUs (41 ) — (20 ) — Net Income Attributable to Common Stockholders $ 4,195 $ 994 $ 2,738 $ 314 Denominator Weighted Average Shares of Common Stock Outstanding – Basic 13,645,990 7,060,250 17,329,964 7,060,250 Dilutive Effect of Restricted Stock Units 113,494 3,000 125,635 3,000 Weighted Average Shares of Common Stock Outstanding – Diluted 13,759,484 7,063,250 17,455,599 7,063,250 Earnings Per Share – Basic Net Income Attributable to Common Stockholders $ 0.31 $ 0.14 $ 0.16 $ 0.04 Earnings Per Share – Diluted Net Income Attributable to Common Stockholders $ 0.30 $ 0.14 $ 0.16 $ 0.04

Common Dividends, Dividend Eq_2

Common Dividends, Dividend Equivalents and Distributions (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Dividends Declared [Table Text Block]	The following table describes the dividends, dividend equivalents and distributions declared by the Company during the six months ended June 30, 2021: Declaration Date Amount Period Covered Dividends, Dividend Dividends, Dividend February 27, 2021 $ 0.15 January 1, 2021 to March 16, 2021 March 22, 2021 $ 1,518,070 March 15, 2021 $ 0.08 January 1, 2021 to March 16, 2021 March 29, 2 809,665 June 16, 2021 $ 0.24 March 17, 2021 to June 30, 2021 July 15, 2021 4,276,968 Total $ 6,604,703

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	Aug. 13, 2021	Apr. 04, 2021	Dec. 20, 2019	Aug. 12, 2019	Apr. 26, 2019	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Common Stock, Shares Authorized (in shares)						400,000,000	400,000,000		400,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)						$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized (in shares)						100,000,000	100,000,000		100,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)						$ 0.01	$ 0.01		$ 0.01
Issuance of Common Stock grants (in shares)						745,241	1,871,932
Shares Issued, Price Per Share (in dollars per share)						$ 21.15	$ 21.15		$ 21.15
Proceeds from Issuance of Common Stock						$ 15,704,625	$ 39,579,050	$ 0
Preferred Stock, Dividend Rate, Percentage							12.50%		12.50%
Subsequent Event [Member]
Proceeds from Issuance Initial Public Offering	$ 102,000,000
Series A Preferred Stock [Member]
Issuance of Common Stock grants (in shares)			125
Shares Issued, Price Per Share (in dollars per share)			$ 1,000
Preferred Stock, Dividend Rate, Percentage			12.50%
Proceeds from Issuance of Preferred Stock and Preference Stock			$ 60,600
Stock Redeemed or Called During Period, Shares (in shares)		125
Preferred Stock, Redemption Price Per Share (in dollars per share)		$ 1,000	$ 1,000
The Offering [Member]
Issuance of Common Stock grants (in shares)				7,060,150
Shares Issued, Price Per Share (in dollars per share)				$ 20
Proceeds from Issuance of Common Stock				$ 131,523,622
IPO [Member]
Proceeds from Issuance Initial Public Offering	$ 102,000,000
IPO [Member] | Subsequent Event [Member]
Issuance of Common Stock grants (in shares)	3,905,950						3,905,950
Shares Issued, Price Per Share (in dollars per share)	$ 26						$ 26
Initial Stockholder [Member]
Issuance of Common Stock grants (in shares)					100
Shares Issued, Price Per Share (in dollars per share)					$ 20

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	Mar. 17, 2021	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Construction in Progress, Gross		$ 5,400	$ 5,400	$ 0
Impairment of Real Estate			0
Real Estate Held-for-sale		$ 0	$ 0
Number of Real Estate Properties		27	27
Number of Real Estate Properties Acquired	19	3
GreenAcreage Management Owner LLC (GAMO) [Member] | NewLake Capital Partners Inc [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		2.50%	2.50%
Merger with Target [Member]
Number of Real Estate Properties Acquired	19
Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)			35 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Tenants in Portfolio that Represents the Largest Percentage of Total Revenue (Detail)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Curaleaf [Member]
Number of leases	11	0
Percentage of rental revenue	38.00%	0.00%
Cresco Labs [Member]
Number of leases	1	1
Percentage of rental revenue	28.00%	61.00%
Acreage [Member]
Number of leases	3	4
Percentage of rental revenue	13.00%	39.00%
Columbia Care [Member]
Number of leases	5	0
Percentage of rental revenue	10.00%	0.00%

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail)	Mar. 17, 2021USD ($)yr$ / sharesshares	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)$ / shares
Stock Issued During Period, Shares, Acquisitions (in shares) | shares				7,699,887
Shares Issued, Price Per Share (in dollars per share) | $ / shares		$ 21.15		$ 21.15		$ 21.15
Number of Real Estate Properties Acquired	19	3
Tenant Improvements Payable		$ 807,000		$ 807,000		$ 0
Payments to Acquire Real Estate, Total				44,648,000	$ 0
Depreciation, Total		1,500,000	$ 498,000	2,600,000	960,000
Amortization of Intangible Assets, Total		503,000	$ 0	587,000	$ 0
STPRI L [Member] | Wholly Owned Properties [Member] | Cresco Labs [Member]
Tenant Improvements		10,000,000		$ 10,000,000
OP Units [Member]
Partners' Capital Account, Units, Acquisitions (in shares) | shares				88,200
Purchase and Leaseback, Shares Issuable (in shares) | shares				132,727
PharmaCann [Member] | MASSACHUSETTS
Tenant Improvements Payable		$ 806,540		$ 806,540
Target [Member]
Asset Acquisition, Consideration Transferred, Transaction Cost				2,144,000
NewLake Capital Partners Inc [Member]
Noncontrolling Interest, Ownership Percentage by Parent	56.79%
NewLake Capital Partners Inc [Member] | Target [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	43.21%
Warrants Issued in Connection with the Merger [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares	602,392
Warrants and Rights Outstanding	$ 4,800,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 24
Warrants Issued in Connection with the Merger [Member] | Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.594
Warrants Issued in Connection with the Merger [Member] | Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input | yr	6.33
Warrants Issued in Connection with the Merger [Member] | Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.037
Warrants Issued in Connection with the Merger [Member] | Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.011
Merger with Target [Member]
Stock Issued During Period, Shares, Acquisitions (in shares) | shares	7,699,887
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 21.15
Asset Acquisition, Consideration Transferred, Transaction Cost	$ 2,100,000
Number of Real Estate Properties Acquired	19
Tenant Improvements Payable	$ 4,384,000
Mint [Member] | MASSACHUSETTS
Asset Acquisition, Consideration Transferred, Transaction Cost				0
Mint [Member] | ARIZONA
Payments for Tenant Improvements				315,035
Revolutionary [Member] | STPRM A [Member]
Payments to Acquire Real Estate, Total				40,100,000
Revolutionary [Member] | MASSACHUSETTS
Asset Acquisition, Consideration Transferred, Transaction Cost				$ 577,000

Investments in Real Estate - Pu

Investments in Real Estate - Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Mar. 17, 2021	Jun. 30, 2021	Dec. 31, 2020
Land		$ 15,446	$ 2,490
Building and Improvements		248,930	124,121
In-Place Leases		25,008	0
Other Assets		1,718	598
Security Deposits Payable		(5,431)	(1,594)
Tenant Improvements Payable		(807)	0
Accounts Payable, Accrued Expenses and Other Liabilities		$ (1,895)	$ (659)
Merger with Target [Member]
Land	$ 9,248
Building and Improvements	78,523
In-Place Leases	25,595
Cash	64,355
Other Assets	154
Security Deposits Payable	(1,658)
Tenant Improvements Payable	(4,384)
Accounts Payable, Accrued Expenses and Other Liabilities	(2,015)
Total purchase price, including transaction costs	$ 169,818

Investment in Real Estate - Pro

Investment in Real Estate - Properties Acquired and Current Properties (Detail) - USD ($) $ in Thousands		Mar. 17, 2021	Jun. 30, 2021	Dec. 31, 2020
Real Estate Acquired			$ 86,111
In-Place Lease Costs			25,110
Total			113,365
Real Estate			264,376	$ 126,611
Costs			5,200	2,650
Total			259,176	$ 123,961
Target [Member]
Allocated Transaction Costs			2,144
Wholly Owned Properties [Member]
Real Estate			124,068
Costs			2,483
Total			126,551
Acreage [Member] | PENNSYLVANIA | Wholly Owned Properties [Member]
Real Estate			9,823
Costs			336
Total			10,159
Acreage [Member] | MASSACHUSETTS | Wholly Owned Properties [Member]
Real Estate			9,682
Costs			106
Total			9,788
Acreage [Member] | CONNECTICUT | Wholly Owned Properties [Member]
Real Estate			800
Costs			126
Total			926
Curaleaf [Member] | FLORIDA | Wholly Owned Properties [Member]
Real Estate			53,763
Costs			1,237
Total			55,000
Cresco Labs [Member] | ILLINOIS | Wholly Owned Properties [Member]
Real Estate			50,000
Costs			678
Total	[1]		50,678
Mint [Member] | MASSACHUSETTS
Real Estate Acquired			1,600
Allocated Transaction Costs			0
Total			1,600
Mint [Member] | ARKANSAS
Real Estate Acquired			2,715
Allocated Transaction Costs			0
Total	[2],[3]		2,715
Revolutionary [Member] | MASSACHUSETTS
Real Estate Acquired			42,275
Allocated Transaction Costs			577
Total	[4]		42,852
Properties Acquired [Member]
Real Estate Acquired			132,701
In-Place Lease Costs			25,110
Allocated Transaction Costs			2,721
Total			160,532
Merger with Target [Member]
Allocated Transaction Costs		$ 2,100
Merger with Target [Member] | Trulieve [Member] | PENNSYLVANIA
Real Estate Acquired			28,225
In-Place Lease Costs			12,098
Allocated Transaction Costs			777
Total			41,100
Merger with Target [Member] | Columbia Care [Member] | MASSACHUSETTS | Lease 1 [Member]
Real Estate Acquired			13,565
In-Place Lease Costs			4,042
Allocated Transaction Costs			339
Total			17,946
Merger with Target [Member] | Columbia Care [Member] | MASSACHUSETTS | Lease 2 [Member]
Real Estate Acquired			2,276
In-Place Lease Costs			366
Allocated Transaction Costs			51
Total			2,693
Merger with Target [Member] | Columbia Care [Member] | ILLINOIS | Lease 1 [Member]
Real Estate Acquired			11,146
In-Place Lease Costs			3,047
Allocated Transaction Costs			274
Total			14,467
Merger with Target [Member] | Columbia Care [Member] | ILLINOIS | Lease 2 [Member]
Real Estate Acquired			1,192
In-Place Lease Costs			202
Allocated Transaction Costs			27
Total			1,421
Merger with Target [Member] | Columbia Care [Member] | CALIFORNIA | Lease 1 [Member]
Real Estate Acquired			3,703
In-Place Lease Costs			1,051
Allocated Transaction Costs			92
Total			4,486
Merger with Target [Member] | Curaleaf [Member] | PENNSYLVANIA | Lease 1 [Member]
Real Estate Acquired			2,185
In-Place Lease Costs			362
Allocated Transaction Costs			49
Total			2,596
Merger with Target [Member] | Curaleaf [Member] | PENNSYLVANIA | Lease 2 [Member]
Real Estate Acquired			1,881
In-Place Lease Costs			314
Allocated Transaction Costs			42
Total			2,237
Merger with Target [Member] | Curaleaf [Member] | ILLINOIS | Lease 1 [Member]
Real Estate Acquired			1,701
In-Place Lease Costs			252
Allocated Transaction Costs			38
Total			1,991
Merger with Target [Member] | Curaleaf [Member] | ILLINOIS | Lease 2 [Member]
Real Estate Acquired			3,298
In-Place Lease Costs			564
Allocated Transaction Costs			74
Total			3,936
Merger with Target [Member] | Curaleaf [Member] | ILLINOIS | Lease 3 [Member]
Real Estate Acquired			1,005
In-Place Lease Costs			174
Allocated Transaction Costs			23
Total			1,202
Merger with Target [Member] | Curaleaf [Member] | ILLINOIS | Lease 4 [Member]
Real Estate Acquired			583
In-Place Lease Costs			97
Allocated Transaction Costs			13
Total			693
Merger with Target [Member] | Curaleaf [Member] | CONNECTICUT
Real Estate Acquired			2,877
In-Place Lease Costs			433
Allocated Transaction Costs			64
Total			3,374
Merger with Target [Member] | Curaleaf [Member] | ARKANSAS
Real Estate Acquired			2,117
In-Place Lease Costs			314
Allocated Transaction Costs			47
Total			2,478
Merger with Target [Member] | Curaleaf [Member] | OHIO
Real Estate Acquired			3,290
In-Place Lease Costs			571
Allocated Transaction Costs			74
Total			3,935
Merger with Target [Member] | Curaleaf [Member] | NORTH DAKOTA
Real Estate Acquired			2,133
In-Place Lease Costs			348
Allocated Transaction Costs			48
Total			2,529
Merger with Target [Member] | PharmaCann [Member] | PENNSYLVANIA
Real Estate Acquired			1,289
In-Place Lease Costs			251
Allocated Transaction Costs			30
Total			1,570
Merger with Target [Member] | PharmaCann [Member] | MASSACHUSETTS | Lease 1 [Member]
Real Estate Acquired			2,048
In-Place Lease Costs			356
Allocated Transaction Costs			46
Total			2,450
Merger with Target [Member] | PharmaCann [Member] | MASSACHUSETTS | Lease 2 [Member]
Real Estate Acquired			1,597
In-Place Lease Costs			268
Allocated Transaction Costs			36
Total	[3]		$ 1,901
[1]	Includes $10 million of tenant improvements which have been fully funded as of June 30, 2021.
[2]	Includes $315,035 of tenant improvement reimbursement commitments which have been fully funded.
[3]	Includes $806,540 of tenant improvement reimbursement commitments which have not been funded as of June 30, 2021.
[4]	Includes $40.1 million in cash and 88,200 OP units issued in connection with the purchase of the property. The transaction costs were not allocated. The Company is required to issue 132,727 OP Units pursuant to a contribution agreement if certain conditions are met.

Investments in Real Estate - Fu

Investments in Real Estate - Future Amortization Expense (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
2021 (six months ending December 31)	$ 1,006
2022	2,013
2023	2,013
2024	2,013
2025	2,013
Thereafter	15,950
Total	$ 25,008	$ 0

Investments in Real Estate - _2

Investments in Real Estate - Future Contractual Minimum Rent (Detail) $ in Thousands	Jun. 30, 2021USD ($)
2021 (six months ending December 31)	$ 16,202
2022 and 2021	34,966
2023 and 2022	36,793
2024 and 2023	37,746
2025 and 2024	38,725
Thereafter	442,813
Total	$ 607,245

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Jul. 15, 2020	Aug. 13, 2019	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Issuance of Common Stock grants (in shares)			745,241	1,871,932
Issuance of Common Stock grants				$ 39,578,000
Management Fee, Percentage of Equity				1.00%
Common Stock, Shares, Issued, Total (in shares)			7,758,145	17,329,964		7,758,145
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	791,790			0		791,790
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value	$ 3,863,935
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 24
Options Value at Issuance, Percentage	3.00%
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)				615,838
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)				791,790
Former Executive Officers [Member]
Incentive Agreement, Options Issuable, Percentage of Value of Company				5.00%
Incentive Agreement, Options Issuable, Percentage of Value of Company, Each Officer, Minimum				1.00%
Common Stock [Member]
Issuance of Common Stock grants				$ 18,000
HG Vora Capital Management, LLC [Member]
Diluted Ownership Interest, Percentage	2.00%	2.00%
Common Stock, Shares, Issued, Total (in shares)		3,500,000
Proceeds from Exercise of Option	$ 50,000
Payments of Structuring Fee	$ 2,550,000
HG Vora Capital Management, LLC [Member] | Common Stock [Member]
Issuance of Common Stock grants (in shares)	152,654
Issuance of Common Stock grants	$ 3,053,080
GreenAcreage Management Owner LLC (GAMO) [Member]
Management Fee Payable			$ 0	0		$ 0
GreenAcreage Management Owner LLC (GAMO) [Member] | General and Administrative Expense [Member]
Management Fee Expense				0	$ 657,089
GreenAcreage Management Owner LLC (GAMO) [Member] | General and Administrative Expense [Member] | Reimbursements for Expense [Member]
Related Party Transaction, Amounts of Transaction				$ 0	$ 310,971
GreenAcreage Management Owner LLC (GAMO) [Member] | HG Vora Capital Management, LLC [Member]
Option to Acquire Ownership Interest, Percentage	26.70%	26.70%
Payments for Option to Acquire Ownership Interest		$ 1,050,000
Acreage [Member]
Common Stock, Shares, Issued, Total (in shares)				200,000
Assets Leased to Others, Cost				$ 20,900,000
Assets Leased to Others, Net Book Value			$ 20,200,000	$ 19,900,000		$ 20,200,000
Chairman of Acreage [Member]
Common Stock, Shares, Issued, Total (in shares)				250,000
Operating Partnership (OP) [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.50%
Operating Partnership (OP) [Member] | GreenAcreage Management Owner LLC (GAMO) [Member] | OP Units [Member]
Partners' Capital Account, Units, Acquisitions (in shares)	419,798
Partners' Capital Account, Acquisitions	$ 8,395,960
Operating Partnership (OP) [Member] | GreenAcreage Management Owner LLC [Member] | OP Units [Member]
Payments of Stock Issuance Costs	$ 911,289
Operating Partnership (OP) [Member] | Acreage [Member] | OP Units [Member]
Shares, Issued, Ending Balance (in shares)				54,695

Noncontrolling Interests - Nonc

Noncontrolling Interests - Noncontrolling Interest Activity (Detail) - shares	1 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Noncontrolling Interests %		4.40%
Restricted Stock Units Issued, Percentage		4.40%
Common Stock Issued (in shares)	745,241	1,871,932
Common Stock Issued, Percentage		2.00%
OP Units Issued, Percentage		2.50%
Noncontrolling Interests %	4.40%	2.50%
Operating Partnership (OP) [Member] | OP Units [Member]
Balance as of January 1, 2021 (in shares)		365,103
Restricted Stock Units Issued		0
Common Stock Issued (in shares)		0
OP Units Issued (in shares)		88,200
Balance as of June 30, 2021 (in shares)	365,103	453,303
Common Shares and RSUs [Member]
Balance (in shares)		7,845,472
Restricted Stock Units Issued		38,308
Common Stock Issued (in shares)		9,571,819
OP Units Issued (in shares)		0
Balance (in shares)	7,845,472	17,455,599

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($)	Jul. 15, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expense		$ 97,000	$ 6,000	$ 1,004,000	$ 13,000
Share Price (in dollars per share)						$ 20
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)						$ 24
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate						52.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)						4 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate						1.56%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate						6.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	791,790			0		791,790
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				38,308		84,327	3,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares)		125,635		125,635
Share-based Payment Arrangement, Expense				$ 1,003,578	$ 12,772
Restricted Stock Units (RSUs) [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				38,308

Stock Based Compensation - Unve

Stock Based Compensation - Unvested Restricted Stock Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Granted, unvested share (in shares)	38,308	84,327	3,000
Granted, weighted-average grant date fair value (in dollars per share)	$ 21.15	$ 21.09	$ 20
Vested, unvested share (in shares)	(46,225)	(39,924)	0
Vested, weighted-average grant date fair value (in dollars per share)	$ 21.15	$ 21.12	$ 20
Balance, unvested share (in shares)	47,403	3,000
Balance, weighted-average grant date fair value (in dollars per share)	$ 20.99	$ 20
Balance, unvested share (in shares)	39,486	47,403	3,000
Balance, weighted-average grant date fair value (in dollars per share)	$ 20.96	$ 20.99	$ 20

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Option Activity (Detail) - $ / shares	Jul. 15, 2020	Jun. 30, 2021	Dec. 31, 2020
Outstanding, share (in shares)		263,928	0
Outstanding, weighted average exercise price (in dollars per share)		$ 24	$ 0
Granted, share (in shares)	791,790	0	791,790
Granted, weighted average exercise price (in dollars per share)		$ 0	$ 24
Exercisable, share (in shares)		(87,976)	(527,862)
Exercisable, weighted average exercise price (in dollars per share)		$ 24	$ 24
Outstanding, share (in shares)		175,952	263,928
Outstanding, weighted average exercise price (in dollars per share)		$ 24	$ 24

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021shares
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	791,790
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	602,392

Earnings Per Share - Earnings P

Earnings Per Share - Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Income	$ 2,816	$ 318	$ 4,354	$ 1,002
Preferred Stock Dividends	0	(4)	(4)	(8)
Less: Net Income Attributable to Noncontrolling OP Interests	(58)	0	(114)	0
Less: Net Income Attributable to Noncontrolling RSUs	(20)	0	(41)	0
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,738	$ 314	$ 4,195	$ 994
Weighted Average Shares of Common Stock Outstanding - Basic (in shares)	17,329,964	7,060,250	13,645,990	7,060,250
Dilutive Effect of Restricted Stock Units (in shares)	125,635	3,000	113,494	3,000
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares)	17,455,599	7,063,250	13,759,484	7,063,250
Net Income Attributable to Common Stockholders Per Share - Basic (in dollars per share)	$ 0.16	$ 0.04	$ 0.31	$ 0.14
Net Income Attributable to Common Stockholders Per Share - Diluted (in dollars per share)	$ 0.16	$ 0.04	$ 0.30	$ 0.14

Preferred Stock - Additional In

Preferred Stock - Additional Information (Detail) - USD ($)	Apr. 04, 2021	Dec. 20, 2019	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Preferred stock, shares authorized (in shares)			100,000,000	100,000,000		100,000,000
Preferred stock, par value (in dollars per share)			$ 0.01	$ 0.01		$ 0.01
Issuance of Common Stock grants (in shares)			745,241	1,871,932
Preferred Stock, Dividend Rate, Percentage				12.50%		12.50%
Payments for Repurchase of Redeemable Preferred Stock				$ 125,000	$ 0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)			125	0		125
Series A Preferred Stock [Member]
Issuance of Common Stock grants (in shares)		125
Preferred Stock, Dividend Rate, Percentage		12.50%
Proceeds from Issuance of Redeemable Preferred Stock, Net		$ 60,600
Preferred Stock, Redemption Price Per Share (in dollars per share)	$ 1,000	$ 1,000
Stock Redeemed or Called During Period, Shares (in shares)	125
Payments for Repurchase of Redeemable Preferred Stock	$ 137,416
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0

Common Dividends, Dividend Eq_3

Common Dividends, Dividend Equivalents and Distributions - Common Dividends, Dividend Equivalents and Distributions Declared (Detail) - USD ($)	Jun. 16, 2021	Mar. 15, 2021	Feb. 27, 2021	Jun. 30, 2021
Amount per Share (in dollars per share)	$ 0.24	$ 0.08	$ 0.15
Dividends Payable, Date of Record	Jul. 15, 2021		Mar. 22, 2021
Dividends	$ 4,276,968	$ 809,665	$ 1,518,070	$ 6,604,703

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)shares
Unfunded Commitments for Development and Improvement of Cultivation Facilities	$ 34.3
Land Purchase Commitment, Price	2.1
Land Purchase Commitment, Maximum Payments for Cultivation Facility Construction	$ 16
OP Units [Member]
Purchase and Leaseback, Shares Issuable (in shares) | shares	132,727

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Aug. 13, 2021	Aug. 11, 2021	Jun. 16, 2021	Feb. 27, 2021	Dec. 31, 2020	Jun. 30, 2021
Issuance of Common Stock grants (in shares)					745,241	1,871,932
Shares Issued, Price Per Share (in dollars per share)					$ 21.15	$ 21.15
Dividends Payable, Date of Record			Jul. 15, 2021	Mar. 22, 2021
IPO [Member]
Proceeds from Issuance Initial Public Offering	$ 102
Subsequent Event [Member]
Dividends, Common Stock, Cash	$ 2.1
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.12
Proceeds from Issuance Initial Public Offering	$ 102
Dividends Payable, Date of Record		Aug. 13, 2021
Subsequent Event [Member] | IPO [Member]
Issuance of Common Stock grants (in shares)	3,905,950					3,905,950
Shares Issued, Price Per Share (in dollars per share)	$ 26					$ 26