NewLake Capital Partners (NLCP) 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 12, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		20,512,156
Entity Central Index Key	0001854964
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate
Land	$ 21,717	$ 21,397
Building and Improvements	408,548	390,911
Total Real Estate	430,265	412,308
Less Accumulated Depreciation	(41,417)	(31,999)
Net Real Estate	388,848	380,309
Cash and Cash Equivalents	19,833	25,843
In-Place Lease Intangible Assets, net	18,290	19,779
Loan Receivable, net (Current Expected Credit Loss of $128 and $167, respectively)	4,872	4,833
Other Assets	2,736	2,528
Total Assets	434,579	433,292
Liabilities:
Accounts Payable and Accrued Expenses	1,253	1,117
Revolving Credit Facility	7,600	1,000
Loan Payable, net	0	1,000
Dividends and Distributions Payable	9,009	8,385
Security Deposits	8,995	8,616
Rent Received in Advance	668	990
Other Liabilities	130	227
Total Liabilities	27,655	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, 20,511,508 and 20,503,520 Shares Issued and Outstanding, respectively	205	205
Additional Paid-In Capital	446,466	445,289
Accumulated Deficit	(47,008)	(40,909)
Total Stockholders' Equity	399,663	404,585
Noncontrolling Interests	7,261	7,372
Total Equity	406,924	411,957
Total Liabilities and Equity	$ 434,579	$ 433,292

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Current expected credit loss	$ 128,400	$ 166,700
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	0
Preferred stock, shares outstanding (in shares)	0	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)	20,511,508	20,503,520
Common stock, shares outstanding (in shares)	20,511,508	20,503,520

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Rental Income	$ 12,276	$ 11,297	$ 36,657	$ 33,637
Interest Income from Loans	134	131	399	390
Fees and Reimbursables	144	63	562	256
Total Revenue	12,554	11,491	37,618	34,283
Expenses:
Property Expenses	128	78	179	228
Depreciation and Amortization Expense	3,726	3,568	10,920	10,698
General and Administrative Expenses:
Compensation Expense	1,169	1,173	3,554	3,450
Professional Fees	475	300	1,120	986
Other General and Administrative Expenses	433	389	1,307	1,309
Total General and Administrative Expenses	2,077	1,862	5,981	5,745
Total Expenses	5,931	5,508	17,080	16,671
Provision for Current Expected Credit Loss	12	0	38	0
Income From Operations	6,635	5,983	20,576	17,612
Other Income (Expense):
Other Income	80	178	262	607
Interest Expense	(177)	(95)	(388)	(284)
Total Other Income (Expense)	(97)	83	(126)	323
Net Income	6,538	6,066	20,450	17,935
Net Income Attributable to Noncontrolling Interests	116	108	363	312
Net Income Attributable to Common Stockholders	$ 6,422	$ 5,958	$ 20,087	$ 17,623
Net Income Attributable to Common Stockholders Per Share - Basic (in dollars per share)	$ 0.31	$ 0.28	$ 0.98	$ 0.83
Net Income Attributable to Common Stockholders Per Share - Diluted (in dollars per share)	$ 0.31	$ 0.28	$ 0.98	$ 0.83
Weighted Average Shares of Common Stock Outstanding - Basic (in shares)	20,578,838	21,199,638	20,558,754	21,330,046
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares)	20,975,718	21,582,314	20,956,515	21,710,101

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]
Conversion of OP Units to Common Stock (in shares)		0
Repurchase of Common Stock (in shares)	(713,831)	(713,831)
Repurchase of Common Stock	$ (9,254)	$ (7)	(9,247)
Stock-Based Compensation	1,060		1,060
Dividends to Common Stock	(24,709)			(24,709)
Dividends on Restricted Stock Units	(62)			(62)
Distributions to OP Unitholders	(438)				(438)
Adjustment for Noncontrolling Interest Ownership in Operating Partnership			(104)		104
Net Income	17,935			17,623	312
Ending balance (in shares) at Sep. 30, 2023		20,694,363
Ending balance at Sep. 30, 2023	415,470	$ 207	447,531	(39,635)	7,367
Beginning balance (in shares) at Jun. 30, 2023		21,302,515
Beginning balance at Jun. 30, 2023	425,176	$ 213	455,143	(37,508)	7,328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Common Stock (in shares)		(608,152)
Repurchase of Common Stock	(7,920)	$ (6)	(7,914)
Stock-Based Compensation	379		379
Dividends to Common Stock	(8,071)			(8,071)
Dividends on Restricted Stock Units	(14)			(14)
Distributions to OP Unitholders	(146)				(146)
Adjustment for Noncontrolling Interest Ownership in Operating Partnership			(77)		77
Net Income	6,066			5,958	108
Ending balance (in shares) at Sep. 30, 2023		20,694,363
Ending balance at Sep. 30, 2023	415,470	$ 207	447,531	(39,635)	7,367
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 OP Units to Common Stock (in shares)		942
Conversion of OP Units to Common Stock			19		(19)
Cash Paid for Taxes in Lieu of Issuance of Common Stock	$ (46)		(46)
Repurchase of Common Stock (in shares)	0
Stock-Based Compensation (in shares)		683
Stock-Based Compensation	$ 1,223		1,223
Dividends to Common Stock	(26,048)			(26,048)
Dividends on Restricted Stock Units	(138)			(138)
Distributions to OP Unitholders	(474)				(474)
Adjustment for Noncontrolling Interest Ownership in Operating Partnership			(19)		19
Net Income	20,450			20,087	363
Ending balance (in shares) at Sep. 30, 2024		20,511,508
Ending balance at Sep. 30, 2024	406,924	$ 205	446,466	(47,008)	7,261
Beginning balance (in shares) at Jun. 30, 2024		20,509,883
Beginning balance at Jun. 30, 2024	408,946	$ 205	446,006	(44,581)	7,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Stock (in shares)		942
Conversion of OP Units to Common Stock			19		(19)
Stock-Based Compensation (in shares)		683
Stock-Based Compensation	449		449
Dividends to Common Stock	(8,820)			(8,820)
Dividends on Restricted Stock Units	(29)			(29)
Distributions to OP Unitholders	(160)				(160)
Adjustment for Noncontrolling Interest Ownership in Operating Partnership			(8)		8
Net Income	6,538			6,422	116
Ending balance (in shares) at Sep. 30, 2024		20,511,508
Ending balance at Sep. 30, 2024	$ 406,924	$ 205	$ 446,466	$ (47,008)	$ 7,261

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash Flows from Operating Activities:
Net Income	$ 6,538	$ 6,066	$ 20,450	$ 17,935
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Stock-Based Compensation			1,223	1,060
Depreciation and Amortization Expense			10,920	10,698
Amortization of Debt Issuance Costs			202	201
Amortization of Debt Discount			0	10
Provision for Credit Loss	(12)	0	(38)	0
Non-Cash Lease Expense			(2)	0
Non-Cash Application of Rent Escrow			(299)	0
Non-Cash Application of Security Deposit			0	(945)
Changes in Assets and Liabilities
Other Assets			(123)	22
Accounts Payable and Accrued Expenses			128	(659)
Security Deposits			677	510
Rent Received in Advance			(322)	(468)
Other Liabilities			(96)	(761)
Net Cash Provided by Operating Activities			32,720	27,603
Cash Flows from Investing Activities:
Funding of Building and Tenant Improvements			(13,964)	(5,609)	$ (14,434)
Acquisition of Real Estate			(3,993)	(350)
Net Cash Used in Investing Activities			(17,957)	(5,959)
Cash Flows from Financing Activities:
Repurchase of Common Stock			0	(9,254)
Cash Paid for Taxes in Lieu of Issuance of Common Stock			(46)	0
Common Stock Dividends Paid			(25,430)	(24,987)
Restricted Stock Unit Dividends Paid			(143)	(65)
Distributions to OP Unitholders			(463)	(437)
Borrowings from Revolving Credit Facility			6,600	0
Principal Repayment on Loan Payable			(1,000)	(1,000)
Deferred Financing Costs			0	(28)
Deferred Offering Costs			(291)	0
Net Cash Used in Financing Activities			(20,773)	(35,771)
Net (Decrease) in Cash and Cash Equivalents			(6,010)	(14,127)
Cash and Cash Equivalents - Beginning of Period			25,843	45,192	45,192
Cash and Cash Equivalents - End of Period	19,833	31,065	19,833	31,065	25,843
Supplemental Disclosure of Cash Flow Information:
Interest Paid			195	123
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Dividends and Distributions Declared, Not Paid	9,009	8,231	9,009	8,231	$ 8,385
Accrual for Deferred Offering Costs	$ 7	$ 0	7	0
OP Units
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Conversion of OP Units to Common Stock			$ 19	$ 0

Organization

Organization	9 Months Ended
	Sep. 30, 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 (the "OTCQX") 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	9 Months Ended
	Sep. 30, 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 any 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 and nine months ended September 30, 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 September 30, 2024 and December 31, 2023, the assets and liabilities of the Company and the Operating Partnership were 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	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate	Real Estate As of September 30, 2024, the Company owned 32 properties, located in 12 states. The following table presents the Company's real estate portfolio as of September 30, 2024 (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 $ (88) $ 841 Acreage Massachusetts Cultivation 481 9,310 9,791 (1,367) 8,424 Acreage Pennsylvania Cultivation 952 9,209 10,161 (1,305) 8,856 Ayr Wellness, Inc. Nevada Cultivation 1,002 12,577 13,579 (859) 12,720 Ayr Wellness, Inc. Pennsylvania Cultivation 2,963 12,315 15,278 (916) 14,362 C3 Industries Connecticut Cultivation 321 4,272 4,593 (42) (3) 4,551 C3 Industries Missouri Cultivation 948 28,069 29,017 (958) 28,059 Calypso Enterprises Pennsylvania Cultivation 1,486 30,527 32,013 (2,170) (3) 29,843 Cannabist (2) California Dispensary 1,082 2,692 3,774 (305) 3,469 Cannabist (2) Illinois Dispensary 162 1,053 1,215 (115) 1,100 Cannabist (2) Illinois Cultivation 801 10,560 11,361 (1,167) 10,194 Cannabist (2) Massachusetts Dispensary 108 2,212 2,320 (270) 2,050 Cannabist (2) Massachusetts Cultivation 1,136 12,690 13,826 (1,887) 11,939 Cresco Labs Illinois Cultivation 276 50,456 50,732 (6,815) 43,917 Curaleaf Connecticut Dispensary 184 2,748 2,932 (324) 2,608 Curaleaf Florida Cultivation 388 75,595 75,983 (7,992) 67,991 Curaleaf Illinois Dispensary 69 525 594 (65) 529 Curaleaf Illinois Dispensary 65 959 1,024 (122) 902 Curaleaf Illinois Dispensary 606 1,128 1,734 (140) 1,594 Curaleaf Illinois Dispensary 281 3,072 3,353 (371) 2,982 Curaleaf North Dakota Dispensary 779 1,395 2,174 (168) 2,006 Curaleaf Ohio Dispensary 574 2,788 3,362 (393) 2,969 Curaleaf Pennsylvania Dispensary 877 1,041 1,918 (164) 1,754 Curaleaf Pennsylvania Dispensary 216 2,011 2,227 (242) 1,985 Greenlight Arkansas Dispensary 238 1,919 2,157 (232) 1,925 Mint Arizona Cultivation 2,400 18,610 21,010 — (3) 21,010 Organic Remedies Missouri Cultivation 204 20,897 21,101 (2,993) 18,108 PharmaCann Massachusetts Dispensary 411 1,701 2,112 (364) 1,748 PharmaCann Ohio Dispensary 281 1,269 1,550 (70) 1,480 PharmaCann Pennsylvania Dispensary 44 1,271 1,315 (140) 1,175 Revolutionary Clinics Massachusetts Cultivation 926 41,934 42,860 (3,977) 38,883 Trulieve Pennsylvania Cultivation 1,061 43,209 44,270 (5,396) 38,874 Total Real Estate (4) $ 21,717 $ 408,548 $ 430,265 $ (41,417) $ 388,848 (1) Includes construction in progress in the amount of $21.2 million that had been funded as of September 30, 2024. (2) This tenant was formerly known as Columbia Care. (3) A portion of this investment is currently under development or undergoing building or tenant improvements. Once the development or improvements are completed and placed-in service, the Company will begin depreciating the applicable part of the property. (4) At times, numbers in this table may differ due to rounding. Real Estate Acquisitions 2024 Acquisitions In May 2024, the Company purchased a cultivation facility in Connecticut for approximately $4.0 million and committed to fund approximately $12.0 million in building and tenant improvements (refer to the Building and Tenant Improvements table below for details). The property was simultaneously leased to a related entity of an existing tenant. The following table presents the real estate acquisition for the nine months ended September 30, 2024 (in thousands): Tenant Market Site Type Closing Date Real Estate Acquisition Costs C3 Industries Connecticut Cultivation May 7, 2024 $ 3,993 Total $ 3,993 2023 Acquisitions In March 2023, the Company exercised its option to acquire an adjacent parcel of land to expand its cultivation facility in Missouri and invested $350 thousand and committed to fund approximately $16.2 million to expand the facility (refer to the Building and Tenant Improvements table below for details). The following table presents the real estate acquisition for the year ended December 31, 2023 (in thousands): Tenant Market Site Type Closing Date Real Estate Acquisition Costs C3 Industries Missouri Cultivation March 3, 2023 $ 350 Total $ 350 Real Estate Commitments 2024 Improvement Allowances For the nine months ended September 30, 2024, the Company funded approximately $14.0 million towards its' committed improvement allowances across four tenants. The following table presents the funded commitments and the remaining unfunded commitments for the nine months ended September 30, 2024 (in thousands): Tenant Market Site Type Closing Date Funded Commitments Unfunded Commitments Ayr Wellness, Inc. Pennsylvania Cultivation June 30, 2022 $ 750 $ — C3 Industries Connecticut Cultivation May 7, 2024 600 11,424 C3 Industries Missouri Cultivation March 3, 2023 (1) 8,826 — Mint Arizona Cultivation June 24, 2021 3,788 800 (2) Total $ 13,964 $ 12,224 (1) Funded commitments and unfunded commitments relate to the Missouri cultivation facility expansion project. (2) Effective June 6, 2024, the lease agreement was amended to include an additional commitment of approximately $800 thousand. 2023 Improvement Allowances For the year ended December 31, 2023, the Company funded approximately $14.4 million towards its' committed improvement allowances across four tenants. The following table presents the funded commitments and the remaining unfunded commitments for the year ended December 31, 2023 (in thousands): Tenant Market Site Type Closing Date Funded Commitments Unfunded Commitments Ayr Wellness, Inc. Pennsylvania Cultivation June 30, 2022 $ — $ 750 C3 Industries Missouri Cultivation April 1, 2022 7,858 8,826 Calypso Pennsylvania Cultivation August 5, 2022 2,013 987 (1) Mint Arizona Cultivation June 24, 2021 4,281 3,788 (2) Organic Remedies Missouri Cultivation December 20, 2021 282 — Total $ 14,434 $ 14,351 (1) As of September 30, 2024, the Company's obligation to fund the remaining improvement allowance was suspended until all outstanding rent is paid and the escrow deposit is replenished. (2) Effective June 1, 2023, the lease agreement was amended to include an additional commitment of approximately $6.5 million. Construction in Progress As of September 30, 2024 and December 31, 2023, funded commitments recorded in Construction in Progress ("CIP") were $21.2 million and $24.2 million, respectively, and are classified in "Buildings and Improvements" in the accompanying consolidated balance sheets. 2024 Construction in Progress The following table presents the CIP balance as of September 30, 2024 (in thousands): Tenant State Site Type CIP Balance (1) C3 Industries Connecticut Cultivation $ 600 Calypso Pennsylvania Cultivation 2,013 Mint Arizona Cultivation 18,610 Total $ 21,223 (1) These properties were under development or undergoing building or tenant improvements as of September 30, 2024. Once the development or the improvements are completed for its intended use, the assets will be placed-in-service and the Company will begin depreciation. 2023 Construction in Progress The following table presents the CIP balance as of December 31, 2023 (in thousands): Tenant State Site Type CIP Balance (1) C3 Industries Missouri Cultivation $ 7,324 Calypso Pennsylvania Cultivation 2,013 Mint Arizona Cultivation 14,822 Total $ 24,159 (1) These properties were under development or improvement as of December 31, 2023. Once the development or the improvements are completed for its intended use, the assets will be placed-in-service and the Company will begin depreciation. Disposal of Real Estate 2024 Dispositions There were no sales of real estate property investments during the nine months ended September 30, 2024. 2023 Dispositions During the year ended December 31, 2023, there was one real estate property sold. 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. In-place Leases The following table presents the future amortization of the Company’s acquired in-place leases as of September 30, 2024 (in thousands): Year Amortization Expense 2024 (three months ending December 31, 2024) $ 497 2025 1,985 2026 1,985 2027 1,985 2028 1,985 Thereafter 9,853 Total $ 18,290 Depreciation and Amortization For the three months ended September 30, 2024 and 2023, depreciation expense on the Company's real estate assets was approximately $3.2 million and $3.1 million, respectively. Depreciation expense on the Company's real estate assets for the nine months ended September 30, 2024 and 2023, was approximately $9.4 million and $9.2 million, respectively. Amortization of the Company’s acquired in-place lease intangible assets was approximately $0.5 million for both the three months ended September 30, 2024 and 2023. Amortization of the Company’s acquired in-place lease intangible assets was approximately $1.5 million for both the nine months ended September 30, 2024 and 2023. The acquired in-place lease intangible assets have a weighted average remaining amortization period of approximately 9.48 years. 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 September 30, 2024 and September 30, 2023, respectively.

Leases

Leases	9 Months Ended
	Sep. 30, 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 are not reflected in the statements of operations. The expense and reimbursable amounts may differ due to timing, since the revenue is recorded on a cash basis. 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 September 30, 2024 and 2023, the reimbursable revenues were $93.7 thousand and $14.5 thousand, respectively. For the nine months ended September 30, 2024, and 2023 the reimbursable revenues were $411.9 thousand, and $111.9 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 an improvement allowance, which is generally available to be funded between 12 and 18 months. In some leases, the tenant becomes liable to pay rent as if all the improvement allowance has been funded, even if there are still unfunded commitments. Improvement allowances 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 first quarter of 2024, the tenant was out of compliance with certain provisions of the lease and as a result the purchase option was terminated. As of September 30, 2024, the Company had two leases that granted the lessee an option to purchase the leased property at its fair market value at the end of the initial lease term in December 2029, provided certain conditions. As of September 30, 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 September 30, 2024 (in thousands): Year Contractual Minimum Rent (1) 2024 (three months ending December 31, 2024) $ 12,807 2025 52,649 2026 55,044 2027 56,475 2028 57,944 Thereafter 577,041 Total $ 811,960 (1) The table includes future contractual minimum rent from two non-performing tenants since their lease's remained in effect and had not been modified or terminated as of September 30, 2024. 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 September 30, 2024 and December 31, 2023, the Company owned 32 and 31 properties, respectively, 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 revenue reimbursables, for each of the periods presented: For the Three Months Ended September 30, 2024 2023 Tenant Number of Leases Percentage of Rental Income (1) Tenant Number of Leases Percentage of Rental Income (1)(2) Curaleaf 10 23% Curaleaf 10 25% Cresco Labs 1 14% Cresco Labs 1 14% Trulieve 1 11% Trulieve 1 12% Cannabist (3) 5 9% Cannabist (3) 5 9% C3 Industries 2 8% Calypso 1 8% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Prior year presentation has been recalculated to exclude revenue reimburseables to conform to current year presentation. (3) This tenant was formerly known as Columbia Care. For the Nine Months Ended September 30, 2024 2023 Tenant Number of Leases Percentage of Rental Income (1) Tenant Number of Leases Percentage of Rental Income (1)(2) Curaleaf 10 23% Curaleaf 10 25% Cresco Labs 1 14% Cresco Labs 1 14% Trulieve 1 11% Trulieve 1 12% Cannabist (3) 5 9% Cannabist (3) 5 9% Calypso 1 7% Calypso 1 8% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Prior year presentation has been recalculated to exclude revenue reimbursables to conform to current year presentation. (3) This tenant was formerly know as Columbia Care. 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 September 30, 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 28% Florida 1 19% Florida 1 20% Illinois 7 18% Illinois 7 19% Missouri 2 11% Massachusetts (2) 6 12% Massachusetts 5 11% Missouri 2 9% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Included in the number of properties and revenue is one Massachusetts property sold in October 2023. For the Nine Months Ended September 30, 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 28% Florida 1 19% Florida 1 20% Illinois 7 18% Illinois 7 19% Massachusetts 5 12% Massachusetts (2) 6 12% Missouri 2 11% Missouri 2 8% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Included in the number of properties and revenue is one Massachusetts property sold in October 2023. Condition of Our Tenants During the fourth quarter of 2023, the Company amended its leases with: a) Revolutionary Clinics as part of a restructuring of their business, their receipt of new third-party capital and new management, and b) Calypso in connection with their sale to Canvas Acquisition Corporation. Both tenants experienced recent operating challenges impacting their ability to pay rent as described below. The Company is currently in discussion with these tenants and have reserved all rights under the lease agreements. Revolutionary Clinics Revolutionary Clinics did not pay approximately 50% of the contractual rent from June 2024 through September 2024. Calypso Enterprises Calypso Enterprises did not pay its September 2024 contractual rent due under its lease agreement. The Company held an escrow deposit amounting to approximately six months of contractual rent payments. The Company applied approximately $299 thousand from this escrow deposit to cover the outstanding September 2024 rent. Additionally, in accordance with the lease agreement, the Company suspended its obligation to fund the remaining improvement allowance of approximately $987 thousand until all outstanding rent is paid and the escrow deposit is replenished. As Lessee Commencing on June 1, 2022, the Company entered into a four year lease agreement, subject to annual escalations, which includes the option to extend the lease for a single three year period. The annual rent payments range from approximately $72.0 thousand in year one to approximately $85.0 thousand in year four. The one 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 is classified in “ Other Assets Other Liabilities" The following table presents the future contractual rent obligations as lessee as of September 30, 2024 (in thousands): Year Contractual Base Rent 2024 (three months ended December 31, 2024) $ 19 2025 77 2026 52 Total Minimum Lease Payments $ 148 Less: Amount Discounted Using Incremental Borrowing Rate $ (13) Total Lease Liability $ 135 As of September 30, 2024, the weighted-average discount rate used to calculate the lease liability was 5.65% and the remaining lease term was 1.92 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 are not reflected in the statements of operations. The expense and reimbursable amounts may differ due to timing, since the revenue is recorded on a cash basis. 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 September 30, 2024 and 2023, the reimbursable revenues were $93.7 thousand and $14.5 thousand, respectively. For the nine months ended September 30, 2024, and 2023 the reimbursable revenues were $411.9 thousand, and $111.9 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 an improvement allowance, which is generally available to be funded between 12 and 18 months. In some leases, the tenant becomes liable to pay rent as if all the improvement allowance has been funded, even if there are still unfunded commitments. Improvement allowances 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 first quarter of 2024, the tenant was out of compliance with certain provisions of the lease and as a result the purchase option was terminated. As of September 30, 2024, the Company had two leases that granted the lessee an option to purchase the leased property at its fair market value at the end of the initial lease term in December 2029, provided certain conditions. As of September 30, 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 September 30, 2024 (in thousands): Year Contractual Minimum Rent (1) 2024 (three months ending December 31, 2024) $ 12,807 2025 52,649 2026 55,044 2027 56,475 2028 57,944 Thereafter 577,041 Total $ 811,960 (1) The table includes future contractual minimum rent from two non-performing tenants since their lease's remained in effect and had not been modified or terminated as of September 30, 2024. 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 September 30, 2024 and December 31, 2023, the Company owned 32 and 31 properties, respectively, 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 revenue reimbursables, for each of the periods presented: For the Three Months Ended September 30, 2024 2023 Tenant Number of Leases Percentage of Rental Income (1) Tenant Number of Leases Percentage of Rental Income (1)(2) Curaleaf 10 23% Curaleaf 10 25% Cresco Labs 1 14% Cresco Labs 1 14% Trulieve 1 11% Trulieve 1 12% Cannabist (3) 5 9% Cannabist (3) 5 9% C3 Industries 2 8% Calypso 1 8% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Prior year presentation has been recalculated to exclude revenue reimburseables to conform to current year presentation. (3) This tenant was formerly known as Columbia Care. For the Nine Months Ended September 30, 2024 2023 Tenant Number of Leases Percentage of Rental Income (1) Tenant Number of Leases Percentage of Rental Income (1)(2) Curaleaf 10 23% Curaleaf 10 25% Cresco Labs 1 14% Cresco Labs 1 14% Trulieve 1 11% Trulieve 1 12% Cannabist (3) 5 9% Cannabist (3) 5 9% Calypso 1 7% Calypso 1 8% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Prior year presentation has been recalculated to exclude revenue reimbursables to conform to current year presentation. (3) This tenant was formerly know as Columbia Care. 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 September 30, 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 28% Florida 1 19% Florida 1 20% Illinois 7 18% Illinois 7 19% Missouri 2 11% Massachusetts (2) 6 12% Massachusetts 5 11% Missouri 2 9% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Included in the number of properties and revenue is one Massachusetts property sold in October 2023. For the Nine Months Ended September 30, 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 28% Florida 1 19% Florida 1 20% Illinois 7 18% Illinois 7 19% Massachusetts 5 12% Massachusetts (2) 6 12% Missouri 2 11% Missouri 2 8% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Included in the number of properties and revenue is one Massachusetts property sold in October 2023. Condition of Our Tenants During the fourth quarter of 2023, the Company amended its leases with: a) Revolutionary Clinics as part of a restructuring of their business, their receipt of new third-party capital and new management, and b) Calypso in connection with their sale to Canvas Acquisition Corporation. Both tenants experienced recent operating challenges impacting their ability to pay rent as described below. The Company is currently in discussion with these tenants and have reserved all rights under the lease agreements. Revolutionary Clinics Revolutionary Clinics did not pay approximately 50% of the contractual rent from June 2024 through September 2024. Calypso Enterprises Calypso Enterprises did not pay its September 2024 contractual rent due under its lease agreement. The Company held an escrow deposit amounting to approximately six months of contractual rent payments. The Company applied approximately $299 thousand from this escrow deposit to cover the outstanding September 2024 rent. Additionally, in accordance with the lease agreement, the Company suspended its obligation to fund the remaining improvement allowance of approximately $987 thousand until all outstanding rent is paid and the escrow deposit is replenished. As Lessee Commencing on June 1, 2022, the Company entered into a four year lease agreement, subject to annual escalations, which includes the option to extend the lease for a single three year period. The annual rent payments range from approximately $72.0 thousand in year one to approximately $85.0 thousand in year four. The one 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 is classified in “ Other Assets Other Liabilities" The following table presents the future contractual rent obligations as lessee as of September 30, 2024 (in thousands): Year Contractual Base Rent 2024 (three months ended December 31, 2024) $ 19 2025 77 2026 52 Total Minimum Lease Payments $ 148 Less: Amount Discounted Using Incremental Borrowing Rate $ (13) Total Lease Liability $ 135 As of September 30, 2024, the weighted-average discount rate used to calculate the lease liability was 5.65% and the remaining lease term was 1.92 years.

Loan Receivable, net

Loan Receivable, net	9 Months Ended
	Sep. 30, 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 C3 Industries 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 September 30, 2024 and December 31, 2023, the loan earned interest at a rate of 10.72% and 10.48%, respectively, and the aggregate principal amount outstanding on the unsecured loan receivable as of September 30, 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 September 30, 2024 (in thousands): Period Expected Credit Loss CECL reserve as of June 30, 2024 $ 140.6 Adjustment to expected credit loss (12.2) CECL reserve as of September 30, 2024 (1) $ 128.4 (1) Included in "Loan Receivable, net" on the accompanying consolidated balance sheets. The following table presents the CECL reserve for the nine months ended September 30, 2024 (in thousands): Period Expected Credit Loss CECL reserve as of December 31, 2023 $ 166.7 Adjustment to expected credit loss (38.3) CECL reserve as of September 30, 2024 (1) $ 128.4 (1) Included in "Loan Receivable, net" on the accompanying consolidated balance sheets.

Financings

Financings	9 Months Ended
	Sep. 30, 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. Revolving Credit Facility On May 6, 2022, the 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 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) plus an applicable margin of 1.0% or (b) 4.75%. As of September 30, 2024 and December 31, 2023, the Company had approximately $7.6 million and $1.0 million, respectively, outstanding under the Revolving Credit Facility. As of September 30, 2024, there was $82.4 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 September 30, 2024, the Company was in compliance with the terms of such covenants under the agreement.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 Charitable Trust, 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	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests represent the limited partnership interest ("LPI Units") in the Operating Partnership not held by the Company. Net income is allocated to noncontrolling interest is based on LPI Unitholders' ownership percentage in the Operating Partnership. As of September 30, 2024 and December 31, 2023 noncontrolling interests represented approximately 372,640 and 373,582 LPI Units, respectively, or 1.8% ownership interest in the Operating Partnership. Net income allocated to the Operating Partnership non-controlling interest for the three months ended September 30, 2024 and 2023 was $116 thousand and $108 thousand, respectively. Net income allocated to the Operating Partnership non-controlling interest for the nine months ended September 30, 2024 and 2023 was $363 thousand and $312 thousand million, respectively. During the nine months ended September 30, 2024 and 2023 there were 942 and no LPI Units converted to common stock, respectively.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 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 Plan, the total 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. Additionally, the Plan provides for the issuance of unrestricted common stock to directors who elect to receive their compensation in common stock rather than cash. During the nine months ended September 30, 2024, 683 shares of common stock were issued related to director compensation, As of September 30, 2024, there were approximately 1,788,250 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 September 30, 2024 and 2023 were 139,499 and 106,820, respectively. Unvested Restricted Stock Units The following table sets forth the Company's unvested RSU activity for the nine months ended September 30,: 2024 2023 Number of Unvested Shares of RSUs Weighted Average Grant Date Fair Value Per Share Number of Unvested Shares of RSUs Weighted Average Grant Date Fair Value Per Share Balance at January 1, 63,582 $ 13.92 29,255 $ 22.89 Granted 49,014 $ 17.40 59,031 $ 12.87 Forfeited (740) $ 15.19 — $ — Vested (40,610) (1) $ 12.64 (18,318) $ 20.14 Balance at September 30, 71,246 $ 17.03 69,968 $ 15.15 (1) Vested shares are reported gross and 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 nine months ended September 30,: 2024 2023 Number of Vested Shares of RSUs Weighted Average Grant Date Fair Value Per Share Number of Vested Shares of RSUs Weighted Average Grant Date Fair Value Per Share Balance at January 1, 36,852 $ 22.05 18,534 $ 23.93 Vested 40,610 (1) $ 12.64 18,318 $ 20.14 Converted (6,363) $ 13.38 — $ — Shares Withheld (2) (2,846) $ 13.38 — $ — Balance at September 30, 68,253 $ 17.62 36,852 $ 22.05 (1) Vested shares are reported gross and 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. (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 RSU represents the right to receive one share of common stock upon vesting. Upon vesting, each RSU is 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 nine months ended September 30, 2024 and 2023, the Company paid $83.0 thousand and $35.3 thousand respectively, of accumulated dividends that became earned upon vesting of RSUs. Accrued unearned dividends on unvested RSUs as of September 30, 2024 and 2023, were $125,817 and $88,756, respectively. The amortization of compensation costs for the RSU awards are classified in "Compensation Expense" in the accompanying consolidated statements of operations and amounted to approximately $0.2 million for both the three months ended September 30, 2024 and 2023, respectively. The amortization of compensation costs for the RSU awards amounted to approximately $0.6 million and $0.5 million for the nine months ended September 30, 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 1.2 years as of September 30, 2024. Performance Stock Units PSUs are granted to officers and certain employees of the Company. Total outstanding PSUs as of September 30, 2024 and 2023, were 159,522 and 121,858, respectively. The following table sets forth the Company's unvested PSU activity for the nine months ended September 30,: 2024 2023 Number of Unvested Shares of PSUs Weighted Average Grant Date Fair Value Per Share Number of Unvested Shares of PSUs Weighted Average Grant Date Fair Value Per Share Balance at January 1, 103,000 $ 17.18 66,841 $ 24.04 Granted 56,522 $ 17.30 55,017 $ 11.23 Balance at September 30, 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 future stock price of a 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 nine months ended September 30, 2024 and 2023, no PSUs vested and therefore the Company did not pay any dividends. Unearned dividends on unvested PSUs as of September 30, 2024 and 2023, were $448,273 and $259,546, respectively. The amortization of compensation costs for the PSU awards 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 September 30, 2024 and 2023. The amortization of compensation costs for the PSU awards amounted to approximately $0.7 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively. The remaining unrecognized compensation cost of approximately $1.1 million for PSU awards is expected to be recognized over a weighted average amortization period of 1.8 years as of September 30, 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 September 30, 2024 and 2023, the Options were fully exercisable and expire on July 15, 2027.

Warrants

Warrants	9 Months Ended
	Sep. 30, 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 September 30, 2024 and 2023, 602,392 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	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred Stock As of September 30, 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 September 30, 2024 and December 31, 2023, the Company had 400,000,000 shares of common stock authorized and 20,511,508 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 of the Company 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 nine months ended September 30, 2024. During the nine months ended September 30, 2023, pursuant to the stock repurchase plan, the Company acquired 713,831 shares of common stock with an average purchase price, including commissions, of $12.96, totaling approximately $9.3 million. The remaining availability under the stock repurchase program as of September 30, 2024, was approximately $8.2 million. At the Market Equity Program On June 10, 2024, the Company entered into an Equity Distribution Agreement ("Equity Distribution Agreement"), relating to shares of its common stock, $0.01 par value per share, pursuant to an “at the market” offering program. In accordance with the terms of the Equity Distribution Agreement, the Company may offer and sell shares of its common stock having an aggregate offering amount of up to $50.0 million from time to time through a sales agent. Sales of the shares of the Company's common stock, if any, may be made in negotiated transactions or by means of ordinary brokers’ transactions on the OTCQX at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices or through a market maker other than on an exchange, directly on or through any other existing trading market or by any other method permitted by law, including but not limited to in privately negotiated transactions and in block trades. Total compensation payable to the sales agent for its services acting as an agent, principal and/or advisor, as applicable, will not exceed 2.0% of the gross sales price per share for any shares of common stock sold from time to time under the Equity Distribution Agreement. Under the terms of the Equity Distribution Agreement, the Company may also sell its common stock to the sales agent as principal for its own account at a price agreed upon at the time of sale. As of September 30, 2024, no shares of common stock had been issued under the At-the-Market Equity Program ("ATM Program"). 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 nine months ended September 30, 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 June 12, 2024 June 28, 2024 April 1, 2024 to June 30, 2024 July 15, 2024 $ 0.43 September 12, 2024 September 30, 2024 July 1, 2024 to September 30, 2024 October 15, 2024 $ 0.43 Total $ 1.27 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 June 15, 2023 June 30, 2023 April 1, 2023 to June 30, 2023 July 14, 2023 $ 0.39 September 15, 2023 September 29, 2023 July 1, 2023 to September 30, 2023 October 13, 2023 $ 0.39 Total $ 1.17

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net Income Attributable to Common Stockholders $ 6,422 $ 5,958 $ 20,087 $ 17,623 Add: Net Income Attributable to Noncontrolling Interest 116 108 363 312 Net Income $ 6,538 $ 6,066 $ 20,450 $ 17,935 Denominator: Weighted Average Shares of Common Stock Outstanding - Basic 20,578,838 21,199,638 20,558,754 21,330,046 Weighted Average Dilutive Effect of OP Units 373,459 373,582 373,540 373,582 Dilutive Effect of Unvested Restricted Stock Units 23,421 9,094 24,221 6,473 Weighted Average Shares of Common Stock - Diluted 20,975,718 21,582,314 20,956,515 21,710,101 Earnings Per Share - Basic Net Income Attributable to Common Stockholders $ 0.31 $ 0.28 $ 0.98 $ 0.83 Earnings Per Share - Diluted Net Income Attributable to Common Stockholders $ 0.31 $ 0.28 $ 0.98 $ 0.83 During the three and nine months ended September 30, 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 and nine months ended September 30, 2024 and 2023, the effect of 791,790 and 602,392 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 and nine months ended September 30, 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 because it is uncertain the market condition for the PSUs would have been met as of September 30, 2024 and September 30, 2023.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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. 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 September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Note Receivable (1) $ 4,872 $ 4,839 $ 4,833 $ 4,748 Revolving Credit Facility (2) $ 7,600 $ 7,443 $ 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 September 30, 2024 and December 31, 2023, reflects the provision for current expected credit loss of $128.4 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 its loan payable on January 3, 2024. As of September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024, the TRS had limited activity and did not generate taxable income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2024, the Company had aggregate unfunded commitments to invest approximately $12.2 million to develop and improve our existing cultivation facilities in Arizona and Connecticut. Refer to Note 3 - "Real Estate" for further details on the Company's commitments. Refer to Note 16 - “Subsequent Events” for details on commitments the Company funded after September 30, 2024. As of September 30, 2024 the Company is the lessee under one office lease. Refer to Note 4 - "Leases" for further information. The Company owns a portfolio of properties that it leases to entities which cultivate, harvest, process and distribute cannabis. Cannabis is an illegal substance under the Controlled Substances Act. Although the operations of the Company’s tenants are legalized in the states and local jurisdictions in which they operate, the Company and its tenants are subject to certain risks and uncertainties associated with conducting operations subject to conflicting federal, state and local laws in an industry with a complex regulatory environment which is continuously evolving. These risks and uncertainties include the risk that the strict enforcement of federal laws regarding cannabis would likely result in the Company’s inability, and the inability of its tenants, to execute their respective business plans. The Company may from time to time, be a party to legal proceedings, which arise in the ordinary course of our business. Though the results of any such proceedings, claims, inquiries, and investigations may not be predicted with certainty, the Company does not believe that the final outcome of any such matters is reasonably likely to have a material adverse effect on our business, financial condition, or results of operations.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Funded Commitments Subsequent to September 30, 2024, the Company funded approximately $0.4 million of improvements for its cultivation facility in Connecticut.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,422	$ 5,958	$ 20,087	$ 17,623

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 any 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 and nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Properties Acquired and Current Properties	The following table presents the Company's real estate portfolio as of September 30, 2024 (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 $ (88) $ 841 Acreage Massachusetts Cultivation 481 9,310 9,791 (1,367) 8,424 Acreage Pennsylvania Cultivation 952 9,209 10,161 (1,305) 8,856 Ayr Wellness, Inc. Nevada Cultivation 1,002 12,577 13,579 (859) 12,720 Ayr Wellness, Inc. Pennsylvania Cultivation 2,963 12,315 15,278 (916) 14,362 C3 Industries Connecticut Cultivation 321 4,272 4,593 (42) (3) 4,551 C3 Industries Missouri Cultivation 948 28,069 29,017 (958) 28,059 Calypso Enterprises Pennsylvania Cultivation 1,486 30,527 32,013 (2,170) (3) 29,843 Cannabist (2) California Dispensary 1,082 2,692 3,774 (305) 3,469 Cannabist (2) Illinois Dispensary 162 1,053 1,215 (115) 1,100 Cannabist (2) Illinois Cultivation 801 10,560 11,361 (1,167) 10,194 Cannabist (2) Massachusetts Dispensary 108 2,212 2,320 (270) 2,050 Cannabist (2) Massachusetts Cultivation 1,136 12,690 13,826 (1,887) 11,939 Cresco Labs Illinois Cultivation 276 50,456 50,732 (6,815) 43,917 Curaleaf Connecticut Dispensary 184 2,748 2,932 (324) 2,608 Curaleaf Florida Cultivation 388 75,595 75,983 (7,992) 67,991 Curaleaf Illinois Dispensary 69 525 594 (65) 529 Curaleaf Illinois Dispensary 65 959 1,024 (122) 902 Curaleaf Illinois Dispensary 606 1,128 1,734 (140) 1,594 Curaleaf Illinois Dispensary 281 3,072 3,353 (371) 2,982 Curaleaf North Dakota Dispensary 779 1,395 2,174 (168) 2,006 Curaleaf Ohio Dispensary 574 2,788 3,362 (393) 2,969 Curaleaf Pennsylvania Dispensary 877 1,041 1,918 (164) 1,754 Curaleaf Pennsylvania Dispensary 216 2,011 2,227 (242) 1,985 Greenlight Arkansas Dispensary 238 1,919 2,157 (232) 1,925 Mint Arizona Cultivation 2,400 18,610 21,010 — (3) 21,010 Organic Remedies Missouri Cultivation 204 20,897 21,101 (2,993) 18,108 PharmaCann Massachusetts Dispensary 411 1,701 2,112 (364) 1,748 PharmaCann Ohio Dispensary 281 1,269 1,550 (70) 1,480 PharmaCann Pennsylvania Dispensary 44 1,271 1,315 (140) 1,175 Revolutionary Clinics Massachusetts Cultivation 926 41,934 42,860 (3,977) 38,883 Trulieve Pennsylvania Cultivation 1,061 43,209 44,270 (5,396) 38,874 Total Real Estate (4) $ 21,717 $ 408,548 $ 430,265 $ (41,417) $ 388,848 (1) Includes construction in progress in the amount of $21.2 million that had been funded as of September 30, 2024. (2) This tenant was formerly known as Columbia Care. (3) A portion of this investment is currently under development or undergoing building or tenant improvements. Once the development or improvements are completed and placed-in service, the Company will begin depreciating the applicable part of the property. (4) At times, numbers in this table may differ due to rounding. The following table presents the real estate acquisition for the nine months ended September 30, 2024 (in thousands): Tenant Market Site Type Closing Date Real Estate Acquisition Costs C3 Industries Connecticut Cultivation May 7, 2024 $ 3,993 Total $ 3,993 Tenant Market Site Type Closing Date Real Estate Acquisition Costs C3 Industries Missouri Cultivation March 3, 2023 $ 350 Total $ 350
Schedule of Tenant Improvements Funded	The following table presents the funded commitments and the remaining unfunded commitments for the nine months ended September 30, 2024 (in thousands): Tenant Market Site Type Closing Date Funded Commitments Unfunded Commitments Ayr Wellness, Inc. Pennsylvania Cultivation June 30, 2022 $ 750 $ — C3 Industries Connecticut Cultivation May 7, 2024 600 11,424 C3 Industries Missouri Cultivation March 3, 2023 (1) 8,826 — Mint Arizona Cultivation June 24, 2021 3,788 800 (2) Total $ 13,964 $ 12,224 (1) Funded commitments and unfunded commitments relate to the Missouri cultivation facility expansion project. (2) Effective June 6, 2024, the lease agreement was amended to include an additional commitment of approximately $800 thousand. Tenant Market Site Type Closing Date Funded Commitments Unfunded Commitments Ayr Wellness, Inc. Pennsylvania Cultivation June 30, 2022 $ — $ 750 C3 Industries Missouri Cultivation April 1, 2022 7,858 8,826 Calypso Pennsylvania Cultivation August 5, 2022 2,013 987 (1) Mint Arizona Cultivation June 24, 2021 4,281 3,788 (2) Organic Remedies Missouri Cultivation December 20, 2021 282 — Total $ 14,434 $ 14,351 (1) As of September 30, 2024, the Company's obligation to fund the remaining improvement allowance was suspended until all outstanding rent is paid and the escrow deposit is replenished. (2) Effective June 1, 2023, the lease agreement was amended to include an additional commitment of approximately $6.5 million.
Schedule of Construction in Progress	The following table presents the CIP balance as of September 30, 2024 (in thousands): Tenant State Site Type CIP Balance (1) C3 Industries Connecticut Cultivation $ 600 Calypso Pennsylvania Cultivation 2,013 Mint Arizona Cultivation 18,610 Total $ 21,223 (1) These properties were under development or undergoing building or tenant improvements as of September 30, 2024. Once the development or the improvements are completed for its intended use, the assets will be placed-in-service and the Company will begin depreciation. The following table presents the CIP balance as of December 31, 2023 (in thousands): Tenant State Site Type CIP Balance (1) C3 Industries Missouri Cultivation $ 7,324 Calypso Pennsylvania Cultivation 2,013 Mint Arizona Cultivation 14,822 Total $ 24,159
Schedule of Future Amortization Expense	The following table presents the future amortization of the Company’s acquired in-place leases as of September 30, 2024 (in thousands): Year Amortization Expense 2024 (three months ending December 31, 2024) $ 497 2025 1,985 2026 1,985 2027 1,985 2028 1,985 Thereafter 9,853 Total $ 18,290

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Future Contractual Minimum Rent	The following table presents the future contractual minimum rent under the Company’s operating leases as of September 30, 2024 (in thousands): Year Contractual Minimum Rent (1) 2024 (three months ending December 31, 2024) $ 12,807 2025 52,649 2026 55,044 2027 56,475 2028 57,944 Thereafter 577,041 Total $ 811,960 (1) The table includes future contractual minimum rent from two non-performing tenants since their lease's remained in effect and had not been modified or terminated as of September 30, 2024.
Schedule of 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 revenue reimbursables, for each of the periods presented: For the Three Months Ended September 30, 2024 2023 Tenant Number of Leases Percentage of Rental Income (1) Tenant Number of Leases Percentage of Rental Income (1)(2) Curaleaf 10 23% Curaleaf 10 25% Cresco Labs 1 14% Cresco Labs 1 14% Trulieve 1 11% Trulieve 1 12% Cannabist (3) 5 9% Cannabist (3) 5 9% C3 Industries 2 8% Calypso 1 8% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Prior year presentation has been recalculated to exclude revenue reimburseables to conform to current year presentation. (3) This tenant was formerly known as Columbia Care. For the Nine Months Ended September 30, 2024 2023 Tenant Number of Leases Percentage of Rental Income (1) Tenant Number of Leases Percentage of Rental Income (1)(2) Curaleaf 10 23% Curaleaf 10 25% Cresco Labs 1 14% Cresco Labs 1 14% Trulieve 1 11% Trulieve 1 12% Cannabist (3) 5 9% Cannabist (3) 5 9% Calypso 1 7% Calypso 1 8% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Prior year presentation has been recalculated to exclude revenue reimbursables to conform to current year presentation. (3) This tenant was formerly know as Columbia Care. 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 September 30, 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 28% Florida 1 19% Florida 1 20% Illinois 7 18% Illinois 7 19% Missouri 2 11% Massachusetts (2) 6 12% Massachusetts 5 11% Missouri 2 9% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Included in the number of properties and revenue is one Massachusetts property sold in October 2023. For the Nine Months Ended September 30, 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 28% Florida 1 19% Florida 1 20% Illinois 7 18% Illinois 7 19% Massachusetts 5 12% Massachusetts (2) 6 12% Missouri 2 11% Missouri 2 8% (1) Calculated based on rental income received during the period. This amount includes fees, applied escrow/security deposits, if any, and excludes revenue reimbursables. (2) Included in the number of properties and revenue is one Massachusetts property sold in October 2023.
Schedule of Future Contractual Rent Obligations	The following table presents the future contractual rent obligations as lessee as of September 30, 2024 (in thousands): Year Contractual Base Rent 2024 (three months ended December 31, 2024) $ 19 2025 77 2026 52 Total Minimum Lease Payments $ 148 Less: Amount Discounted Using Incremental Borrowing Rate $ (13) Total Lease Liability $ 135

Loan Receivable, net (Tables)

Loan Receivable, net (Tables)	9 Months Ended
	Sep. 30, 2024
Loans and Leases Receivable Disclosure [Abstract]
Schedule of CECL Reserve	The following table presents the CECL reserve for the three months ended September 30, 2024 (in thousands): Period Expected Credit Loss CECL reserve as of June 30, 2024 $ 140.6 Adjustment to expected credit loss (12.2) CECL reserve as of September 30, 2024 (1) $ 128.4 (1) Included in "Loan Receivable, net" on the accompanying consolidated balance sheets. The following table presents the CECL reserve for the nine months ended September 30, 2024 (in thousands): Period Expected Credit Loss CECL reserve as of December 31, 2023 $ 166.7 Adjustment to expected credit loss (38.3) CECL reserve as of September 30, 2024 (1) $ 128.4 (1) Included in "Loan Receivable, net" on the accompanying consolidated balance sheets.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Stock Activity	The following table sets forth the Company's unvested RSU activity for the nine months ended September 30,: 2024 2023 Number of Unvested Shares of RSUs Weighted Average Grant Date Fair Value Per Share Number of Unvested Shares of RSUs Weighted Average Grant Date Fair Value Per Share Balance at January 1, 63,582 $ 13.92 29,255 $ 22.89 Granted 49,014 $ 17.40 59,031 $ 12.87 Forfeited (740) $ 15.19 — $ — Vested (40,610) (1) $ 12.64 (18,318) $ 20.14 Balance at September 30, 71,246 $ 17.03 69,968 $ 15.15 (1) Vested shares are reported gross and 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.
Schedule of Vested Restricted Stock Activity	The following table sets forth the Company's vested RSU activity for the nine months ended September 30,: 2024 2023 Number of Vested Shares of RSUs Weighted Average Grant Date Fair Value Per Share Number of Vested Shares of RSUs Weighted Average Grant Date Fair Value Per Share Balance at January 1, 36,852 $ 22.05 18,534 $ 23.93 Vested 40,610 (1) $ 12.64 18,318 $ 20.14 Converted (6,363) $ 13.38 — $ — Shares Withheld (2) (2,846) $ 13.38 — $ — Balance at September 30, 68,253 $ 17.62 36,852 $ 22.05 (1) Vested shares are reported gross and 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. (2) Represents shares withheld to satisfy tax and other compensation related withholdings associated with the vested RSUs issued under the 2021 Equity Incentive Plan.
Schedule of Unvested Performance Stock Activity	The following table sets forth the Company's unvested PSU activity for the nine months ended September 30,: 2024 2023 Number of Unvested Shares of PSUs Weighted Average Grant Date Fair Value Per Share Number of Unvested Shares of PSUs Weighted Average Grant Date Fair Value Per Share Balance at January 1, 103,000 $ 17.18 66,841 $ 24.04 Granted 56,522 $ 17.30 55,017 $ 11.23 Balance at September 30, 159,522 $ 17.22 121,858 $ 18.26

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of 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 nine months ended September 30, 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 June 12, 2024 June 28, 2024 April 1, 2024 to June 30, 2024 July 15, 2024 $ 0.43 September 12, 2024 September 30, 2024 July 1, 2024 to September 30, 2024 October 15, 2024 $ 0.43 Total $ 1.27 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 June 15, 2023 June 30, 2023 April 1, 2023 to June 30, 2023 July 14, 2023 $ 0.39 September 15, 2023 September 29, 2023 July 1, 2023 to September 30, 2023 October 13, 2023 $ 0.39 Total $ 1.17

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net Income Attributable to Common Stockholders $ 6,422 $ 5,958 $ 20,087 $ 17,623 Add: Net Income Attributable to Noncontrolling Interest 116 108 363 312 Net Income $ 6,538 $ 6,066 $ 20,450 $ 17,935 Denominator: Weighted Average Shares of Common Stock Outstanding - Basic 20,578,838 21,199,638 20,558,754 21,330,046 Weighted Average Dilutive Effect of OP Units 373,459 373,582 373,540 373,582 Dilutive Effect of Unvested Restricted Stock Units 23,421 9,094 24,221 6,473 Weighted Average Shares of Common Stock - Diluted 20,975,718 21,582,314 20,956,515 21,710,101 Earnings Per Share - Basic Net Income Attributable to Common Stockholders $ 0.31 $ 0.28 $ 0.98 $ 0.83 Earnings Per Share - Diluted Net Income Attributable to Common Stockholders $ 0.31 $ 0.28 $ 0.98 $ 0.83

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments	The following table presents the carrying value and estimated fair value of financial instruments at September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Note Receivable (1) $ 4,872 $ 4,839 $ 4,833 $ 4,748 Revolving Credit Facility (2) $ 7,600 $ 7,443 $ 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 September 30, 2024 and December 31, 2023, reflects the provision for current expected credit loss of $128.4 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		1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 27, 2023 USD ($)	May 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) property state	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property state	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property state
Real Estate [Line Items]
Number of properties | property				32		32		31
Number of states where real estate property is owned | state				12		12		12
Real estate acquisition costs						$ 3,993	$ 350
Unfunded commitments				$ 12,224		12,224		$ 14,351
Payments for tenant improvements						13,964	5,609	14,434
Construction in progress				21,223		21,223		$ 24,159
Proceeds from sale						0
Number of properties sold | property								1
Real estate investment property				388,848		388,848		$ 380,309
Depreciation expense				3,200	$ 3,100	9,400	9,200
Amortization of in-place lease intangible assets				500	500	$ 1,500	$ 1,500
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 5 months 23 days
Mint Massachusetts Property
Real Estate [Line Items]
Proceeds from sale	$ 2,000
Real estate investment property	$ 1,900
Cultivation Facility In Connecticut
Real Estate [Line Items]
Unfunded commitments		$ 12,000
Cultivation Facility In Missouri
Real Estate [Line Items]
Unfunded commitments			$ 16,200
Wholly Owned Properties
Real Estate [Line Items]
Real estate acquisition costs		$ 4,000	$ 350			$ 3,993		$ 350

Real Estate - Properties Acquir

Real Estate - Properties Acquired and Current Properties (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2024	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Real Estate [Line Items]
Land			$ 21,717		$ 21,397
Building and Improvements			408,548		390,911
Total Real Estate			430,265		412,308
Accumulated Depreciation			(41,417)		(31,999)
Real estate investment property			388,848		380,309
Construction in progress			21,223		24,159
Real Estate Acquisition Costs			3,993	$ 350
Wholly Owned Properties
Real Estate [Line Items]
Real Estate Acquisition Costs	$ 4,000	$ 350	3,993		350
Acreage | Connecticut | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			395
Building and Improvements			534
Total Real Estate			929
Accumulated Depreciation			(88)
Real estate investment property			841
Acreage | Massachusetts | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land			481
Building and Improvements			9,310
Total Real Estate			9,791
Accumulated Depreciation			(1,367)
Real estate investment property			8,424
Acreage | Pennsylvania | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land			952
Building and Improvements			9,209
Total Real Estate			10,161
Accumulated Depreciation			(1,305)
Real estate investment property			8,856
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			(859)
Real estate investment property			12,720
Ayr Wellness, Inc. | Pennsylvania | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land			2,963
Building and Improvements			12,315
Total Real Estate			15,278
Accumulated Depreciation			(916)
Real estate investment property			14,362
C3 Industries | Cultivation
Real Estate [Line Items]
Construction in progress			600
C3 Industries | Connecticut | Wholly Owned Properties
Real Estate [Line Items]
Real Estate Acquisition Costs			3,993
C3 Industries | Connecticut | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land			321
Building and Improvements			4,272
Total Real Estate			4,593
Accumulated Depreciation			(42)
Real estate investment property			4,551
C3 Industries | Cultivation
Real Estate [Line Items]
Construction in progress					7,324
C3 Industries | Missouri | Wholly Owned Properties
Real Estate [Line Items]
Real Estate Acquisition Costs					350
C3 Industries | Missouri | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land			948
Building and Improvements			28,069
Total Real Estate			29,017
Accumulated Depreciation			(958)
Real estate investment property			28,059
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			(2,170)
Real estate investment property			29,843
Cannabist | California | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			1,082
Building and Improvements			2,692
Total Real Estate			3,774
Accumulated Depreciation			(305)
Real estate investment property			3,469
Cannabist | Illinois | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			162
Building and Improvements			1,053
Total Real Estate			1,215
Accumulated Depreciation			(115)
Real estate investment property			1,100
Cannabist | Illinois | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land			801
Building and Improvements			10,560
Total Real Estate			11,361
Accumulated Depreciation			(1,167)
Real estate investment property			10,194
Cannabist | Massachusetts | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			108
Building and Improvements			2,212
Total Real Estate			2,320
Accumulated Depreciation			(270)
Real estate investment property			2,050
Cannabist | Massachusetts | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land			1,136
Building and Improvements			12,690
Total Real Estate			13,826
Accumulated Depreciation			(1,887)
Real estate investment property			11,939
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			(6,815)
Real estate investment property			43,917
Curaleaf | Connecticut | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			184
Building and Improvements			2,748
Total Real Estate			2,932
Accumulated Depreciation			(324)
Real estate investment property			2,608
Curaleaf | Florida | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land			388
Building and Improvements			75,595
Total Real Estate			75,983
Accumulated Depreciation			(7,992)
Real estate investment property			67,991
Curaleaf | Illinois | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			69
Building and Improvements			525
Total Real Estate			594
Accumulated Depreciation			(65)
Real estate investment property			529
Curaleaf | Illinois | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			65
Building and Improvements			959
Total Real Estate			1,024
Accumulated Depreciation			(122)
Real estate investment property			902
Curaleaf | Illinois | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			606
Building and Improvements			1,128
Total Real Estate			1,734
Accumulated Depreciation			(140)
Real estate investment property			1,594
Curaleaf | Illinois | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			281
Building and Improvements			3,072
Total Real Estate			3,353
Accumulated Depreciation			(371)
Real estate investment property			2,982
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			(168)
Real estate investment property			2,006
Curaleaf | Ohio | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			574
Building and Improvements			2,788
Total Real Estate			3,362
Accumulated Depreciation			(393)
Real estate investment property			2,969
Curaleaf | Pennsylvania | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			877
Building and Improvements			1,041
Total Real Estate			1,918
Accumulated Depreciation			(164)
Real estate investment property			1,754
Curaleaf | Pennsylvania | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			216
Building and Improvements			2,011
Total Real Estate			2,227
Accumulated Depreciation			(242)
Real estate investment property			1,985
Greenlight | Arkansas | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			238
Building and Improvements			1,919
Total Real Estate			2,157
Accumulated Depreciation			(232)
Real estate investment property			1,925
Mint | Cultivation
Real Estate [Line Items]
Construction in progress			18,610		$ 14,822
Mint | Arizona | Wholly Owned Properties | Cultivation
Real Estate [Line Items]
Land			2,400
Building and Improvements			18,610
Total Real Estate			21,010
Accumulated Depreciation			0
Real estate investment property			21,010
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			(2,993)
Real estate investment property			18,108
PharmaCann | Massachusetts | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			411
Building and Improvements			1,701
Total Real Estate			2,112
Accumulated Depreciation			(364)
Real estate investment property			1,748
PharmaCann | Ohio | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			281
Building and Improvements			1,269
Total Real Estate			1,550
Accumulated Depreciation			(70)
Real estate investment property			1,480
PharmaCann | Pennsylvania | Wholly Owned Properties | Dispensary
Real Estate [Line Items]
Land			44
Building and Improvements			1,271
Total Real Estate			1,315
Accumulated Depreciation			(140)
Real estate investment property			1,175
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			(3,977)
Real estate investment property			38,883
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			(5,396)
Real estate investment property			$ 38,874

Real Estate - Tenant Improvemen

Real Estate - Tenant Improvements Funded (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 06, 2024	Jun. 01, 2023
Real Estate [Line Items]
Funded Commitments	$ 13,964	$ 5,609	$ 14,434
Unfunded Commitments	12,224		14,351
Pennsylvania | Ayr Wellness, Inc.
Real Estate [Line Items]
Funded Commitments	750		0
Unfunded Commitments	0		750
Pennsylvania | Calypso Enterprises
Real Estate [Line Items]
Funded Commitments			2,013
Unfunded Commitments			987
Connecticut | C3 Industries
Real Estate [Line Items]
Funded Commitments	600
Unfunded Commitments	11,424
Missouri | C3 Industries
Real Estate [Line Items]
Funded Commitments	8,826		7,858
Unfunded Commitments	0		8,826
Missouri | Organic Remedies
Real Estate [Line Items]
Funded Commitments			282
Unfunded Commitments			0
Arizona | Mint
Real Estate [Line Items]
Funded Commitments	3,788		4,281
Unfunded Commitments	$ 800		$ 3,788	$ 800	$ 6,500

Real Estate - Construction in P

Real Estate - Construction in Progress (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Line Items]
CIP Balance	$ 21,223	$ 24,159
Cultivation | C3 Industries
Real Estate [Line Items]
CIP Balance	600
Cultivation | C3 Industries
Real Estate [Line Items]
CIP Balance		7,324
Cultivation | Calypso Enterprises
Real Estate [Line Items]
CIP Balance	2,013	2,013
Cultivation | Mint
Real Estate [Line Items]
CIP Balance	$ 18,610	$ 14,822

Real Estate - Future Amortizati

Real Estate - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Abstract]
2024 (three months ending December 31, 2024)	$ 497
2025	1,985
2026	1,985
2027	1,985
2028	1,985
Thereafter	9,853
Total	$ 18,290	$ 19,779

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) lease property tenant state	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) lease property tenant state	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) state tenant property	Jun. 30, 2022 USD ($)	Jun. 01, 2022
Lessor, Lease, Description [Line Items]
Reimbursable revenue	$ 93,700	$ 14,500	$ 411,900	$ 111,900
Number of leases with purchase option | lease	2		2
Real estate investment property, at cost	$ 430,265,000		$ 430,265,000		$ 412,308,000
Number of properties | property	32		32		31
Number of tenants | tenant	13		13		13
Number of states where real estate property is owned | state	12		12		12
Unfunded commitments	$ 12,224,000		$ 12,224,000		$ 14,351,000
Lease term (in years)							4 years
Extension term (in years)							3 years
Number of leases | lease	1		1
ROU asset	$ 127,500		$ 127,500		$ 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%		5.65%
Remaining lease term (in years)	1 year 11 months 1 day		1 year 11 months 1 day
Revolutionary Clinics
Lessor, Lease, Description [Line Items]
Percentage of rent not paid			50%
Calypso Enterprises
Lessor, Lease, Description [Line Items]
Term of rent escrow (in months)			6 months
Proceeds from deposits from customers			$ 299,000
Unfunded commitments	$ 987,000		987,000
One Office Lease
Lessor, Lease, Description [Line Items]
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]
Real estate investment property, at cost	$ 6,300,000		$ 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	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (three months ending December 31, 2024)	$ 12,807
2025	52,649
2026	55,044
2027	56,475
2028	57,944
Thereafter	577,041
Total	$ 811,960

Leases - Tenants in Portfolio t

Leases - Tenants in Portfolio that Represents the Largest Percentage of Total Revenue (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 property lease	Sep. 30, 2023 lease property	Sep. 30, 2024 lease property	Sep. 30, 2023 lease property
Pennsylvania
Real Estate [Line Items]
Percentage of Rental Income	26%	28%	26%	28%
Number of Properties | property	7	7	7	7
Florida
Real Estate [Line Items]
Percentage of Rental Income	19%	20%	19%	20%
Number of Properties | property	1	1	1	1
Illinois
Real Estate [Line Items]
Percentage of Rental Income	18%	19%	18%	19%
Number of Properties | property	7	7	7	7
Missouri
Real Estate [Line Items]
Percentage of Rental Income	11%	9%	11%	8%
Number of Properties | property	2	2	2	2
Massachusetts
Real Estate [Line Items]
Percentage of Rental Income	11%	12%	12%	12%
Number of Properties | property	5	6	5	6
Curaleaf
Real Estate [Line Items]
Number of Leases	10	10	10	10
Percentage of Rental Income	23%	25%	23%	25%
Cresco Labs
Real Estate [Line Items]
Number of Leases	1	1	1	1
Percentage of Rental Income	14%	14%	14%	14%
Trulieve
Real Estate [Line Items]
Number of Leases	1	1	1	1
Percentage of Rental Income	11%	12%	11%	12%
Cannabist
Real Estate [Line Items]
Number of Leases	5	5	5	5
Percentage of Rental Income	9%	9%	9%	9%
C3 Industries
Real Estate [Line Items]
Number of Leases	2
Percentage of Rental Income	8%
Calypso Enterprises
Real Estate [Line Items]
Number of Leases		1	1	1
Percentage of Rental Income		8%	7%	8%

Leases - Future Contractual Ren

Leases - Future Contractual Rent Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (three months ended December 31, 2024)	$ 19
2025	77
2026	52
Total Minimum Lease Payments	148
Less: Amount Discounted Using Incremental Borrowing Rate	(13)
Total Lease Liability	$ 135

Loan Receivable, net - Narrativ

Loan Receivable, net - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Jun. 10, 2022	Sep. 30, 2024	Dec. 31, 2023
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable		$ 4,872	$ 4,833
Financing receivable, before allowance for credit loss		5,000	5,000
Unsecured Loan Receivable | C3 Industries
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 5,000	$ 5,000	$ 5,000
Loan interest rate	10.25%	10.72%	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) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
CECL reserve, beginning balance	$ 140,600	$ 166,700
Adjustment to expected credit loss	(12,200)	(38,300)
CECL reserve, ending balance	$ 128,400	$ 128,400

Financings (Details)

Financings (Details) $ in Thousands	Jul. 29, 2022 USD ($) lender	Sep. 30, 2024 USD ($)	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]
Line of credit		$ 7,600		$ 1,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 90,000					$ 30,000
Number of additional lenders | lender	2
Applicable margin	1%
Minimum variable rate	4.75%
Line of credit		7,600		$ 1,000
Amount available to be drawn		$ 82,400
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)	9 Months Ended
	Sep. 30, 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) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage	1.80%		1.80%			1.80%
Net income allocated to noncontrolling interest	$ (116)	$ (108)	$ (363)	$ (312)
Limited Partner's Interest (LPI Units) | LPI Units
Noncontrolling Interest [Line Items]
Shares, outstanding (in shares)	372,640		372,640			373,582
Common Stock
Noncontrolling Interest [Line Items]
Shares, outstanding (in shares)	20,511,508	20,694,363	20,511,508	20,694,363	20,509,883	20,503,520	21,302,515	21,408,194
OP units converted (in shares)	942		942	0

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended		36 Months Ended
	Aug. 12, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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		2,275,727
Term of plan (in years)				10 years
Shares issued (in shares)				683
Shares available for issuance (in shares)		1,788,250		1,788,250
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)		139,499	106,820	139,499	106,820
Payment of dividend equivalent				$ 83,000	$ 35,300
Unearned dividend equivalents		$ 125,817	$ 88,756	125,817	88,756
Amortization of compensation costs		200,000	$ 200,000	600,000	$ 500,000
Unrecognized compensation cost		$ 800,000		$ 800,000
Weighted average amortization period (in years)				1 year 2 months 12 days
Shares vested in period (in shares)				40,610	18,318
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	159,522	121,858
Unearned dividend equivalents		$ 448,273	$ 259,546	$ 448,273	$ 259,546
Amortization of compensation costs		200,000	$ 200,000	700,000	$ 600,000
Unrecognized compensation cost		$ 1,100,000		$ 1,100,000
Weighted average amortization period (in years)				1 year 9 months 18 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		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		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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Number of Unvested Shares of RSUs
Beginning balance (in shares)	63,582	29,255
Granted (in shares)	49,014	59,031
Forfeited (in shares)	(740)	0
Vested (in shares)	(40,610)	(18,318)
Ending balance (in shares)	71,246	69,968
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 13.92	$ 22.89
Granted (in dollars per share)	17.40	12.87
Forfeited (in dollars per share)	15.19	0
Vested (in dollars per share)	12.64	20.14
Ending balance (in dollars per share)	$ 17.03	$ 15.15
Shares withheld (in shares)	2,846

Stock Based Compensation - Vest

Stock Based Compensation - Vested Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Number of Vested Shares of RSUs
Beginning balance (in shares)	36,852	18,534
Vested (in shares)	40,610	18,318
Converted (in shares)	(6,363)	0
Shares Withheld (in shares)	(2,846)	0
Ending balance (in shares)	68,253	36,852
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 22.05	$ 23.93
Vested (in dollars per share)	12.64	20.14
Converted (in dollars per share)	13.38	0
Shares Withheld (in dollars per share)	13.38	0
Ending balance (in dollars per share)	$ 17.62	$ 22.05
Shares withheld (in shares)	2,846

Stock Based Compensation - Un_2

Stock Based Compensation - Unvested Performance Stock Activity (Details) - Performance Stock Units (PSU) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Number of Unvested Shares of PSUs
Beginning balance (in shares)	103,000	66,841
Granted (in shares)	56,522	55,017
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
Ending balance (in dollars per share)	$ 17.22	$ 18.26

Warrants (Details)

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2024	Oct. 27, 2023	Sep. 30, 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
Class of warrant or right, outstanding (in shares)	602,392		602,392

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	4 Months Ended	9 Months Ended
	Jun. 10, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 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		100,000,000
Preferred stock outstanding (in shares)			0	0		0
Common stock, shares authorized (in shares)			400,000,000	400,000,000		400,000,000
Common stock, shares issued (in shares)			20,511,508	20,511,508		20,503,520
Common stock, shares outstanding (in shares)			20,511,508	20,511,508		20,503,520
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01		$ 0.01
Stock repurchase program authorized amount							$ 10,000	$ 10,000
Shares repurchased (in shares)				0	713,831
Average cost per share (in dollars per share)					$ 12.96
Repurchase of common stock		$ 7,920			$ 9,254
Remaining availability under the program			$ 8,200	$ 8,200
Deferred offering costs				$ 291	$ 0
At The Market Offering
Preferred Units [Line Items]
Sale of stock, price per share (in dollars per share)	$ 0.01
Maximum consideration to be received on sale	$ 50,000
Commission rate (as percent)	2%
Number of shares issued in transaction (in shares)			0

Stockholders' Equity - Common D

Stockholders' Equity - Common Dividends, Dividend Equivalents and Distributions Declared (Details) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Amount per Share/Unit	$ 0.43	$ 0.43	$ 0.41	$ 0.39	$ 0.39	$ 0.39	$ 1.27	$ 1.17

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net Income Attributable to Noncontrolling Interests	$ 6,422	$ 5,958	$ 20,087	$ 17,623
Add: Net Income Attributable to Noncontrolling Interest	116	108	363	312
Net Income	$ 6,538	$ 6,066	$ 20,450	$ 17,935
Denominator:
Weighted Average Shares of Common Stock Outstanding - Basic (in shares)	20,578,838	21,199,638	20,558,754	21,330,046
Weighted Average Shares of Common Stock - Diluted (in shares)	20,975,718	21,582,314	20,956,515	21,710,101
Earnings Per Share - Basic
Net Income Attributable to Common Stockholders, Basic (in dollars per share)	$ 0.31	$ 0.28	$ 0.98	$ 0.83
Earnings Per Share - Diluted
Net Income Attributable to Common Stockholder, Diluted (in dollars per share)	$ 0.31	$ 0.28	$ 0.98	$ 0.83
Employee Stock Option
Earnings Per Share - Diluted
Antidilutive shares (in shares)	791,790		602,392
Performance Stock Units (PSU)
Earnings Per Share - Diluted
Antidilutive shares (in shares)	159,522	121,858	159,522	121,858
Restricted Stock Units (RSUs)
Denominator:
Dilutive Effect of Unvested Restricted Stock Units (in shares)	23,421	9,094	24,221	6,473
OP Units
Denominator:
Weighted Average Dilutive Effect of OP Units (in shares)	373,459	373,582	373,540	373,582

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Note Receivable	$ 4,872,000		$ 4,833,000
Revolving Credit Facility	7,600,000		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	128,400	$ 140,600	166,700
Fair Value, Inputs, Level 3
Estimated Fair Value
Note Receivable	4,839,000		4,748,000
Fair Value, Inputs, Level 2
Estimated Fair Value
Revolving Credit Facility	7,443,000		968,000
Loan Payable	$ 0		$ 992,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($) lease
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments | $	$ 12.2
Number of leases | lease	1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Nov. 13, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Funded commitments		$ 13,964	$ 5,609	$ 14,434
Cultivation Facility In Arizona And Pennsylvania | Subsequent Event
Subsequent Event [Line Items]
Funded commitments	$ 400