NewLake Capital Partners (NLCP) 10-K 17 Mar 22 2021 FY Annual report Financial data

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