NewLake Capital Partners (NLCP) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-56327
Entity Registrant Name	NewLake Capital Partners, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	83-4400045
Entity Address, Address Line One	50 Locust Avenue, First Floor
Entity Address, City or Town	New Canaan
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06840
City Area Code	203
Local Phone Number	594-1402
Entity Current Reporting Status	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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,509,883
Entity Central Index Key	0001854964
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate
Land	$ 21,397	$ 21,397
Building and Improvements	398,805	390,911
Total Real Estate	420,202	412,308
Less Accumulated Depreciation	(35,066)	(31,999)
Net Real Estate	385,136	380,309
Cash and Cash Equivalents	21,546	25,843
In-Place Lease Intangible Assets, net	19,283	19,779
Loan Receivable, net (Current Expected Credit Loss of $152 and $167, Respectively)	4,848	4,833
Other Assets	2,304	2,528
Total Assets	433,117	433,292
Liabilities:
Accounts Payable and Accrued Expenses	697	1,117
Revolving Credit Facility	4,000	1,000
Loan Payable, net	0	1,000
Dividends and Distributions Payable	8,577	8,385
Security Deposits	8,342	8,616
Rent Received in Advance	668	990
Other Liabilities	170	227
Total Liabilities	22,454	21,335
Commitments and Contingencies
Equity:
Preferred Stock, $0.01 Par Value, 100,000,000 Shares Authorized, 0 Shares Issued and Outstanding, respectively	0	0
Common Stock, $0.01 Par Value, 400,000,000 Shares Authorized, 20,509,883 and 20,503,520 Shares Issued and Outstanding, respectively	205	205
Additional Paid-In Capital	445,590	445,289
Accumulated Deficit	(42,479)	(40,909)
Total Stockholders' Equity	403,316	404,585
Noncontrolling Interests	7,347	7,372
Total Equity	410,663	411,957
Total Liabilities and Equity	$ 433,117	$ 433,292

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Current expected credit loss	$ 152,328	$ 166,650
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
Preferred stock, shares outstanding (in shares)	0
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)	20,509,883	20,503,520
Common stock, shares outstanding (in shares)	20,509,883	20,503,520

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Rental Income	$ 12,127	$ 11,157
Interest Income from Loans	131	128
Fees and Reimbursables	350	131
Total Revenue	12,608	11,416
Expenses:
Property Expenses	22	94
Depreciation and Amortization Expense	3,568	3,561
General and Administrative Expenses:
Compensation Expense	1,235	1,127
Professional Fees	402	322
Other General and Administrative Expenses	418	470
Total General and Administrative Expenses	2,055	1,919
Total Expenses	5,645	5,574
Provision for Current Expected Credit Loss	14	0
Income From Operations	6,977	5,842
Other Income (Expense):
Other Income	100	220
Interest Expense	(83)	(92)
Total Other Income (Expense)	17	128
Net Income	6,994	5,970
Net Income Attributable to Noncontrolling Interests	(125)	(102)
Net Income Attributable to Common Stockholders	$ 6,869	$ 5,868
Net Income Attributable to Common Stockholders Per Share - Basic (in dollars per share)	$ 0.33	$ 0.27
Net Income Attributable to Common Stockholders Per Share - Diluted (in dollars per share)	$ 0.33	$ 0.27
Weighted Average Shares of Common Stock Outstanding - Basic (in shares)	20,541,840	21,423,470
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares)	20,942,254	21,797,316

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022		21,408,194
Beginning balance at Dec. 31, 2022	$ 430,938	$ 214	$ 455,822	$ (32,487)	$ 7,389
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Common Stock (in shares)	(49,307)	(49,307)
Repurchase of Common Stock	$ (622)		(622)
Stock-Based Compensation	308		308
Dividends to Common Stock	(8,330)			(8,330)
Dividends on Restricted Stock Units	(7)			(7)
Distributions to OP Unit Holders	(146)				(146)
Adjustment for Noncontrolling Interest Ownership in Operating Partnership	0		(38)		38
Net Income	5,970			5,868	102
Ending balance (in shares) at Mar. 31, 2023		21,358,887
Ending balance at Mar. 31, 2023	428,111	$ 214	455,470	(34,956)	7,383
Beginning balance (in shares) at Dec. 31, 2023		20,503,520
Beginning balance at Dec. 31, 2023	411,957	$ 205	445,289	(40,909)	7,372
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Vested RSUs to Common Stock (in shares)		6,363
Conversion of Vested RSUs to Common Stock	0
Cash Paid for Taxes in Lieu of Issuance of Common Stock	$ (46)		(46)
Repurchase of Common Stock (in shares)	0
Stock-Based Compensation	$ 350		350
Dividends to Common Stock	(8,409)			(8,409)
Dividends on Restricted Stock Units	(30)			(30)
Distributions to OP Unit Holders	(153)				(153)
Adjustment for Noncontrolling Interest Ownership in Operating Partnership	0		(3)		3
Net Income	6,994			6,869	125
Ending balance (in shares) at Mar. 31, 2024		20,509,883
Ending balance at Mar. 31, 2024	$ 410,663	$ 205	$ 445,590	$ (42,479)	$ 7,347

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash Flows from Operating Activities:
Net Income	$ 6,994	$ 5,970
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Stock-Based Compensation	350	308
Depreciation and Amortization Expense	3,568	3,557
Amortization of Debt Issuance Costs	67	64
Amortization of Debt Discount	0	3
Provision for Credit Loss	(14)	0
Non-Cash Lease Expense	(1)	0
Non-Cash Application of Rent Escrow	(274)	0
Changes in Assets and Liabilities
Other Assets	151	259
Accounts Payable and Accrued Expenses	(420)	(383)
Security Deposits	0	(305)
Rent Received in Advance	(322)	(724)
Other Liabilities	(57)	(512)
Net Cash Provided by Operating Activities	10,042	8,237
Cash Flows from Investing Activities:
Funding of Tenant Improvements	(7,894)	(1,402)	$ (14,434)
Acquisition of Real Estate	0	(350)
Net Cash Used in Investing Activities	(7,894)	(1,752)
Cash Flows from Financing Activities:
Repurchase of Common Stock	0	(622)
Cash Paid for Taxes in Lieu of Issuance of Common Stock	(46)	0
Common Stock Dividends Paid	(8,201)	(8,349)
Restricted Stock Unit Dividends Paid	(49)	(17)
Distributions to OP Unit Holders	(149)	(146)
Borrowings from Revolving Credit Facility	3,000	0
Principal Repayment on Loan Payable	(1,000)	(1,000)
Deferred Financing Costs	0	(45)
Net Cash Used in Financing Activities	(6,445)	(10,179)
Net (Decrease) in Cash and Cash Equivalents	(4,297)	(3,694)
Cash and Cash Equivalents - Beginning of Period	25,843	45,192	45,192
Cash and Cash Equivalents - End of Period	21,546	41,498	25,843
Supplemental Disclosure of Cash Flow Information:
Interest Paid	54	94
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Dividends and Distributions Declared, Not Paid	$ 8,577	$ 8,483	$ 8,385

Organization

Organization	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization NewLake Capital Partners, Inc. (the “Company”), a Maryland corporation, was formed on April 9, 2019, originally as GreenAcreage Real Estate Corp. (“GARE”). The Company is an internally managed Real Estate Investment Trust (“REIT”) focused on providing long-term, single-tenant, triple-net sale-leaseback and build-to-suit transactions for the cannabis industry. The Company conducts its operations through its subsidiary, NLCP Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership” or “OP”). The Company is the sole managing general partner of the Operating Partnership. The Company's common stock trades on the OTCQX® Best Market operated by the OTC Markets Group, Inc., under the symbol “NLCP”.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements include the accounts of the Company, the Operating Partnership, as well as wholly owned subsidiaries of the Operating Partnership and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results for the full year or any future period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and filed with the Securities and Exchange Commission (“SEC”) on March 11, 2024. In management's opinion, all adjustments (which include normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Variable Interest Entities The Company consolidates a VIE in which it is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. NLCP Operating Partnership LP The Operating Partnership is a VIE because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, the Company is the primary beneficiary of the Operating Partnership because it has the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of March 31, 2024 and December 31, 2023, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management will adjust such estimates when facts and circumstances dictate. Such estimates include, but are not limited to, useful lives for depreciation of property and corporate assets, the fair value of acquired real estate and in-place lease intangibles acquired, and the valuation of stock-based compensation. Actual results could differ from those estimates. Reclassification Certain prior year balances have been reclassified to conform to the Company's current year presentation. Significant Accounting Policies There have been no changes to the Company's accounting policies included in Note 2 to the Consolidated Financial Statements of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. For fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. For fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Real Estate	Real Estate As of March 31, 2024, the Company owned 31 properties, located in 12 states. The following table presents the Company's real estate portfolio as of March 31, 2024 (dollars in thousands): Tenant Market Site Type Land Building and Improvements (1) Total Real Estate Accumulated Depreciation Net Real Estate Acreage Connecticut Dispensary $ 395 $ 534 $ 929 $ (80) $ 849 Acreage Massachusetts Cultivation 481 9,310 9,791 (1,229) 8,562 Acreage Pennsylvania Cultivation 952 9,209 10,161 (1,173) 8,988 Ayr Wellness, Inc. Nevada Cultivation 1,002 12,577 13,579 (672) 12,907 Ayr Wellness, Inc. Pennsylvania Cultivation 2,964 11,565 14,529 (710) 13,819 Bloom Medicinal Missouri Cultivation 948 24,775 25,723 (606) (2) 25,117 Calypso Enterprises Pennsylvania Cultivation 1,486 30,527 32,013 (1,669) (2) 30,344 Columbia Care California Dispensary 1,082 2,692 3,774 (262) 3,512 Columbia Care Illinois Dispensary 162 1,053 1,215 (99) 1,116 Columbia Care Illinois Cultivation 801 10,560 11,361 (1,002) 10,359 Columbia Care Massachusetts Dispensary 108 2,212 2,320 (232) 2,088 Columbia Care Massachusetts Cultivation 1,136 12,690 13,826 (1,618) 12,208 Cresco Labs Illinois Cultivation 276 50,456 50,732 (6,091) 44,641 Curaleaf Connecticut Dispensary 184 2,748 2,932 (278) 2,654 Curaleaf Florida Cultivation 388 75,595 75,983 (6,879) 69,104 Curaleaf Illinois Dispensary 69 525 594 (55) 539 Curaleaf Illinois Dispensary 65 959 1,024 (104) 920 Curaleaf Illinois Dispensary 606 1,128 1,734 (120) 1,614 Curaleaf Illinois Dispensary 281 3,072 3,353 (318) 3,035 Curaleaf North Dakota Dispensary 779 1,395 2,174 (146) 2,028 Curaleaf Ohio Dispensary 574 2,788 3,362 (337) 3,025 Curaleaf Pennsylvania Dispensary 877 1,041 1,918 (141) 1,777 Curaleaf Pennsylvania Dispensary 216 2,011 2,227 (208) 2,019 Greenlight (3) Arkansas Dispensary 238 1,919 2,157 (199) 1,958 Mint Arizona Cultivation 2,400 17,183 19,583 — (2) 19,583 Organic Remedies Missouri Cultivation 204 20,897 21,101 (2,452) 18,649 PharmaCann Massachusetts Dispensary 411 1,701 2,112 (313) 1,799 PharmaCann Ohio Dispensary 281 1,269 1,550 (51) 1,499 PharmaCann Pennsylvania Dispensary 44 1,271 1,315 (120) 1,195 Revolutionary Clinics Massachusetts Cultivation 926 41,934 42,860 (3,373) 39,487 Trulieve Pennsylvania Cultivation 1,061 43,209 44,270 (4,529) 39,741 Total Real Estate $ 21,397 $ 398,805 $ 420,202 $ (35,066) $ 385,136 (1) Includes construction in progress in the amount of $32.1 million that had been funded as of March 31, 2024. (2) A portion of this investment is currently under development or undergoing building improvements. Once the development or improvements are completed and placed-in service, the Company will begin depreciating the applicable part of the property. (3) GL Partners, Inc. (Greenlight) acquired the tenant and was added as a guarantor, however Curaleaf remains an additional guarantor subject to certain conditions in the lease agreement. Note 3 - Real Estate (continued) Real Estate Acquisitions 2024 Acquisitions The Company did not acquire any properties during the three months ended March 31, 2024. 2023 Acquisitions During the year ended December 31, 2023, the Company exercised its option to acquire an adjacent parcel of land to expand its cultivation facility in Missouri and invested approximately $350 thousand and committed to fund $16.2 million to expand the facility (refer to the Tenant Improvements ("TI") table below for details). The following table presents the real estate acquisitions for the year ended December 31, 2023 (in thousands): Tenant Market Site Type Closing Date Real Estate Acquisition Costs Bloom Medicinal Missouri Cultivation March 3, 2023 $ 350 Total $ 350 Tenant Improvements Funded 2024 Tenant Improvements During the three months ended March 31, 2024, the Company funded approximately $7.9 million of tenant improvements. The following table presents the tenant improvements funded and the remaining unfunded commitments for the three months ended March 31, 2024 (in thousands): Tenant Market Site Type Closing Date TI Funded Unfunded Commitments Mint Arizona Cultivation June 24, 2021 $ 2,361 $ 1,427 Bloom Medicinal Missouri Cultivation April 1, 2022 5,533 3,294 Ayr Wellness, Inc. Pennsylvania Cultivation June 30, 2022 — 750 Calypso Pennsylvania Cultivation August 5, 2022 — 987 Total $ 7,894 $ 6,458 . Note 3 - Real Estate (continued) 2023 Tenant Improvements During the year ended December 31, 2023, the Company funded approximately $14.4 million of tenant improvements. The following table presents the tenant improvements funded and the remaining unfunded commitments for the year ended December 31, 2023 (in thousands): Tenant Market Site Type Closing Date TI Funded Unfunded Commitments Mint Arizona Cultivation June 24, 2021 $ 4,281 $ 3,788 (1) Organic Remedies Missouri Cultivation December 20, 2021 282 — Bloom Medicinal Missouri Cultivation April 1, 2022 7,858 8,826 Ayr Wellness, Inc. Pennsylvania Cultivation June 30, 2022 — 750 Calypso Pennsylvania Cultivation August 5, 2022 2,013 987 Total $ 14,434 $ 14,351 (1) Effective June 1, 2023, the lease agreement was amended to include an additional TI commitment of approximately $6.5 million. Disposal of Real Estate 2024 Dispositions There were no sales of real estate during the three months ended March 31, 2024. 2023 Dispositions On October 27, 2023, the Company closed on the sale of its property in Palmer, Massachusetts, for $2.0 million, which was leased to Mint. The Company's investment in the property was $1.9 million. Upon closing, Mint's lease agreement was terminated and they paid a portion of the closing costs, resulting in a break-even sale of the property. Therefore, the Company did not recognize a gain or loss on sale of the property. Note 3 - Real Estate (continued) Construction in Progress 2024 Construction in Progress As of March 31, 2024 and December 31, 2023, construction in progress was $32.1 million and $24.2 million, respectively, and is classified in "Buildings and Improvements" in the accompanying consolidated balance sheets. Tenant Site Type Beginning Balance Fundings Placed-in-Service Ending Balance (1) Mint Cultivation $ 14,822 $ 2,361 $ — $ 17,183 Bloom Medicinals Cultivation 7,324 5,533 — 12,857 Calypso Cultivation 2,013 — — 2,013 Total $ 24,159 $ 7,894 $ — $ 32,053 (1) These properties were under development as of March 31, 2024. Once the development is completed and placed-in-service, the Company will begin depreciating this asset. 2023 Construction in Progress Tenant Site Type Beginning Balance (1) Fundings (1) Placed-in-Service Ending Balance (2) Mint Cultivation $ 10,541 4,281 — $ 14,822 Bloom Medicinals Cultivation — 7,324 — 7,324 Calypso Cultivation — 2,013 — 2,013 Total $ 10,541 $ 13,618 $ — $ 24,159 (1) The table does not include approximately $1.6 million of tenant improvements that had been funded as of January 1, 2023 for the development of a cultivation facility in Massachusetts. These tenant improvements were never placed in service and the property was sold on October 27, 2023. (2) These properties were under development as of December 31, 2023. Once the development is completed and placed-in-service, the Company will begin depreciating this asset. Depreciation and Amortization For both the three months ended March 31, 2024 and 2023, depreciation expense on the Company's real estate assets was approximately $3.1 million. Amortization of the Company’s acquired in-place lease intangible assets was approximately $0.5 million for both the three months ended March 31, 2024 and 2023. The acquired in-place lease intangible assets have a weighted average remaining amortization period of approximately 9.96 years. Note 3 - Real Estate (continued) In-place Leases The following table presents the future amortization of the Company’s acquired in-place leases as of March 31, 2024 (in thousands): Year Amortization Expense 2024 (nine months ending December 31, 2024) $ 1,490 2025 1,985 2026 1,985 2027 1,985 2028 1,985 Thereafter 9,853 Total $ 19,283 Impairment The Company did not identify any situations in its review of tenant activities and changes in the business condition of all of its properties that would require the recognition of an impairment loss. Accordingly, the Company did not record an impairment loss for the three months ended March 31, 2024 and March 31, 2023, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases As Lessor The Company's properties are leased to single tenants on a long-term, triple-net basis, which obligates the tenant to be responsible for the ongoing expenses of a property, in addition to its rent obligations. Under certain circumstances the Company will pay for certain expenses on behalf of the tenant and the tenant is required to reimburse the Company. The presentation in the statements of operations for these expenses are gross where the Company records revenue and a corresponding reimbursable expense. Expenses paid directly by a tenant are not reimbursable and therefore not reflected in the statement of operations. The expense and reimbursable amounts may differ due to timing. The revenues associated with the reimbursable expenses were classified in "Fees and Reimbursables" in the accompanying consolidated statements of operations. For the three months ended March 31, 2024 and 2023, the reimbursable revenues were $299.8 thousand and $83.1 thousand, respectively. Reimbursable expenses are classified as "Property Expenses" in the accompanying consolidated statements of operations. The Company's tenants operate in the cannabis industry. All of the Company's leases generally contain annual increases in rent (typically between 2% and 3%) over the expiring rental rate at the time of expiration. Certain leases of the Company also contain a Tenant Improvement Allowance (“TIA”). TIA is generally available to be funded between 12 and 18 months. In some leases, the tenant becomes liable to pay rent as if the full TIA has been funded, even if there are still unfunded commitments. TIA also contains annual increases which generally increase at the same rate as base rent, per the lease agreement. Certain of the Company's leases provide the lessee with a right of first refusal or right of first offer in the event the Company markets the leased property for sale. During the fourth quarter of 2023, the Company granted Calypso a purchase option to purchase the leased property and during the quarter ended March 31, 2024, the tenant was out of compliance with certain provisions of the lease Note 4 - Leases (continued) and as a result the purchase option was terminated. As of March 31, 2024, the Company had two leases that provided the lessee with a purchase option to purchase the leased property at the end of the initial lease term in December 2029, subject to the satisfaction of certain conditions. The purchase option provision allows the lessee to purchase the leased property for an amount based on the fair market value of the Company's investment. As of March 31, 2024, the Company's gross investment in these two properties was approximately $6.3 million. Lease Income The following table presents the future contractual minimum rent under the Company’s operating leases as of March 31, 2024 (in thousands): Year Contractual Minimum Rent 2024 (nine months ending December 31, 2024) $ 37,428 2025 51,421 2026 52,965 2027 54,344 2028 55,759 Thereafter 544,828 Total $ 796,745 Credit Risk and Geographic Concentration The ability of any of the Company’s tenants to honor the terms of its lease are dependent upon the economic, regulatory, competitive, natural and social factors affecting the community in which that tenant operates. As of March 31, 2024 and December 31, 2023, the Company owned 31 properties leased to 13 tenants across 12 states including Arizona, Arkansas, California, Connecticut, Florida, Illinois, Massachusetts, Missouri, Nevada, North Dakota, Ohio, and Pennsylvania. The following table presents the tenants in the Company's portfolio that represented the largest percentage of the Company's total rental income and fees, excluding reimbursable revenues, for each of the periods presented: For the Three Months Ended March 31, 2024 2023 Tenant Number of Leases Percentage of Rental Income (1) Tenant Number of Leases Percentage of Rental Income (1) Curaleaf 10 23% Curaleaf 10 25% Cresco Labs 1 14% Cresco Labs 1 15% Trulieve 1 11% Trulieve 1 12% Columbia Care 5 9% Columbia Care 5 9% Calypso 1 8% Calypso 1 8% (1) Calculated based on rental income received during the period. This amount includes fees and excludes revenue reimbursements. Note 4 - Leases (continued) The following table presents the states in the Company’s portfolio that represented the largest percentage of the Company’s total rental income and fees, excluding reimbursable revenues, for each of the periods presented: For the Three Months Ended March 31, 2024 2023 State Number of Properties Percentage of Rental Income (1) State Number of Properties Percentage of Rental Income (1) Pennsylvania 7 26 % Pennsylvania 7 29 % Florida 1 19 % Massachusetts 6 (2) 20 % Illinois 7 18 % Illinois 7 20 % Massachusetts 5 14 % Florida 1 12 % Missouri 2 10 % Missouri 2 8 % (1) Calculated based on rental income received during the period. This amount includes fees and excludes revenue reimbursables. (2) Included in the number of properties and revenue is one Massachusetts property sold in October 2023. As Lessee As of March 31, 2024, the Company was the lessee under one office lease for a term of four years, subject to annual escalations. The annual rent payments range from approximately $72.0 thousand in year one to approximately $85.0 thousand in year four. The office lease qualifies under the right-of-use ("ROU") model. Upon entering into the lease in June 2022, the Company recorded a ROU asset of $273 thousand which was classified in “ Other Assets Other Liabilities" The following table presents the future contractual rent obligations as lessee as of March 31, 2024 (in thousands): Year Contractual Base Rent 2024 (nine months ended December 31, 2024) $ 57 2025 77 2026 52 Total Minimum Lease Payments $ 186 Less: Amount Discounted Using Incremental Borrowing Rate $ (17) Total Lease Liability $ 169 As of March 31, 2024, the weighted-average discount rate used to calculate the lease liability was 5.65% and the remaining lease term was 2.42 years.
Leases	Leases As Lessor The Company's properties are leased to single tenants on a long-term, triple-net basis, which obligates the tenant to be responsible for the ongoing expenses of a property, in addition to its rent obligations. Under certain circumstances the Company will pay for certain expenses on behalf of the tenant and the tenant is required to reimburse the Company. The presentation in the statements of operations for these expenses are gross where the Company records revenue and a corresponding reimbursable expense. Expenses paid directly by a tenant are not reimbursable and therefore not reflected in the statement of operations. The expense and reimbursable amounts may differ due to timing. The revenues associated with the reimbursable expenses were classified in "Fees and Reimbursables" in the accompanying consolidated statements of operations. For the three months ended March 31, 2024 and 2023, the reimbursable revenues were $299.8 thousand and $83.1 thousand, respectively. Reimbursable expenses are classified as "Property Expenses" in the accompanying consolidated statements of operations. The Company's tenants operate in the cannabis industry. All of the Company's leases generally contain annual increases in rent (typically between 2% and 3%) over the expiring rental rate at the time of expiration. Certain leases of the Company also contain a Tenant Improvement Allowance (“TIA”). TIA is generally available to be funded between 12 and 18 months. In some leases, the tenant becomes liable to pay rent as if the full TIA has been funded, even if there are still unfunded commitments. TIA also contains annual increases which generally increase at the same rate as base rent, per the lease agreement. Certain of the Company's leases provide the lessee with a right of first refusal or right of first offer in the event the Company markets the leased property for sale. During the fourth quarter of 2023, the Company granted Calypso a purchase option to purchase the leased property and during the quarter ended March 31, 2024, the tenant was out of compliance with certain provisions of the lease Note 4 - Leases (continued) and as a result the purchase option was terminated. As of March 31, 2024, the Company had two leases that provided the lessee with a purchase option to purchase the leased property at the end of the initial lease term in December 2029, subject to the satisfaction of certain conditions. The purchase option provision allows the lessee to purchase the leased property for an amount based on the fair market value of the Company's investment. As of March 31, 2024, the Company's gross investment in these two properties was approximately $6.3 million. Lease Income The following table presents the future contractual minimum rent under the Company’s operating leases as of March 31, 2024 (in thousands): Year Contractual Minimum Rent 2024 (nine months ending December 31, 2024) $ 37,428 2025 51,421 2026 52,965 2027 54,344 2028 55,759 Thereafter 544,828 Total $ 796,745 Credit Risk and Geographic Concentration The ability of any of the Company’s tenants to honor the terms of its lease are dependent upon the economic, regulatory, competitive, natural and social factors affecting the community in which that tenant operates. As of March 31, 2024 and December 31, 2023, the Company owned 31 properties leased to 13 tenants across 12 states including Arizona, Arkansas, California, Connecticut, Florida, Illinois, Massachusetts, Missouri, Nevada, North Dakota, Ohio, and Pennsylvania. The following table presents the tenants in the Company's portfolio that represented the largest percentage of the Company's total rental income and fees, excluding reimbursable revenues, for each of the periods presented: For the Three Months Ended March 31, 2024 2023 Tenant Number of Leases Percentage of Rental Income (1) Tenant Number of Leases Percentage of Rental Income (1) Curaleaf 10 23% Curaleaf 10 25% Cresco Labs 1 14% Cresco Labs 1 15% Trulieve 1 11% Trulieve 1 12% Columbia Care 5 9% Columbia Care 5 9% Calypso 1 8% Calypso 1 8% (1) Calculated based on rental income received during the period. This amount includes fees and excludes revenue reimbursements. Note 4 - Leases (continued) The following table presents the states in the Company’s portfolio that represented the largest percentage of the Company’s total rental income and fees, excluding reimbursable revenues, for each of the periods presented: For the Three Months Ended March 31, 2024 2023 State Number of Properties Percentage of Rental Income (1) State Number of Properties Percentage of Rental Income (1) Pennsylvania 7 26 % Pennsylvania 7 29 % Florida 1 19 % Massachusetts 6 (2) 20 % Illinois 7 18 % Illinois 7 20 % Massachusetts 5 14 % Florida 1 12 % Missouri 2 10 % Missouri 2 8 % (1) Calculated based on rental income received during the period. This amount includes fees and excludes revenue reimbursables. (2) Included in the number of properties and revenue is one Massachusetts property sold in October 2023. As Lessee As of March 31, 2024, the Company was the lessee under one office lease for a term of four years, subject to annual escalations. The annual rent payments range from approximately $72.0 thousand in year one to approximately $85.0 thousand in year four. The office lease qualifies under the right-of-use ("ROU") model. Upon entering into the lease in June 2022, the Company recorded a ROU asset of $273 thousand which was classified in “ Other Assets Other Liabilities" The following table presents the future contractual rent obligations as lessee as of March 31, 2024 (in thousands): Year Contractual Base Rent 2024 (nine months ended December 31, 2024) $ 57 2025 77 2026 52 Total Minimum Lease Payments $ 186 Less: Amount Discounted Using Incremental Borrowing Rate $ (17) Total Lease Liability $ 169 As of March 31, 2024, the weighted-average discount rate used to calculate the lease liability was 5.65% and the remaining lease term was 2.42 years.

Loan Receivable, net

Loan Receivable, net	3 Months Ended
	Mar. 31, 2024
Loans and Leases Receivable Disclosure [Abstract]
Loan Receivable, net	Loan Receivable, net Loan Receivable The Company funded a $5.0 million unsecured loan to Bloom Medicinals on June 10, 2022. The loan initially bore interest at a rate of 10.25% and is structured to increase annually in April by the product of 1.0225 times the interest rate in effect immediately prior to the anniversary date. The loan is interest only for the first four years and can be prepaid at any time without penalty. If full principal payment on the loan is not made on June 30, 2026, the loan will begin amortizing principal and interest over the next five years, with a final maturity of June 30, 2031. The loan is cross defaulted with their lease agreement with the Company. As of March 31, 2024 and December 31, 2023, the loan earned interest at a rate of 10.48%, and the aggregate principal amount outstanding on the unsecured loan receivable as of March 31, 2024 and December 31, 2023 was $5.0 million. CECL Reserve The Company recorded a provision for current expected credit loss on the $5.0 million unsecured loan (discussed above). Estimating the CECL allowance for credit loss requires significant judgement. The Company used a discounted cash flow analysis to determine the expected credit loss. The following table presents the CECL reserve for the three months ended March 31, 2024: Period Expected Credit Loss CECL reserve as of December 31, 2023 $ 166,650 Adjustment to expected credit loss $ (14,322) CECL reserve as of March 31, 2024 (1) $ 152,328 (1) Included in "Loan Receivable, net" on the consolidated balance sheets.

Financings

Financings	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Financings	Financings Loan Payable In connection with the purchase and leaseback of a cultivation facility in Chaffee, Missouri on December 20, 2021, the Company entered into a $3.8 million loan payable to the seller, which was an independent third party from the tenant. The loan bore interest at a rate of 4.0% per annum. Principal on the loan was payable in annual installments of which $1.8 million and $1.0 million were paid in January 2022 and January 2023, respectively. On January 3, 2024, the Company made its final annual principal and interest payment of approximately $1.0 million on its loan payable. Revolving Credit Facility On May 6, 2022, the Company's Operating Partnership entered into a loan and security agreement (the “Loan and Security Agreement”) with a commercial federally regulated bank, as a lender and as agent for lenders that become party thereto from time to time (the “Agent”). The Loan and Security Agreement matures on May 6, 2027. The Loan and Security Agreement provides, subject to the Accordion Feature described below, $30.0 million in aggregate commitments for secured revolving loans (“Revolving Credit Facility”), the availability of which is based on a borrowing base consisting of fee simple owned real properties that satisfy eligibility criteria specified in the Loan and Security Agreement and the lease income thereunder which are owned by certain subsidiaries of the Operating Partnership. On July 29, 2022, the Operating Partnership, entered into an amendment to the Revolving Credit Facility, amending the Loan and Security Agreement, to increase the aggregate commitment under the Revolving Credit Facility from $30.0 million to $90.0 million and added two additional lenders. The Loan and Security Agreement also allows the Company, subject to certain conditions, to request additional revolving incremental loan commitments such that the Revolving Credit Facility may be increased to a total aggregate principal amount of up to $100.0 million. Borrowings under the Revolving Credit Facility may be voluntarily prepaid and re-borrowed, subject to certain fees. The Revolving Credit Facility bears a fixed rate of 5.65% for the first three years and thereafter a variable rate based upon the greater of (a) the Prime Rate quoted in the Wall Street Journal (Western Edition) (“Base Rate”) plus an applicable margin of 1.0% or (b) 4.75%. As of March 31, 2024 and December 31, 2023, the Company had approximately $4.0 million and $1.0 million, respectively, outstanding under the Revolving Credit Facility. As of March 31, 2024, there was $86.0 million in funds available to be drawn, subject to sufficient collateral in the borrowing base. The facility is subject to certain liquidity and operating covenants and includes customary representations and warranties, affirmative and negative covenants and events of default. As of March 31, 2024, the Company was in compliance with the terms of such covenants under the agreement.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Investor Rights Agreement Pursuant to our Investor Rights Agreement (the "Investor Rights Agreement"), HG Vora Capital Management, LLC (“HG Vora”), West Investment Holdings, LLC, West CRT Heavy, LLC, Gary and Mary West Foundation, Gary and Mary West Health Endowment, Inc., Gary and Mary West 2012 Gift Trust and WFI Co-Investments acting unanimously, collectively referred to as the “West Stockholders" and NL Ventures LLC ("Pangea") hold certain nomination rights with respect to members of our board of directors so long as they individually own in the aggregate certain percentages of the Company’s issued and outstanding common stock for 60 days consecutively.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests The Company's noncontrolling interests represent limited partnership interests in the Operating Partnership not held by the Company. Noncontrolling interests represented approximately 1.8% ownership interest in the Operating Partnership at March 31, 2024 and December 31, 2023.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation The Company's board of directors adopted our 2021 Equity Incentive Plan (the “Plan”), to provide employees of the Company and its subsidiaries, certain consultants and advisors who perform services for the Company or its subsidiaries, and non-employee members of the board of directors of the Company with the opportunity to receive grants of incentive stock options, nonqualified stock options, stock appreciation rights, stock awards, stock units, other stock-based awards, and cash awards to enable the Company to motivate, attract and retain the services of directors, officers and employees considered essential to the long term success of the Company. Under the terms of the Plan, the aggregate number of shares of awards will be no more than 2,275,727 shares. If and to the extent shares of awards granted under the Plan, expire or are canceled, forfeited, exchanged or surrendered without having been exercised, or if any stock awards, stock units or other stock-based awards are forfeited, terminated or otherwise not paid in full, the shares subject to such grants shall again be available for issuance or transfer under the Plan. The Plan has a term of ten years until August 12, 2031. As of March 31, 2024, there were approximately 1,809,193 shares available for issuance under the Plan, which assumes maximum performance is achieved with respect to Performance Stock Units (“PSUs”) . Restricted Stock Units Restricted Stock Units ("RSUs") are granted to certain directors, officers and employees of the Company. Per the terms of the agreements, certain director RSUs that vest cannot be converted until the director separates from the Company. Total outstanding RSUs as of March 31, 2024 and 2023 were 119,239 and 75,419, respectively. Unvested Restricted Stock Units The following table sets forth the Company's unvested RSU activity for the three months ended March 31,: 2024 2023 Number of Weighted Average Number of Weighted Average Balance at January 1, 63,582 $ 13.92 29,255 $ 22.89 Granted 28,754 $ 16.10 27,630 $ 13.38 Forfeited (740) $ 15.19 — $ — Vested (9,209) (1) $ 13.38 — $ — Balance at March 31, 82,387 $ 14.73 56,885 $ 18.27 (1) Vested shares do not include 2,846 shares withheld to satisfy tax and other compensation related withholdings associated with the vested RSUs issued under the 2021 Equity Incentive Plan. Vested Restricted Stock Units The following table sets forth the Company's vested RSU activity for the three months ended March 31,: 2024 2023 Number of Vested Shares of Weighted Average Grant Number of Vested Shares of Weighted Average Grant Balance at January 1, 36,852 $ 22.05 18,534 $ 23.93 Vested 9,209 (1) $ 13.38 — $ — Converted (6,363) $ 13.38 — $ — Shares Withheld (2) (2,846) $ 13.38 — $ — Balance at March 31 36,852 $ 22.05 18,534 $ 23.93 (1) Represents the gross number of RSUs vested, which includes 2,846 shares withheld for taxes and not converted to common stock. (2) Represents shares withheld to satisfy tax and other compensation related withholdings associated with the vested RSUs issued under the 2021 Equity Incentive Plan. Each restricted stock unit represents the right to receive one share of common stock upon vesting. The vested RSUs are also entitled to receive an accumulated dividend payment equal to the dividend paid on each share of common stock during the vesting period. During the three months ended March 31, 2024 and 2023, the Company paid $33.1 thousand and $8.7 thousand respectively, of accumulated dividends that became earned upon vesting of RSUs. Accrued unearned dividends on unvested RSUs as of March 31, 2024 and 2023 were $114,473 and $60,760, respectively. The amortization of compensation costs for the awards of RSUs are classified in "Compensation Expense" in the accompanying consolidated statements of operations and amounted to approximately $0.2 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. The remaining unrecognized compensation cost of approximately $0.8 million for RSU awards is expected to be recognized over a weighted average amortization period of 1.5 years as of March 31, 2024. Performance Stock Units PSUs are granted to officers and certain employees of the Company. Total outstanding PSUs as of March 31, 2024 and 2023 were 159,522 and 121,858, respectively. The following table sets forth the Company's unvested performance stock activity for the three months ended March 31,: For the Three Months Ended March 31, 2024 2023 Number of Unvested Shares of Weighted Average Grant Number of Unvested Shares of Weighted Average Grant Balance at January 1, 103,000 $ 17.18 66,841 $ 24.04 Granted 56,522 $ 17.30 55,017 $ 11.23 Forfeited — $ — — $ — Balance at March 31, 159,522 $ 17.22 121,858 $ 18.26 PSUs vest subject to the achievement of relative total shareholder return as measured against a peer group of companies and absolute compounded annual growth in stock price during each performance period. The actual number of shares of common stock issued will range from 0 to 319,044 depending upon performance. The performance periods are January 1, 2022 through December 31, 2024, January 1, 2023 through December 31, 2025 and January 1, 2024 through December 31, 2026 and 47,983, 55,017 and 56,522 PSUs are scheduled to vest at the end of each performance period, respectively. The fair value of PSUs is determined using a Monte Carlo simulation for our future stock price and the corresponding peer group. The grant date fair value is an equally weight value comprised of (i) total shareholder return of the Company and a peer group of companies (“rTSR”); and (ii) the Company’s absolute compound annual growth rate (“CAGR”). To derive the value of rTSR, the Company uses a stochastic stock price simulation model using Geometric Brownian Motion (“GBM”) to model the future stock prices of the Company and the peer group companies. The key inputs to the GBM model include the standard deviation of the movement of the share price, also expressed as stock price volatility. Historical volatility is analyzed for the Company and peer group companies based on publicly traded shares of common stock. The model also assists in deriving a value of the Company’s CAGR which is then subjected to the vesting percentages according to the terms of the PSU agreements. The key inputs to calculate CAGR are the ending stock price, initial stock price and vesting period. The GBM simulates the ending stock price that is used in the CAGR model to determine the grant date fair value. Using the above methodology, grant date fair values of $24.00, $11.23 and $17.30 were used for PSUs with performance periods ending December 31, 2024, 2025 and 2026, respectively. PSUs are subject to restrictions on transfer and may be subject to a risk of forfeiture if the award recipient ceases to be an employee of the Company prior to vesting of the award. Each PSU represents the right to receive one share of common stock upon vesting. Upon vesting, each PSU is also entitled to receive an accumulated dividend payment equal to the dividend paid on each share of common stock during the performance period. If PSUs do not meet the performance hurdles and are cancelled, no dividends are paid on the cancelled units. During the three months ended March 31, 2024 and 2023, no PSUs vested and therefore the Company did not pay any dividends. Unearned dividends on unvested PSUs as of March 31, 2024 and 2023 were $311,084 and $164,496, respectively. The amortization of compensation costs for the awards of PSUs are included in "Compensation Expense" in the accompanying consolidated statements of operations and amounted to approximately $0.2 million for both the three months ended March 31, 2024 and 2023. The remaining unrecognized compensation cost of approximately $1.5 million for PSU awards is expected to be recognized over a weighted average amortization period of 2.1 years as of March 31, 2024. Stock Options Prior to the completion of the initial public offering ("IPO"), the Company issued 791,790 nonqualified stock options (the “Options”) 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 vested on August 31, 2020. As of March 31, 2024 and 2023, the Options were fully exercisable and expire on July 15, 2027.

Warrants

Warrants	3 Months Ended
	Mar. 31, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrants	Warrants Warrants Issued On March 17, 2021, the Company entered into a warrant agreement which granted the holder the right to purchase 602,392 shares of common stock of the Company at a purchase price of $24.00 per share. Warrants were immediately exercisable and expire on July 15, 2027. As of March 31, 2024 and 2023, the warrants were fully exercisable. Investment in Warrants On October 27, 2023, the Company entered into a lease amendment and forbearance agreement for its existing lease agreement with Revolutionary Clinics on its cultivation facility in Massachusetts. Under the forbearance agreement, the Company provided forbearance of delinquent rent and received warrants. The warrants are accounted for under ASC 321. The Company elected to use the measurement alternative to value its investment in warrants, since the fair value was not readily determinable. The investment in warrants is classified in “Other Assets” in the consolidated balance sheets at its initial cost value of $522 thousand. The cost value was determined based upon the implied recapitalized equity value of Revolutionary Clinics.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred Stock As of March 31, 2024 and December 31, 2023, the Company had 100,000,000 shares of preferred stock authorized and 0 shares of preferred stock outstanding. Common Stock As of March 31, 2024 and December 31, 2023, the Company had 400,000,000 shares of common stock authorized and 20,509,883 and 20,503,520 shares, respectively of common stock issued and outstanding. Common stock is issued at a par value of $0.01 per share. Stock Repurchase Program On November 7, 2022, the board of directors of the Company authorized a stock repurchase program of its common stock up to $10.0 million through December 31, 2023. Purchases made pursuant to the stock repurchase program will be made in the open market, in privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b-18 of the Securities and Exchange Act of 1934, as amended. The authorization of the stock repurchase program does not obligate the Company to acquire any particular amount of common stock. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. On September 15, 2023, the board of directors authorized an amendment to the stock repurchase program for the repurchase of up to an additional $10.0 million of outstanding common stock and extended the stock repurchase program through December 31, 2024. The stock repurchase program may be suspended or discontinued by us at any time and without prior notice. The Company did not acquire any shares of common stock pursuant to the stock repurchase plan during the three months ended March 31, 2024. During the three months ended March 31, 2023, pursuant to the stock repurchase plan, the Company acquired 49,307 shares of common stock with an average purchase price, including commissions, of $12.63 totaling approximately $0.6 million. The remaining availability under the stock repurchase program as of March 31, 2024 was approximately $8.2 million. Dividends The following tables describe the cash dividends declared on the Company's common stock and vested RSUs and in the Company's capacity as general partner of the operating partnership, authorized distributions on our OP Units declared by the Company during the three months ended March 31, 2024 and 2023: Declaration Date Record Date Period Covered Distributions Paid Date Amount per Share/Unit March 8, 2024 March 29, 2024 January 1, 2024 to March 31, 2024 April 15, 2024 $ 0.41 Total $ 0.41 Declaration Date Record Date Period Covered Distributions Paid Date Amount per March 7, 2023 March 31, 2023 January 1, 2023 to March 31, 2023 April 14, 2023 $ 0.39 Total $ 0.39

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents the computation of basic and diluted earnings per share (in thousands, except share and per share data): For the Three Months Ended March 31, 2024 2023 Numerator: Net Income Attributable to Common Stockholders $ 6,869 $ 5,868 Add: Net Income Attributable to Noncontrolling Interest 125 102 Net Income $ 6,994 $ 5,970 Denominator: Weighted Average Shares of Common Stock Outstanding - Basic 20,541,840 21,423,470 Dilutive Effect of OP Units 373,582 373,582 Dilutive Effect of Unvested Restricted Stock Units 26,832 264 Weighted Average Shares of Common Stock - Diluted 20,942,254 21,797,316 Earnings Per Share - Basic Net Income Attributable to Common Stockholders $ 0.33 $ 0.27 Earnings Per Share - Diluted Net Income Attributable to Common Stockholders $ 0.33 $ 0.27 During the three months ended March 31, 2024 and 2023, the effect of including OP Units and unvested RSUs were included in the Company's calculation of weighted average shares of common stock outstanding - dilutive. During the three months ended March 31, 2024 and 2023, the effect of 791,790 and 615,838 outstanding stock options and warrants, respectively, were excluded in the Company's calculation of weighted average shares of common stock outstanding – diluted as their inclusion would have been anti-dilutive. During the three months ended March 31, 2024 and 2023, the Company did not include the effect of 159,522 and 121,858 outstanding PSUs, respectively in the calculation of earnings per share. The effect of the outstanding PSUs were not included in the calculation of diluted earnings per share as the market condition for the PSUs have not been met as of March 31, 2024.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standards describe three levels of inputs that may be used to measure fair value: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Includes other inputs that are directly or indirectly observable in the marketplace. Note 13 – Fair Value Measurements (continued) Level 3 – Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions. The following table presents the carrying value and estimated fair value of financial instruments at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Note Receivable (1) $ 4,848 $ 4,725 $ 4,833 $ 4,748 Revolving Credit Facility (2) $ 4,000 $ 3,930 $ 1,000 $ 968 Loan Payable (2)(3) $ — $ — $ 1,000 $ 992 (1) The fair value measurement of the $5.0 million Note Receivable is based on unobservable inputs, and as such, is classified as Level 3. The carrying value as of March 31, 2024 and December 31, 2023 reflects the provision for current expected credit loss of $152.3 thousand and $166.7 thousand , respectively. (2) The fair value of the Company's Revolving Credit Facility and Loan Payable are based on observable inputs, and as such, are classified as Level 2. (3) The Company made its final installment payment on our loan payable on January 3, 2024. As of March 31, 2024 and December 31, 2023, the Company’s investment in warrants was valued based on the initial investment, less impairment. The Company determined the investment was not impaired as of March 31, 2024 and December 31, 2023. Since these securities are not actively traded, the Company will apply valuation adjustments if and when such indicators become available. As such, these securities are carried at cost and are classified as Level 3 of the fair value hierarchy.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, the Company is not subject to federal income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution, and stock ownership tests. The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company’s status as a REIT, and therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise, or business taxes. Taxable REIT Subsidiaries In October 2023, the Company elected to treat a domestic subsidiary as a TRS. The TRS is subject to U.S. federal, state and local corporate income taxes at the current federal statutory rate of 21%. The Company’s effective tax rate differs from its combined U.S. federal, state and local corporate statutory tax rate primarily due to income earned at the REIT, which is not subject to tax, due to the deduction for qualifying distributions made by the Company. For the three months ended March 31, 2024, the TRS had limited activity and did not generate taxable income.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2024, the Company had aggregate unfunded commitments to invest approximately $6.5 million to develop and improve our existing cultivation facilities in Arizona, Missouri, and Pennsylvania. Refer to Note 3 for further details on the Company's commitments. Refer to Note 16- “Subsequent Events” for details on commitments the Company entered into after March 31, 2024. As of March 31, 2024 the Company is the lessee under one office lease. Refer to Note 4 for further information.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In May 2024 , the Company purchased a cultivation facility in Connecticut for approximately $4.0 million and committed to fund $12.0 million for tenant improvements. The property is leased to an existing tenant. Tenant Improvements

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,869	$ 5,868

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements include the accounts of the Company, the Operating Partnership, as well as wholly owned subsidiaries of the Operating Partnership and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results for the full year or any future period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and filed with the Securities and Exchange Commission (“SEC”) on March 11, 2024. In management's opinion, all adjustments (which include normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made.
Variable Interest Entities	Variable Interest Entities The Company consolidates a VIE in which it is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management will adjust such estimates when facts and circumstances dictate. Such estimates include, but are not limited to, useful lives for depreciation of property and corporate assets, the fair value of acquired real estate and in-place lease intangibles acquired, and the valuation of stock-based compensation. Actual results could differ from those estimates.
Reclassification	Reclassification Certain prior year balances have been reclassified to conform to the Company's current year presentation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. For fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. For fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Properties Acquired and Current Properties	The following table presents the Company's real estate portfolio as of March 31, 2024 (dollars in thousands): Tenant Market Site Type Land Building and Improvements (1) Total Real Estate Accumulated Depreciation Net Real Estate Acreage Connecticut Dispensary $ 395 $ 534 $ 929 $ (80) $ 849 Acreage Massachusetts Cultivation 481 9,310 9,791 (1,229) 8,562 Acreage Pennsylvania Cultivation 952 9,209 10,161 (1,173) 8,988 Ayr Wellness, Inc. Nevada Cultivation 1,002 12,577 13,579 (672) 12,907 Ayr Wellness, Inc. Pennsylvania Cultivation 2,964 11,565 14,529 (710) 13,819 Bloom Medicinal Missouri Cultivation 948 24,775 25,723 (606) (2) 25,117 Calypso Enterprises Pennsylvania Cultivation 1,486 30,527 32,013 (1,669) (2) 30,344 Columbia Care California Dispensary 1,082 2,692 3,774 (262) 3,512 Columbia Care Illinois Dispensary 162 1,053 1,215 (99) 1,116 Columbia Care Illinois Cultivation 801 10,560 11,361 (1,002) 10,359 Columbia Care Massachusetts Dispensary 108 2,212 2,320 (232) 2,088 Columbia Care Massachusetts Cultivation 1,136 12,690 13,826 (1,618) 12,208 Cresco Labs Illinois Cultivation 276 50,456 50,732 (6,091) 44,641 Curaleaf Connecticut Dispensary 184 2,748 2,932 (278) 2,654 Curaleaf Florida Cultivation 388 75,595 75,983 (6,879) 69,104 Curaleaf Illinois Dispensary 69 525 594 (55) 539 Curaleaf Illinois Dispensary 65 959 1,024 (104) 920 Curaleaf Illinois Dispensary 606 1,128 1,734 (120) 1,614 Curaleaf Illinois Dispensary 281 3,072 3,353 (318) 3,035 Curaleaf North Dakota Dispensary 779 1,395 2,174 (146) 2,028 Curaleaf Ohio Dispensary 574 2,788 3,362 (337) 3,025 Curaleaf Pennsylvania Dispensary 877 1,041 1,918 (141) 1,777 Curaleaf Pennsylvania Dispensary 216 2,011 2,227 (208) 2,019 Greenlight (3) Arkansas Dispensary 238 1,919 2,157 (199) 1,958 Mint Arizona Cultivation 2,400 17,183 19,583 — (2) 19,583 Organic Remedies Missouri Cultivation 204 20,897 21,101 (2,452) 18,649 PharmaCann Massachusetts Dispensary 411 1,701 2,112 (313) 1,799 PharmaCann Ohio Dispensary 281 1,269 1,550 (51) 1,499 PharmaCann Pennsylvania Dispensary 44 1,271 1,315 (120) 1,195 Revolutionary Clinics Massachusetts Cultivation 926 41,934 42,860 (3,373) 39,487 Trulieve Pennsylvania Cultivation 1,061 43,209 44,270 (4,529) 39,741 Total Real Estate $ 21,397 $ 398,805 $ 420,202 $ (35,066) $ 385,136 (1) Includes construction in progress in the amount of $32.1 million that had been funded as of March 31, 2024. (2) A portion of this investment is currently under development or undergoing building improvements. Once the development or improvements are completed and placed-in service, the Company will begin depreciating the applicable part of the property. (3) GL Partners, Inc. (Greenlight) acquired the tenant and was added as a guarantor, however Curaleaf remains an additional guarantor subject to certain conditions in the lease agreement. Tenant Market Site Type Closing Date Real Estate Acquisition Costs Bloom Medicinal Missouri Cultivation March 3, 2023 $ 350 Total $ 350
Tenant Improvements Funded	The following table presents the tenant improvements funded and the remaining unfunded commitments for the three months ended March 31, 2024 (in thousands): Tenant Market Site Type Closing Date TI Funded Unfunded Commitments Mint Arizona Cultivation June 24, 2021 $ 2,361 $ 1,427 Bloom Medicinal Missouri Cultivation April 1, 2022 5,533 3,294 Ayr Wellness, Inc. Pennsylvania Cultivation June 30, 2022 — 750 Calypso Pennsylvania Cultivation August 5, 2022 — 987 Total $ 7,894 $ 6,458 Tenant Market Site Type Closing Date TI Funded Unfunded Commitments Mint Arizona Cultivation June 24, 2021 $ 4,281 $ 3,788 (1) Organic Remedies Missouri Cultivation December 20, 2021 282 — Bloom Medicinal Missouri Cultivation April 1, 2022 7,858 8,826 Ayr Wellness, Inc. Pennsylvania Cultivation June 30, 2022 — 750 Calypso Pennsylvania Cultivation August 5, 2022 2,013 987 Total $ 14,434 $ 14,351 (1) Effective June 1, 2023, the lease agreement was amended to include an additional TI commitment of approximately $6.5 million.
Construction in Progress	Tenant Site Type Beginning Balance Fundings Placed-in-Service Ending Balance (1) Mint Cultivation $ 14,822 $ 2,361 $ — $ 17,183 Bloom Medicinals Cultivation 7,324 5,533 — 12,857 Calypso Cultivation 2,013 — — 2,013 Total $ 24,159 $ 7,894 $ — $ 32,053 (1) These properties were under development as of March 31, 2024. Once the development is completed and placed-in-service, the Company will begin depreciating this asset. Tenant Site Type Beginning Balance (1) Fundings (1) Placed-in-Service Ending Balance (2) Mint Cultivation $ 10,541 4,281 — $ 14,822 Bloom Medicinals Cultivation — 7,324 — 7,324 Calypso Cultivation — 2,013 — 2,013 Total $ 10,541 $ 13,618 $ — $ 24,159 (1) The table does not include approximately $1.6 million of tenant improvements that had been funded as of January 1, 2023 for the development of a cultivation facility in Massachusetts. These tenant improvements were never placed in service and the property was sold on October 27, 2023.
Future Amortization Expense	The following table presents the future amortization of the Company’s acquired in-place leases as of March 31, 2024 (in thousands): Year Amortization Expense 2024 (nine months ending December 31, 2024) $ 1,490 2025 1,985 2026 1,985 2027 1,985 2028 1,985 Thereafter 9,853 Total $ 19,283

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Future Contractual Minimum Rent	The following table presents the future contractual minimum rent under the Company’s operating leases as of March 31, 2024 (in thousands): Year Contractual Minimum Rent 2024 (nine months ending December 31, 2024) $ 37,428 2025 51,421 2026 52,965 2027 54,344 2028 55,759 Thereafter 544,828 Total $ 796,745
Tenants in Portfolio that Represents the Largest Percentage of Total Revenue	The following table presents the tenants in the Company's portfolio that represented the largest percentage of the Company's total rental income and fees, excluding reimbursable revenues, for each of the periods presented: For the Three Months Ended March 31, 2024 2023 Tenant Number of Leases Percentage of Rental Income (1) Tenant Number of Leases Percentage of Rental Income (1) Curaleaf 10 23% Curaleaf 10 25% Cresco Labs 1 14% Cresco Labs 1 15% Trulieve 1 11% Trulieve 1 12% Columbia Care 5 9% Columbia Care 5 9% Calypso 1 8% Calypso 1 8% (1) Calculated based on rental income received during the period. This amount includes fees and excludes revenue reimbursements. The following table presents the states in the Company’s portfolio that represented the largest percentage of the Company’s total rental income and fees, excluding reimbursable revenues, for each of the periods presented: For the Three Months Ended March 31, 2024 2023 State Number of Properties Percentage of Rental Income (1) State Number of Properties Percentage of Rental Income (1) Pennsylvania 7 26 % Pennsylvania 7 29 % Florida 1 19 % Massachusetts 6 (2) 20 % Illinois 7 18 % Illinois 7 20 % Massachusetts 5 14 % Florida 1 12 % Missouri 2 10 % Missouri 2 8 % (1) Calculated based on rental income received during the period. This amount includes fees and excludes revenue reimbursables. (2) Included in the number of properties and revenue is one Massachusetts property sold in October 2023.
Future Contractual Rent Obligations	The following table presents the future contractual rent obligations as lessee as of March 31, 2024 (in thousands): Year Contractual Base Rent 2024 (nine months ended December 31, 2024) $ 57 2025 77 2026 52 Total Minimum Lease Payments $ 186 Less: Amount Discounted Using Incremental Borrowing Rate $ (17) Total Lease Liability $ 169

Loan Receivable, net (Tables)

Loan Receivable, net (Tables)	3 Months Ended
	Mar. 31, 2024
Loans and Leases Receivable Disclosure [Abstract]
CECL Reserve	The following table presents the CECL reserve for the three months ended March 31, 2024: Period Expected Credit Loss CECL reserve as of December 31, 2023 $ 166,650 Adjustment to expected credit loss $ (14,322) CECL reserve as of March 31, 2024 (1) $ 152,328 (1) Included in "Loan Receivable, net" on the consolidated balance sheets.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Unvested Restricted Stock Activity	The following table sets forth the Company's unvested RSU activity for the three months ended March 31,: 2024 2023 Number of Weighted Average Number of Weighted Average Balance at January 1, 63,582 $ 13.92 29,255 $ 22.89 Granted 28,754 $ 16.10 27,630 $ 13.38 Forfeited (740) $ 15.19 — $ — Vested (9,209) (1) $ 13.38 — $ — Balance at March 31, 82,387 $ 14.73 56,885 $ 18.27 (1) Vested shares do not include 2,846 shares withheld to satisfy tax and other compensation related withholdings associated with the vested RSUs issued under the 2021 Equity Incentive Plan.
Vested Restricted Stock Activity	The following table sets forth the Company's vested RSU activity for the three months ended March 31,: 2024 2023 Number of Vested Shares of Weighted Average Grant Number of Vested Shares of Weighted Average Grant Balance at January 1, 36,852 $ 22.05 18,534 $ 23.93 Vested 9,209 (1) $ 13.38 — $ — Converted (6,363) $ 13.38 — $ — Shares Withheld (2) (2,846) $ 13.38 — $ — Balance at March 31 36,852 $ 22.05 18,534 $ 23.93 (1) Represents the gross number of RSUs vested, which includes 2,846 shares withheld for taxes and not converted to common stock. (2) Represents shares withheld to satisfy tax and other compensation related withholdings associated with the vested RSUs issued under the 2021 Equity Incentive Plan.
Unvested Performance Stock Activity	The following table sets forth the Company's unvested performance stock activity for the three months ended March 31,: For the Three Months Ended March 31, 2024 2023 Number of Unvested Shares of Weighted Average Grant Number of Unvested Shares of Weighted Average Grant Balance at January 1, 103,000 $ 17.18 66,841 $ 24.04 Granted 56,522 $ 17.30 55,017 $ 11.23 Forfeited — $ — — $ — Balance at March 31, 159,522 $ 17.22 121,858 $ 18.26

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Common Dividends, Dividend Equivalents and Distributions Declared	The following tables describe the cash dividends declared on the Company's common stock and vested RSUs and in the Company's capacity as general partner of the operating partnership, authorized distributions on our OP Units declared by the Company during the three months ended March 31, 2024 and 2023: Declaration Date Record Date Period Covered Distributions Paid Date Amount per Share/Unit March 8, 2024 March 29, 2024 January 1, 2024 to March 31, 2024 April 15, 2024 $ 0.41 Total $ 0.41 Declaration Date Record Date Period Covered Distributions Paid Date Amount per March 7, 2023 March 31, 2023 January 1, 2023 to March 31, 2023 April 14, 2023 $ 0.39 Total $ 0.39

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	The following table presents the computation of basic and diluted earnings per share (in thousands, except share and per share data): For the Three Months Ended March 31, 2024 2023 Numerator: Net Income Attributable to Common Stockholders $ 6,869 $ 5,868 Add: Net Income Attributable to Noncontrolling Interest 125 102 Net Income $ 6,994 $ 5,970 Denominator: Weighted Average Shares of Common Stock Outstanding - Basic 20,541,840 21,423,470 Dilutive Effect of OP Units 373,582 373,582 Dilutive Effect of Unvested Restricted Stock Units 26,832 264 Weighted Average Shares of Common Stock - Diluted 20,942,254 21,797,316 Earnings Per Share - Basic Net Income Attributable to Common Stockholders $ 0.33 $ 0.27 Earnings Per Share - Diluted Net Income Attributable to Common Stockholders $ 0.33 $ 0.27

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Carrying Value and Estimated Fair Value of Financial Instruments	The following table presents the carrying value and estimated fair value of financial instruments at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Note Receivable (1) $ 4,848 $ 4,725 $ 4,833 $ 4,748 Revolving Credit Facility (2) $ 4,000 $ 3,930 $ 1,000 $ 968 Loan Payable (2)(3) $ — $ — $ 1,000 $ 992 (1) The fair value measurement of the $5.0 million Note Receivable is based on unobservable inputs, and as such, is classified as Level 3. The carrying value as of March 31, 2024 and December 31, 2023 reflects the provision for current expected credit loss of $152.3 thousand and $166.7 thousand , respectively. (2) The fair value of the Company's Revolving Credit Facility and Loan Payable are based on observable inputs, and as such, are classified as Level 2.

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) $ in Thousands		3 Months Ended		12 Months Ended
	Oct. 27, 2023 USD ($)	Mar. 31, 2024 USD ($) property state	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) state property	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Number of properties | property		31		31
Number of states where real estate property is owned | state		12		12
Real estate acquisition costs		$ 0	$ 350
Unfunded commitments		6,458		$ 14,351
TI Funded		7,894	1,402	14,434
Proceeds from sale		0
Net Real Estate		385,136		380,309
Construction in progress		32,053		24,159	$ 10,541
Depreciation expense		3,100	3,100
Amortization of in-place lease intangible assets		500	500
Impairment loss		$ 0	$ 0
Leases, Acquired-in-Place
Real Estate [Line Items]
Acquired in-place lease intangible asset weighted average remaining amortization period (in years)		9 years 11 months 15 days
Building and Improvements
Real Estate [Line Items]
Construction in progress		$ 32,100		24,200
Mint Massachusetts Property
Real Estate [Line Items]
Proceeds from sale	$ 2,000
Net Real Estate	$ 1,900
Cultivation Facility In Missouri
Real Estate [Line Items]
Unfunded commitments				16,200
Wholly Owned Properties
Real Estate [Line Items]
Real estate acquisition costs				350
Wholly Owned Properties | Bloom Medicinal | Missouri
Real Estate [Line Items]
Real estate acquisition costs				$ 350

Real Estate - Properties Acquir

Real Estate - Properties Acquired and Current Properties (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Land	$ 21,397		$ 21,397
Building and Improvements	398,805		390,911
Total Real Estate	420,202		412,308
Accumulated Depreciation	(35,066)		(31,999)
Net Real Estate	385,136		380,309
Construction in progress	32,053		24,159	$ 10,541
Real Estate Acquisition Costs	0	$ 350
Building and Improvements
Real Estate [Line Items]
Construction in progress	32,100		24,200
Wholly Owned Properties
Real Estate [Line Items]
Real Estate Acquisition Costs			350
Acreage | Connecticut | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	395
Building and Improvements	534
Total Real Estate	929
Accumulated Depreciation	(80)
Net Real Estate	849
Acreage | Massachusetts | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	481
Building and Improvements	9,310
Total Real Estate	9,791
Accumulated Depreciation	(1,229)
Net Real Estate	8,562
Acreage | Pennsylvania | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	952
Building and Improvements	9,209
Total Real Estate	10,161
Accumulated Depreciation	(1,173)
Net Real Estate	8,988
Ayr Wellness, Inc. | Nevada | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	1,002
Building and Improvements	12,577
Total Real Estate	13,579
Accumulated Depreciation	(672)
Net Real Estate	12,907
Ayr Wellness, Inc. | Pennsylvania | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	2,964
Building and Improvements	11,565
Total Real Estate	14,529
Accumulated Depreciation	(710)
Net Real Estate	13,819
Bloom Medicinal | Cultivation
Real Estate [Line Items]
Construction in progress	12,857		7,324	$ 0
Bloom Medicinal | Missouri | Wholly Owned Properties
Real Estate [Line Items]
Real Estate Acquisition Costs			$ 350
Bloom Medicinal | Missouri | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	948
Building and Improvements	24,775
Total Real Estate	25,723
Accumulated Depreciation	(606)
Net Real Estate	25,117
Calypso Enterprises | Pennsylvania | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	1,486
Building and Improvements	30,527
Total Real Estate	32,013
Accumulated Depreciation	(1,669)
Net Real Estate	30,344
Columbia Care | California | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	1,082
Building and Improvements	2,692
Total Real Estate	3,774
Accumulated Depreciation	(262)
Net Real Estate	3,512
Columbia Care | Illinois | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	162
Building and Improvements	1,053
Total Real Estate	1,215
Accumulated Depreciation	(99)
Net Real Estate	1,116
Columbia Care | Illinois | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	801
Building and Improvements	10,560
Total Real Estate	11,361
Accumulated Depreciation	(1,002)
Net Real Estate	10,359
Columbia Care | Massachusetts | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	108
Building and Improvements	2,212
Total Real Estate	2,320
Accumulated Depreciation	(232)
Net Real Estate	2,088
Columbia Care | Massachusetts | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	1,136
Building and Improvements	12,690
Total Real Estate	13,826
Accumulated Depreciation	(1,618)
Net Real Estate	12,208
Cresco Labs | Illinois | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	276
Building and Improvements	50,456
Total Real Estate	50,732
Accumulated Depreciation	(6,091)
Net Real Estate	44,641
Curaleaf | Connecticut | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	184
Building and Improvements	2,748
Total Real Estate	2,932
Accumulated Depreciation	(278)
Net Real Estate	2,654
Curaleaf | Florida | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	388
Building and Improvements	75,595
Total Real Estate	75,983
Accumulated Depreciation	(6,879)
Net Real Estate	69,104
Curaleaf | Illinois | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	69
Building and Improvements	525
Total Real Estate	594
Accumulated Depreciation	(55)
Net Real Estate	539
Curaleaf | Illinois | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	65
Building and Improvements	959
Total Real Estate	1,024
Accumulated Depreciation	(104)
Net Real Estate	920
Curaleaf | Illinois | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	606
Building and Improvements	1,128
Total Real Estate	1,734
Accumulated Depreciation	(120)
Net Real Estate	1,614
Curaleaf | Illinois | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	281
Building and Improvements	3,072
Total Real Estate	3,353
Accumulated Depreciation	(318)
Net Real Estate	3,035
Curaleaf | North Dakota | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	779
Building and Improvements	1,395
Total Real Estate	2,174
Accumulated Depreciation	(146)
Net Real Estate	2,028
Curaleaf | Ohio | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	574
Building and Improvements	2,788
Total Real Estate	3,362
Accumulated Depreciation	(337)
Net Real Estate	3,025
Curaleaf | Pennsylvania | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	877
Building and Improvements	1,041
Total Real Estate	1,918
Accumulated Depreciation	(141)
Net Real Estate	1,777
Curaleaf | Pennsylvania | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	216
Building and Improvements	2,011
Total Real Estate	2,227
Accumulated Depreciation	(208)
Net Real Estate	2,019
Greenlight | Arkansas | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	238
Building and Improvements	1,919
Total Real Estate	2,157
Accumulated Depreciation	(199)
Net Real Estate	1,958
Mint | Arizona | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	2,400
Building and Improvements	17,183
Total Real Estate	19,583
Accumulated Depreciation	0
Net Real Estate	19,583
Organic Remedies | Missouri | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	204
Building and Improvements	20,897
Total Real Estate	21,101
Accumulated Depreciation	(2,452)
Net Real Estate	18,649
PharmaCann | Massachusetts | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	411
Building and Improvements	1,701
Total Real Estate	2,112
Accumulated Depreciation	(313)
Net Real Estate	1,799
PharmaCann | Ohio | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	281
Building and Improvements	1,269
Total Real Estate	1,550
Accumulated Depreciation	(51)
Net Real Estate	1,499
PharmaCann | Pennsylvania | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land	44
Building and Improvements	1,271
Total Real Estate	1,315
Accumulated Depreciation	(120)
Net Real Estate	1,195
Revolutionary Clinics | Massachusetts | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	926
Building and Improvements	41,934
Total Real Estate	42,860
Accumulated Depreciation	(3,373)
Net Real Estate	39,487
Trulieve | Pennsylvania | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land	1,061
Building and Improvements	43,209
Total Real Estate	44,270
Accumulated Depreciation	(4,529)
Net Real Estate	$ 39,741

Real Estate - Tenant Improvemen

Real Estate - Tenant Improvements Funded (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jun. 01, 2023
Real Estate [Line Items]
TI Funded	$ 7,894	$ 1,402	$ 14,434
Unfunded Commitments	6,458		14,351
Arizona | Mint
Real Estate [Line Items]
TI Funded	2,361		4,281
Unfunded Commitments	1,427		3,788	$ 6,500
Missouri | Organic Remedies
Real Estate [Line Items]
TI Funded			282
Unfunded Commitments			0
Missouri | Bloom Medicinal
Real Estate [Line Items]
TI Funded	5,533		7,858
Unfunded Commitments	3,294		8,826
Pennsylvania | Ayr Wellness, Inc.
Real Estate [Line Items]
TI Funded	0		0
Unfunded Commitments	750		750
Pennsylvania | Calypso
Real Estate [Line Items]
TI Funded	0		2,013
Unfunded Commitments	$ 987		$ 987

Real Estate - Construction in P

Real Estate - Construction in Progress (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 01, 2023	Mar. 31, 2024	Dec. 31, 2023
Construction In Progress [Roll Forward]
Beginning Balance	$ 10,541	$ 24,159	$ 10,541
Fundings		7,894	13,618
Placed-in-Service		0	0
Ending Balance		32,053	24,159
Cultivation | Massachusetts
Construction In Progress [Roll Forward]
Fundings	1,600
Cultivation | Mint
Construction In Progress [Roll Forward]
Beginning Balance	10,541	14,822	10,541
Fundings		2,361	4,281
Placed-in-Service		0	0
Ending Balance		17,183	14,822
Cultivation | Bloom Medicinal
Construction In Progress [Roll Forward]
Beginning Balance	0	7,324	0
Fundings		5,533	7,324
Placed-in-Service		0	0
Ending Balance		12,857	7,324
Cultivation | Calypso
Construction In Progress [Roll Forward]
Beginning Balance	$ 0	2,013	0
Fundings		0	2,013
Placed-in-Service		0	0
Ending Balance		$ 2,013	$ 2,013

Real Estate - Future Amortizati

Real Estate - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
2024 (nine months ending December 31, 2024)	$ 1,490
2025	1,985
2026	1,985
2027	1,985
2028	1,985
Thereafter	9,853
Total	$ 19,283	$ 19,779

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) tenant property state lease	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) tenant state property	Jun. 30, 2022 USD ($)
Lessor, Lease, Description [Line Items]
Reimbursable revenue	$ 299,800	$ 83,100
Number of leases with purchase option | lease	2
Total Real Estate	$ 420,202,000		$ 412,308,000
Number of properties | property	31		31
Number of tenants | tenant	13		13
Number of states where real estate property is owned | state	12		12
Number of leases | lease	1
ROU asset	$ 161,200		$ 177,400	$ 273,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]				Other Assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]				Other Liabilities
Weighted-average discount rate	5.65%
Remaining lease term (in years)	2 years 5 months 1 day
One Office Lease
Lessor, Lease, Description [Line Items]
Lease term (in years)	4 years
Operating lease payments, year one	$ 72,000
Operating lease payments, year four	85,000
Real Estate Investment, Leased Assets with Option to Purchase
Lessor, Lease, Description [Line Items]
Total Real Estate	$ 6,300,000
Minimum
Lessor, Lease, Description [Line Items]
Percentage of rent increase	2%
Term of tenant improvement funding (in months)	12 months
Maximum
Lessor, Lease, Description [Line Items]
Percentage of rent increase	3%
Term of tenant improvement funding (in months)	18 months

Leases - Future Contractual Min

Leases - Future Contractual Minimum Rent (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (nine months ending December 31, 2024)	$ 37,428
2025	51,421
2026	52,965
2027	54,344
2028	55,759
Thereafter	544,828
Total	$ 796,745

Leases - Tenants in Portfolio t

Leases - Tenants in Portfolio that Represents the Largest Percentage of Total Revenue (Details)	3 Months Ended
	Mar. 31, 2024 property lease	Mar. 31, 2023 lease property
Pennsylvania
Real Estate [Line Items]
Percentage of Rental Income	26%	29%
Number of Properties | property	7	7
Florida
Real Estate [Line Items]
Percentage of Rental Income	19%	12%
Number of Properties | property	1	1
Illinois
Real Estate [Line Items]
Percentage of Rental Income	18%	20%
Number of Properties | property	7	7
Massachusetts
Real Estate [Line Items]
Percentage of Rental Income	14%	20%
Number of Properties | property	5	6
Missouri
Real Estate [Line Items]
Percentage of Rental Income	10%	8%
Number of Properties | property	2	2
Curaleaf
Real Estate [Line Items]
Number of Leases | lease	10	10
Percentage of Rental Income	23%	25%
Cresco Labs
Real Estate [Line Items]
Number of Leases | lease	1	1
Percentage of Rental Income	14%	15%
Trulieve
Real Estate [Line Items]
Number of Leases | lease	1	1
Percentage of Rental Income	11%	12%
Columbia Care
Real Estate [Line Items]
Number of Leases | lease	5	5
Percentage of Rental Income	9%	9%
Calypso
Real Estate [Line Items]
Number of Leases | lease	1	1
Percentage of Rental Income	8%	8%

Leases - Future Contractual Ren

Leases - Future Contractual Rent Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (nine months ended December 31, 2024)	$ 57
2025	77
2026	52
Total Minimum Lease Payments	186
Less: Amount Discounted Using Incremental Borrowing Rate	(17)
Total Lease Liability	$ 169

Loan Receivable, net - Narrativ

Loan Receivable, net - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jun. 10, 2022	Mar. 31, 2024	Dec. 31, 2023
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable		$ 4,848	$ 4,833
Financing receivable, before allowance for credit loss		5,000	5,000
Unsecured Loan Receivable | Bloom Medicinal
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 5,000	$ 5,000	$ 5,000
Loan interest rate	10.25%	10.48%	10.48%
Loan interest rate increase	102.25%
Term that loan is interest only (in years)	4 years
Amortization term of principal and interest (in years)	5 years
Financing receivable, before allowance for credit loss		$ 5,000

Loan Receivable, net - CECL Res

Loan Receivable, net - CECL Reserve (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
CECL reserve, beginning balance	$ 166,650
Adjustment to expected credit loss	(14,322)
CECL reserve, ending balance	$ 152,328

Financings (Details)

Financings (Details) $ in Thousands	Jul. 29, 2022 USD ($) lender	Mar. 31, 2024 USD ($)	Jan. 03, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2023 USD ($)	May 06, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 20, 2021 USD ($)
Debt Instrument [Line Items]
Revolving Credit Facility		$ 4,000		$ 1,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 90,000					$ 30,000
Number of additional lenders | lender	2
Minimum variable rate	4.75%
Revolving Credit Facility		4,000		$ 1,000
Amount available to be drawn		$ 86,000
Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Applicable margin	1%
Revolving Credit Facility | Fixed Interest Rate For First Three Years
Debt Instrument [Line Items]
Interest rate	5.65%
Potential Expansion of Borrowing Capacity for Additional Lenders | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000
Loans Payable
Debt Instrument [Line Items]
Face amount								$ 3,800
Interest rate								4%
Annual principal payment			$ 1,000		$ 1,000		$ 1,800

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended
	Mar. 31, 2024
Related Party | HG Vora | Related Party, Terms Of Nomination Of Members Of Board Of Directors, Term One
Related Party Transaction [Line Items]
Number of consecutive days (in days)	60 days

Noncontrolling Interests (Detai

Noncontrolling Interests (Details)	Mar. 31, 2024 Rate	Dec. 31, 2023 Rate
Noncontrolling Interest [Abstract]
Noncontrolling Interests %	1.80%	1.80%

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($)		3 Months Ended		36 Months Ended
	Aug. 12, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
The 2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)		2,275,727
Term of plan (in years)		10 years
Shares available for issuance (in shares)		1,809,193
Number of shares of common stock upon vesting for each RSU (in shares)		1
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares outstanding (in shares)		119,239	75,419
Payment of dividend equivalent		$ 33,100	$ 8,700
Unearned dividend equivalents		114,473	60,760
Amortization of compensation costs		200,000	$ 100,000
Unrecognized compensation cost		$ 800,000
Weighted average amortization period (in years)		1 year 6 months
Shares vested in period (in shares)		9,209	0
Performance Stock Units (PSU)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares vested in period (in shares)		0	0
Performance Stock Units (PSU) | The 2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares outstanding (in shares)		159,522	121,858
Unearned dividend equivalents		$ 311,084	$ 164,496
Amortization of compensation costs		200,000	$ 200,000
Unrecognized compensation cost		$ 1,500,000
Weighted average amortization period (in years)		2 years 1 month 6 days
Performance Stock Units (PSU) | The 2021 Equity Incentive Plan | Forecast
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares vested in period (in shares)				56,522	55,017	47,983
Fair value (in dollars per share)				$ 17.30	$ 11.23	$ 24
Performance Stock Units (PSU) | The 2021 Equity Incentive Plan | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued (in shares)		0
Performance Stock Units (PSU) | The 2021 Equity Incentive Plan | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued (in shares)		319,044
Nonqualified Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued (in shares)	791,790
Exercise price (in dollars per share)	$ 24

Stock Based Compensation - Unve

Stock Based Compensation - Unvested Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of Unvested Shares of RSUs
Beginning balance (in shares)	63,582	29,255
Granted (in shares)	28,754	27,630
Forfeited (in shares)	(740)	0
Vested (in shares)	(9,209)	0
Ending balance (in shares)	82,387	56,885
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 13.92	$ 22.89
Granted (in dollars per share)	16.10	13.38
Forfeited (in dollars per share)	15.19	0
Vested (in dollars per share)	13.38	0
Ending balance (in dollars per share)	$ 14.73	$ 18.27
Shares withheld (in shares)	2,846

Stock Based Compensation - Vest

Stock Based Compensation - Vested Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of Vested Shares of RSUs
Beginning balance (in shares)	36,852	18,534
Vested (in shares)	9,209	0
Converted (in shares)	(6,363)	0
Shares Withheld (in shares)	(2,846)	0
Ending balance (in shares)	36,852	18,534
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 22.05	$ 23.93
Vested (in dollars per share)	13.38	0
Converted (in dollars per share)	13.38	0
Shares Withheld (in dollars per share)	13.38	0
Ending balance (in dollars per share)	$ 22.05	$ 23.93
Shares withheld (in shares)	2,846

Stock Based Compensation - Un_2

Stock Based Compensation - Unvested Performance Stock Activity (Details) - Performance Stock Units (PSU) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of Unvested Shares of PSUs
Beginning balance (in shares)	103,000	66,841
Granted (in shares)	56,522	55,017
Forfeited (in shares)	0	0
Ending balance (in shares)	159,522	121,858
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 17.18	$ 24.04
Granted (in dollars per share)	17.30	11.23
Forfeited (in dollars per share)	0	0
Ending balance (in dollars per share)	$ 17.22	$ 18.26

Warrants (Details)

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 27, 2023	Mar. 17, 2021
Revolutionary Clinics
Class of Warrant or Right [Line Items]
Investment in warrants	$ 522
Merger with Target | Warrants Issued in Connection with the Merger
Class of Warrant or Right [Line Items]
Number of warrants to purchase (in shares)		602,392
Purchase price of warrant (in dollars per share)		$ 24

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Sep. 15, 2023	Nov. 07, 2022
Preferred Units [Line Items]
Preferred stock, shares authorized (in shares)	100,000,000		100,000,000
Preferred stock outstanding (in shares)	0
Common stock, shares authorized (in shares)	400,000,000		400,000,000
Common stock, shares issued (in shares)	20,509,883		20,503,520
Common stock, shares outstanding (in shares)	20,509,883		20,503,520
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Stock repurchase program authorized amount				$ 10,000	$ 10,000
Shares repurchased (in shares)	0	49,307
Average cost per share (in dollars per share)		$ 12.63
Repurchase of common stock		$ 622
Remaining availability under the program	$ 8,200
Series A Preferred Stock
Preferred Units [Line Items]
Preferred stock outstanding (in shares)	0

Stockholders' Equity - Common D

Stockholders' Equity - Common Dividends, Dividend Equivalents and Distributions Declared (Details) - $ / shares			3 Months Ended
	Mar. 08, 2024	Mar. 07, 2023	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Amount per Share/Unit	$ 0.41	$ 0.39	$ 0.41	$ 0.39

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income Attributable to Noncontrolling Interests	$ 6,869	$ 5,868
Add: Net Income Attributable to Noncontrolling Interest	125	102
Net Income	$ 6,994	$ 5,970
Denominator:
Weighted Average Shares of Common Stock Outstanding - Basic (in shares)	20,541,840	21,423,470
Weighted Average Shares of Common Stock - Diluted (in shares)	20,942,254	21,797,316
Earnings Per Share - Basic
Net Income Attributable to Common Stockholders, Basic (in dollars per share)	$ 0.33	$ 0.27
Earnings Per Share - Diluted
Net Income Attributable to Common Stockholder, Diluted (in dollars per share)	$ 0.33	$ 0.27
Employee Stock Option
Earnings Per Share - Diluted
Antidilutive shares (in shares)	791,790	791,790
Warrant
Earnings Per Share - Diluted
Antidilutive shares (in shares)	615,838	615,838
Performance Stock Units (PSU)
Earnings Per Share - Diluted
Antidilutive shares (in shares)	159,522	121,858
Restricted Stock Units (RSUs)
Denominator:
Dilutive Effect of Unvested Restricted Stock Units (in shares)	26,832	264
OP Units
Denominator:
Dilutive Effect of OP Units (in shares)	373,582	373,582

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Note Receivable	$ 4,848,000	$ 4,833,000
Revolving Credit Facility	4,000,000	1,000,000
Loan Payable	0	1,000,000
Estimated Fair Value
Financing receivable, before allowance for credit loss	5,000,000	5,000,000
Allowance for credit loss	152,328	166,650
Fair Value, Inputs, Level 3
Estimated Fair Value
Note Receivable	4,725,000	4,748,000
Fair Value, Inputs, Level 2
Estimated Fair Value
Revolving Credit Facility	3,930,000	968,000
Loan Payable	$ 0	$ 992,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($) lease
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments | $	$ 6.5
Number of leases | lease	1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
	May 09, 2024	May 09, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Real estate acquisition costs			$ 0	$ 350
Unfunded commitments			6,458		$ 14,351
TI Funded			$ 7,894	$ 1,402	$ 14,434
Cultivation Facility In Connecticut | Subsequent Event
Subsequent Event [Line Items]
Real estate acquisition costs	$ 4,000
Unfunded commitments	$ 12,000	$ 12,000
Cultivation Facility In Arizona And Missouri | Subsequent Event
Subsequent Event [Line Items]
TI Funded		$ 1,900