Document And Entity Information
Document And Entity Information - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 15, 2022 | |
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 | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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, Suite 50 | ||
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 | ||
Title of 12(g) Security | Common Stock, par value $0.01 per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 21,238,916 | ||
Auditor Name | BDO USA, LLP | DAVIDSON & COMPANY LLP | |
Auditor Location | Denver, CO | Vancouver, Canada | |
Auditor Firm ID | 243 | 731 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Land | $ 15,649 | $ 2,490 |
Building and Improvements | 272,432 | 124,121 |
Total Real Estate | 288,081 | 126,611 |
Less Accumulated Depreciation | (9,155) | (2,650) |
Net Real Estate | 278,926 | 123,961 |
Cash and Cash Equivalents | 127,097 | 19,617 |
Mortgage Loan Receivable | 30,000 | 0 |
In-Place Lease Intangible Assets, net | 24,002 | 0 |
Prepaid Expenses and Other Assets | 858 | 598 |
TOTAL ASSETS | 460,883 | 144,176 |
LIABILITIES: | ||
Dividends, Dividend Equivalents and Distributions Payable | 6,765 | 894 |
Security Deposits Payable | 6,047 | 1,594 |
Loan Payable, net | 3,759 | 0 |
Interest Reserve | 2,144 | 0 |
Rent Received in Advance | 1,429 | 0 |
Accrued Expenses and Other Liabilities | 1,404 | 659 |
Total Liabilities | 21,548 | 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 December 31, 2021 and December 31, 2020, respectively | 0 | 61 |
Common Stock, $0.01 Par Value, 400,000,000 Shares Authorized, 21,235,914 Shares Issued and Outstanding at December 31, 2021 and 7,758,145 Shares Issued and Outstanding at December 31, 2020 | 213 | 78 |
Additional Paid-In Capital | 450,916 | 151,778 |
Accumulated Deficit | (23,574) | (17,154) |
Total Stockholders' Equity | 427,555 | 134,763 |
NONCONTROLLING INTERESTS | 11,780 | 6,266 |
Total Equity | 439,335 | 141,029 |
TOTAL LIABILITIES AND EQUITY | $ 460,883 | $ 144,176 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 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 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE: | ||
Rental Income (including tenant reimbursements) | $ 27,588 | $ 11,663 |
Interest Income from Mortgage Loan | 613 | 0 |
TOTAL REVENUE | 28,201 | 11,663 |
EXPENSES: | ||
Depreciation and Amortization Expense | 8,097 | 2,603 |
General and Administrative Expense | 6,445 | 4,056 |
Stock-Based Compensation | 2,020 | 4,721 |
Property Expenses | 144 | 0 |
Management Internalization Costs | 0 | 12,360 |
TOTAL EXPENSES | 16,706 | 23,740 |
Gain on Sale of Real Estate | 0 | 1,491 |
INCOME (LOSS) FROM OPERATIONS | 11,495 | (10,586) |
OTHER INCOME (EXPENSE): | ||
Interest Income | 100 | 153 |
Interest Expense | (6) | 0 |
TOTAL OTHER INCOME | 94 | 153 |
NET INCOME (LOSS) | 11,589 | (10,433) |
Preferred Stock Dividends | (4) | (16) |
Net Income Attributable to Noncontrolling Interests | (356) | (234) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 11,229 | $ (10,683) |
Net Income (Loss) Attributable to Common Stockholders Per Share - Basic (in dollars per share) | $ 0.66 | $ (1.50) |
Net Income (Loss) Attributable to Common Stockholders Per Share - Diluted (in dollars per share) | $ 0.65 | $ (1.50) |
Weighted Average Shares of Common Stock Outstanding - Basic (in shares) | 17,011,991 | 7,123,165 |
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares) | 17,566,470 | 7,123,165 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2019 | $ 61,000 | $ 69,000 | $ 131,459,000 | $ (437,000) | $ 0 | $ 131,152,000 |
Balance (in shares) at Dec. 31, 2019 | 7,060,250 | |||||
Net Proceeds from the Issuance of Common Stock | 0 | $ 7,000 | 15,697,000 | 0 | 0 | 15,704,000 |
Issuance of Common Stock (in shares) | 745,241 | |||||
Stock-Based Compensation | 0 | $ 0 | 4,721,000 | 0 | 0 | 4,721,000 |
Dividends to Preferred Stock | 0 | 0 | 0 | (16,000) | 0 | (16,000) |
Dividends to Common Stock | 0 | 0 | 0 | (6,004,000) | 0 | (6,004,000) |
Dividend Equivalents to Restricted Stock Units | 0 | 0 | 0 | (30,000) | 0 | (30,000) |
Distributions to OP Unit Holders | 0 | 0 | 0 | 0 | (177,000) | (177,000) |
Net Income (Loss) | 0 | 0 | 0 | (10,667,000) | 234,000 | (10,433,000) |
Net Income Attributable to Noncontrolling Interests | 234,000 | |||||
Issuance of Common Stock for Internalization | 0 | $ 2,000 | 3,051,000 | 0 | 0 | 3,053,000 |
Issuance of Common Stock for Internalization (in shares) | 152,654 | |||||
Exercise of Option | 0 | $ 0 | 50,000 | 0 | 0 | 50,000 |
Issuance of 419,798 OP Units for Internalization | 0 | 0 | 1,030,000 | 0 | 7,366,000 | 8,396,000 |
Redemption of 54,695 OP Units | 0 | 0 | 0 | 0 | (1,157,000) | (1,157,000) |
Purchase of 200,000 Shares of Stock | 0 | $ 0 | (4,230,000) | 0 | 0 | $ (4,230) |
Purchase of 200,000 Shares of Stock (in shares) | (200,000) | (200,000) | ||||
Balance at Dec. 31, 2020 | 61,000 | $ 78,000 | 151,778,000 | (17,154,000) | 6,266,000 | $ 141,029,000 |
Balance (in shares) at Dec. 31, 2020 | 7,758,145 | |||||
Net Proceeds from the Issuance of Common Stock | 0 | $ 58,000 | 133,027,000 | 0 | 0 | 133,085,000 |
Issuance of Common Stock (in shares) | 5,777,882 | |||||
Issuance of Common Stock for Merger Transaction | 0 | $ 77,000 | 162,776,000 | 0 | 0 | 162,853,000 |
Issuance of Common Stock for Merger Transaction (in shares) | 7,699,887 | |||||
Issuance of Warrants for Merger Transaction | 0 | $ 0 | 4,820,000 | 0 | 0 | 4,820,000 |
Redemption of Series A Preferred Stock | (61,000) | 0 | 0 | (64,000) | 0 | (125,000) |
Issuance of OP Units | 0 | 0 | 0 | 0 | 2,205,000 | 2,205,000 |
Stock-Based Compensation | 0 | 0 | 2,020,000 | 0 | 0 | 2,020,000 |
Dividends to Preferred Stock | 0 | 0 | 0 | (4,000) | 0 | (4,000) |
Dividends to Common Stock | 0 | 0 | 0 | (17,585,000) | 0 | (17,585,000) |
Dividend Equivalents to Restricted Stock Units | 0 | 0 | 0 | 0 | (130,000) | (130,000) |
Distributions to OP Unit Holders | 0 | 0 | 0 | 0 | (422,000) | (422,000) |
Adjustment for Noncontrolling Interest Ownership in Operating Partnership | 0 | 0 | (3,505,000) | 0 | 3,505,000 | 0 |
Net Income (Loss) | 0 | 0 | 0 | 11,233,000 | 11,589,000 | |
Net Income Attributable to Noncontrolling Interests | 356,000 | 356,000 | ||||
Balance at Dec. 31, 2021 | $ 0 | $ 213,000 | $ 450,916,000 | $ (23,574,000) | $ 11,780,000 | $ 439,335,000 |
Balance (in shares) at Dec. 31, 2021 | 21,235,914 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Partnership (OP) [Member] | Noncontrolling Interest [Member] | ||
Issuance of OP units for property acquisition (in shares) | 88,200 | |
Operating Partnership (OP) [Member] | ||
Issuance of OP units for property acquisition (in shares) | 88,200 | |
Issuance of OP units for internalization (in shares) | 419,798 | |
Redemption of 54,695 OP Units (in shares) | 54,695 | |
Purchase of 200,000 Shares of Stock (in shares) | 200,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) | $ 11,589 | $ (10,433) |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Issuance of Common Stock for Internalization | 0 | 3,053 |
Issuance of OP Units for Internalization | 0 | 8,396 |
Stock-Based Compensation | 2,020 | 4,721 |
Gain on Sale of Real Estate | 0 | (1,491) |
Depreciation and Amortization Expense | 8,097 | 2,603 |
Changes in Assets and Liabilities, Net of Acquisition: | ||
Prepaid Expenses and Other Assets | 462 | 120 |
Accrued Expenses and Other Liabilities | (1,840) | (769) |
Security Deposits Payable | 2,796 | 1,593 |
Interest Reserve | 2,144 | 0 |
Rent Received in Advance | 1,429 | (445) |
Net Cash Provided by Operating Activities | 26,697 | 7,348 |
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 | (15,163) | 0 |
Deferred Real Estate Costs | 0 | (10,054) |
Investment in Mortgage Loan Receivable | (30,000) | 0 |
Acquisition of Real Estate | (56,955) | (55,000) |
Net Cash Used in Investing Activities | (39,907) | (65,054) |
Cash Flows from Financing Activities: | ||
Proceeds from Issuance of Common Stock, Net of Offering Costs | 133,085 | 15,704 |
Preferred Stock Dividends Paid | (4) | (16) |
Common Stock Dividends Paid | (11,665) | (5,159) |
Restricted Stock Units Dividend Equivalents Paid | (140) | (20) |
Distributions to OP Unit Holders | (461) | (137) |
Redemption of Series A Preferred Stock | (125) | 0 |
Exercise of Stock Option | 0 | 50 |
Net Cash Provided by Financing Activities | 120,690 | 10,422 |
Net Increase (Decrease) in Cash and Cash Equivalents | 107,480 | (47,284) |
Cash and Cash Equivalents - Beginning of Year | 19,617 | 66,901 |
Cash and Cash Equivalents - End of Period | 127,097 | 19,617 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||
Accrual for Dividends and Distributions Payable | 6,765 | 894 |
Real Estate Assets, In-Place Leases, Other Assets and Liabilities Acquired through the Issuance of Common Stock and Warrants | 103,318 | 0 |
Loan Payable, net of discount | 3,759 | 0 |
Common Stock and OP Units Received in Exchange for Real Estate | 0 | 1,491 |
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 (Parentheticals) | 12 Months Ended |
Dec. 31, 2021shares | |
Operating Partnership (OP) [Member] | |
Issuance of OP units (in shares) | 88,200 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 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 6. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 (“VIE”) because the holders of limited partnership interests do not December 31, 2021 2020, not The Company funded a $30 million nine October 29, 2021. not 810, Consolidation not December 31, 2021, not not Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 Reportable Segment We are engaged in the business of providing real estate/financing for the regulated cannabis industry. We have aggregated the properties into one reportable segment as our properties are similar in that they are leased to state-licensed operators on long-term triple-net basis and consist of improvements that are reusable and have similar economic characteristics. The financial information disclosed herein represents all of the financial information related to our one 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 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 $13.1 million on December 31, 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 December 31, 2021 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. Certain equity awards are subject to vesting based upon the satisfaction of various market conditions. Mortgage Loan Receivable Mortgage loan receivables we originate are recorded at face value on our consolidated balance sheet. Interest income on mortgage loan receivables are accrued based on the outstanding principal balances and applicable interest rates. Loan Payable We record loans payable net of discounts on our consolidated balance sheet. The discount is amortized as a non-cash interest expense using the effective interest method, or other method that is not Earnings Per Share We calculate earnings per share (“EPS”) in accordance with Accounting Standards Codification (“ASC”) 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 December 31, 2021, one one 12 We will adopt Topic 842 January 1, 2022 not not As lessor, for each of our real estate transactions involving the leaseback of the related property to the seller or affiliates of the seller, we determine whether these transactions qualify as sale and leaseback transactions under the accounting guidance. For these transactions, we consider various inputs and assumptions including, but not Our leases will continue to be classified as operating leases under Topic 842 842, not 840 no 842. 2018 20 third Two of our leases that were entered into in December 2019 December 2029, December 31, 2021, two Our leases generally contain options to extend the lease terms with an increase in rent (typically between 2% and 3%) over the expiring rental rate at the time of expiration. Certain of our leases provide the lessee with a right of first first The Company plans to apply Topic 842 840. 840 not 842 January 1, 2022, In June 2016, 2016 13, November 2018, 2018 19, 326, not 842. not January 1, 2023. not not Concentration of Credit Risk As of December 31, 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: For the Year Ended December 31, 2021 2020 Number of Leases Percentage of Revenue Number of Percentage of Rental Revenue Curaleaf 11 32 % 1 25 % Cresco Labs 1 23 % 1 48 % Columbia Care 5 11 % 0 - % Trulieve 1 11 % 0 - % Acreage 3 10 % 3 27 % We have deposited cash with four $250,000 December 31, 2021, Noncontrolling Interests Noncontrolling interests include interests issued by the Operating Partnership and vested Restricted Stock Units (“RSUs”) representing a 2.7% and 4.4% ownership interest in the Company, at December 31, 2021 2020, 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 | 12 Months Ended |
Dec. 31, 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 Lease Intangible Assets 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 (2,016 ) Total purchase price, including transaction costs $ 169,817 The Company acquired the following properties during the year ended December 31, 2021 ( Tenant Market Closing Date Real Estate In-Place Lease Intangible Asset Costs Transaction Costs Total Trulieve Pennsylvania March 17, 2021 $ 36,678 $ 12,098 $ 777 $ 49,553 (1) 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 PharmaCann Massachusetts March 17, 2021 790 268 36 1,094 (2) 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 4,846 Curaleaf Pennsylvania March 17, 2021 1,881 314 42 2,237 Curaleaf Illinois March 17, 2021 583 97 13 693 Subtotal of Merger properties 93,757 25,110 2,144 121,011 Mint Massachusetts April 1, 2021 1,600 - - 1,600 Mint Arizona June 24, 2021 5,527 - - 5,527 (3) Revolutionary Clinics Massachusetts June 30, 2021 42,275 - 585 42,860 (4) Organic Remedies Missouri December 20, 2021 16,064 - - 16,064 (5) Total $ 159,223 $ 25,110 $ 2,729 $ 187,062 ( 1 ( 2 not December 31, 2021. ( 3 ( 4 June 30, 2022. ( 5 The Company’s current properties also include (dollars in thousands): Tenant Market Closing Date Real Estate Costs Total Acreage Pennsylvania October 24, 2019 $ 9,823 $ 338 $ 10,161 Acreage Massachusetts October 24, 2019 9,682 109 9,791 Acreage Connecticut October 30, 2019 800 128 928 Cresco Labs Illinois December 11, 2019 50,000 732 50,732 Curaleaf Florida August 4, 2020 53,763 1,237 55,000 $ 124,068 $ 2,544 $ 126,612 Depreciation expense was approximately $6.5 million and $2.6 million for the years ended December 31, 2021 2020, Amortization of the Company’s acquired in-place lease intangible assets were approximately $1.6 million and $0 for the years ended December 31, 2021 2020, Future amortization of the Company’s acquired in-place leases as of December 31, 2021, Year Amortization Expense 2022 $ 2,013 2023 2,013 2024 2,013 2025 2,013 2026 2,013 Thereafter 13,937 Total $ 24,002 Future contractual minimum rent under the Company’s operating leases as of December 31, 2021 Year Contractual Minimum Rent 2022 $ 37,288 2023 39,117 2024 40,294 2025 41,330 2026 42,394 Thereafter 440,309 Total $ 640,732 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. December 31, 2021, |
Note 4 - Mortgage Loan Receivab
Note 4 - Mortgage Loan Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 4 MORTGAGE LOAN RECEIVABLE The Company funded a $30 million nine October 29, 2021. first twenty July 29, 2022. |
Note 5 - Loan Payable
Note 5 - Loan Payable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 LOAN PAYABLE In connection with the purchase and leaseback of a cultivation facility in Chaffee, Missouri on December 20, 2021, January 2022, 2023 2024, December 31, 2021. |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 6 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 Holdings, Inc. (“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 December 31, 2021 December 31, 2020, Management fees to GAMO of $0 and $657,089 were incurred for the years ended December 31, 2021 2020, December 31, 2021 December 31, 2020, For the years ended December 31, 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 August 2019. 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 December 31, 2021, 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 December 31, 2021, four We had entered into an Incentive Agreement with two two three |
Note 7 - Noncontrolling Interes
Note 7 - Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | Note 7 NONCONTROLLING INTERESTS Operating Partnership Units and Restricted Stock Units (RSUs) The Company’s noncontrolling interests include interests issued by the Operating Partnership and RSUs. See Note 8 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 Restricted Stock Units Issued - 44,480 - Common Stock Issued 13,477,769 - - OP Units Issued - - 88,200 Balance as of December 31, 2021 21,235,914 131,807 453,303 2.7 % Common Shares/RSUs OP Units Noncontrolling Interests % Balance as of January 1, 2020 7,063,250 - Internalization 152,654 419,798 Sale of Sanderson Property (200,000 ) (54,695 ) Restricted Stock Units Issued 84,327 - Common Stock Issued 745,241 - Balance as of December 31, 2020 7,845,472 365,103 4.4 % |
Note 8 - Stock Based Compensati
Note 8 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 8 STOCK BASED COMPENSATION Our board of directors adopted our 2021 no not ten August 12, 2031. Restricted Stock Units During the year ended December 31, 2021, December 31, 2021 December 31, 2021 not December 31, 2021 2021 December 31, 2021. may one one December 31, 2021 2020 December 31, 2021 2020, December 31, 2021. The following table sets forth our unvested restricted stock activity from April 9, 2019 ( December 31, 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 89,498 $ 24.67 Vested (91,883 ) $ 21.39 Balance at December 31, 2021 45,018 $ 27.49 Performance Stock Units During the year ended December 31, 2021, December 31, 2021 2020 August 13, 2021 December 31, 2023 January 1, 2022 December 31, 2024, December 31, 2023 2024, PSUs are subject to restrictions on transfer and may December 31, 2021 2020 December 31, 2021 2020, December 31, 2021. The following table sets forth our unvested performance stock activity from January 1, 2021 December 31, 2021: Number of Unvested Shares of PSUs Weighted-Average Grant Date Fair Value Per Share Balance at January 1, 2021 - $ - Granted 77,742 $ 24.04 Vested - $ - Balance at December 31, 2021 77,742 $ 24.04 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. December 31, 2021. December 31, 2021 2020, 6. The following table summarizes stock option activity during the year ended December 31, 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 December 31, 2021 175,952 $ 24.00 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9 EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share data) : For the Year Ended December 31, 2021 2020 Numerator: Net Income (Loss) $ 11,589 $ (10,433 ) Less: Preferred Stock Dividends (4 ) (16 ) Less: Net Income Attributable to OP Interest (270 ) (234 ) Less: Net Income Attributable to Restricted Stock Units (86 ) - Net Income (Loss) Attributable to Common Stockholders $ 11,229 $ (10,683 ) Denominator: Weighted Average Shares of Common Stock Outstanding - Basic 17,011,991 7,123,165 Dilutive Effect of Unvested Restricted Stock Units 2,202 - Dilutive Effect of OP Units 453,303 - Dilutive Effect of Options and Warrants 98,974 - Weighted Average Shares of Common Stock Outstanding - Diluted 17,566,470 7,123,165 Earnings Per Share - Basic Net Income (Loss) Attributable to Common Stockholders $ 0.66 $ (1.50 ) Earnings Per Share - Diluted Net Income (Loss) Attributable to Common Stockholders $ 0.65 $ (1.50 ) The effect of including 453,303 OP Units and 791,790 outstanding stock options were excluded from our calculation of weighted average shares of common stock outstanding – diluted for the year ended December 31, 2020 December 30, 2021. December 31, 2021 2020, |
Note 10 - Preferred Stock
Note 10 - Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | Note 10 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, December 31, 2021, |
Note 11 - Common Stock
Note 11 - Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Common Stock [Text Block] | Note 11 COMMON STOCK Our Articles of Incorporation authorize 400,000,000 shares of common stock with a par value of $0.01. On April 26, 2019, August 12, 2019, In December 2020, During January February 2021, During March 2021, 3. On August 13, 2021, |
Note 12 - Common Dividends, Div
Note 12 - Common Dividends, Dividend Equivalents and Distributions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Dividends Disclosure [Text Block] | Note 12 COMMON DIVIDENDS, DIVIDEND EQUIVALENTS AND DISTRIBUTIONS The following tables describe the cash dividends, dividend equivalents on vested RSUs and, in our capacity as general partner of the operating partnership, authorized distributions on our OP Units declared by the Company during the year ended December 31, 2021 2020: Declaration Date Amount per Share 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, 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 December 15, 2021 0.31 October 1, 2021 to December 31, 2021 January 14, 2022 6,764,517 Total $ 1.02 $ 18,136,440 Declaration Date Amount per Share Period Covered Dividends, Dividend Dividends, Dividend March 15, 2020 $ 0.07 January 1, 2020 to March 31, 2020 April 15, 2020 $ 494,428 June 15, 2020 0.08 April 1, 2020 to June 30, 2021 July 15, 2020 565,060 July 14, 2020 0.22 Special Dividend October 15, 2020 1,553,915 September 15, 2020 0.11 July 1, 2020 to September 30, 2021 October 15, 2020 840,422 November 30, 2020 0.25 October 1, 2020 to December 31, 2020 December 15, 2020 1,863,002 December 23, 2020 0.11 October 1, 2020 to December 31, 2020 January 15, 2021 894,483 Total $ 0.84 $ 6,211,310 The Company has accrued unearned dividend equivalents on unvested RSUs and unvested PSUs of $38,379 and $0 as of December 31, 2021 2020, |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 13 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, mortgage loan receivable, loan payable and accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. Our loan payable was recorded at fair value on December 20, 2021. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 14 COMMITMENTS AND CONTINGENCIES The Company has aggregate unfunded commitments to invest $24.0 million for the development and improvement of our existing cultivation facilities in Arizona, Massachusetts, Missouri and Pennsylvania. 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 on or before June 30, 2022. The Company has an agreement to sell its PharmaCann Massachusetts property for $0.8 million. The extent of the impact of the coronavirus ("COVID- 19" 19 may December 31, 2021, 19 not 19 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15 SUBSEQUENT EVENTS Subsequent to December 31, 2021, Additionally, the board of directors declared a first 2022 January 1, 2022, first March 31, 2022. April 14, 2022 March 31, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 (“VIE”) because the holders of limited partnership interests do not December 31, 2021 2020, not The Company funded a $30 million nine October 29, 2021. not 810, Consolidation not December 31, 2021, not not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 |
Segment Reporting, Policy [Policy Text Block] | Reportable Segment We are engaged in the business of providing real estate/financing for the regulated cannabis industry. We have aggregated the properties into one reportable segment as our properties are similar in that they are leased to state-licensed operators on long-term triple-net basis and consist of improvements that are reusable and have similar economic characteristics. The financial information disclosed herein represents all of the financial information related to our one |
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 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 $13.1 million on December 31, 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 December 31, 2021 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. Certain equity awards are subject to vesting based upon the satisfaction of various market conditions. |
Financing Receivable [Policy Text Block] | Mortgage Loan Receivable Mortgage loan receivables we originate are recorded at face value on our consolidated balance sheet. Interest income on mortgage loan receivables are accrued based on the outstanding principal balances and applicable interest rates. |
Loan Payable [Policy Text Block] | Loan Payable We record loans payable net of discounts on our consolidated balance sheet. The discount is amortized as a non-cash interest expense using the effective interest method, or other method that is not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We calculate earnings per share (“EPS”) in accordance with Accounting Standards Codification (“ASC”) 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 December 31, 2021, one one 12 We will adopt Topic 842 January 1, 2022 not not As lessor, for each of our real estate transactions involving the leaseback of the related property to the seller or affiliates of the seller, we determine whether these transactions qualify as sale and leaseback transactions under the accounting guidance. For these transactions, we consider various inputs and assumptions including, but not Our leases will continue to be classified as operating leases under Topic 842 842, not 840 no 842. 2018 20 third Two of our leases that were entered into in December 2019 December 2029, December 31, 2021, two Our leases generally contain options to extend the lease terms with an increase in rent (typically between 2% and 3%) over the expiring rental rate at the time of expiration. Certain of our leases provide the lessee with a right of first first The Company plans to apply Topic 842 840. 840 not 842 January 1, 2022, In June 2016, 2016 13, November 2018, 2018 19, 326, not 842. not January 1, 2023. not not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk As of December 31, 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: For the Year Ended December 31, 2021 2020 Number of Leases Percentage of Revenue Number of Percentage of Rental Revenue Curaleaf 11 32 % 1 25 % Cresco Labs 1 23 % 1 48 % Columbia Care 5 11 % 0 - % Trulieve 1 11 % 0 - % Acreage 3 10 % 3 27 % We have deposited cash with four $250,000 December 31, 2021, |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Noncontrolling Interests Noncontrolling interests include interests issued by the Operating Partnership and vested Restricted Stock Units (“RSUs”) representing a 2.7% and 4.4% ownership interest in the Company, at December 31, 2021 2020, |
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) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Year Ended December 31, 2021 2020 Number of Leases Percentage of Revenue Number of Percentage of Rental Revenue Curaleaf 11 32 % 1 25 % Cresco Labs 1 23 % 1 48 % Columbia Care 5 11 % 0 - % Trulieve 1 11 % 0 - % Acreage 3 10 % 3 27 % |
Note 3 - Investments in Real _2
Note 3 - Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Asset Acquisition [Table Text Block] | Land $ 9,248 Building and Improvements 78,523 In-Place Lease Intangible Assets 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 (2,016 ) Total purchase price, including transaction costs $ 169,817 |
Schedule of Real Estate Properties [Table Text Block] | Tenant Market Closing Date Real Estate In-Place Lease Intangible Asset Costs Transaction Costs Total Trulieve Pennsylvania March 17, 2021 $ 36,678 $ 12,098 $ 777 $ 49,553 (1) 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 PharmaCann Massachusetts March 17, 2021 790 268 36 1,094 (2) 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 4,846 Curaleaf Pennsylvania March 17, 2021 1,881 314 42 2,237 Curaleaf Illinois March 17, 2021 583 97 13 693 Subtotal of Merger properties 93,757 25,110 2,144 121,011 Mint Massachusetts April 1, 2021 1,600 - - 1,600 Mint Arizona June 24, 2021 5,527 - - 5,527 (3) Revolutionary Clinics Massachusetts June 30, 2021 42,275 - 585 42,860 (4) Organic Remedies Missouri December 20, 2021 16,064 - - 16,064 (5) Total $ 159,223 $ 25,110 $ 2,729 $ 187,062 Tenant Market Closing Date Real Estate Costs Total Acreage Pennsylvania October 24, 2019 $ 9,823 $ 338 $ 10,161 Acreage Massachusetts October 24, 2019 9,682 109 9,791 Acreage Connecticut October 30, 2019 800 128 928 Cresco Labs Illinois December 11, 2019 50,000 732 50,732 Curaleaf Florida August 4, 2020 53,763 1,237 55,000 $ 124,068 $ 2,544 $ 126,612 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amortization Expense 2022 $ 2,013 2023 2,013 2024 2,013 2025 2,013 2026 2,013 Thereafter 13,937 Total $ 24,002 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | Year Contractual Minimum Rent 2022 $ 37,288 2023 39,117 2024 40,294 2025 41,330 2026 42,394 Thereafter 440,309 Total $ 640,732 |
Note 7 - Noncontrolling Inter_2
Note 7 - Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 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 Restricted Stock Units Issued - 44,480 - Common Stock Issued 13,477,769 - - OP Units Issued - - 88,200 Balance as of December 31, 2021 21,235,914 131,807 453,303 2.7 % Common Shares/RSUs OP Units Noncontrolling Interests % Balance as of January 1, 2020 7,063,250 - Internalization 152,654 419,798 Sale of Sanderson Property (200,000 ) (54,695 ) Restricted Stock Units Issued 84,327 - Common Stock Issued 745,241 - Balance as of December 31, 2020 7,845,472 365,103 4.4 % |
Note 8 - Stock Based Compensa_2
Note 8 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 89,498 $ 24.67 Vested (91,883 ) $ 21.39 Balance at December 31, 2021 45,018 $ 27.49 |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Number of Unvested Shares of PSUs Weighted-Average Grant Date Fair Value Per Share Balance at January 1, 2021 - $ - Granted 77,742 $ 24.04 Vested - $ - Balance at December 31, 2021 77,742 $ 24.04 |
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 December 31, 2021 175,952 $ 24.00 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2021 2020 Numerator: Net Income (Loss) $ 11,589 $ (10,433 ) Less: Preferred Stock Dividends (4 ) (16 ) Less: Net Income Attributable to OP Interest (270 ) (234 ) Less: Net Income Attributable to Restricted Stock Units (86 ) - Net Income (Loss) Attributable to Common Stockholders $ 11,229 $ (10,683 ) Denominator: Weighted Average Shares of Common Stock Outstanding - Basic 17,011,991 7,123,165 Dilutive Effect of Unvested Restricted Stock Units 2,202 - Dilutive Effect of OP Units 453,303 - Dilutive Effect of Options and Warrants 98,974 - Weighted Average Shares of Common Stock Outstanding - Diluted 17,566,470 7,123,165 Earnings Per Share - Basic Net Income (Loss) Attributable to Common Stockholders $ 0.66 $ (1.50 ) Earnings Per Share - Diluted Net Income (Loss) Attributable to Common Stockholders $ 0.65 $ (1.50 ) |
Note 12 - Common Dividends, D_2
Note 12 - Common Dividends, Dividend Equivalents and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Amount per Share 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, 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 December 15, 2021 0.31 October 1, 2021 to December 31, 2021 January 14, 2022 6,764,517 Total $ 1.02 $ 18,136,440 Declaration Date Amount per Share Period Covered Dividends, Dividend Dividends, Dividend March 15, 2020 $ 0.07 January 1, 2020 to March 31, 2020 April 15, 2020 $ 494,428 June 15, 2020 0.08 April 1, 2020 to June 30, 2021 July 15, 2020 565,060 July 14, 2020 0.22 Special Dividend October 15, 2020 1,553,915 September 15, 2020 0.11 July 1, 2020 to September 30, 2021 October 15, 2020 840,422 November 30, 2020 0.25 October 1, 2020 to December 31, 2020 December 15, 2020 1,863,002 December 23, 2020 0.11 October 1, 2020 to December 31, 2020 January 15, 2021 894,483 Total $ 0.84 $ 6,211,310 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Oct. 29, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Financing Receivable, after Allowance for Credit Loss, Total | $ 30,000 | $ 0 | |
Number of Reportable Segments | 1 | ||
Impairment of Real Estate | $ 0 | 0 | |
Real Estate Investment Property, at Cost, Total | $ 288,081 | $ 126,611 | |
Number of Real Estate Properties | 28 | ||
GreenAcreage Management Owner LLC (GAMO) [Member] | NewLake Capital Partners Inc [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 2.70% | 4.40% | |
Minimum [Member] | |||
Lessor, Lease, Percentage of Rent Increase | 2.00% | ||
Maximum [Member] | |||
Lessor, Lease, Percentage of Rent Increase | 3.00% | ||
Real Estate Investment, Leased Assets with Option to Purchase [Member] | |||
Real Estate Investment Property, at Cost, Total | $ 6,300 | ||
Building and Improvements [Member] | |||
Construction in Progress, Gross | $ 13,100 | $ 0 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 35 years | ||
Tenant Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 35 years | ||
Mortgage Receivable [Member] | HDAI [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Total | $ 30,000 | ||
Notes Receivable, Term (Month) | 9 months | ||
Mortgage Receivable [Member] | HDAI [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 30,000 |
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) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Curaleaf [Member] | ||
Number of leases | 11 | 1 |
Percentage of rental revenue | 32.00% | 25.00% |
Cresco Labs [Member] | ||
Number of leases | 1 | 1 |
Percentage of rental revenue | 23.00% | 48.00% |
Columbia Care [Member] | ||
Number of leases | 5 | 0 |
Percentage of rental revenue | 11.00% | 0.00% |
Trulieve [Member] | ||
Number of leases | 1 | 0 |
Percentage of rental revenue | 11.00% | 0.00% |
Acreage [Member] | ||
Number of leases | 3 | 3 |
Percentage of rental revenue | 10.00% | 27.00% |
Note 3 - Investments in Real _3
Note 3 - Investments in Real Estate (Details Textual) $ / shares in Units, $ in Thousands | Mar. 17, 2021USD ($)$ / sharesshares | Mar. 31, 2021shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)$ / shares | Feb. 28, 2021$ / shares |
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 21.15 | $ 21.15 | |||
Asset Acquisition, Consideration Transferred, Transaction Cost | $ 2,144 | ||||
Payments to Acquire Real Estate, Total | 56,955 | $ 55,000 | |||
Depreciation, Total | 6,500 | 2,600 | |||
Amortization of Intangible Assets, Total | $ 1,600 | $ 0 | |||
Leases, Acquired-in-Place [Member] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 12 years 1 month 6 days | ||||
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 | ||||
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 | ||||
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 | 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 | ||||
Merger with Target [Member] | Trulieve [Member] | PENNSYLVANIA | |||||
Asset Acquisition, Consideration Transferred, Transaction Cost | $ 777 | ||||
Tenant Improvements Payable | 8,500 | ||||
Merger with Target [Member] | PharmaCann [Member] | PENNSYLVANIA | |||||
Asset Acquisition, Consideration Transferred, Transaction Cost | 30 | ||||
Merger with Target [Member] | PharmaCann [Member] | MASSACHUSETTS | |||||
Tenant Improvements Payable | 800 | ||||
Merger with Target [Member] | Common Stock [Member] | |||||
Asset Acquisition, Consideration Transferred, Transaction Cost | $ 2,100 | ||||
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 | 602,392 | |||
Warrants and Rights Outstanding | $ 4,800 | ||||
Mint [Member] | MASSACHUSETTS | |||||
Asset Acquisition, Consideration Transferred, Transaction Cost | 0 | ||||
Mint [Member] | ARIZONA | |||||
Tenant Improvements Payable | 3,100 | ||||
Revolutionary [Member] | |||||
Payments to Acquire Real Estate, Total | $ 40,100 | ||||
Revolutionary [Member] | OP Units [Member] | |||||
Issuance of OP units (in shares) | shares | 88,200 | ||||
Partners' Capital Account, Acquisitions | $ 2,200 | ||||
Purchase and Leaseback, Shares Issuable (in shares) | shares | 132,727 | ||||
Revolutionary [Member] | MASSACHUSETTS | |||||
Asset Acquisition, Consideration Transferred, Transaction Cost | $ 585 | ||||
Organic Remedies [Member] | MISSOURI | |||||
Asset Acquisition, Consideration Transferred, Transaction Cost | 0 | ||||
Tenant Improvements Payable | $ 11,000 |
Note 3 - Investments in Real _4
Note 3 - Investments in Real Estate - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 17, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Land | $ 15,649 | $ 2,490 | |
Building and Improvements | 272,432 | 124,121 | |
In-Place Lease Intangible Assets | 24,002 | 0 | |
Security Deposits Payable | (6,047) | (1,594) | |
Accounts Payable, Accrued Expenses and Other Liabilities | $ (1,404) | $ (659) | |
Merger with Target [Member] | |||
Land | $ 9,248 | ||
Building and Improvements | 78,523 | ||
In-Place Lease Intangible Assets | 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 | (2,016) | ||
Total purchase price, including transaction costs | $ 169,817 |
Note 3 - Investment in Real Est
Note 3 - Investment in Real Estate - Properties Acquired and Current Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Real Estate Acquired | $ 93,757 | ||
In-Place Lease Costs | 25,110 | ||
Allocated Transaction Costs | 2,144 | ||
Total | 121,011 | ||
Net Real Estate | 278,926 | $ 123,961 | |
Cost | 9,155 | 2,650 | |
Total | 288,081 | $ 126,611 | |
Wholly Owned Properties [Member] | |||
Net Real Estate | 124,068 | ||
Cost | 2,544 | ||
Total | 126,612 | ||
Acreage [Member] | PENNSYLVANIA | Wholly Owned Properties [Member] | |||
Net Real Estate | 9,823 | ||
Cost | 338 | ||
Total | 10,161 | ||
Acreage [Member] | MASSACHUSETTS | Wholly Owned Properties [Member] | |||
Net Real Estate | 9,682 | ||
Cost | 109 | ||
Total | 9,791 | ||
Acreage [Member] | CONNECTICUT | Wholly Owned Properties [Member] | |||
Net Real Estate | 800 | ||
Cost | 128 | ||
Total | 928 | ||
Curaleaf [Member] | FLORIDA | Wholly Owned Properties [Member] | |||
Net Real Estate | 53,763 | ||
Cost | 1,237 | ||
Total | 55,000 | ||
Cresco Labs [Member] | ILLINOIS | Wholly Owned Properties [Member] | |||
Net Real Estate | 50,000 | ||
Cost | 732 | ||
Total | 50,732 | ||
Merger with Target [Member] | Trulieve [Member] | PENNSYLVANIA | |||
Real Estate Acquired | 36,678 | ||
In-Place Lease Costs | 12,098 | ||
Allocated Transaction Costs | 777 | ||
Total | [1] | 49,553 | |
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 | 4,846 | ||
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 | 790 | ||
In-Place Lease Costs | 268 | ||
Allocated Transaction Costs | 36 | ||
Total | [2] | 1,094 | |
Mint [Member] | MASSACHUSETTS | |||
Real Estate Acquired | 1,600 | ||
Allocated Transaction Costs | 0 | ||
Total | 1,600 | ||
Mint [Member] | ARKANSAS | |||
Real Estate Acquired | 5,527 | ||
Allocated Transaction Costs | 0 | ||
Total | [3] | 5,527 | |
Revolutionary [Member] | MASSACHUSETTS | |||
Real Estate Acquired | 42,275 | ||
Allocated Transaction Costs | 585 | ||
Total | [4] | 42,860 | |
Organic Remedies [Member] | MISSOURI | |||
Real Estate Acquired | 16,064 | ||
Allocated Transaction Costs | 0 | ||
Total | [5] | 16,064 | |
Properties Acquired [Member] | |||
Real Estate Acquired | 159,223 | ||
In-Place Lease Costs | 25,110 | ||
Allocated Transaction Costs | 2,729 | ||
Total | $ 187,062 | ||
[1] | Includes approximately $8.5 million of tenant improvement reimbursement commitments which were funded after the merger. | ||
[2] | Excludes approximately $0.8 million of tenant improvement reimbursement commitments which were previously included that we do not expect to be funded as of December 31, 2021. | ||
[3] | Includes approximately $3.1 million of tenant improvement reimbursement commitments which have been fully funded. | ||
[4] | Includes $40.1 million in cash and 88,200 OP Units, valued at approximately $2.2 million, 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 on or before June 30, 2022. | ||
[5] | Includes approximately $11.0 million of tenant improvement reimbursements which were funded at closing. |
Note 3 - Investments in Real _5
Note 3 - Investments in Real Estate - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 2,013 | |
2023 | 2,013 | |
2024 | 2,013 | |
2025 | 2,013 | |
2026 | 2,013 | |
Thereafter | 13,937 | |
Total | $ 24,002 | $ 0 |
Note 3 - Investments in Real _6
Note 3 - Investments in Real Estate - Future Contractual Minimum Rent (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 37,288 |
2023 | 39,117 |
2024 | 40,294 |
2025 | 41,330 |
2026 | 42,394 |
Thereafter | 440,309 |
Total | $ 640,732 |
Note 4 - Mortgage Loan Receiv_2
Note 4 - Mortgage Loan Receivable (Details Textual) - USD ($) | Oct. 29, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, after Allowance for Credit Loss, Total | $ 30,000,000 | $ 0 | |
Interest Reserve | 2,144,000 | $ 0 | |
Mortgage Receivable [Member] | HDAI [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Total | $ 30,000,000 | ||
Notes Receivable, Term (Month) | 9 months | ||
Notes Receivable, Interest Rate | 12.25% | ||
Sale Leaseback Term (Year) | 20 years | ||
Interest Reserve | $ 2,756,250 |
Note 5 - Loan Payable (Details
Note 5 - Loan Payable (Details Textual) - Loans Payable [Member] - USD ($) | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | Dec. 31, 2021 | Dec. 20, 2021 |
Debt Instrument, Face Amount | $ 3,800,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||
Debt Instrument, Unamortized Discount, Total | $ 40,607 | ||||
Forecast [Member] | |||||
Debt Instrument, Annual Principal Payment | $ 1,000,000 | $ 1,000,000 | |||
Subsequent Event [Member] | |||||
Debt Instrument, Annual Principal Payment | $ 1,800,000 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Details Textual) - USD ($) | Jul. 15, 2020 | Aug. 13, 2019 | Dec. 31, 2020 | Feb. 28, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Stock Issued During Period, Shares, New Issues (in shares) | 745,241 | 1,871,932 | ||||
Stock Issued During Period, Value, New Issues | $ 133,085,000 | $ 15,704,000 | ||||
Management Fee, Percentage of Equity | 1.00% | |||||
Common Stock, Shares, Issued, Total (in shares) | 7,758,145 | 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 | |||||
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] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,777,882 | 745,241 | ||||
Stock Issued During Period, Value, New Issues | $ 58,000 | $ 7,000 | ||||
Shares, Issued, Ending Balance (in shares) | 7,758,145 | 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 | |||
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 | 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 | |||||
Assets Leased to Others, Cost | $ 20,900,000 | |||||
Assets Leased to Others, Net Book Value | $ 20,200,000 | $ 19,700,000 | $ 20,200,000 | |||
Chairman of Acreage [Member] | ||||||
Common Stock, Shares, Issued, Total (in shares) | 250,000 | |||||
NL Ventures, LLC (Pangea) [Member] | Reimbursement for Accounting Support [Member] | ||||||
Related Party Transaction, Amounts of Transaction | $ 53,494 | |||||
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 | |||||
Operating Partnership (OP) [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.50% |
Note 7 - Noncontrolling Inter_3
Note 7 - Noncontrolling Interests - Noncontrolling Interest Activity (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Noncontrolling Interests % | 2.70% | 4.40% |
Sale of Sanderson Property (in shares) | (200,000) | |
Operating Partnership (OP) [Member] | ||
OP Units Issued (in shares) | 88,200 | |
Operating Partnership (OP) [Member] | OP Units [Member] | ||
Balance (in shares) | 365,103 | 0 |
OP Units Issued (in shares) | 88,200 | |
Balance (in shares) | 453,303 | 365,103 |
Internalization (in shares) | 419,798 | |
Sale of Sanderson Property (in shares) | (54,695) | |
Restricted Stock Units (RSUs) [Member] | ||
Balance, RSUs (in shares) | 176,825 | |
Restricted Stock Units (RSUs) [Member] | Operating Partnership (OP) [Member] | ||
Balance, RSUs (in shares) | 87,327 | |
Restricted Stock Units Issued (in shares) | 44,480 | |
Balance, RSUs (in shares) | 131,807 | 87,327 |
Common Stock and Restricted Stock Awards [Member] | ||
Balance (in shares) | 7,845,472 | 7,063,250 |
Common Stock Issued (in shares) | 745,241 | |
Balance (in shares) | 7,845,472 | |
Internalization (in shares) | 152,654 | |
Sale of Sanderson Property (in shares) | (200,000) | |
Restricted Stock Units Issued (in shares) | 84,327 | |
Common Stock Issued (in shares) | 745,241 | |
Common Stock [Member] | ||
Balance (in shares) | 7,758,145 | |
Common Stock Issued (in shares) | 13,477,769 | |
Balance (in shares) | 21,235,914 | 7,758,145 |
Internalization (in shares) | 152,654 | |
Sale of Sanderson Property (in shares) | (200,000) | |
Common Stock Issued (in shares) | 13,477,769 |
Note 8 - Stock Based Compensa_3
Note 8 - Stock Based Compensation (Details Textual) - USD ($) | Aug. 13, 2021 | Jul. 15, 2020 | Dec. 31, 2021 | Aug. 13, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2024 |
Share-based Payment Arrangement, Unearned Dividend Equivalents | $ 38,379 | $ 38,379 | $ 0 | ||||||
Share-based Payment Arrangement, Expense | $ 2,020,000 | $ 4,721,000 | |||||||
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 | 89,498 | 84,327 | 3,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 176,825 | 176,825 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 127,176 | 91,883 | 39,924 | 0 | |||||
Share-based Payment Arrangement, Unearned Dividend Equivalents | $ 14,279 | $ 14,279 | $ 0 | ||||||
Share-based Payment Arrangement, Expense | 2,000,000 | 4,700,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,200,000 | $ 1,200,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 2 months 12 days | ||||||||
Performance Stock Units (PSU) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 77,742 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 0 | ||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||
Allocated Share-based Compensation Expense for Internalization | $ 0 | $ 3,863,935 | |||||||
The 2021 Equity Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,275,727 | 2,275,727 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||
The 2021 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 49,649 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 4,631 | ||||||||
The 2021 Equity Incentive Plan [Member] | Performance Stock Units (PSU) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 77,742 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 77,742 | 77,742 | 0 | ||||||
Share-based Payment Arrangement, Unearned Dividend Equivalents | $ 24,100 | $ 24,100 | $ 0 | ||||||
Share-based Payment Arrangement, Expense | 32,379 | $ 0 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,800,000 | $ 1,800,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||||||||
The 2021 Equity Incentive Plan [Member] | Performance Stock Units (PSU) [Member] | Forecast [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 21,202 | 56,540 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share (in dollars per share) | $ 24.15 | $ 24 | |||||||
The 2021 Equity Incentive Plan [Member] | Performance Stock Units (PSU) [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares to be Issued (in shares) | 0 | 0 | |||||||
The 2021 Equity Incentive Plan [Member] | Performance Stock Units (PSU) [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares to be Issued (in shares) | 155,484 | 155,484 |
Note 8 - Stock Based Compensa_4
Note 8 - Stock Based Compensation - Unvested Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Aug. 13, 2021 | Aug. 13, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Granted, unvested share (in shares) | 39,849 | 89,498 | 84,327 | 3,000 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ 24.67 | $ 21.09 | $ 20 | ||
Vested, unvested share (in shares) | (127,176) | (91,883) | (39,924) | 0 | |
Vested, weighted-average grant date fair value (in dollars per share) | $ 21.39 | $ 21.12 | $ 0 | ||
Balance, unvested share (in shares) | 47,403 | 47,403 | 3,000 | ||
Balance, weighted-average grant date fair value (in dollars per share) | $ 20.99 | $ 20.99 | $ 20 | ||
Balance, unvested share (in shares) | 45,018 | 47,403 | 3,000 | ||
Balance, weighted-average grant date fair value (in dollars per share) | $ 27.49 | $ 20.99 | $ 20 |
Note 8 - Stock Based Compensa_5
Note 8 - Stock Based Compensation - Unvested Performance Stock Activity (Details) - Performance Stock Units (PSU) [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Balance, unvested share (in shares) | shares | 0 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Granted, unvested share (in shares) | shares | 77,742 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 24.04 |
Vested, unvested share (in shares) | shares | 0 |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Balance, unvested share (in shares) | shares | 77,742 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 24.04 |
Note 8 - Stock Based Compensa_6
Note 8 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares | Jul. 15, 2020 | Dec. 31, 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 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OP Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 453,303 | |
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares (in shares) | 453,303 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 791,790 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares) | 791,790 | |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 131,807 | 87,327 |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares) | 45,018 | |
Warrant [Member] | ||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | 602,392 |
Note 9 - Earnings Per Share - E
Note 9 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) | $ 11,589 | $ (10,433) |
Preferred Stock Dividends | (4) | (16) |
Less: Net Income Attributable to OP Interest | (270) | (234) |
Less: Net Income Attributable to Restricted Stock Units | (86) | 0 |
Net Income (Loss) Attributable to Common Stockholders | $ 11,229 | $ (10,683) |
Weighted Average Shares of Common Stock Outstanding - Basic (in shares) | 17,011,991 | 7,123,165 |
Dilutive Effect of Options and Warrants (in shares) | 98,974 | 0 |
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares) | 17,566,470 | 7,123,165 |
Net Income (Loss) Attributable to Common Stockholders Per Share - Basic (in dollars per share) | $ 0.66 | $ (1.50) |
Net Income (Loss) Attributable to Common Stockholders Per Share - Diluted (in dollars per share) | $ 0.65 | $ (1.50) |
OP Units [Member] | ||
Dilutive Effect of OP Units (in shares) | 453,303 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Dilutive Effect of Unvested Restricted Stock Units (in shares) | 2,202 | 0 |
Note 10 - Preferred Stock (Deta
Note 10 - Preferred Stock (Details Textual) - USD ($) | Apr. 06, 2021 | Dec. 20, 2019 | Dec. 31, 2020 | Feb. 28, 2021 | Dec. 31, 2021 | 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% | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 21.15 | $ 21.15 | $ 21.15 | |||
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% | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | |||||
Proceeds from Issuance of Redeemable Preferred Stock, Net | $ 60,600 | |||||
Stock Redeemed or Called During Period, Shares (in shares) | 125 | |||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ 1,000 | |||||
Payments for Repurchase of Redeemable Preferred Stock | $ 137,416 | |||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 |
Note 11 - Common Stock (Details
Note 11 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Aug. 13, 2021 | Mar. 17, 2021 | Aug. 12, 2019 | Apr. 26, 2019 | Mar. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | Dec. 31, 2021 |
Common Stock, Shares Authorized (in shares) | 400,000,000 | 400,000,000 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 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 | ||||||
Proceeds from Issuance of Common Stock, Net | $ 15.7 | $ 39.6 | ||||||
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 | 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 | 602,392 | ||||||
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 | $ 131.5 | |||||||
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 | $ 93.5 | |||||||
Initial Stockholder [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 100 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 20 |
Note 12 - Common Dividends, D_3
Note 12 - Common Dividends, Dividend Equivalents and Distributions (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Payment Arrangement, Unearned Dividend Equivalents | $ 38,379 | $ 0 |
Note 12 - Common Dividends, D_4
Note 12 - Common Dividends, Dividend Equivalents and Distributions - Common Dividends, Dividend Equivalents and Distributions Declared (Details) - USD ($) | Dec. 15, 2021 | Sep. 15, 2021 | Aug. 11, 2021 | Jun. 30, 2021 | Mar. 15, 2021 | Feb. 27, 2021 | Dec. 23, 2020 | Nov. 30, 2020 | Sep. 15, 2020 | Jul. 14, 2020 | Jun. 15, 2020 | Mar. 15, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Amount per Share (in dollars per share) | $ 0.31 | $ 0.12 | $ 0.12 | $ 0.24 | $ 0.08 | $ 0.15 | $ 0.11 | $ 0.25 | $ 0.11 | $ 0.22 | $ 0.08 | $ 0.07 | $ 1.02 | $ 0.84 |
Dividends, Dividend Equivalents and Distributions Paid Date | Jan. 14, 2022 | Oct. 15, 2021 | Aug. 12, 2021 | Jul. 15, 2021 | Mar. 29, 2021 | Mar. 22, 2021 | Jan. 15, 2021 | Dec. 15, 2020 | Oct. 15, 2020 | Oct. 15, 2020 | Jul. 15, 2020 | Apr. 15, 2020 | ||
Dividends, Dividend Equivalents and Distributions Amount | $ 6,764,517 | $ 2,617,967 | $ 2,149,253 | $ 4,276,968 | $ 809,665 | $ 1,518,070 | $ 894,483 | $ 1,863,002 | $ 840,422 | $ 1,553,915 | $ 565,060 | $ 494,428 | $ 18,136,440 | $ 6,211,310 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Unfunded Commitments for Development and Improvement of Facilities | $ 24 |
Commitment to Sell, PharmaCann Massachusetts [Member] | |
Other Commitment, Total | $ 0.8 |
OP Units [Member] | |
Purchase and Leaseback, Shares Issuable (in shares) | shares | 132,727 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Dec. 15, 2021 | Sep. 15, 2021 | Aug. 11, 2021 | Jun. 30, 2021 | Mar. 15, 2021 | Feb. 27, 2021 | Dec. 23, 2020 | Nov. 30, 2020 | Sep. 15, 2020 | Jul. 14, 2020 | Jun. 15, 2020 | Mar. 15, 2020 | Mar. 15, 2022 | Mar. 31, 2022 |
Dividends Payable, Date of Record | Jan. 14, 2022 | Oct. 15, 2021 | Aug. 12, 2021 | Jul. 15, 2021 | Mar. 29, 2021 | Mar. 22, 2021 | Jan. 15, 2021 | Dec. 15, 2020 | Oct. 15, 2020 | Oct. 15, 2020 | Jul. 15, 2020 | Apr. 15, 2020 | ||
Forecast [Member] | ||||||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.33 | |||||||||||||
Dividends Payable, Date to be Paid | Apr. 14, 2022 | |||||||||||||
Dividends Payable, Date of Record | Mar. 31, 2022 | |||||||||||||
Cultivation Facilities in Massachusetts and Missouri [Member] | Subsequent Event [Member] | ||||||||||||||
Payments for Tenant Improvements | $ 3.4 |