NewLake Capital Partners (NLCP) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 12, 2021
Document Information [Line Items]
Entity Central Index Key	0001854964
Entity Registrant Name	NewLake Capital Partners, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-56327
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	83-4400045
Entity Address, Address Line One	27 Pine Street
Entity Address, City or Town	New Canaan
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06840
City Area Code	203
Local Phone Number	594-1402
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,235,914

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS:
Land	$ 15,444	$ 2,490
Building and Improvements	249,857	124,121
Total Real Estate	265,301	126,611
Less Accumulated Depreciation	(7,160)	(2,650)
Net Real Estate	258,141	123,961
Cash and Cash Equivalents	167,811	19,617
In-Place Lease Intangible Assets, net	24,504	0
Other Assets	1,083	598
TOTAL ASSETS	451,539	144,176
LIABILITIES:
Security Deposits Payable	5,430	1,594
Dividends, Dividend Equivalents and Distributions Payable	2,618	894
Accrued Expenses and Other Liabilities	1,425	659
Rent Received in Advance	623	0
Total Liabilities	10,096	3,147
COMMITMENTS AND CONTINGENCIES
EQUITY:
Preferred Stock, $0.01 Par Value, 100,000,000 Shares Authorized, 12.5% Series A Redeemable Cumulative Preferred Stock, 0 and 125 Shares Issued and Outstanding at September 30, 2021 and December 31, 2020	0	61
Common Stock, $0.01 Par Value, 400,000,000 Shares Authorized, 21,235,914 Shares Issued and Outstanding at September 30, 2021 and 7,758,145 Shares Issued and Outstanding at December 31, 2020	213	78
Additional Paid-In Capital	450,822	151,778
Accumulated Deficit	(21,327)	(17,154)
Total Stockholders' Equity	429,708	134,763
NONCONTROLLING INTERESTS	11,735	6,266
Total Equity	441,443	141,029
TOTAL LIABILITIES AND EQUITY	$ 451,539	$ 144,176

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 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)	21,235,914	7,758,145
Common stock, shares outstanding (in shares)	21,235,914	7,758,145

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUE:
Rental Income	$ 8,090	$ 3,443	$ 19,158	$ 7,594
EXPENSES:
Depreciation and Amortization Expense	2,464	732	5,601	1,692
General and Administrative Expense	2,052	933	4,644	3,263
Stock-Based Compensation	816	3,872	1,820	3,884
Management Internalization Costs	0	12,360	0	12,360
TOTAL EXPENSES	5,332	17,897	12,065	21,199
INCOME (LOSS) FROM OPERATIONS	2,758	(14,454)	7,093	(13,605)
OTHER INCOME:
Interest Income	21	0	40	153
TOTAL OTHER INCOME	21	0	40	153
NET INCOME (LOSS)	2,779	(14,454)	7,133	(13,452)
Preferred Stock Dividends	0	(4)	(4)	(12)
Net Income Attributable to Noncontrolling Interests	(82)	(102)	(236)	(102)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,697	$ (14,560)	$ 6,893	$ (13,566)
Net Income (Loss) Attributable to Common Stockholders Per Share - Basic (in dollars per share)	$ 0.14	$ (2.03)	$ 0.44	$ (1.91)
Net Income (Loss) Attributable to Common Stockholders Per Share - Diluted (in dollars per share)	$ 0.14	$ (2.03)	$ 0.44	$ (1.91)
Weighted Average Shares of Common Stock Outstanding - Basic (in shares)	19,410,307	7,188,015	15,588,544	7,103,706
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares)	19,555,867	7,188,015	15,637,064	7,103,706

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2019	$ 61	$ 71	$ 131,457	$ (437)	$ 0	$ 131,152
Balance (in shares) at Dec. 31, 2019		7,060,250
Stock-Based Compensation	0	$ 0	3,884	0	0	3,884
Dividends to Preferred Stock	0	0	0	(12)	0	(12)
Dividends to Common Stock	0	0	0	(3,408)		(3,453)
Dividend Equivalents to Restricted Stock Units	0	0	0	0	(1)	(1)
Distributions to OP Unit Holders					(45)
Net Income (Loss)	0	0	0	(13,554)	102	(13,452)
Issuance of Common Stock for Internalization	0	$ 1	3,051	0	0	3,052
Issuance of Common Stock for Internalization (in shares)		152,654
Exercise of Option	0	$ 0	50	0	0	50
Issuance of 419,798 OP Units for Internalization	0	0	1,313	0	7,083	8,396
Balance at Sep. 30, 2020	61	$ 72	139,755	(17,411)	7,139	129,616
Balance (in shares) at Sep. 30, 2020		7,212,904
Balance at Jun. 30, 2020	61	$ 71	131,469	(503)	0	131,098
Balance (in shares) at Jun. 30, 2020		7,060,250
Stock-Based Compensation	0	$ 0	3,872	0	0	3,872
Dividends to Preferred Stock	0	0	0	(4)	0	(4)
Dividends to Common Stock	0	0	0	(2,348)		(2,393)
Dividend Equivalents to Restricted Stock Units	0	0	0	0	(1)	(1)
Distributions to OP Unit Holders					(45)
Net Income (Loss)	0	0	0	(14,556)	102	(14,454)
Issuance of Common Stock for Internalization	0	$ 1	3,051	0	0	3,052
Issuance of Common Stock for Internalization (in shares)		152,654
Exercise of Option	0	$ 0	50	0	0	50
Issuance of 419,798 OP Units for Internalization	0	0	1,313	0	7,083	8,396
Balance at Sep. 30, 2020	61	$ 72	139,755	(17,411)	7,139	129,616
Balance (in shares) at Sep. 30, 2020		7,212,904
Balance at Dec. 31, 2020	61	$ 78	151,778	(17,154)	6,266	141,029
Balance (in shares) at Dec. 31, 2020		7,758,145
Net Proceeds from the Issuance of Common Stock	0	$ 58	133,027	0	0	133,085
Issuance of Common Stock (in shares)		5,777,882
Issuance of Common Stock for Merger Transaction	0	$ 77	162,776	0	0	162,853
Issuance of Common Stock for Merger Transaction (in shares)		7,699,887
Issuance of Warrants for Merger Transaction	0	$ 0	4,820	0	0	4,820
Redemption of Series A Preferred Stock	(61)	0	0	(64)	0	(125)
Issuance of OP Units	0	0	0	0	2,205	2,205
Stock-Based Compensation	0	0	1,820	0	0	1,820
Dividends to Preferred Stock	0	0	0	(4)	0	(4)
Dividends to Common Stock	0	0	0	(11,002)	0	(11,002)
Dividend Equivalents to Restricted Stock Units	0	0	0	0	(90)	(90)
Distributions to OP Unit Holders	0	0	0	0	(281)	(281)
Adjustment for Noncontrolling Interest Ownership in Operating Partnership	0	0	(3,399)	0	3,399	0
Net Income (Loss)	0	0	0	6,897	236	7,133
Balance at Sep. 30, 2021	0	$ 213	450,822	(21,327)	11,735	441,443
Balance (in shares) at Sep. 30, 2021		21,235,914
Balance at Jun. 30, 2021	0	$ 173	359,514	(19,455)	8,877	349,109
Balance (in shares) at Jun. 30, 2021		17,329,964
Net Proceeds from the Issuance of Common Stock	0	$ 40	93,467	0	0	93,507
Issuance of Common Stock (in shares)		3,905,950
Stock-Based Compensation	0	$ 0	816	0	0	816
Dividends to Common Stock	0	0	0	(4,628)	0	(4,628)
Dividend Equivalents to Restricted Stock Units	0	0	0	59	(90)	(31)
Distributions to OP Unit Holders	0	0	0	0	(109)	(109)
Adjustment for Noncontrolling Interest Ownership in Operating Partnership	0	0	(2,975)	0	2,975	0
Net Income (Loss)	0	0	0	2,697	82	2,779
Balance at Sep. 30, 2021	$ 0	$ 213	$ 450,822	$ (21,327)	$ 11,735	$ 441,443
Balance (in shares) at Sep. 30, 2021		21,235,914

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - Operating Partnership (OP) [Member] - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Noncontrolling Interest [Member]
Issuance of OP units for property acquisition (in shares)		88,200
Issuance of OP units for internalization (in shares)	419,798		419,798
Issuance of OP units for property acquisition (in shares)		88,200

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net Income (Loss)	$ 7,133	$ (13,452)
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Issuance of Common Stock for Internalization	0	3,052
Issuance of OP Units for Internalization	0	8,396
Stock-Based Compensation	1,820	3,884
Depreciation and Amortization Expense	5,601	1,692
Changes in Assets and Liabilities, Net of Acquisition:
Other Assets	232	(129)
Accrued Expenses and Other Liabilities	(1,814)	(389)
Security Deposits Payable	2,179	1,594
Rent Received in Advance	623	(331)
Management Fees Payable	0	(110)
Due to Manager	0	(84)
Net Cash Provided by Operating Activities	15,774	4,123
Cash Flows from Investing Activities:
Cash Acquired from Merger Transaction	64,355	0
Payment of Merger Related Transaction Costs	(2,144)	0
Reimbursements of Tenant Improvements	(8,449)	0
Deferred Real Estate Costs	0	(10,054)
Acquisition of Real Estate	(44,650)	(55,000)
Net Cash Provided by (Used in) Investing Activities	9,112	(65,054)
Cash Flows from Financing Activities:
Proceeds from Issuance of Common Stock, Net of Offering Costs	133,085	0
Preferred Stock Dividends Paid	(4)	(12)
Common Stock Dividends Paid	(9,298)	(1,056)
Restricted Stock Units Dividend Equivalents Paid	(84)	0
Distributions to OP Unit Holders	(266)	0
Redemption of Series A Preferred Stock	(125)	0
Exercise of Stock Option	0	50
Net Cash Provided by (Used in) Financing Activities	123,308	(1,018)
Net Increase (Decrease) in Cash and Cash Equivalents	148,194	(61,949)
Cash and Cash Equivalents - Beginning of Period	19,617	66,901
Cash and Cash Equivalents - End of Period	167,811	4,952
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Accrual for Dividends and Distributions Payable	2,618	2,398
Accrual for Reimbursements of Tenant Improvements	0	0
Real Estate Assets, In-Place Leases, Other Assets and Liabilities Acquired through the Issuance of Common Stock and Warrants	103,319	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	$ 0

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals)	9 Months Ended
	Sep. 30, 2021shares
Operating Partnership (OP) [Member]
Issuance of OP units (in shares)	88,200

Note 1 - Organization

Note 1 - Organization	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 ORGANIZATION NewLake Capital Partners, Inc. (the “Company”, “we”, “us", “our”), a Maryland corporation, was formed on April 9, 2019 December 31. March 17, 2021, 3. 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, July 15, 2020, no 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, August 12, 2019, On December 20, 2019, April 6, 2021, 8. In December 2020, $15,704,625, During January February 2021, During March 2021, 3. On August 13, 2021,

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	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 September 30, 2021 December 31, 2020, not The accompanying consolidated balance sheet as of December 31, 2020 August 12, 2021 424 4 August 13, 2021. three nine September 30, 2021 not 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 estimates when facts and circumstances dictate. Such estimates include, but are not Organization, Offering and Transaction Costs Offering costs incurred prior to receipt of any offering proceeds are recorded as an asset. Offering costs are recorded as an offset to additional paid-in capital when proceeds from the offering are received. Organization costs are recorded as an expense. Transaction costs related to portfolio investments not Income Taxes We have made an election to be taxed as a REIT, under Sections 856 860 1986, 2019, 90% not not four Even if we qualify for taxation as a REIT, we may 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 vacant basis and may third 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 are 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 Intangible Assets and Related Amortization Intangibles related to the Company’s investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place lease. Construction in Progress Reimbursements paid to tenants or incurred by the Company for property improvements, generally consisting of building additions or significant upgrades to existing facilities, are considered construction in progress until placed in service. Such improvements are considered placed in service when ready and available for its intended use. Construction in progress was $6.4 million on September 30, 2021 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 September 30, 2021 December 31, 2020 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 leases, an arrangement under which the tenant maintains the property while paying us rent. We account for our current leases as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of minimum lease payments is not not Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three 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 dividends and dividend equivalents previously paid on these awards from retained earnings to compensation expense. Forfeitures are recognized as incurred. Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260 260” 260, two two 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 Recent Accounting Pronouncements In February 2016, 2016 02, July 2018, 2018 10, 842, 2018 11, December 2018, 2018 20, 842 January 1, 2022. 842 840, Topic 842 12 not September 30, 2021, one 842, 842 842 842, 606 not 842, not 840 no 842. 2018 20 third Topic 842 two 840. 840 842 January 1, 2022. In June 2016, 2016 13, November 2018, 2018 19, 326, not 842. not January 1, 2023. not Concentration of Credit Risk As of September 30, 2021, 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 Nine Months Ended September 30, 2021 2020 Number of Leases Percentage of Rental Revenue Number of Leases Percentage of Rental Revenue Curaleaf 11 34 % 1 15 % Cresco Labs 1 24 % 1 53 % Acreage 3 11 % 4 32 % Columbia Care 5 11 % 0 - % Trulieve 1 10 % 0 - % For the Three Months Ended September 30, 2021 2020 Number of Leases Percentage of Rental Revenue Number of Leases Percentage of Rental Revenue Curaleaf 11 29 % 1 33 % Cresco Labs 1 19 % 1 44 % Revolutionary 1 16 % 0 - % Columbia Care 5 13 % 0 - % Trulieve 1 12 % 0 - % Acreage 3 9 % 4 23 % We have deposited cash with four $250,000 September 30, 2021, Noncontrolling Interests Noncontrolling interests include interests issued by the Operating Partnership and Restricted Stock Units (“RSUs”) representing a 2.7% ownership interest in the Company, at September 30, 2021. Reclassification Certain reclassifications of the prior period financial statements have been made to conform to the current year presentation.

Note 3 - Investments in Real Es

Note 3 - Investments in Real Estate	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Real Estate Disclosure [Text Block]	Note 3 INVESTMENTS IN REAL ESTATE On March 17, 2021, two The Target company owned a portfolio of 19 properties subject to long-term, single-tenant, triple-net sale leaseback and build-to-suit properties for the cannabis industry. The Merger was accounted for as an asset acquisition in accordance with ASC 805, 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 The Company acquired the following properties during the nine September 30, 2021 ( Tenant Market Closing Date Real Estate In-Place Lease Costs Transaction Costs Total Trulieve Pennsylvania March 17, 2021 $ 32,776 $ 12,098 $ 783 $ 45,657 (1) Columbia Care Massachusetts March 17, 2021 13,562 4,042 342 17,946 Columbia Care Illinois March 17, 2021 11,144 3,047 276 14,467 Curaleaf Connecticut March 17, 2021 2,876 433 64 3,373 PharmaCann Massachusetts March 17, 2021 2,047 356 47 2,450 Curaleaf Arkansas March 17, 2021 2,116 314 47 2,477 Curaleaf Ohio March 17, 2021 3,289 571 75 3,935 Curaleaf Illinois March 17, 2021 1,700 252 38 1,990 Curaleaf Illinois March 17, 2021 3,298 564 75 3,937 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 PharmaCann Massachusetts March 17, 2021 805 268 21 1,094 (2) Curaleaf Pennsylvania March 17, 2021 2,185 362 50 2,597 PharmaCann Pennsylvania March 17, 2021 1,289 251 30 1,570 Columbia Care California March 17, 2021 3,702 1,051 92 4,845 Curaleaf Pennsylvania March 17, 2021 1,881 314 43 2,238 Curaleaf Illinois March 17, 2021 583 97 13 693 Subtotal of Merger properties 89,859 25,110 2,145 117,114 Mint Massachusetts April 1, 2021 1,600 - 1,600 Mint Arizona June 24, 2021 2,710 - 2,710 (3) Revolutionary Massachusetts June 30, 2021 42,275 585 42,860 (4) Total $ 136,444 $ 25,110 $ 2,730 $ 164,284 ( 1 ( 2 not September 30, 2021. ( 3 ( 4 The Company’s 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 Curaleaf Florida August 4, 2020 53,763 1,237 55,000 $ 124,068 $ 2,483 $ 126,551 Depreciation expense was approximately $4.5 million and $1.7 million for the nine September 30, 2021 2020, three September 30, 2021 2020, Amortization of the Company’s acquired in- place leases was approximately $1.1 million and $0 for the nine September 30, 2021 2020. three September 30, 2021 2020, Future amortization of the Company’s acquired in-place leases as of September 30, 2021, Year Amortization Expenses 2021 (three months ending December 31) $ 502 2022 2,013 2023 2,013 2024 2,013 2025 2,013 Thereafter 15,950 Total $ 24,504 Future contractual minimum rent under the Company’s operating leases as of September 30, 2021 Year Contractual Minimum Rent 2021 (three months ending December 31) $ 8,206 2022 34,966 2023 36,793 2024 37,746 2025 38,725 Thereafter 442,813 Total $ 599,249 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 July 15, 2027. September 30, 2021,

Note 4 - Related Party Transact

Note 4 - Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 4 RELATED PARTY TRANSACTIONS Management Agreement and Internalization Transaction On July 15, 2020, no 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 $3,053,079 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, not 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 Our former Manager is wholly owned by GAMO, a Delaware limited liability company., which was an affiliate of Acreage. Acreage previously owned 200,000 shares of our common stock and 54,695 OP Units. Kevin Murphy, the Chairman of Acreage, previously owned 250,000 shares. As of September 30, 2021 December 31, 2020, Management fees to GAMO of $0 and $657,089 were incurred for the nine September 30, 2021 2020, three September 30, 2021 2020. September 30, 2021 December 31, 2020, For the nine September 30, 2021 2020, three September 30, 2021 2020, HG Vora, on behalf of a fund managed by it, formerly had an option to acquire a 26.7% interest in GAMO for which they paid $1.05 million on August 13, 2019. no three Merger Agreement In connection with the Merger, we entered into an Investor Rights Agreement. The Investor Rights Agreement provides 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 9% 60 may two 5% 60 may one 5% 60 may not Prior to the completion of our IPO, NLCP Holdings, LLC had the right to designate three no 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 not may one 5% 5% 60 may not Prior to the completion of our IPO, NL Ventures, LLC (“Pangea”) did not may one 4% 60 4% 60 may not 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 upon such issuance. The Options vested on August 31, 2020. second September 30, 2021, four We had entered into an Incentive Agreement with two two three

Note 5 - Noncontrolling Interes

Note 5 - Noncontrolling Interests	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	Note 5 NONCONTROLLING INTERESTS Operating Partnership Units and Restricted Stock Units The Company’s noncontrolling interests include interests issued by the Operating Partnership and RSUs. See Note 6 The activity for the Company’s noncontrolling interest issued by the Operating partnership is set forth in the following table: Common Shares RSUs OP Units Noncontrolling Interests % Balance as of January 1, 2021 7,758,145 87,327 365,103 5.5 % Restricted Stock Units Issued - 39,849 - 6.0 % Common Stock Issued 13,477,769 - - 2.3 % OP Units Issued - - 88,200 2.7 % Balance as of September 30, 2021 21,235,914 127,176 453,303 2.7 %

Note 6 - Stock Based Compensati

Note 6 - Stock Based Compensation	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 6 STOCK BASED COMPENSATION Restricted Stock Units During the nine September 30, 2021, September 30, 2021 not one one nine September 30, 2021 2020, three September 30, 2021 2020, The following table sets forth our unvested restricted stock activity from April 9, 2019 ( September 30, 2021: Number of Unvested Shares of RSUs Weighted-Average Grant Date Fair Value Per Share Granted 3,000 $ 20.00 Vested - $ - 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 39,849 $ 21.15 Vested (87,252 ) $ 21.06 Balance at September 30, 2021 - $ - Stock Options The fair value of each option award was estimated on the date of grant using the Black- Scholes model. Expected volatilities were based on historical daily volatilities of publicly traded guideline companies. The expected term of options granted was based on the “simplified” method for options and represents the period of time that options granted were expected to be outstanding, which takes into account that the options are not December 31, 2020. September 30, 2021. nine September 30, 2021 2020, three September 30, 2021 2020, 4. The following table summarizes stock option activity during the nine September 30, 2021 December 31, 2020: Number of Shares Weighted Average Exercise Price 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 September 30, 2021 175,952 $ 24.00

Note 7 - Earnings Per Share

Note 7 - Earnings Per Share	9 Months Ended
	Sep. 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 Nine Months Ended September 30, For the Three Months Ended September 30, 2021 2020 2021 2020 Numerator: Net Income (Loss) $ 7,133 $ (13,452 ) $ 2,779 $ (14,454 ) Less: Preferred Stock Dividends (4 ) (12 ) - (4 ) Less: Net Income Attributable to OP Interest (178 ) (102 ) (64 ) (102 ) Less: Net Income Attributable to Restricted Stock Units (58 ) - (18 ) - Net Income (Loss) Attributable to Common Stockholders $ 6,893 $ (13,566 ) $ 2,697 $ (14,560 ) Denominator: Weighted Average Shares of Common Stock Outstanding - Basic 15,588,544 7,103,706 19,410,307 7,188,015 Dilutive Effect of Options and Warrants 48,520 - 145,560 - Weighted Average Shares of Common Stock Outstanding - Diluted 15,637,064 7,103,706 19,555,867 7,188,015 Earnings Per Share - Basic Net Income (Loss) Attributable to Common Stockholders $ 0.44 $ (1.91 ) $ 0.14 $ (2.03 ) Earnings Per Share - Diluted Net Income (Loss) Attributable to Common Stockholders $ 0.44 $ (1.91 ) $ 0.14 $ (2.03 ) The effect of including 791,790 602,392 nine September 30, 2020 three September 30, 2020 nine September 30, 2021 three September 30, 2021.

Note 8 - Preferred Stock

Note 8 - Preferred Stock	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Preferred Stock [Text Block]	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, On April 6, 2021, September 30, 2021,

Note 9 - Common Dividends, Divi

Note 9 - Common Dividends, Dividend Equivalents and Distributions	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Dividends Disclosure [Text Block]	Note 9 COMMON DIVIDENDS, DIVIDEND EQUIVALENTS AND DISTRIBUTIONS On September 15, 2021, September 30, 2021 October 15, 2021. The following table describes the dividends, dividend equivalents and distributions declared by the Company during the nine September 30, 2021: Declaration Date Amount per Share Period Covered Dividends, Dividend Equivalents and Distributions Paid Date Dividends, Dividend Equivalents and Distributions Amount 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, 2021 809,665 June 30, 2021 $ 0.24 March 17, 2021 to June 30, 2021 July 15, 2021 4,276,968 August 11, 2021 $ 0.12 July 1, 2021 to August 12, 2021 August 12, 2021 2,149,253 September 15, 2021 $ 0.12 August 13, 2021 to September 30, 2021 October 15, 2021 2,617,967 Total $ 11,371,923

Note 10 - Fair Value Measuremen

Note 10 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
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 may Level 1 Level 2 Level 3 no 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.

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 11 COMMITMENTS AND CONTINGENCIES The Company has aggregate unfunded commitments to invest $32.5 million for the development and improvement of our existing cultivation facilities in Arizona, Massachusetts and Pennsylvania, as well as the development of one 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 The extent of the impact of the coronavirus ("COVID- 19" 19 may September 30, 2021, 19 not 19

Note 12 - Subsequent Events

Note 12 - Subsequent Events	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	Note 12 SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were available to be issued. There were no Subsequent to September 30, 2021, nine first twenty August 1, 2022. Subsequent to September 30, 2021,

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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 September 30, 2021 December 31, 2020, not The accompanying consolidated balance sheet as of December 31, 2020 August 12, 2021 424 4 August 13, 2021. three nine September 30, 2021 not
Use of Estimates, Policy [Policy Text Block]	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 estimates when facts and circumstances dictate. Such estimates include, but are not
Organization, Offering and Transaction Costs [Policy Text Block]	Organization, Offering and Transaction Costs Offering costs incurred prior to receipt of any offering proceeds are recorded as an asset. Offering costs are recorded as an offset to additional paid-in capital when proceeds from the offering are received. Organization costs are recorded as an expense. Transaction costs related to portfolio investments not
Income Tax, Policy [Policy Text Block]	Income Taxes We have made an election to be taxed as a REIT, under Sections 856 860 1986, 2019, 90% not not four Even if we qualify for taxation as a REIT, we may
Real Estate, Policy [Policy Text Block]	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 vacant basis and may third
Depreciation, Depletion, and Amortization [Policy Text Block]	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 are 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
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible Assets and Related Amortization Intangibles related to the Company’s investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place lease.
Construction in Progress [Policy Text Block]	Construction in Progress Reimbursements paid to tenants or incurred by the Company for property improvements, generally consisting of building additions or significant upgrades to existing facilities, are considered construction in progress until placed in service. Such improvements are considered placed in service when ready and available for its intended use. Construction in progress was $6.4 million on September 30, 2021 December 31, 2020.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	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 September 30, 2021 December 31, 2020
Lessor, Leases [Policy Text Block]	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 leases, an arrangement under which the tenant maintains the property while paying us rent. We account for our current leases as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of minimum lease payments is not not
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three
Share-based Payment Arrangement [Policy Text Block]	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 dividends and dividend equivalents previously paid on these awards from retained earnings to compensation expense. Forfeitures are recognized as incurred.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260 260” 260, two two 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
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In February 2016, 2016 02, July 2018, 2018 10, 842, 2018 11, December 2018, 2018 20, 842 January 1, 2022. 842 840, Topic 842 12 not September 30, 2021, one 842, 842 842 842, 606 not 842, not 840 no 842. 2018 20 third Topic 842 two 840. 840 842 January 1, 2022. In June 2016, 2016 13, November 2018, 2018 19, 326, not 842. not January 1, 2023. not
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk As of September 30, 2021, 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 Nine Months Ended September 30, 2021 2020 Number of Leases Percentage of Rental Revenue Number of Leases Percentage of Rental Revenue Curaleaf 11 34 % 1 15 % Cresco Labs 1 24 % 1 53 % Acreage 3 11 % 4 32 % Columbia Care 5 11 % 0 - % Trulieve 1 10 % 0 - % For the Three Months Ended September 30, 2021 2020 Number of Leases Percentage of Rental Revenue Number of Leases Percentage of Rental Revenue Curaleaf 11 29 % 1 33 % Cresco Labs 1 19 % 1 44 % Revolutionary 1 16 % 0 - % Columbia Care 5 13 % 0 - % Trulieve 1 12 % 0 - % Acreage 3 9 % 4 23 % We have deposited cash with four $250,000 September 30, 2021,
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Noncontrolling Interests Noncontrolling interests include interests issued by the Operating Partnership and Restricted Stock Units (“RSUs”) representing a 2.7% ownership interest in the Company, at September 30, 2021.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassification Certain reclassifications of the prior period financial statements have been made to conform to the current year presentation.

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	For the Nine Months Ended September 30, 2021 2020 Number of Leases Percentage of Rental Revenue Number of Leases Percentage of Rental Revenue Curaleaf 11 34 % 1 15 % Cresco Labs 1 24 % 1 53 % Acreage 3 11 % 4 32 % Columbia Care 5 11 % 0 - % Trulieve 1 10 % 0 - % For the Three Months Ended September 30, 2021 2020 Number of Leases Percentage of Rental Revenue Number of Leases Percentage of Rental Revenue Curaleaf 11 29 % 1 33 % Cresco Labs 1 19 % 1 44 % Revolutionary 1 16 % 0 - % Columbia Care 5 13 % 0 - % Trulieve 1 12 % 0 - % Acreage 3 9 % 4 23 %

Note 3 - Investments in Real _2

Note 3 - Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Asset Acquisition [Table Text Block]	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
Schedule of Real Estate Properties [Table Text Block]	Tenant Market Closing Date Real Estate In-Place Lease Costs Transaction Costs Total Trulieve Pennsylvania March 17, 2021 $ 32,776 $ 12,098 $ 783 $ 45,657 (1) Columbia Care Massachusetts March 17, 2021 13,562 4,042 342 17,946 Columbia Care Illinois March 17, 2021 11,144 3,047 276 14,467 Curaleaf Connecticut March 17, 2021 2,876 433 64 3,373 PharmaCann Massachusetts March 17, 2021 2,047 356 47 2,450 Curaleaf Arkansas March 17, 2021 2,116 314 47 2,477 Curaleaf Ohio March 17, 2021 3,289 571 75 3,935 Curaleaf Illinois March 17, 2021 1,700 252 38 1,990 Curaleaf Illinois March 17, 2021 3,298 564 75 3,937 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 PharmaCann Massachusetts March 17, 2021 805 268 21 1,094 (2) Curaleaf Pennsylvania March 17, 2021 2,185 362 50 2,597 PharmaCann Pennsylvania March 17, 2021 1,289 251 30 1,570 Columbia Care California March 17, 2021 3,702 1,051 92 4,845 Curaleaf Pennsylvania March 17, 2021 1,881 314 43 2,238 Curaleaf Illinois March 17, 2021 583 97 13 693 Subtotal of Merger properties 89,859 25,110 2,145 117,114 Mint Massachusetts April 1, 2021 1,600 - 1,600 Mint Arizona June 24, 2021 2,710 - 2,710 (3) Revolutionary Massachusetts June 30, 2021 42,275 585 42,860 (4) Total $ 136,444 $ 25,110 $ 2,730 $ 164,284 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 Curaleaf Florida August 4, 2020 53,763 1,237 55,000 $ 124,068 $ 2,483 $ 126,551
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Year Amortization Expenses 2021 (three months ending December 31) $ 502 2022 2,013 2023 2,013 2024 2,013 2025 2,013 Thereafter 15,950 Total $ 24,504
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]	Year Contractual Minimum Rent 2021 (three months ending December 31) $ 8,206 2022 34,966 2023 36,793 2024 37,746 2025 38,725 Thereafter 442,813 Total $ 599,249

Note 5 - Noncontrolling Inter_2

Note 5 - Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Noncontrolling Interest [Table Text Block]	Common Shares RSUs OP Units Noncontrolling Interests % Balance as of January 1, 2021 7,758,145 87,327 365,103 5.5 % Restricted Stock Units Issued - 39,849 - 6.0 % Common Stock Issued 13,477,769 - - 2.3 % OP Units Issued - - 88,200 2.7 % Balance as of September 30, 2021 21,235,914 127,176 453,303 2.7 %

Note 6 - Stock Based Compensa_2

Note 6 - Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of Unvested Shares of RSUs Weighted-Average Grant Date Fair Value Per Share Granted 3,000 $ 20.00 Vested - $ - 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 39,849 $ 21.15 Vested (87,252 ) $ 21.06 Balance at September 30, 2021 - $ -
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Shares Weighted Average Exercise Price 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 September 30, 2021 175,952 $ 24.00

Note 7 - Earnings Per Share (Ta

Note 7 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Nine Months Ended September 30, For the Three Months Ended September 30, 2021 2020 2021 2020 Numerator: Net Income (Loss) $ 7,133 $ (13,452 ) $ 2,779 $ (14,454 ) Less: Preferred Stock Dividends (4 ) (12 ) - (4 ) Less: Net Income Attributable to OP Interest (178 ) (102 ) (64 ) (102 ) Less: Net Income Attributable to Restricted Stock Units (58 ) - (18 ) - Net Income (Loss) Attributable to Common Stockholders $ 6,893 $ (13,566 ) $ 2,697 $ (14,560 ) Denominator: Weighted Average Shares of Common Stock Outstanding - Basic 15,588,544 7,103,706 19,410,307 7,188,015 Dilutive Effect of Options and Warrants 48,520 - 145,560 - Weighted Average Shares of Common Stock Outstanding - Diluted 15,637,064 7,103,706 19,555,867 7,188,015 Earnings Per Share - Basic Net Income (Loss) Attributable to Common Stockholders $ 0.44 $ (1.91 ) $ 0.14 $ (2.03 ) Earnings Per Share - Diluted Net Income (Loss) Attributable to Common Stockholders $ 0.44 $ (1.91 ) $ 0.14 $ (2.03 )

Note 9 - Common Dividends, Di_2

Note 9 - Common Dividends, Dividend Equivalents and Distributions (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Dividends Declared [Table Text Block]	Declaration Date Amount per Share Period Covered Dividends, Dividend Equivalents and Distributions Paid Date Dividends, Dividend Equivalents and Distributions Amount 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, 2021 809,665 June 30, 2021 $ 0.24 March 17, 2021 to June 30, 2021 July 15, 2021 4,276,968 August 11, 2021 $ 0.12 July 1, 2021 to August 12, 2021 August 12, 2021 2,149,253 September 15, 2021 $ 0.12 August 13, 2021 to September 30, 2021 October 15, 2021 2,617,967 Total $ 11,371,923

Note 1 - Organization (Details

Note 1 - Organization (Details Textual) - USD ($)	Aug. 13, 2021	Apr. 06, 2021	Apr. 04, 2021	Mar. 17, 2021	Dec. 20, 2019	Aug. 12, 2019	Apr. 26, 2019	Dec. 31, 2020	Feb. 28, 2021	Sep. 30, 2021	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
Stock Issued During Period, Shares, New Issues (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, Net								$ 15,704,625	$ 39,579,050
Preferred Stock, Dividend Rate, Percentage										12.50%	12.50%
Warrants Issued in Connection with the Merger [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)				602,392
Merger with Target [Member]
Shares Issued, Price Per Share (in dollars per share)				$ 21.15
Stock Issued During Period, Shares, Acquisitions (in shares)				7,699,887
Merger with Target [Member] | Warrants Issued in Connection with the Merger [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)				602,392
Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (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	125
Preferred Stock, Redemption Price Per Share (in dollars per share)		$ 1,000	$ 1,000
The Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)						7,060,150
Shares Issued, Price Per Share (in dollars per share)						$ 20
Proceeds from Issuance of Common Stock, Net						$ 131,523,622
IPO [Member]
Stock Issued During Period, Shares, New Issues (in shares)	3,905,950
Shares Issued, Price Per Share (in dollars per share)	$ 26
Proceeds from Issuance of Common Stock, Net	$ 93,500,000
Initial Stockholder [Member]
Stock Issued During Period, Shares, New Issues (in shares)							100
Shares Issued, Price Per Share (in dollars per share)							$ 20

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Construction in Progress, Gross	$ 6,400	$ 0
Impairment of Real Estate	$ 0	$ 0
Number of Real Estate Properties	27
GreenAcreage Management Owner LLC (GAMO) [Member] | NewLake Capital Partners Inc [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	2.70%
Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	35 years

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies - Tenants in Portfolio that Represents the Largest Percentage of Total Revenue (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Curaleaf [Member]
Number of leases	11	1	11	1
Percentage of rental revenue	29.00%	33.00%	34.00%	15.00%
Cresco Labs [Member]
Number of leases	1	1	1	1
Percentage of rental revenue	19.00%	44.00%	24.00%	53.00%
Acreage [Member]
Number of leases	3	4	3	4
Percentage of rental revenue	9.00%	23.00%	11.00%	32.00%
Revolutionary [Member]
Number of leases	1	0
Percentage of rental revenue	16.00%	0.00%
Columbia Care [Member]
Number of leases	5	0	5	0
Percentage of rental revenue	13.00%	0.00%	11.00%	0.00%
Trulieve [Member]
Number of leases	1	0	1	0
Percentage of rental revenue	12.00%	0.00%	10.00%	0.00%

Note 3 - Investments in Real _3

Note 3 - Investments in Real Estate (Details Textual)	Mar. 17, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	Feb. 28, 2021$ / shares	Dec. 31, 2020$ / shares
Shares Issued, Price Per Share (in dollars per share) | $ / shares						$ 21.15	$ 21.15
Asset Acquisition, Consideration Transferred, Transaction Cost				$ 2,145,000
Payments to Acquire Real Estate, Total				44,650,000	$ 55,000,000
Depreciation, Total		$ 2,000,000	$ 732,000	4,500,000	1,700,000
Amortization of Intangible Assets, Total		$ 503,000	$ 0	$ 1,100,000	$ 0
OP Units [Member]
Purchase and Leaseback, Shares Issuable (in shares) | shares				132,727
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
Class of Warrant or Right, Exercisable (in shares) | shares		602,392		602,392
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	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
Number of Real Estate Properties Acquired	19
Tenant Improvements Payable	$ 4,384,000
Merger with Target [Member] | Trulieve [Member] | MASSACHUSETTS
Tenant Improvements Payable		$ 4,600,000		$ 4,600,000
Merger with Target [Member] | PharmaCann [Member] | MASSACHUSETTS
Tenant Improvements Payable		806,540		806,540
Merger with Target [Member] | NewLake Capital Partners Inc [Member]
Noncontrolling Interest, Ownership Percentage by Parent	56.79%
Merger with Target [Member] | NewLake Capital Partners Inc [Member] | Target [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	43.21%
Merger with Target [Member] | Common Stock [Member]
Asset Acquisition, Consideration Transferred, Transaction Cost	$ 2,100,000
Merger with Target [Member] | 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
Mint [Member] | MASSACHUSETTS
Asset Acquisition, Consideration Transferred, Transaction Cost				0
Mint [Member] | ARIZONA
Tenant Improvements Payable		$ 310,035		310,035
Revolutionary [Member]
Payments to Acquire Real Estate, Total				$ 40,100,000
Revolutionary [Member] | OP Units [Member]
Issuance of OP units (in shares) | shares				88,200
Purchase and Leaseback, Shares Issuable (in shares) | shares				132,727
Revolutionary [Member] | MASSACHUSETTS
Asset Acquisition, Consideration Transferred, Transaction Cost				$ 585,000

Note 3 - Investments in Real _4

Note 3 - Investments in Real Estate - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 17, 2021	Sep. 30, 2021	Dec. 31, 2020
Land		$ 15,444	$ 2,490
Building and Improvements		249,857	124,121
In-Place Leases		24,504	0
Other Assets		1,083	598
Security Deposits Payable		(5,430)	(1,594)
Accounts Payable, Accrued Expenses and Other Liabilities		$ (1,425)	$ (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

Note 3 - Investment in Real Est

Note 3 - Investment in Real Estate - Properties Acquired and Current Properties (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Real Estate Acquired		$ 89,859
In-Place Lease Costs		25,110
Allocated Transaction Costs		2,145
Total		117,114
Real Estate		265,301	$ 126,611
Costs		7,160	2,650
Total		258,141	123,961
Real Estate		265,301	126,611
Costs		7,160	2,650
Total		258,141	$ 123,961
Wholly Owned Properties [Member]
Real Estate		124,068
Costs		2,483
Total		126,551
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
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
Real Estate		9,682
Costs		106
Total		9,788
Acreage [Member] | CONNECTICUT | Wholly Owned Properties [Member]
Real Estate		800
Costs		126
Total		926
Real Estate		800
Costs		126
Total		926
Curaleaf [Member] | FLORIDA | Wholly Owned Properties [Member]
Real Estate		53,763
Costs		1,237
Total		55,000
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
Real Estate		50,000
Costs		678
Total	[1]	50,678
Merger with Target [Member] | Trulieve [Member] | PENNSYLVANIA
Real Estate Acquired		32,776
In-Place Lease Costs		12,098
Allocated Transaction Costs		783
Total	[2]	45,657
Merger with Target [Member] | Columbia Care [Member] | MASSACHUSETTS | Lease 1 [Member]
Real Estate Acquired		13,562
In-Place Lease Costs		4,042
Allocated Transaction Costs		342
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		11,144
In-Place Lease Costs		3,047
Allocated Transaction Costs		276
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		3,702
In-Place Lease Costs		1,051
Allocated Transaction Costs		92
Total		4,845
Merger with Target [Member] | Curaleaf [Member] | PENNSYLVANIA | Lease 1 [Member]
Real Estate Acquired		2,185
In-Place Lease Costs		362
Allocated Transaction Costs		50
Total		2,597
Merger with Target [Member] | Curaleaf [Member] | PENNSYLVANIA | Lease 2 [Member]
Real Estate Acquired		1,881
In-Place Lease Costs		314
Allocated Transaction Costs		43
Total		2,238
Merger with Target [Member] | Curaleaf [Member] | ILLINOIS | Lease 1 [Member]
Real Estate Acquired		1,700
In-Place Lease Costs		252
Allocated Transaction Costs		38
Total		1,990
Merger with Target [Member] | Curaleaf [Member] | ILLINOIS | Lease 2 [Member]
Real Estate Acquired		3,298
In-Place Lease Costs		564
Allocated Transaction Costs		75
Total		3,937
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		2,876
In-Place Lease Costs		433
Allocated Transaction Costs		64
Total		3,373
Merger with Target [Member] | Curaleaf [Member] | ARKANSAS
Real Estate Acquired		2,116
In-Place Lease Costs		314
Allocated Transaction Costs		47
Total		2,477
Merger with Target [Member] | Curaleaf [Member] | OHIO
Real Estate Acquired		3,289
In-Place Lease Costs		571
Allocated Transaction Costs		75
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		2,047
In-Place Lease Costs		356
Allocated Transaction Costs		47
Total		2,450
Merger with Target [Member] | PharmaCann [Member] | MASSACHUSETTS | Lease 2 [Member]
Real Estate Acquired		805
In-Place Lease Costs		268
Allocated Transaction Costs		21
Total	[3]	1,094
Mint [Member] | MASSACHUSETTS
Real Estate Acquired		1,600
Allocated Transaction Costs		0
Total		1,600
Mint [Member] | ARKANSAS
Real Estate Acquired		2,710
Allocated Transaction Costs		0
Total	[4]	2,710
Revolutionary [Member] | MASSACHUSETTS
Real Estate Acquired		42,275
Allocated Transaction Costs		585
Total	[5]	42,860
Properties Acquired [Member]
Real Estate Acquired		136,444
In-Place Lease Costs		25,110
Allocated Transaction Costs		2,730
Total		$ 164,284
[1]	Includes $10 million of tenant improvements which have been fully funded as of June 30, 2021.
[2]	Includes $4.6 million of tenant improvement reimbursement commitments which were funded after the merger.
[3]	Excludes $806,540 of tenant improvement reimbursement commitments which were previously included that we do not expect to be funded as of September 30, 2021.
[4]	Includes $310,035 of tenant improvement reimbursement commitments which have been fully funded.
[5]	Includes $40.1 million in cash and 88,200 OP units issued in connection with the purchase of the property. The Company is required to issue 132,727 OP Units pursuant to a contribution agreement if certain conditions are met.

Note 3 - Investments in Real _5

Note 3 - Investments in Real Estate - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
2021 (three months ending December 31)	$ 502
2022	2,013
2023	2,013
2024	2,013
2025	2,013
Thereafter	15,950
Total	$ 24,504	$ 0

Note 3 - Investments in Real _6

Note 3 - Investments in Real Estate - Future Contractual Minimum Rent (Details) $ in Thousands	Sep. 30, 2021USD ($)
2021 (three months ending December 31)	$ 8,206
2022	34,966
2023	36,793
2024	37,746
2025	38,725
Thereafter	442,813
Total	$ 599,249

Note 4 - Related Party Transa_2

Note 4 - Related Party Transactions (Details Textual) - USD ($)	Jul. 15, 2020	Aug. 13, 2019	Dec. 31, 2020	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Stock Issued During Period, Shares, New Issues (in shares)			745,241	1,871,932
Stock Issued During Period, Value, New Issues					$ 93,507,000			$ 133,085,000
Management Fee, Percentage of Equity								1.00%
Common Stock, Shares, Issued, Total (in shares)			7,758,145		21,235,914			21,235,914		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			615,838
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)					791,790			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]
Stock Issued During Period, Shares, New Issues (in shares)					3,905,950			5,777,882
Stock Issued During Period, Value, New Issues					$ 40,000			$ 58,000
Shares, Issued, Ending Balance (in shares)			7,758,145		21,235,914			21,235,914		7,758,145
HG Vora Capital Management, LLC [Member] | GreenAcreage Management Owner LLC (GAMO) [Member]
Option to Acquire Ownership Interest, Percentage	26.70%	26.70%
Payments for Option to Acquire Ownership Interest		$ 1,050,000
GreenAcreage Management Owner LLC (GAMO) [Member]
Management Fee Payable			$ 0		$ 0			$ 0		$ 0
GreenAcreage Management Owner LLC (GAMO) [Member] | General and Administrative Expense [Member]
Management Fee Expense					0	$ 0		$ 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	$ 39,784	$ 0		$ 350,755
HG Vora Capital Management, LLC [Member]
Diluted Ownership Interest, Percentage	2.00%	2.00%
Proceeds from Exercise of Option	$ 50,000
Payments of Structuring Fee	$ 2,550,000
HG Vora Capital Management, LLC [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)	152,654
Stock Issued During Period, Value, New Issues	$ 3,053,079
Acreage [Member]
Common Stock, Shares, Issued, Total (in shares)					200,000			200,000
Assets Leased to Others, Cost			20,900,000		$ 20,900,000			$ 20,900,000		20,900,000
Assets Leased to Others, Net Book Value			$ 20,200,000		$ 19,800,000			$ 19,800,000		$ 20,200,000
Chairman of Acreage [Member]
Common Stock, Shares, Issued, Total (in shares)					250,000			250,000
Operating Partnership (OP) [Member]
Issuance of OP units (in shares)								88,200
Operating Partnership (OP) [Member] | OP Units [Member]
Issuance of OP units (in shares)								88,200
Operating Partnership (OP) [Member] | GreenAcreage Management Owner LLC (GAMO) [Member] | OP Units [Member]
Issuance of OP units (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			54,695
Operating Partnership (OP) [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.50%

Note 5 - Noncontrolling Inter_3

Note 5 - Noncontrolling Interests - Noncontrolling Interest Activity (Details)	9 Months Ended
	Sep. 30, 2021shares
Noncontrolling Interests %	5.50%
Restricted Stock Units Issued, Percentage	6.00%
Common Stock Issued, Percentage	2.30%
OP Units Issued, Percentage	2.70%
Noncontrolling Interests %	2.70%
Operating Partnership (OP) [Member]
OP Units Issued (in shares)	88,200
Operating Partnership (OP) [Member] | OP Units [Member]
Balance (in shares)	365,103
OP Units Issued (in shares)	88,200
Balance (in shares)	453,303
Restricted Stock Units (RSUs) [Member]
Balance, RSUs (in shares)	87,327
Restricted Stock Units Issued (in shares)	39,849
Balance, RSUs (in shares)	127,176
Common Stock [Member]
Balance (in shares)	7,758,145
Common Stock Issued (in shares)	13,477,769
Balance (in shares)	21,235,914

Note 6 - Stock Based Compensa_3

Note 6 - Stock Based Compensation (Details Textual) - USD ($)	Jul. 15, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expense		$ 816,000	$ 3,872,000	$ 1,820,000	$ 3,884,000
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)				39,849		84,327	3,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares)		127,176		127,176		87,327
Share-based Payment Arrangement, Expense		$ 816,482	7,655	$ 1,820,060	20,427
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)				39,849
Share-based Payment Arrangement, Option [Member]
Allocated Share-based Compensation Expense for Internalization		$ 0	$ 3,863,935	$ 0	$ 3,863,935

Note 6 - Stock Based Compensa_4

Note 6 - Stock Based Compensation - Unvested Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Granted, unvested share (in shares)	39,849	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)	(87,252)	(39,924)	0
Vested, weighted-average grant date fair value (in dollars per share)	$ 21.06	$ 21.12	$ 0
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)	0	47,403	3,000
Balance, weighted-average grant date fair value (in dollars per share)	$ 0	$ 20.99	$ 20

Note 6 - Stock Based Compensa_5

Note 6 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares	Jul. 15, 2020	Sep. 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

Note 7 - Earnings Per Share (De

Note 7 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares)	145,560	0	48,520	0
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		791,790		791,790
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares)			791,790
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		602,392		602,392
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares)			602,392
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	127,176
OP Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	453,303

Note 7 - Earnings Per Share - E

Note 7 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Income (Loss)	$ 2,779	$ (14,454)	$ 7,133	$ (13,452)
Preferred Stock Dividends	0	(4)	(4)	(12)
Less: Net Income Attributable to OP Interest	(64)	(102)	(178)	(102)
Less: Net Income Attributable to Restricted Stock Units	(18)	0	(58)	0
Net Income (Loss) Attributable to Common Stockholders	$ 2,697	$ (14,560)	$ 6,893	$ (13,566)
Weighted Average Shares of Common Stock Outstanding - Basic (in shares)	19,410,307	7,188,015	15,588,544	7,103,706
Dilutive Effect of Options and Warrants (in shares)	145,560	0	48,520	0
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares)	19,555,867	7,188,015	15,637,064	7,103,706
Net Income (Loss) Attributable to Common Stockholders Per Share - Basic (in dollars per share)	$ 0.14	$ (2.03)	$ 0.44	$ (1.91)
Net Income (Loss) Attributable to Common Stockholders Per Share - Diluted (in dollars per share)	$ 0.14	$ (2.03)	$ 0.44	$ (1.91)

Note 8 - Preferred Stock (Detai

Note 8 - Preferred Stock (Details Textual) - USD ($)	Apr. 06, 2021	Apr. 04, 2021	Dec. 20, 2019	Dec. 31, 2020	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
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
Stock Issued During Period, Shares, New Issues (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]
Stock Issued During Period, Shares, New Issues (in shares)			125
Preferred Stock, Dividend Rate, Percentage			12.50%
Proceeds from Issuance of Redeemable Preferred Stock, Net			$ 60,600
Stock Redeemed or Called During Period, Shares (in shares)	125	125
Preferred Stock, Redemption Price Per Share (in dollars per share)	$ 1,000	$ 1,000
Payments for Repurchase of Redeemable Preferred Stock	$ 137,416
Preferred Stock, Shares Outstanding, Ending Balance (in shares)						0

Note 9 - Common Dividends, Di_3

Note 9 - Common Dividends, Dividend Equivalents and Distributions (Details Textual) - USD ($)	Sep. 15, 2021	Aug. 11, 2021	Jun. 30, 2021	Mar. 15, 2021	Feb. 27, 2021	Sep. 30, 2021
Dividends, Total	$ 2,617,967	$ 2,149,253	$ 4,276,968	$ 809,665	$ 1,518,070	$ 11,371,923
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.12

Note 9 - Common Dividends, Di_4

Note 9 - Common Dividends, Dividend Equivalents and Distributions - Common Dividends, Dividend Equivalents and Distributions Declared (Details) - USD ($)	Sep. 15, 2021	Aug. 11, 2021	Jun. 30, 2021	Mar. 15, 2021	Feb. 27, 2021	Sep. 30, 2021
Amount per Share (in dollars per share)	$ 0.12	$ 0.12	$ 0.24	$ 0.08	$ 0.15
Dividends, Dividend Equivalents and Distributions Paid Date	Oct. 15, 2021	Aug. 12, 2021	Jul. 15, 2021	Mar. 29, 2021	Mar. 22, 2021
Dividends, Dividend Equivalents and Distributions Amount	$ 2,617,967	$ 2,149,253	$ 4,276,968	$ 809,665	$ 1,518,070	$ 11,371,923

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)shares
Unfunded Commitments for Development and Improvement of Facilities | $	$ 32.5
OP Units [Member]
Purchase and Leaseback, Shares Issuable (in shares) | shares	132,727

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions	1 Months Ended
	Nov. 12, 2021USD ($)
Cultivation Facilities in Pennsylvania and Arizona [Member]
Payments for Tenant Improvements	$ 6.7
Cultivation and Processing Facility [Member]
Payments to Acquire Loans Receivable	$ 30