INNOVATIVE INDUSTRIAL PROPERTIES INC, 10-K filed on 2/24/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 23, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-37949    
Entity Registrant Name Innovative Industrial Properties, Inc.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 81-2963381    
Entity Address, Address Line One 1389 Center Drive, Suite 200    
Entity Address, City or Town Park City    
Entity Address, State or Province UT    
Entity Address, Postal Zip Code 84098    
City Area Code 858    
Local Phone Number 997-3332    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1.5
Entity Common Stock, Shares Outstanding   28,135,865  
Documents Incorporated by Reference
Portions of Innovative Industrial Properties, Inc.’s Proxy Statement with respect to its 2026 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the Registrant’s fiscal year are incorporated by reference into Part III hereof.
    
Entity Central Index Key 0001677576    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Common stock      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, par value $0.001 per share    
Trading Symbol IIPR    
Security Exchange Name NYSE    
Series A Preferred Stock      
Document Information [Line Items]      
Title of 12(b) Security Series A Preferred Stock, par value $0.001 per share    
Trading Symbol IIPR-PA    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Name BDO USA, P.C.
Auditor Location San Diego, California
Auditor Firm ID 243
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate, at cost:    
Land $ 146,320 $ 146,772
Buildings and improvements 2,269,597 2,230,807
Construction in progress 40,593 62,393
Total real estate, at cost 2,456,510 2,439,972
Less accumulated depreciation (343,062) (271,190)
Net real estate held for investment 2,113,448 2,168,782
Life science investments 152,665 0
Construction loan receivable 22,800 22,800
Cash and cash equivalents 47,597 146,245
Investments 0 5,000
Right of use office lease asset 509 946
In-place lease intangible assets, net 6,366 7,385
Other assets, net 27,473 26,889
Total assets 2,370,858 2,378,047
Liabilities:    
Notes due 2026, net 290,602 297,865
Revolving credit facilities 102,500 0
Building improvements and construction funding payable 2,964 10,230
Accounts payable and accrued expenses 10,870 10,561
Dividends payable 54,913 54,817
Rent received in advance and tenant security deposits 50,307 57,176
Other liabilities 10,698 11,338
Total liabilities 522,854 441,987
Commitments and contingencies (Notes 6, 7 and 12)
Stockholders’ equity:    
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 2,019,525 and 1,002,673 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 47,780 23,632
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,022,975 and 28,331,833 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 28 28
Additional paid-in capital 2,113,184 2,124,113
Dividends in excess of earnings (312,988) (211,713)
Total stockholders’ equity 1,848,004 1,936,060
Total liabilities and stockholders’ equity $ 2,370,858 $ 2,378,047
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 50,000,000 50,000,000
Preferred stock, dividend rate 9.00% 9.00%
Preferred stock, liquidation preference (in dollars per share) $ 25.00 $ 25.00
Preferred stock, shares issued (in shares) 2,019,525 1,002,673
Preferred stock, shares outstanding (in shares) 2,019,525 1,002,673
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock shares authorized (in shares) 50,000,000 50,000,000
Common stock, shares issued (in shares) 28,022,975 28,331,833
Common stock, shares outstanding (in shares) 28,022,975 28,331,833
v3.25.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Rental (including tenant reimbursements) $ 265,486 $ 306,936 $ 307,349
Other 469 1,581 2,157
Total revenues 265,955 308,517 309,506
Expenses:      
Property expenses 30,177 28,472 24,893
General and administrative expense 33,735 37,444 42,832
Depreciation and amortization expense 74,068 70,807 67,194
Impairment loss on real estate 3,527 0 0
Total expenses 141,507 136,723 134,919
Gain (loss) on sale of real estate (326) (3,449) 0
Income from operations 124,122 168,345 174,587
Interest and other income 14,320 10,988 8,446
Interest expense (20,195) (17,672) (17,467)
Gain (loss) on exchange of Exchangeable Senior Notes 0 0 22
Net income 118,247 161,661 165,588
Preferred stock dividends (3,812) (1,804) (1,352)
Net income attributable to common stockholders $ 114,435 $ 159,857 $ 164,236
Net income attributable to common stockholders per share (Note 9):      
Basic (in dollars per share) $ 3.98 $ 5.58 $ 5.82
Diluted (in dollars per share) $ 3.93 $ 5.52 $ 5.77
Weighted-average shares outstanding:      
Basic (in shares) 28,005,228 28,226,402 27,977,807
Diluted (in shares) 28,377,227 28,530,650 28,255,797
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Series A Preferred Stock
Series A Preferred Stock
Series A Preferred Stock
Series A Preferred Stock
Common Stock
Additional Paid-In- Capital
Dividends in Excess of Earnings
Balances at beginning of period (in shares) at Dec. 31, 2022     600,000   27,972,830    
Balances at beginning of period at Dec. 31, 2022 $ 1,961,893   $ 14,009   $ 28 $ 2,065,248 $ (117,392)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 165,588           165,588
Exchange of Exchangeable Senior Notes (in shares)         32,200    
Exchange of Exchangeable Senior Notes 1,964         1,964  
Issuance of stock, net of issuance costs (in shares)         101,061    
Issuance of preferred stock/common stock, net of issuance costs $ 9,564         9,564  
Repurchase of common stock (in shares) 0            
Preferred stock dividend $ (1,352)           (1,352)
Common stock dividend (203,698)           (203,698)
Issuance of unvested restricted stock, net of forfeitures (in shares)         34,800    
Issuance of unvested restricted stock, net of forfeitures (568)         (568)  
Stock-based compensation 19,581         19,581  
Balances at end of period (in shares) at Dec. 31, 2023     600,000   28,140,891    
Balances at end of period at Dec. 31, 2023 1,952,972   $ 14,009   $ 28 2,095,789 (156,854)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 161,661           161,661
Exchange of Exchangeable Senior Notes (in shares)         28,408    
Issuance of stock, net of issuance costs (in shares)       402,673 123,224    
Issuance of preferred stock/common stock, net of issuance costs $ 11,757 $ 9,623   $ 9,623   11,757  
Repurchase of common stock (in shares) 0            
Preferred stock dividend $ (1,804)           (1,804)
Common stock dividend (214,716)           (214,716)
Issuance of unvested restricted stock, net of forfeitures (in shares)         39,310    
Issuance of unvested restricted stock, net of forfeitures (750)         (750)  
Stock-based compensation 17,317         17,317  
Balances at end of period (in shares) at Dec. 31, 2024     1,002,673   28,331,833    
Balances at end of period at Dec. 31, 2024 1,936,060   $ 23,632   $ 28 2,124,113 (211,713)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 118,247           118,247
Issuance of stock, net of issuance costs (in shares)       1,016,852      
Issuance of preferred stock/common stock, net of issuance costs   $ 24,148   $ 24,148      
Repurchase of common stock (in shares) (371,538)       (371,538)    
Repurchase of common stock $ (20,108)         (20,108)  
Preferred stock dividend (3,812)           (3,812)
Common stock dividend (215,799)           (215,799)
Issuance of unvested restricted stock, net of forfeitures (in shares)         56,901    
Issuance of unvested restricted stock, net of forfeitures (792)         (792)  
Conversion of restricted stock units into common stock, net of forfeitures (in shares)         5,779    
Conversion of restricted stock units into common stock, net of forfeitures (72)         (161) 89
Stock-based compensation 10,132         10,132  
Balances at end of period (in shares) at Dec. 31, 2025     2,019,525   28,022,975    
Balances at end of period at Dec. 31, 2025 $ 1,848,004   $ 47,780   $ 28 $ 2,113,184 $ (312,988)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 118,247 $ 161,661 $ 165,588
Adjustments to reconcile net income to net cash provided by (used in) operating activities      
Depreciation and amortization 74,068 70,807 67,194
Impairment loss on real estate 3,527 0 0
Loss (gain) on exchange of Exchangeable Senior Notes 0 0 (22)
Loss (gain) on sale of real estate 326 3,449 0
Other non-cash adjustments (275) 103 111
Paid-in-kind dividends and interest income on life science investments (826) 0 0
Stock-based compensation 10,132 17,317 19,581
Amortization of discounts on investments 0 (506) (3,198)
Amortization of debt discount and issuance costs 1,999 1,669 1,371
Changes in assets and liabilities      
Other assets, net (1,286) 126 352
Accounts payable, accrued expenses and other liabilities (854) 6,002 3,924
Rent received in advance and tenant security deposits (6,869) (2,182) 642
Net cash provided by (used in) operating activities 198,189 258,446 255,543
Cash flows from investing activities      
Investments in real estate (7,857) (18,666) (34,906)
Investments in life science financial instruments (150,251) 0 0
Proceeds from sale of real estate assets 2,239 9,100 0
Funding of draws for improvements and construction (23,432) (63,084) (150,088)
Funding of construction loan and other investments 0 (800) (3,979)
Purchases of short-term investments (5,258) (45,110) (111,872)
Maturities of short-term investments 10,258 62,564 294,057
Net cash provided by (used in) investing activities (174,301) (55,996) (6,788)
Cash flows from financing activities      
Issuance of common stock, net of issuance costs 0 11,757 9,564
Repurchase of common stock (20,108) 0 0
Issuance of preferred stock, net of issuance costs 24,148 9,623 0
Draws on revolving credit facilities 155,000 0 0
Repayments on revolving credit facilities (52,500) 0 0
Principal payment on debt (8,697) (4,436) 0
Payment of deferred financing costs 0 (567) (561)
Dividends paid to common stockholders (216,275) (211,953) (202,711)
Dividends paid to preferred stockholders (3,240) (1,578) (1,352)
Taxes paid related to net share settlement of equity awards (864) (750) (568)
Net cash provided by (used in) financing activities (122,536) (197,904) (195,628)
Net increase (decrease) in cash, cash equivalents and restricted cash (98,648) 4,546 53,127
Cash, cash equivalents and restricted cash, beginning of year 146,245 141,699 88,572
Cash, cash equivalents and restricted cash, end of year 47,597 146,245 141,699
Supplemental disclosure of cash flow information:      
Cash paid during the year for interest, net of interest capitalized 17,412 16,051 16,125
Supplemental disclosure of non-cash investing and financing activities:      
Accrual for current-period additions to real estate 2,207 9,722 8,385
Deposits applied for acquisitions 0 0 250
Accrual for common and preferred stock dividends declared 54,913 54,817 51,827
Reclassification from other assets to real estate held for investment 0 3,152 0
Exchange of Exchangeable Senior Notes for common stock $ 0 $ 0 $ 2,000
v3.25.4
Organization
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
As used herein, the terms “we”, “us”, “our”, or the “Company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership”).
We are an internally-managed real estate investment trust (“REIT”) focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry. Our properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. We have acquired and intend to continue to acquire our properties through sale-leaseback transactions and third-party purchases. We have leased and expect to continue to primarily lease our properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance.
We were incorporated in Maryland on June 15, 2016. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general partner of our Operating Partnership and own, directly or through subsidiaries, 100% of the limited partnership interests in our Operating Partnership.
Information with respect to rentable square footage is unaudited.
v3.25.4
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Basis of Presentation. The consolidated financial statements, which include all of the accounts of the Company, are presented in accordance with U.S. generally accepted accounting principles ("GAAP").
Going Concern. Management is required under Accounting Standards Codification ("ASC") 205-40, Presentation of Financial Statements - Going Concern ("ASC 205-40") to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. This evaluation includes an assessment of the Company's liquidity needs to satisfy upcoming debt obligations.
As of December 31, 2025, the outstanding principal balance on the Notes due 2026 (as defined in Note 8), which matures in May 2026, was $291.2 million. The Company currently does not have sufficient liquidity to satisfy this obligation at maturity.
Management is actively evaluating alternatives to address the maturity of the Notes due 2026, which may include refinancing the existing indebtedness or raising additional capital combined with existing cash resources to retire the obligation. Although management believes that it is more likely than not that the Company will be able to address the maturity of the Notes due 2026, guidance issued under ASC 205-40 requires that management not conclude that such an outcome is "probable" if, among other factors, the outcome is not within control of the Company. Because no such refinancing or capital transactions have closed, such outcomes are not solely within the control of the Company and therefore, management is unable to conclude that such an outcome is probable. Accordingly, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year following the date of issuance of these consolidated financial statements.
The failure to retire or refinance the Notes due 2026 could lead to an event of default, which would have a material adverse effect on the Company’s financial condition.
The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Federal Income Taxes. We believe that we have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our
stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our consolidated statements of income represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying consolidated statements of income.
Use of Estimates. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from these estimates and assumptions. The most significant estimates and assumptions made include determination of lease accounting and fair value of acquisition of real estate properties.
Reportable Segments. We define our reportable segments based on the manner in which our chief operating decision maker ("CODM") makes key operating decisions, evaluates financial performance, allocates resources and manages our business. This approach aligns with our internal reporting structure and reflects the economic characteristics and nature of our operations. During the year ended December 31, 2025, based on changes in the manner in which the Company's CODM evaluates operating performance and allocates resources, the Company determined that it has two reportable segments: Cannabis Portfolio and Life Science Portfolio. Certain costs that are not associated with the ongoing operations, including general corporate expense, are not allocated to the reportable segments. See Note 13 “Segment Information” for additional information.

Acquisition of Real Estate Properties. Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region. We estimate the fair value of buildings and improvements as if the property was vacant utilizing a direct capitalization approach and take into consideration current replacement costs and other relevant market rate information and may engage third-party valuation specialists. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions.

The fair value of acquired in-place leases is derived based on our assessment of estimated lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amounts recorded for acquired in-place leases are reflected as in-place lease intangible assets, net on the consolidated balance sheets and are amortized on a straight-line basis as a component of depreciation and amortization expense over the remaining term of the applicable leases.

The fair value of the above-market component of an acquired in-place operating lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining non-cancellable lease term and (ii) our estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition measured over the remaining non-cancellable term of the lease. The amount recorded for one above-market operating lease is included in other assets, net on the consolidated balance sheets and is amortized on a straight-line basis as a reduction of rental income over the remaining term of the applicable lease.
Certain acquisitions of real estate did not satisfy the requirements for sale-leaseback accounting and therefore as of both December 31, 2025 and 2024, acquisitions of $16.8 million, respectively, have been recognized as notes receivable and are included in other assets, net on our consolidated balance sheets. During the year ended December 31, 2024, a $3.2 million acquisition of real estate which previously did not satisfy the requirements for sale-leaseback accounting was reclassified to real estate held for investment as the requirements for sale-leaseback accounting were satisfied.
Sale of Real Estate. When a real estate asset is sold, we evaluate the provisions of ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”) to determine whether the asset is within the scope of ASC 610-20, including an evaluation of whether the asset being sold is a nonfinancial asset and whether the buyer has gained control of an asset within the scope of ASC 610-20. In assessing whether the buyer has gained control of the asset, we must determine whether the contract criteria in ASC 606, Revenue from Contracts with Customers (Topic 606) have been met, including 1) the parties to the contract have approved the contract and the contract has commercial substance, 2) we can identify each party’s rights regarding the asset to be transferred, 3) we can identify the payment terms for the asset to be transferred, and 4) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the asset to be transferred. If all of the contract criteria have been met, the carrying amount of the applicable asset is derecognized with a corresponding gain or loss from the sale recognized in our consolidated statements of income.
If the contract criteria are not all met, the asset transferred is not derecognized and we continue to report the asset in our consolidated balance sheet. See Note 6 “Investments in Real Estate - Property Dispositions” for further information.
Cost Capitalization and Depreciation. We capitalize costs (including interest) associated with development and redevelopment activities and improvements when we are considered to be the accounting owner of the resulting assets. The development and redevelopment activities may be funded by us pursuant to the lease. We are generally considered the accounting owner for such improvements that are attached to or built into the premises, which are required under the lease to be surrendered to us upon the expiration or earlier termination of the lease. Typically, such improvements include, but are not limited to, ground up development, and enhanced HVAC, plumbing, electrical and other building systems.
Amounts capitalized are depreciated on a straight-line basis over the estimated useful lives determined by management. We depreciate buildings and improvements based on our evaluation of the estimated useful life of each specific asset, not to exceed 40 years. For the years ended December 31, 2025, 2024 and 2023, we recognized depreciation expense of $73.0 million, $69.9 million and $66.3 million, respectively, which are included in depreciation and amortization expense in our consolidated statements of income. We depreciate office equipment and furniture and fixtures on a straight-line basis over the estimated useful lives ranging from three to seven years. We depreciate the leasehold improvements at our corporate office on a straight-line basis over the shorter of the estimated useful lives or the remaining lease term. Depreciation expense relating to our corporate assets is included in general and administrative expense in our consolidated statements of income.
Determining whether expenditures meet the criteria for capitalization and the assignment of depreciable lives requires management to exercise judgment. Project costs that are clearly associated with the acquisition and development or redevelopment of a real estate project, for which we are the accounting owner, are capitalized as a cost of that project. Expenditures that meet one or more of the following criteria generally qualify for capitalization:
•the expenditure provides benefit in future periods; and
•the expenditure extends the useful life of the asset beyond our original estimates.
We define redevelopment properties as existing properties for which we expect to spend significant development and construction costs that are not reimbursements to tenants for improvements at the properties. When existing properties are determined to be redevelopment properties, the net carrying value of the buildings and improvements are transferred to construction in progress while the redevelopment activities are in process. Costs capitalized to construction in progress related to redevelopment properties are transferred to buildings and improvements at historical cost of the properties as the redevelopment project or phases of projects are placed in service.
Provision for Impairment. On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties.
Long-lived assets are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives.
During the year ended December 31, 2025, we recognized an impairment loss on real estate of $3.5 million related to one of our properties in Palm Springs, California, which was under contract for sale and sold in June 2025. No impairment losses were recognized during the years ended December 31, 2024 and 2023.
Revenue Recognition. Our leases are triple-net leases, an arrangement under which the tenant maintains the property while paying us rent. We recognize revenue for each of the leases at our properties that are classified as operating leases on a cash basis due to the uncertain regulatory environment in the United States pertaining to the regulated cannabis industry, the limited operating history of certain tenants and the resulting uncertainty of collectability of lease payments from each tenant over the duration of the lease term. We evaluate a number of factors in our initial and ongoing assessments of collectability of lease payments for each tenant on a lease-by-lease basis, including evaluations of each tenant’s financial performance, liquidity and overall credit profile, availability and terms of capital for each tenant needed to conduct operations or refinance existing obligations, utilization rates by property and lease duration. We also consider current market conditions, impact of federal, state and local taxation and regulatory burdens and reasonable and supportable forecasts of future economic conditions. Additionally, for operating leases, contractually obligated reimbursements from tenants for recoverable real estate taxes, insurance and operating expenses are included in rental revenues in the period when such costs are reimbursed by the tenants. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements.
For the years ended December 31, 2025, 2024 and 2023, rental revenue included the application of $6.6 million, $7.7 million and $8.7 million of security deposits for contractual rent with certain tenants.
Life Science Investments. Life science investments consist of an investment in the IQHQ Preferred Stock (as defined in Note 7 "Life Science Investments"), which also includes the IQHQ Warrant (as defined in Note 7) and related financial instruments. Life science investments also consist of an investment in the IQHQ Credit Facility (as defined in Note 7), which was funded in connection with the investments in the IQHQ Preferred Stock and IQHQ Warrant and were, therefore, evaluated together and initially measured based on relative fair value (see Note 10 "Fair Value of Financial Instruments").
The Company does not have significant influence over IQHQ (as defined in Note 7), and the investments in the equity securities of IQHQ do not have a readily determinable fair value. As such, the investments in the equity securities of IQHQ are carried under the measurement alternative of ASC 321, Investments - Equity Securities, which is cost (as initially measured based on relative fair value), less impairment and adjusted for observable price changes in orderly transactions for identical or similar investment of the same issuer. As of December 31, 2025, there were no impairments or adjustments to the carrying value of the investments in the equity securities of IQHQ as a result of observable price changes. Dividend income on the investment in the IQHQ Preferred Stock is recognized on an accrual basis and is included in interest and other income in our consolidated statements of income.
The investment in the IQHQ Credit Facility is recorded at amortized cost (as initially measured based on relative fair value) and is evaluated for current expected credit loss using relevant information from internal and external sources, current conditions and reasonable and supportable forecasts in accordance with ASC 326, Financial Instruments - Credit Losses ("CECL Standard"). No allowance for credit losses has been recorded as of December 31, 2025. Interest income on the investment in the IQHQ Credit Facility is recognized using the effective interest method over the estimated life of the note and is included in interest and other income in our consolidated statements of income.
Construction Loan. In June 2021, we executed a construction loan agreement with a developer, pursuant to which we agreed to lend up to $23.0 million for the development of a regulated cannabis cultivation and processing facility in California (the "Construction Loan"). We have an option to purchase the property, and may execute a negotiated lease with an affiliate of the developer or with another third party, if we determine to exercise our purchase option. As of both December 31, 2025 and 2024, we had funded $22.8 million, respectively, of the Construction Loan. The Construction Loan is recorded at the amount funded and is evaluated for current expected credit loss in accordance with CECL Standard. No allowance for credit losses has been recorded as of December 31, 2025. Interest income on the Construction Loan is recognized on a cash basis and is included in interest and other income in our consolidated statements of income. The borrower exercised the option to extend the maturity date to December 31, 2026 with the satisfaction of certain conditions.
Cash and Cash Equivalents. We consider all highly-liquid investments with original maturities of 90 days or less to be cash equivalents, which is comprised of short-term money market funds, obligations of the U.S. government and certificates of deposit with an original maturity at the time of purchase of less than or equal to 90 days.
Restricted Cash. Restricted cash related to cash held in escrow accounts for future draws for improvements for tenants in accordance with certain lease agreements. The Company had no restricted cash balance as of December 31, 2025 and 2024.
Investments. Investments consist of short-term obligations of the U.S. government and certificates of deposit with an original maturity at the time of purchase of greater than 90 days. Investments in obligations of the U.S. government are classified as held-to-maturity and stated at amortized cost. Investments in certificates of deposit are classified as held-to-maturity and stated at cost. Investment income is included in interest and other income in our consolidated statements of income.
Deferred Financing Costs. The deferred financing costs relating to our Notes due 2026 are included as a reduction in the net book value of the related liability on our consolidated balance sheets. These costs are amortized as non-cash interest expense using the effective interest method over the life of the related obligations. Deferred financing costs relating to our Revolving Credit Facility and Life Science Credit Facility (as defined in Note 8 "Debt") are included in other assets, net in our consolidated balance sheets. These costs are being amortized on a straight-line basis and recognized as non-cash interest expense over the remaining term of the Revolving Credit Facility and Life Science Credit Facility.
Stock-Based Compensation. Stock-based compensation for equity awards is based on the grant date fair value of the equity awards and is recognized over the requisite service or performance period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any non-forfeitable dividends and dividend equivalents previously paid on these awards from retained earnings to compensation expense. Forfeitures are recognized as incurred. Certain equity awards are subject to vesting based upon the satisfaction of various market conditions. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense.
Lease Accounting. We account for our leases under ASC 842, Leases, and have elected the practical expedient not to separate certain non-lease components from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. We also elected the short-term lease exception for lessees for leases that are less than 12 months. As lessee, we recognized a liability to account for our future obligations and a corresponding right-of-use asset related to our corporate office lease, which ends in January 2027 and contains annual escalations. We measured the lease liability based on the present value of the future lease payments (excluding the extension option that we are not reasonably certain to exercise), discounted using the estimated incremental borrowing rates of 7.25% and 5.5%, which were the interest rates that we estimated we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments at initial commencement in December 2019 and upon an amendment in November 2021, respectively. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period.
The right-of-use asset is measured based on the corresponding lease liability. We did not incur any initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease. Subsequently, the right-of-use asset is amortized on a straight-line basis during the lease term. For each of the years ended December 31, 2025, 2024 and 2023, we recognized office lease expense of $0.5 million, which are included in general and administrative expense in our consolidated statements of income. For each of the years ended December 31, 2025, 2024 and 2023, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were $0.5 million.
As lessor, for each of our real estate transactions involving the leaseback of the related property to the seller or affiliates of the seller, we determine whether these transactions qualify as sale and leaseback transactions under the accounting guidance. For these transactions, we consider various inputs and assumptions including, but not necessarily limited to, lease terms, renewal options, discount rates, and other rights and provisions in the purchase and sale agreement, lease and other documentation to determine whether control has been transferred to the Company or remains with the lessee. A transaction involving a sale leaseback will be treated as a purchase of a real estate property if it is considered to transfer control of the underlying asset from the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control and will be classified as a sales-type lease if control of the underlying asset is transferred to the lessee. Otherwise, the lease is treated as an operating lease. These criteria also include estimates and assumptions regarding the fair value of the leased facilities, minimum lease payments, the economic useful life of the facilities, the existence of a purchase option, and certain other terms in the lease agreements. The lease accounting guidance requires accounting for a transaction as a financing in a sale leaseback when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. Substantially all of our leases continued to be classified as operating leases and we continue to record revenue for each of our properties on a cash basis. Our tenant reimbursable revenue and property expenses continue to be presented on a gross basis as rental revenues and as property
expenses, respectively, on our consolidated statements of income. Property taxes paid directly by the lessee to a third party continue to be excluded from our consolidated financial statements.
Lease amendments are evaluated to determine if the modification grants the lessee an additional right-of-use not included in the original lease and if the lease payments increase commensurate with the standalone price of the additional right-of-use, adjusted for the circumstances of the particular contract. If both conditions are present, the lease amendment is accounted for as a new lease that is separate from the original lease. In January 2024, the lease modifications for two of our leases to extend the initial term of each lease changed the lease classification from operating lease to sales-type lease that did not satisfy all the criteria for recognition as a completed sale. Accordingly, we continue to recognize the underlying assets within net real estate held for investment and all lease payments received, as well as any future lease payments, will be recognized as a deposit liability and will be included in other liabilities on our consolidated balance sheets until certain criteria are met. As of December 31, 2025, we have received lease payments of $5.0 million that have been included in other liabilities on our consolidated balance sheets. The underlying assets’ land and building and improvements had a gross carrying value of $4.1 million and $28.9 million, respectively, and accumulated depreciation of $4.4 million as of December 31, 2025.
Our leases generally contain options to extend the lease terms at the prevailing market rate or at the expiring rental rate at the time of expiration. Certain of our leases provide the lessee with a right of first refusal or right of first offer in the event we market the leased property for sale.
Recent Accounting Pronouncements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 require entities to provide enhanced disclosures related to certain expense categories included in income statement captions. Under ASU 2024-03, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement — excluding earnings or losses from equity method investments — if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense). For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. While the adoption is not expected to have an impact on our consolidated financial statements, it is expected to result in incremental disclosures within the footnotes to our consolidated financial statements.
Concentration of Credit Risk. As of December 31, 2025, we owned 111 properties located in 19 states. The ability of any of our tenants to honor the terms of their leases is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates.
The following tables set forth the five tenants in our portfolio that represented the largest percentage of our total rental revenues for the years ended December 31, 2025, 2024 and 2023, including tenant reimbursements:
For the Year Ended
December 31, 2025
Number of
Leases		Percentage of
Rental
Revenue
Ascend Wellness Holdings, Inc. ("Ascend")412 %
Green Thumb Industries, Inc. ("Green Thumb")39 %
Curaleaf Holdings, Inc. ("Curaleaf")88 %
Trulieve, Inc. ("Trulieve")68 %
The Cannabist Company218 %
For the Year Ended
December 31, 2024
Number of
Leases		Percentage of
Rental
Revenue
PharmaCann Inc. ("PharmaCann")(1)
1117 %
Ascend411 %
Green Thumb38 %
Holistic Industries, Inc. ("Holistic")57 %
Curaleaf87 %
For the Year Ended
December 31, 2023
Number of
Leases		Percentage of
Rental
Revenue
PharmaCann(1)
1115 %
Ascend410 %
Green Thumb38 %
SH Parents, Inc. ("Parallel")(2)
47 %
Curaleaf87 %
________________________________________________________
(1)See Note 6 "Investment in Real Estate - Lease Amendments" for further information about the leases with PharmaCann.
(2)We regained possession of two properties previously leased to Parallel in Texas and Pennsylvania in 2024.
In each of the tables above, these leases include leases with affiliates of each entity, for which the entity has provided a corporate guaranty.
Geographic Concentration
As of December 31, 2025, our largest property was located in New York and accounted for 5.5% of our net real estate held for investment. No other properties accounted for more than 5% of our net real estate held for investment as of December 31, 2025. As of December 31, 2024, our largest property was located in New York and accounted for 5.5% of our net real estate held for investment. No other properties accounted for more than 5% of our net real estate held for investment as of December 31, 2024.
Financial Instruments
Financial instruments that potentially subject us to a concentration of credit risk are cash and cash equivalents, notes and interest receivable, and investments in the IQHQ Preferred Stock and IQHQ Warrant.
Concentration of credit risk relating to notes and interest receivable, IQHQ Preferred Stock and IQHQ Warrant investments are managed by the Company through portfolio monitoring and performing due diligence prior to origination or acquisition. As of December 31, 2025, the Company had invested $100.0 million into the IQHQ Credit Facility and $50.0 million into the IQHQ Preferred Stock and IQHQ Warrant, representing a significant concentration of credit risk. The Company monitors IQHQ’s credit quality and enforces collateral rights under the credit agreement.
We have deposited cash with financial institutions that is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of December 31, 2025, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.
v3.25.4
Common Stock
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Common Stock Common Stock
As of December 31, 2025, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 28,022,975 shares of common stock issued and outstanding.
In May 2024, we terminated the previously existing "at-the-market" offering program (the "Prior ATM Program") and entered into new equity distribution agreements with four sales agents, pursuant to which we may offer and sell from time to time through an “at-the-market” offering program (the “ATM Program”), including on a forward basis, shares of our common stock and 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”), up to an aggregate offering price of $500.0 million. See Note 4 “Preferred Stock” for information regarding the sale of Series A Preferred Stock under the ATM Program.
No shares of common stock were issued pursuant to the ATM Program during the year ended December 31, 2025. During the years ended December 31, 2024 and 2023, we sold 123,224 shares and 101,061 shares of our common stock pursuant to the Prior ATM Program for net proceeds of $11.8 million and $9.6 million, respectively.
During the year ended December 31, 2024, we issued 28,408 shares of our common stock upon exchange by holders of $4.3 million of outstanding principal amount of our Exchangeable Senior Notes.
During the year ended December 31, 2023, we issued 32,200 shares of our common stock upon exchange by holders of approximately $2.0 million of outstanding principal amount of our Exchangeable Senior Notes.
In March 2025, our Board of Directors authorized a share repurchase program of up to $100.0 million of the Company’s common stock. The repurchase program expires on March 17, 2026, and may be extended, suspended, modified or discontinued at any time at the Company’s discretion. During year ended December 31, 2025, we repurchased and retired 371,538 shares of common stock for $20.1 million. No shares of common stock were repurchased and retired during the years ended December 31, 2024 and 2023.
v3.25.4
Preferred Stock
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Preferred Stock Preferred Stock
As of December 31, 2025, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001 per share, and there were 2,019,525 shares issued and outstanding of 9.00% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”). The Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such Series A Preferred Stock up to, but excluding the redemption date. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.
During the year ended December 31, 2025, we sold 1,016,852 shares of our Series A Preferred Stock pursuant to the ATM Program for net proceeds of $24.1 million.
During the year ended December 31, 2024, we sold 402,673 shares of our Series A Preferred Stock pursuant to the ATM Program for net proceeds of $9.6 million.
No shares of our Series A Preferred Stock were sold during the year ended December 31, 2023.
v3.25.4
Dividends
 12 Months Ended
Dec. 31, 2025
Dividends [Abstract]  
Dividends Dividends
The following table describes the dividends declared by the Company during the years ended December 31, 2025, 2024 and 2023:
Declaration DateSecurity ClassAmount
Per Share		Record DateDividend
Paid Date		Dividend
Amount
(In thousands)
March 15, 2023Common stock$1.80 March 31, 2023April 14, 2023$50,725 
March 15, 2023Series A preferred stock$0.5625 March 31, 2023April 14, 2023$338 
June 15, 2023Common stock$1.80 June 30, 2023July 14, 2023$50,742 
June 15, 2023Series A preferred stock$0.5625 June 30, 2023July 14, 2023$338 
September 15, 2023Common stock$1.80 September 30, 2023October 13, 2023$50,742 
September 15, 2023Series A preferred stock$0.5625 September 30, 2023October 13, 2023$338 
December 15, 2023Common stock$1.82 December 31, 2023January 12, 2024$51,489 
December 15, 2023Series A preferred stock$0.5625 December 31, 2023January 12, 2024$338 
March 15, 2024Common stock$1.82 March 31, 2024April 15, 2024$51,957 
March 15, 2024Series A preferred stock$0.5625 March 31, 2024April 15, 2024$338 
June 14, 2024Common stock$1.90 June 30, 2024July 15, 2024$54,253 
June 14, 2024Series A preferred stock$0.5625 June 30, 2024July 15, 2024$338 
September 13, 2024Common stock$1.90 September 30, 2024October 15, 2024$54,253 
September 13, 2024Series A preferred stock$0.5625 September 30, 2024October 15, 2024$564 
December 13, 2024Common stock$1.90 December 31, 2024January 15, 2025$54,253 
December 13, 2024Series A preferred stock$0.5625 December 31, 2024January 15, 2025$564 
March 14, 2025Common stock$1.90 March 31, 2025April 15, 2025$54,463 
March 14, 2025Series A preferred stock$0.5625 March 31, 2025April 15, 2025$781 
June 13, 2025Common stock$1.90 June 30, 2025July 15, 2025$53,783 
June 13, 2025Series A preferred stock$0.5625 June 30, 2025July 15, 2025$878 
September 15, 2025Common stock$1.90 September 30, 2025October 15, 2025$53,776 
September 15, 2025Series A preferred stock$0.5625 September 30, 2025October 15, 2025$1,017 
December 15, 2025Common stock$1.90 December 31, 2025January 15, 2026$53,777 
December 15, 2025Series A preferred stock$0.5625 December 31, 2025January 15, 2026$1,136 
v3.25.4
Investments in Real Estate
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Investments in Real Estate Investments in Real Estate
Acquisitions
The Company made the following acquisitions during the year ended December 31, 2025 (dollars in thousands):
PropertyMarketClosing Date
Rentable
Square
Feet(1)
Initial
Purchase
Price		Transaction
Costs		Total
Harvard PlaceMarylandFebruary 20, 202522,000$7,750 $107 $7,857 
Total22,000$7,750 $107 $7,857 
(2)
________________________________________________________
(1)Includes expected rentable square feet at completion of construction at the property.
(2)$0.6 million was allocated to land and $7.2 million was allocated to building and improvements.
Acquired In-Place Lease Intangible Assets
In-place lease intangible assets and related accumulated amortization as of December 31, 2025 and 2024 is as follows (in thousands):
December 31, 2025December 31, 2024
In-place lease intangible assets$9,757 $9,979 
Accumulated amortization(3,391)(2,594)
In-place lease intangible assets, net$6,366 $7,385 
Amortization of in-place lease intangible assets classified in depreciation and amortization expense in our consolidated statements of income was $1.0 million, $0.9 million and $0.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. The remaining weighted-average amortization period of the value of acquired in-place leases was 7.7 years, and the estimated annual amortization of the value of the acquired in-place leases as of December 31, 2025 is as follows (in thousands):
YearAmount
2026$844 
2027844 
2028844 
2029844 
2030844 
Thereafter2,146 
Total$6,366 
Above-Market Lease
The above-market lease and related accumulated amortization included in other assets, net on our consolidated balance sheets as of December 31, 2025 and 2024 is as follows (in thousands):
December 31, 2025December 31, 2024
Above-market lease$1,054 $1,054 
Accumulated amortization(371)(279)
Above-market lease, net$683 $775 
The above-market lease is amortized on a straight-line basis as a reduction to rental revenues over the remaining lease term of 7.5 years. For all three years ended December 31, 2025, 2024 and 2023, the amortization of the above-market lease was $0.1 million. As of December 31, 2025, the amortization for each of the next five years is $0.1 million and $0.2 million thereafter.
Lease Amendments
In January 2025, we entered into lease amendments with PharmaCann with respect to nine of its leases for properties located in New York, Illinois, Pennsylvania, Ohio, and Colorado. Those lease amendments reduced cumulative total base rent from $2.8 million per month to $2.6 million per month, with cash rent payments commencing February 1, 2025, and provided for pro-rata replenishment of security deposits over thirty-six months commencing February 1, 2027. We also entered into lease amendments with PharmaCann with respect to two of its leases for cultivation properties in Michigan and Massachusetts. Those amendments provide that monthly base rent of $1.3 million for these two properties will be abated in full effective February 1, 2025 and, if the properties have not been transitioned to new tenant(s) by August 1, 2025, we will regain full control over the properties. We applied security deposits held by us pursuant to all of the PharmaCann leases for the payment in full of all defaulted rent for December 2024 and January 2025 and certain penalties. The lease amendments also provided that if PharmaCann defaults again or is not able to refinance its existing senior secured credit facility maturing June 30, 2025, all modifications to our leases with PharmaCann described above will immediately be null and void and the leases will revert to the terms in effect as of January 1, 2025.
In March 2025, PharmaCann defaulted on its obligations to pay rent for the month of March under nine of its eleven leases for properties located in New York, Illinois, Pennsylvania, Ohio, and Colorado and therefore, all modifications to
our leases with PharmaCann described above became null and void and the leases reverted to the terms in effect as of January 1, 2025. In April 2025, the lease for the cultivation property in Michigan was terminated concurrently with the execution of a new lease with a new tenant. In August 2025, the lease for the cultivation property in Massachusetts was terminated and we took back possession of the property. In December 2025, the lease for the cultivation property in Illinois was terminated and we took back possession of the property.
In March 2025, we amended our lease with a subsidiary of AYR Wellness, Inc. at one of our Florida properties to reduce the improvement allowance by $2.5 million to $27.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property.
New Leases
In November 2025, we executed a new lease with a tenant at our property located at 19533 McLane Street in Palm Springs, California.
In November 2025, we executed a new lease with OCS Holliston LLC, a subsidiary of Perpetual Brand, at our property located at 465 Hopping Brook Road, Holliston, Massachusetts.
Capitalized Costs
Including all of our properties, during the year ended December 31, 2025, we capitalized costs of $15.9 million relating to improvements and construction activities at our properties.
Property Dispositions
In March 2023, we sold the portfolio of four properties in California for $16.2 million (excluding transaction costs) and provided a secured loan for $16.1 million to the buyer of the properties. The loan was set to mature on February 29, 2028 with two options to extend the maturity for twelve months, conditional in each instance on the payment of an extension fee and at least $0.5 million of the principal balance. The loan was interest only and payments were payable monthly in advance. The transaction did not qualify for recognition as a completed sale under GAAP since not all of the criteria were met. Accordingly, we did not derecognize the assets transferred on our consolidated balance sheets and all considerations received to date from the buyer have been recognized as a deposit liability and included in other liabilities on our consolidated balance sheets until such time the criteria for recognition as a sale have been met or the agreement is terminated. We declared this loan in default in March 2025 due to borrower's failure to pay interest and reimbursement for taxes. In September 2025, due to borrower's continued default and voluntary surrender, we took back possession and ownership of the properties through a deed in lieu of foreclosure. In connection with the termination of the agreement, we recognized $2.7 million of consideration received to date as interest and other income on our consolidated statements of income for the year ended December 31, 2025.
In May 2024, we sold a property in Los Angeles, California for $9.1 million (excluding closing costs) to a third-party buyer. Concurrently with the sale, pursuant to a separate agreement previously executed between us and the tenant, the tenant paid us a lease termination fee of $3.9 million and paid for the closing and other costs incurred by us in connection with the sale of the property. In connection with this sale, during the year ended December 31, 2024, we recognized a disposition-contingent lease termination fee of $3.9 million, which is included in rental revenue (including tenant reimbursements) on our consolidated statements of income, and a loss on sale of real estate of $3.4 million.
In April 2025, we sold a property in Michigan for $9.0 million (excluding transaction costs) and provided a secured loan for $8.5 million to the buyer of the property. The loan matures on April 24, 2028 with an option to extend the maturity for twelve months, conditional on the payment of an extension fee. The loan is interest only and payments are payable monthly in advance. The transaction did not qualify for recognition as a completed sale under GAAP since not all of the criteria were met. Accordingly, we have not derecognized the assets transferred and the land and building and improvements with a gross carrying value of $0.4 million and $9.6 million, respectively, and accumulated depreciation of $2.1 million as of December 31, 2025, remain on the consolidated balance sheet, and the buildings and improvements continue to be depreciated. All consideration received, as well as any future payments, from the buyer will be recognized as a deposit liability and will be included in other liabilities on our consolidated balance sheets until such time the criteria for recognition as a sale have been met. As of December 31, 2025, we have received a total of $1.6 million for a loan origination fee and interest.
In June 2025, we sold a property in Palm Springs, California. Net proceeds from the sale were $1.8 million and no gain or loss was recognized on the sale as the property was impaired and recognized at fair value less selling costs.
In December 2025, we sold a property in Mancos, Colorado. Net proceeds from the sale were $0.5 million and we recognized a loss on sale of real estate of $0.3 million.
Future Contractual Minimum Rent
Future contractual minimum rent (including base rent and property management fees) to be received on our leases as of December 31, 2025 for future periods is summarized as follows (in thousands):
YearContractual Minimum Rent
2026$299,647 
2027312,049 
2028319,222 
2029326,466 
2030331,268 
Thereafter3,058,509 
Total$4,647,161 
Future contractual minimum rent includes payments to be received on two sale-type leases, which will be recognized as a deposit liability and will be included in other liabilities on our consolidated balance sheet until certain criteria are met (see Note 2 “Lease Accounting” for further details).
v3.25.4
Life Science Investments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Life Science Investments Life Science Investments
In August 2025, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with IQHQ, Inc, a private life science real estate investment trust, and certain of its affiliates (collectively "IQHQ"). The Securities Purchase Agreement, together with certain exhibits thereto, set forth the terms under which the Company agreed to: (i) purchase up to $170.0 million of 15.0% Series G Cumulative Redeemable Preferred Stock of IQHQ (the “IQHQ Preferred Stock”) at a price of $1,000 per share, together with corresponding warrants to purchase common equity units of IQHQ at an exercise price of $0.01 per unit, subject to the satisfaction of certain funding milestones of the IQHQ Preferred Stock; and (ii) provide a $100.0 million commitment to IQHQ as a member of a lender syndicate under an Amended and Restated Credit Agreement (the “IQHQ Credit Facility”) with an initial term of three years, extendable by an additional 12 months upon payment of an extension fee and satisfaction of certain other conditions.
On September 30, 2025, the Company completed the initial purchase of an aggregate of 5,000 shares of IQHQ Preferred Stock for a total investment of $5.0 million. On October 31, 2025, the Company purchased an additional 45,000 shares of IQHQ Preferred Stock for $45.0 million, resulting in a total investment of 50,000 shares with an aggregate purchase price of $50.0 million. The IQHQ Preferred Stock accrues cumulative dividends comprised of (i) a 10.0% annual cash dividend and (ii) a 5.0% paid-in-kind (“PIK”) dividend, with dividends payable quarterly in arrears. For the year ended December 31, 2025, $0.4 million of PIK dividend was compounded into the investment in the IQHQ Preferred Stock. The PIK dividend will be paid upon redemption. The PIK dividend rate increases by 1.25% on each of the fourth and fifth anniversaries of issuance. In the event of a failure by IQHQ to make required redemptions or cash dividend payments, the PIK dividend rate increases by an additional 5.0%, until the failure is cured, subject to a cap on the increase. The IQHQ Preferred Stock ranks senior to IQHQ's common equity and any junior securities, pari passu with its Series E Preferred Stock and other parity securities, and junior to its Series A and Series D-1 Preferred Stock with respect to dividends and liquidation preferences. The IQHQ Preferred Stock is not convertible and carries limited voting rights, except as required by law or with respect to charter amendments that are materially adverse to holder rights. The IQHQ Preferred Stock may be redeemed by IQHQ at any time at the greater of $1,560 per share or the then-current base amount and may also be subject to holder redemption upon a change of control or sale transaction.
The remaining balance of the Company’s committed investment in IQHQ Preferred Stock is scheduled to be funded in multiple tranches commencing the second quarter of 2026 and continuing through the second quarter of 2027, subject to extension options exercisable by IQHQ. In connection with the initial closing, the Company also received a warrant (the
“IQHQ Warrant”) to purchase common equity units of IQHQ. The IQHQ Warrant is exercisable for a number of common equity units representing 1.5% of the fully diluted outstanding common equity of IQHQ (after giving effect to all previously issued warrants) as of the date of the initial closing.
Pursuant to the terms of the Securities Purchase Agreement, upon the initial closing, the Company obtained the right to appoint one voting member to IQHQ’s board of directors, subject to certain ownership thresholds, and designated Paul Smithers, the Company’s President and Chief Executive Officer, for this role. The Company also entered into a right of first offer letter with IQHQ, granting the Company a contractual right of first offer on certain real estate asset sales of IQHQ.
Additionally, in connection with the initial closing under the Securities Purchase Agreement, on September 30, 2025, the Company became a lender under the IQHQ Credit Facility and fully funded its $100.0 million commitment. The IQHQ Credit Facility bears interest at a fixed annual rate of 13.5%, consisting of 12.0% payable in cash and 1.5% PIK, with interest payable quarterly. For the year ended December 31, 2025, $0.4 million of PIK interest was compounded into the principal balance of the IQHQ Credit Facility. The PIK interest will be paid at maturity. The IQHQ Credit Facility has an initial maturity on September 30, 2028, with a one-time extension option of up to 12 months, subject to the satisfaction of certain conditions and payment of a facility extension fee. All obligations under the IQHQ Credit Facility are unconditionally guaranteed by IQHQ and secured by a first priority pledge of certain of IQHQ's assets. The Company is subject to a rate reduction penalty of up to 3.0% in the event it fails to make required purchases of IQHQ Preferred Stock under the Securities Purchase Agreement. The IQHQ Credit Facility includes customary representations, warranties, and covenants, as well as major decision rights requiring lender approval. IQHQ is required to prepay loans with proceeds from certain asset or equity sales and may voluntarily prepay or reduce commitments subject to specified conditions.
The following table details the carrying value of our life science investments, including the value of the forward contract to purchase the remaining minimum commitment of IQHQ Preferred Stock (in thousands):
December 31, 2025
Investment in IQHQ Preferred Stock$47,430 
Investment in IQHQ Warrant5,321 
Forward contract for the purchase of IQHQ Preferred Stock2,562 
PIK dividend444 
Investment in IQHQ Credit Facility96,493 
PIK interest415 
Total$152,665 
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Exchangeable Senior Notes
Our Operating Partnership previously issued 3.75% Exchangeable Senior Notes due 2024 (the “Exchangeable Senior Notes”). The Exchangeable Senior Notes were senior unsecured obligations of our Operating Partnership, were fully and unconditionally guaranteed by us and our Operating Partnership’s subsidiaries and were exchangeable for cash, shares of our common stock, or a combination of cash and shares of our common stock, at our Operating Partnership’s option, at any time prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date. The Exchangeable Senior Notes paid interest semiannually at a rate of 3.75% per annum and matured on February 21, 2024.
During the year ended December 31, 2024, we issued 28,408 shares of our common stock and paid $4.3 million in cash upon exchange by holders of $4.3 million principal amount of Exchangeable Senior Notes and paid off the remaining $0.1 million principal amount at maturity in February 2024, in accordance with terms of the indenture for the Exchangeable Senior Notes.
During the year ended December 31, 2023, we issued 32,200 shares of our common stock upon exchanges by holders of $2.0 million of outstanding principal amount of our Exchangeable Senior Notes. For the year ended December 31, 2023, we recognized a gain on the exchange totaling $22,000, resulting from the difference between the fair value and carrying
value of the debt as of the date of the exchange. The issuance of the shares pursuant to the exchanges resulted in a net non-cash increase to our additional paid-in capital account of $2.0 million for the year ended December 31, 2023.
The following table details our interest expense related to the Exchangeable Senior Notes (in thousands):
For the Year Ended December 31,
202520242023
Cash coupon$— $24 $182 
Amortization of issuance cost— 5 37 
Capitalized interest— (1)(7)
Total interest expense$— $28 $212 
Notes due 2026
In May 2021, our Operating Partnership issued $300.0 million aggregate principal amount of its 5.50% Senior Notes due 2026 (the “Notes due 2026”). The Notes due 2026 are senior unsecured obligations of our Operating Partnership, are fully and unconditionally guaranteed by us and rank equally in right of payment with all of the Operating Partnership’s future senior unsecured indebtedness. However, the Notes due 2026 are effectively subordinated to any of the Company’s, the Operating Partnership’s and the Operating Partnership’s subsidiaries’ future secured indebtedness to the extent of the value of the assets securing such indebtedness. The Notes due 2026 pay interest semiannually at a rate of 5.50% per year and will mature on May 25, 2026. The terms of the Notes due 2026 are governed by an indenture, dated May 25, 2021, and provide that if the debt rating on the Notes due 2026 is downgraded or withdrawn entirely, interest on the Notes due 2026 will increase to a range of 6.0% to 6.5% based on such debt rating.
In connection with the issuance of the Notes due 2026, we recorded $6.8 million of issuance costs, which are being amortized using the effective interest method and recognized as non-cash interest expense over the term of the Notes due 2026. The effective interest rate including amortization of issuance costs is 6.03%.
The following table details our interest expense related to the Notes due 2026 (in thousands):
For the Year Ended December 31,
202520242023
Cash coupon$16,093 $16,500 $16,500 
Amortization of issuance cost1,467 1,416 1,334 
Capitalized interest(184)(565)(620)
Total interest expense$17,376 $17,351 $17,214 
The following table details the carrying value of our Notes due 2026 (in thousands):
December 31, 2025December 31, 2024
Principal amount$291,215 $300,000 
Unamortized issuance cost(613)(2,135)
Carrying value$290,602 $297,865 
The Operating Partnership may redeem some or all of the Notes due 2026 at its option at any time at the applicable redemption price. If the Notes due 2026 are redeemed prior to February 25, 2026, the redemption price will be equal to 100% of the principal amount of the Notes due 2026 being redeemed, plus a make-whole premium and accrued and unpaid interest thereon to, but excluding, the applicable redemption date. If the Notes due 2026 are redeemed on or after February 25, 2026, the redemption price will be equal to 100% of the principal amount of the Notes due 2026 being redeemed, plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date.
In February 2025, we made early partial repayments at a discount totaling $8.7 million on the Notes due 2026, reducing the principal balance by $8.8 million. Following the partial repayment, all other terms and conditions of the debt agreement remain unchanged.
The terms of the indenture for the Notes due 2026 require compliance with various financial covenants, including minimum level of debt service coverage and limits on the amount of total leverage and secured debt maintained by the Operating Partnership. Management believes that it was in compliance with those covenants as of December 31, 2025.
Accrued interest payable for the Notes due 2026 was $2.0 million and $2.1 million as of December 31, 2025 and 2024, respectively, and is included in accounts payable and accrued expenses on our consolidated balance sheets.
Revolving Credit Facility
In October 2023, our Operating Partnership entered into a loan and security agreement (the “Loan Agreement”) with a federally regulated commercial bank, as lender and as agent for lenders that become party thereto from time to time, which matures on October 23, 2026. The Loan Agreement initially provided $50.0 million in aggregate commitments for secured revolving loans (the “Revolving Credit Facility”), the availability of which is based on a borrowing base consisting of real properties owned by subsidiaries (the “Subsidiary Guarantors”) of the Operating Partnership that satisfy eligibility criteria set forth in the Loan Agreement. The obligations of the Operating Partnership under the Loan Agreement are guaranteed by the Company and the Subsidiary Guarantors, and are secured by (i) operating accounts of the Operating Partnership into which lease payments under the real property included in the borrowing base are paid, (ii) the equity interest of the Subsidiary Guarantors, (iii) the real estate included in the borrowing base and the leases and rents thereunder, and (iv) all personal property of the Subsidiary Guarantors. The Loan Agreement also allows the Operating Partnership, subject to the satisfaction of certain conditions, to request additional revolving loan commitments up to a specified amount. In November 2024, our Operating Partnership entered into an amendment to the Loan Agreement, pursuant to which the aggregate commitments under the Revolving Credit Facility were increased from $50.0 million to $87.5 million. Borrowings under the Revolving Credit Facility bear interest at a variable rate based on the greater of the prime rate and an applicable margin based on deposits with the participating bank(s) and a stipulated interest rate. At December 31, 2025, the interest rate was 9.0%. The Revolving Credit Facility is subject to an unused line of credit fee, calculated in accordance with the Loan Agreement. As of December 31, 2025, the outstanding balance under the Revolving Credit Facility was $27.5 million. There were no amounts outstanding under the Revolving Credit Facility as of December 31, 2024.
The Loan Agreement is subject to certain liquidity and operating covenants and includes customary representations and warranties, affirmative and negative covenants and events of default. Management believes that it was in compliance with those covenants as of December 31, 2025.
In connection with the Revolving Credit Facility, we recorded $1.2 million of issuance costs, which are being amortized on a straight-line basis and recognized as non-cash interest expense over the term of the Revolving Credit Facility. For the years ended December 31, 2025, 2024 and 2023, we recognized $0.5 million, $0.3 million and $41,000, respectively, of non-cash interest expense related to the Revolving Credit Facility.
IIP Life Science Credit Facility
In October 2025, our Operating Partnership and IIP Life Science entered into a loan agreement with a federally regulated commercial bank, as agent for the lenders that become party thereto from time to time (the “IIP Life Science Credit Facility”). Under the IIP Life Science Credit Facility, our Operating Partnership has a revolving line of credit available up to $100.0 million until the maturity date on October 3, 2028. The IIP Life Science Credit Facility includes an accordion feature under which the revolving line of credit may be increased up to an aggregate of $135.0 million, under certain conditions, including obtaining additional lender commitments. The availability of credit at any given time under the IIP Life Science Credit Facility is subject to, among other things, the amount of collateral available and a borrowing base formula based upon the value of eligible investments in certain securities and an eligible loan receivable. All obligations under the IIP Life Science Credit Facility are secured by substantial assets of the loan parties, including the Company’s investment through IIP Life Science in IQHQ Preferred Stock, the IQHQ Warrant, and the IQHQ Credit Facility. Borrowings under the IIP Life Science Credit Facility bear interest on the outstanding daily balance at a rate of interest per annum equal to the greater of (i) the one-month Secured Overnight Financing Rate ("SOFR"), as administered by CME Group Benchmark Administration, plus 2.0% and (ii) 6.10%. At December 31, 2025, the interest rate was 6.1%. As of December 31, 2025, there were $75.0 million of borrowing outstanding under the IIP Life Science Credit Facility.
The IIP Life Science Credit Facility contains a liquidity covenant and a debt service coverage ratio covenant, which requires that the ratio of the Company’s consolidated EBITDA to debt service costs not be less than 2.0 to 1.0, measured as of the end of each fiscal quarter. Management believes that it was in compliance with those covenants as of December 31, 2025.
In connection with the IIP Life Science Credit Facility, we recorded $0.9 million of issuance costs, which are being amortized on a straight-line basis and recognized as non-cash interest expense over the term of the Revolving Credit Facility. For the year ended December 31, 2025, we recognized $77,000 of non-cash interest expense related to the IIP Life Science Credit Facility.
The following table summarizes the principal payments on our outstanding indebtedness as of December 31, 2025 (in thousands):
Payments Due
by Year		Amount
2026$318,715 
2027— 
202875,000 
2029— 
2030— 
Thereafter— 
Total$393,715 
v3.25.4
Net Income Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
Grants of restricted stock and restricted stock units (“RSUs”) of the Company in share-based payment transactions are considered participating securities prior to vesting and, therefore, are considered in computing basic earnings per share under the two-class method. The two-class method is an earnings allocation method for calculating earnings per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. Earnings per basic share under the two-class method is calculated based on dividends declared on common shares and other participating securities (“distributed earnings”) and the rights of participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends and dividend equivalents accruing during the period. The undistributed earnings are allocated to all outstanding common shares and participating securities based on the relative percentage of each security to the total number of outstanding participating securities. Earnings per basic share represents the summation of the distributed and undistributed earnings per share class divided by the total number of shares.
Through December 31, 2025, all of the Company’s participating securities received dividends or dividend equivalents at an equal dividend rate per share. As a result, distributions to participating securities have been included in net income attributable to common stockholders to calculate net income per basic and diluted share.
The 9,468 shares and 81,169 shares necessary to settle the Exchangeable Senior Notes on the if-exchanged method basis were dilutive for the years ended December 31, 2024, and 2023, respectively, and were included in the computation of diluted earnings per share.
For the years ended December 31, 2024, and 2023, the performance share units (“PSUs”) granted to certain employees were not included in dilutive securities as the performance thresholds for the vesting of the PSUs were not met as measured as of the respective dates. The PSUs expired on December 31, 2024 (see Note 11 " Common Stock Incentive Plan" for further discussion of the PSUs).
Computations of net income per basic and diluted share were as follows (in thousands, except share and per share data):
Years Ended December 31,
202520242023
Net income$118,247 $161,661 $165,588 
Preferred stock dividends(3,812)(1,804)(1,352)
Distribution to participating securities(2,987)(2,254)(1,482)
Net income attributable to common stockholders used to compute net income per share – basic111,448 157,603 162,754 
Dilutive effect of Exchangeable Senior Notes— 28 212 
Net income attributable to common stockholders used to compute net income per share – diluted$111,448 $157,631 $162,966 
Weighted-average common shares outstanding:
Basic28,005,22828,226,40227,977,807
Restricted stock and RSUs371,999294,780196,821
Dilutive effect of Exchangeable Senior Notes—9,46881,169
Diluted28,377,22728,530,65028,255,797
Net income attributable to common stockholders per share:
Basic$3.98 $5.58 $5.82 
Diluted$3.93 $5.52 $5.77 
v3.25.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
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 standard describes 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.
Financial Instruments Measured at Fair Value on a Nonrecurring Basis
On September 30, 2025, the Company completed its initial purchase of IQHQ Preferred Stock and funded the investment under the IQHQ Credit Facility, as described in Note 7. The investments in the IQHQ Preferred Stock and IQHQ Credit Facility were evaluated together, along with the related financial instruments, and were initially measured based on relative fair value. Utilizing a third-party valuation specialist, the fair values were determined as summarized in the following table (in thousands):
Financial InstrumentsRelative Fair Value at September 30, 2025
IQHQ Preferred Stock(1)
$4,912 
IQHQ Warrant(2)
$532 
Forward contract for the purchase of IQHQ Preferred Stock(3)
$4,868 
IQHQ Credit Facility(4)
$95,930 
________________________________________________________
(1)The Company estimated the fair value of the IQHQ Preferred Stock using a discounted cash flow method with a risk adjusted discount rate of 20.0% and term to an IQHQ entity level exit of five years. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair value is categorized as Level 3 of the fair value hierarchy.
(2)The Company estimated the fair value of the IQHQ Warrant using an option pricing model. Because this methodology includes unobservable inputs, including a discount for lack of marketability of 41.0%, a risk free rate of 3.7%, equity volatility of 35.0%, and term to an IQHQ entity level exit of five years, the fair value measurement is categorized as Level 3 of the fair value hierarchy.
(3)The Company estimated the fair value of the forward contract for the purchase of IQHQ Preferred Stock using a standard forward contract model. Because this methodology includes unobservable inputs, including the expected timing and amounts of future fundings as well as the estimated fair value of the underlying IQHQ Preferred Stock estimated using an approach consistent with as described above, the measurement of estimated fair value is categorized as Level 3 of the fair value hierarchy.
(4)The Company estimated the fair value of the IQHQ Credit Facility by using a discounted cash flow method with a risk adjusted discount rate of 16.1%. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair value is categorized as Level 3 of the fair value hierarchy.

Financial Instruments Not Measured at Fair Value
The following table presents the carrying value and approximate fair value of financial instruments not measured at fair value at December 31, 2025 and 2024 (in thousands):
At December 31, 2025At December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
Life science investments(1)
$96,908 $96,908 $— $— 
Construction loan(2)
$22,800 $22,997 $22,800 $28,245 
Investments as cash equivalents(3)
$158 $158 $45,714 $45,714 
Notes receivable(4)
$16,786 $16,786 $16,786 $16,786 
Investments(5)
$— $— $5,000 $5,000 
Notes due 2026(6)
$290,602 $288,644 $297,865 $289,077 
Revolving credit facility(7)
$27,500 $27,500 $— $— 
Life science credit facility(8)
$75,000 $75,000 $— $— 
________________________________________________________
(1)Excludes $52.8 million of investments in the IQHQ Preferred Stock and IQHQ Warrant which are carried at cost under the measurement alternative of ASC 321, Investments - Equity Securities. The investment in the IQHQ Credit Facility is categorized as Level 3 and was valued using a yield analysis, which is typically performed for non-credit impaired loans. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the expected market yield for a similarly structured loan with a similar level of risk. In the yield analysis, the Company considers the current contractual interest rate, the maturity and other terms of the loan relative to risk of the company and the specific loan. At December 31, 2025, the expected market yield used to determine fair value was 16.8%. Changes in market yields may change the fair value of the investment in the revolving credit facility. Generally, an increase in market yields may result in a decrease in the fair value of the investment in the revolving credit facility. Due to the inherent uncertainty of determining the fair value of a loan that does not have a readily available market value, the fair value of the investment in the revolving credit facility may fluctuate from period to period. Additionally, the fair value of the investment in the revolving credit facility may differ significantly from the value that would have been used had a readily available market existed for such loan and may differ materially from the value that the Company may ultimately realize.
(2)The construction loan receivable is categorized as Level 3 and was valued using a yield analysis, which is typically performed for non-credit impaired loans. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the expected market yield for a similarly structured loan with a similar level of risk. In the yield analysis, the Company considers the current contractual interest rate, the maturity and other terms of the loan relative to risk of the company and the specific loan. At each of December 31, 2025 and December 31, 2024, the expected market yield used to determine fair value was 16.25%. Changes in market yields may change the fair value of the construction loan. Generally, an increase in market yields may result in a decrease in the fair value of the construction loan. Due to the inherent uncertainty of determining the fair value of a loan that does not have a readily available market value, the fair value of the construction loan may fluctuate from period to period. Additionally, the fair value of the construction loan may differ significantly from the value that would have been used had a readily available market existed for such loan and may differ materially from the value that the Company may ultimately realize.
(3)Investments as cash equivalents include investments of obligations of the U.S. government with an original maturity at the time of purchase of 90 days or less are classified as held-to-maturity, stated at amortized cost and valued using Level 1 inputs. Investments as cash equivalents also include investments in a money market fund that invests 100% in U.S. government securities, which is stated at cost and valued using Level 1 inputs.
(4)Notes receivable relate to certain acquisitions of real estate which did not satisfy the requirements for sale-leaseback accounting (see Note 2 “Acquisition of Real Estate Properties” to our consolidated financial statements for more information). The notes receivable
are categorized as Level 3 and were valued using a yield analysis. At December 31, 2025 and 2024, the weighted average expected market yields used to determine fair values were 26.5% and 20.6%, respectively.
(5)At December 31, 2024 , investments consisting of short-term certificates of deposit with an original maturity at the time of purchase of greater than 90 days and less than one year are classified as held-to-maturity, stated at cost which approximates fair value using Level 2 inputs.
(6)The fair value is determined based upon Level 2 inputs as the Notes due 2026 were not traded in an active market.
(7)The Revolving Credit Facility is categorized as Level 2 and was valued using a discounted cash flow analysis based on significant other observable inputs such as available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Changes in discount and borrowing rates may change the fair value of the Revolving Credit Facility. Additionally, the use of different market assumptions or estimation methods may have a material effect on the estimated fair value.
(8)The Life Science Credit Facility is categorized as Level 2 and was valued using a discounted cash flow analysis based on significant other observable inputs such as available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Changes in discount and borrowing rates may change the fair value of the Life Science Credit Facility. Additionally, the use of different market assumptions or estimation methods may have a material effect on the estimated fair value.
The carrying amounts of cash equivalents, interest receivable, accounts payable, accrued expenses and other liabilities approximate fair values.
v3.25.4
Common Stock Incentive Plan
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Common Stock Incentive Plan Common Stock Incentive Plan
Our board of directors adopted our 2016 Omnibus Incentive Plan (the “2016 Plan”), to enable us to motivate, attract and retain the services of directors, employees and consultants considered essential to our long-term success. The 2016 Plan offers our directors, employees and consultants an opportunity to own our stock or rights that will reflect our growth, development and financial success. Under the terms of the 2016 Plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 1,000,000 shares. Any equity awards that lapse, expire, terminate, are canceled or are forfeited (including forfeitures in connection with satisfaction of tax withholding obligations of the recipient) are re-credited to the 2016 Plan’s reserve for future issuance. The 2016 Plan automatically terminates on the date which is ten years following the effective date of the 2016 Plan, in December 2026.
A summary of the restricted stock activity under the 2016 Plan and related information for the years ended December 31, 2025, 2024 and 2023 is included in the table below:
Restricted
Shares		Weighted-
Average Grant Date
Fair Value
Nonvested balance at December 31, 202234,026$181.08 
Granted40,770$105.85 
Vested(12,115)$173.37 
Forfeited(1)
(5,970)$116.31 
Nonvested balance at December 31, 202356,711$135.46 
Granted46,752$93.26 
Vested(18,753)$111.84 
Forfeited(1)
(7,442)$205.15 
Nonvested balance at December 31, 202477,268$108.95 
Granted69,384$71.66 
Vested(24,578)$103.47 
Forfeited(1)
(12,483)$161.21 
Nonvested balance at December 31, 2025109,591$80.61 
________________________________________________________
(1)Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting or employees’ cessation of employment.
The remaining unrecognized compensation cost of $4.5 million for restricted stock awards is expected to be recognized over a weighted-average amortization period of 1.7 years as of December 31, 2025. The fair value of restricted stock that vested in 2025, 2024 and 2023 was $2.4 million, $2.6 million and $1.7 million, respectively.
The following table summarizes our RSU activity for the years ended December 31, 2025, 2024 and 2023. RSUs are issued as part of the Innovative Industrial Properties, Inc. Nonqualified Deferred Compensation Plan (the “Deferred Compensation Plan”), which allows a select group of management and our non-employee directors to defer receiving certain of their cash and equity-based compensation. RSUs are subject to vesting conditions of the Deferred Compensation Plan and have the same economic rights as shares of restricted stock under the 2016 Plan:
Unvested
RSUs		Weighted-
Average Grant Date
Fair Value
Balance at December 31, 202283,677$144.30 
Granted66,279$101.40 
Balance at December 31, 2023149,956$125.34 
Granted72,546$92.64 
Balance at December 31, 2024222,502$114.68 
Granted75,975$75.59 
Vested and converted to common stock(5,779)$100.10 
Forfeited(1)
(12,143)$100.62 
Balance at December 31, 2025280,555$104.19 
________________________________________________________
(1)Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting or employees’ cessation of employment.
The remaining unrecognized compensation cost of $5.5 million for RSU awards is expected to be recognized over an amortization period of 1.7 years as of December 31, 2025.
In January 2021 and January 2022 , we issued 70,795 and 102,641 “target” PSUs, respectively, to a select group of officers, which vest and are settled in shares of common stock based on the Company’s total stockholder return over a period commencing on the applicable grant dates and ending on December 31, 2023 and 2024 respectively. The PSUs granted in January 2021 and January 2022 were forfeited in their entirety on December 31, 2023 and 2024, respectively, pursuant to the terms of the agreements, as the PSUs failed to meet the performance threshold for vesting.
Stock-based compensation for market-based PSU awards is based on the grant date fair value of the equity awards and is recognized over the applicable performance period. For the year ended December 31, 2024 and 2023, we recognized stock-based compensation expense of $6.7 million and $10.7 million, respectively, relating to PSU awards.
Stock-based compensation expense is included within general and administrative expense in the consolidated statements of income.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Office Lease. The future contractual lease payments for our office lease and the reconciliation to the office lease liability reflected in other liabilities in our consolidated balance sheet as of December 31, 2025 is presented in the table below (in thousands):
YearAmount
2026$543 
202745 
2028— 
2029— 
2030— 
Total future contractual lease payments588 
Effect of discounting(18)
Office lease liability $570 
Improvement Allowances. As of December 31, 2025, we had $6.5 million of commitments related to improvement allowances, which generally may be requested by the tenants at any time up until a date that is near the expiration of the initial term of the applicable lease.
Life Science Investments. As of December 31, 2025, we had $120.0 million remaining on our commitment to purchase up to $170.0 million of IQHQ Preferred Stock, scheduled to be funded in various installments by June 30, 2027, subject to extension options exercisable by IQHQ. See Note 7 "Life Science Investments" for further details.
Construction Loan. As of December 31, 2025, we had $0.2 million of commitments related to our construction loan for the development of a regulated cannabis cultivation and processing facility in California.
Environmental Matters. We follow the policy of monitoring our properties, both targeted acquisition and existing properties, for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist, we are not currently aware of any environmental liabilities that would have a material adverse effect on our financial condition, results of operations and cash flow, or that we believe would require disclosure or the recording of a loss contingency.
Litigation.
Class Action Lawsuits
On April 25, 2022, a federal securities class action lawsuit was filed against the Company and certain of its officers. The case was named Michael V. Mallozzi, individually and on behalf of others similarly situated v. Innovative Industrial Properties, Inc., Paul Smithers, Catherine Hastings and Andy Bui, Case No. 2-22-cv-02359, and was filed in the U.S. District Court for the District of New Jersey. On September 25, 2024, the district court granted defendants’ motion to dismiss the operative complaint with prejudice. The plaintiff appealed, and on October 15, 2025, the United States Court of Appeals for the Third Circuit affirmed the dismissal. On October 29, 2025, the appellant filed a petition for rehearing en banc, which was denied on November 13, 2025. Plaintiff did not file a petition for writ of certiorari with the U.S. Supreme Court.
On January 17, 2025, a second federal securities class action lawsuit was filed against the Company and certain of its officers. The case was named Alain Giraudon, individually and on behalf of others similarly situated v. Innovative Industrial Properties, Inc., Alan D. Gold, Paul E. Smithers, David Smith and Ben Regin, Case No. 1:25-cv-00182-RDB, and was filed in the U.S. District Court for the District of Maryland. The lawsuit was purportedly brought on behalf of purchasers of our common stock and alleges that we and certain of our officers made false or misleading statements regarding our business in violation of Section 10(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SEC Rule 10b-5, and Section 20(a) of the Exchange Act. According to the filed complaint, the plaintiff is seeking an undetermined amount of damages, interest, attorneys’ fees and costs and other relief on behalf of the putative classes of all persons who acquired shares of the Company’s common stock between February 27, 2024, and December 19, 2024.
On June 23, 2025, a Consolidated Class Action Complaint was filed under the same Case Number, adding Catherine Hastings as a defendant, and asserting causes of action under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. According to the Consolidated Class Action Complaint, the plaintiff is seeking an undetermined amount of damages, interest, attorneys’ fees and costs and other relief on behalf of the putative classes of all persons who acquired shares of the Company’s common stock between February 26, 2024 and March 28, 2025. On August 22, 2025, defendants moved to dismiss the Consolidated Class Action Complaint, and on October 21, 2025, plaintiff responded with their opposition to defendants’ motion to dismiss. On November 20, 2025, defendants filed a reply in support of their motion to dismiss.
It is possible that similar lawsuits may yet be filed in the same or other courts that name the same or additional defendants. We intend to defend the lawsuit vigorously. However, at this time, we cannot predict the probable outcome of this action, and, accordingly, no amounts have been accrued in the Company’s consolidated financial statements.
Derivative Action Lawsuits
Five derivative lawsuits were filed related to the Mallozzi federal securities class action discussed above. John Rice, derivatively on behalf of Innovative Industrial Properties, Inc. v. Paul Smithers, Catherine Hastings, Andy Bui, Alan Gold, Gary Kreitzer, Mary Curran, Scott Shoemaker, David Stecher, and Innovative Industrial Properties, Inc., Case Number
24-C-22-003312, and Karen Draper, derivatively on behalf of Innovative Industrial Properties, Inc. v. Paul Smithers, Catherine Hastings, Andy Bui, Alan Gold, Gary Kreitzer, Mary Curran, Scott Shoemaker, David Stecher, Defendants, and Innovative Industrial Properties Inc., Nominal Defendant, Case Number 24-C-22-004243, were filed in the Circuit Court for Baltimore City, Maryland. On October 19, 2022, the parties to both cases filed a Joint Motion to Consolidate Related Shareholder Derivative Actions and to Appoint Lead and Liaison Counsel for plaintiffs, which was granted on December 19, 2022, along with a stay in the lawsuit pending a ruling on the defendants’ motion to dismiss the federal class action lawsuit described above. On February 13, 2026, the parties filed a Joint Motion for Voluntary Dismissal Without Prejudice. Two derivative lawsuits, named Ross Weintraub, derivatively on behalf of Innovative Industrial Properties, Inc. v. Alan Gold, Paul Smithers, Catherine Hastings, Ben Regin, Andy Bui, Tracie Hager, Gary Kreitzer, David Stecher, Scott Shoemaker, Mary Curran, and Innovative Industrial Properties, Inc., Case Number 1:23-cv-00737-GLR, and Franco DeBlasio, on behalf of Gerich Melenth Nin (GMN) LP, derivatively on behalf of Innovative Industrial Properties, Inc. v. Paul Smithers, Catherine Hastings, Alan D. Gold, Tracie J. Hager, Benjamin C. Regin, Andy Bui, Gary A. Kreitzer, David Stecher, Scott Shoemaker, Mary Curran, and Innovative Industrial Properties, Inc., Case Number 1:23-cv-01513-GLR, were filed in the United States District Court for the District of Maryland. On July 19, 2023, the United States Court for the District of Maryland consolidated Case Nos. 1:23-cv-00737-GLR and 1:23-cv-01513-GLR with case number 1:23-cv-00737-GLR as the lead case and kept the stay in place. After the United States Court of Appeals for the Third Circuit affirmed dismissal of the Mallozzi class action on October 15, 2025, plaintiffs in the consolidated action filed a Consent Motion for Voluntary Dismissal on October 20, 2025. On October 21, 2025, the United States Court for the District of Maryland granted the dismissal.
On May 9, 2024, a fifth derivative action lawsuit was filed against the Company and certain of its officers and directors. The case was named Gary A Gedig, derivatively on behalf of Innovative Industrial Properties, Inc. v. Paul Smithers, Catherine Hastings, Ben Regin, Andy Bui, Tracy Hager, Alan Gold, Gary A. Kreitzer, Mary Curran, Scott Shoemaker, M.D., and David Stecher, and Innovative Industrial Properties, Inc., Civil No. C-24-CV-24-000130, and filed in the Circuit Court for Baltimore City, Maryland. Plaintiff and defendants in this action filed a Joint Stipulation to Stay the Proceedings, which was granted on September 17, 2024. This derivative action relates to the same allegations as those made in the Mallozzi class action, detailed above, and remains pending.
On February 12, 2025, a derivative action lawsuit was filed against the Company and certain of its officers and directors. The case was named Joshua Steffens, derivatively on behalf of Innovative Industrial Properties, Inc. v. Alan Gold, Paul Smithers, David Smith, Ben Regin, Gary Kreitzer, Gary Stecher, Scott Shoemaker, Mary Allis Curran, and Innovative Industrial Properties, Inc., Case Number 1:25-cv-00456-ABA, and was filed in the United States District Court for the District of Maryland. The lawsuit asserts putative derivative claims for violations of the Exchange Act, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, waste of corporate assets, and contribution against the directors and certain officers of the Company. The plaintiffs are seeking an undetermined amount of damages, interest, an accounting and constructive trust, punitive damages, and attorneys’ fees and costs. On February 18, 2025, the case was reassigned and given Case Number 1:25-cv-00456-GLR. On February 19, 2025, the United States Court for the District of Maryland consolidated Case Nos. 1:25-cv-00469-BAH (detailed below) with case number 1:25-cv-00456-GLR as the lead case, which is stayed. Plaintiff and defendants in this action filed a Joint Stipulation and Order Staying the Consolidated Action, which was granted on March 13, 2025. This derivative action relates to the same allegations as those made in the Giraudon class action, detailed above.
On February 13, 2025, a derivative action lawsuit was filed against the Company and certain of its officers and directors. The case was named Joshua Albers, derivatively on behalf of Innovative Industrial Properties, Inc. v. Alan Gold, Paul Smithers, David Smith, Ben Regin, Gary Kreitzer, Gary Stecher, Scott Shoemaker, Mary Allis Curran, and Innovative Industrial Properties, Inc., Case Number 1:25-cv-00469-BAH, and was filed in the United States District Court for the District of Maryland. The lawsuit asserts putative derivative claims for violations of the Exchange Act, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, waste of corporate assets, and contribution against the directors and certain officers of the Company. The plaintiffs are seeking an undetermined amount of damages, interest, reform, punitive damages, and attorneys’ fees and costs. On February 19, 2025, the United States Court for the District of Maryland consolidated Case Nos. 1:25-cv-00469-BAH with case number 1:25-cv-00456-GLR as the lead case. This derivative action also relates to the same allegations as those made in the Giraudon class action, detailed above.
On August 14, 2025 and August 21, 2025, two derivative action lawsuits were filed against the Company and certain of its officers and directors in the Circuit Court for Baltimore County, Maryland: Joann Crepaz, derivatively on behalf of Innovative Industrial Properties, Inc. v. Alan Gold, David Boyle, Mary Curran, Catherine Hastings, Gary Kreitzer, Ben Regin, Scott Shoemaker, David Smith, Paul Smithers, David Stecher, and Innovative Industrial Properties, Inc., Case Number C-03-CV-25-003997, and Edward Ramos, derivatively on behalf of Innovative Industrial Properties, Inc. v. Alan
Gold, David Boyle, Mary Curran, Catherine Hastings, Gary Kreitzer, Ben Regin, Scott Shoemaker, David Smith, Paul Smithers, David Stecher, and Innovative Industrial Properties, Inc., Case Number C-03-CV-25-004083. Each complaint asserts putative derivative claims for breach of fiduciary duty and unjust enrichment against certain directors and officers and seeks an undetermined amount of damages, reform, restitution, and attorneys’ fees and costs. On September 18, 2025, the parties filed a joint motion to consolidate the actions, which the court granted on October 23, 2025, designating the Crepaz action as the lead case. These derivative actions relate to the same allegations as those asserted in the Giraudon class action described above and were stayed pending resolution of the Giraudon motion to dismiss, by an order of the Circuit Court of Baltimore Count, Maryland that was issued on February 13, 2026.
On November 19, 2025, a derivative action lawsuit was filed against the Company and certain of its officers and directors. The case was named James Loen, derivatively on behalf of Nominal Defendant Innovative Industrial Properties v. Alan Gold, Paul Smithers, David Smith, Ben Regin, Gary Kreitzer, Scott Shoemaker, Catherine Hastings, David Stecher, and Mary Curran, Case Number 1:25-cv-03786, and was filed in the United States District Court of Maryland. The lawsuit asserts putative derivative claims for breach of fiduciary duty and unjust enrichment against the directors and certain officers of the Company. The plaintiff is seeking an undetermined amount of damages, reform, restitution, and attorneys’ fees and costs. On January 23, 2026, the defendants filed a motion to dismiss plaintiff’s claims. The deadline for plaintiff to file a response is March 9, 2026, and defendants have thirty days thereafter to file a reply. On February 3, 2026, the defendants filed a motion to consolidate the Loen lawsuit with the Steffens and Albers consolidated action, 1:25-cv-00456. On February 17, 2026, the parties filed a Joint Stipulation and Order Staying Action pursuant to which the parties agreed to stay the lawsuit until the resolution of the Giraudon class action. The stay can be lifted before then by either party with 30 days’ notice.
The Company intends to vigorously defend each of these lawsuits. However, at this time, the Company cannot predict the probable outcome of these actions, and, accordingly, no amounts have been accrued in the Company’s consolidated financial statements.
SEC Investigation
On February 13, 2026, the Company was notified that the SEC is conducting a formal investigation of the Company concerning matters generally similar to those alleged in the Giraudon case and related derivative lawsuits. On the same date, the Company received a subpoena from the Denver Regional Office of the Division of Enforcement of the SEC requesting the production of documents and information related to the investigation. The Company intends to cooperate fully with the SEC.
We may, from time to time, be a party to other legal proceedings, which arise in the ordinary course of our business. Although the results of these proceedings, claims, inquiries, and investigations cannot be predicted with certainty, we do not believe that the final outcome of these matters is reasonably likely to have a material adverse effect on our business, financial condition, or results of operations. Regardless of final outcomes, however, any such proceedings, claims, inquiries, and investigations may nonetheless impose a significant burden on management and employees and may come with significant defense costs or unfavorable preliminary and interim rulings. At this stage of the investigation, the Company believes that a loss is neither probable or estimable.
Deferred Compensation Plan. In November 2019, we adopted the Innovative Industrial Properties, Inc. Nonqualified Deferred Compensation Plan (the “Plan”), which allows a select group of management and non-employee directors to defer receipt of their compensation, including up to 80% of base salary, 100% of bonus, 100% of director fees and 100% of restricted equity awards. The Plan assets are held in a rabbi trust which is consolidated and included in the consolidated financial statements.
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
During the fourth quarter of 2025, in connection with our significant financial investments in the life science industry, we began managing the business through two reportable segments based on portfolio type. This change reflects how our CODM evaluates performance and allocates resources. The CODM is our President and Chief Executive Officer.

Our reportable segments consist of the following as of December 31, 2025:
•Cannabis Portfolio Segment, which primarily includes the acquisition, development and redevelopment, and leasing of real estate properties to regulated cannabis operators on a long-term triple-net basis.
•Life Science Portfolio Segment, which includes the investments in the IQHQ Credit Facility, IQHQ Preferred Stock and IQHQ Warrant.
The CODM evaluates the performance of each reportable segment and allocates resources based on the net income of each segment. Items that are not directly assignable to a reportable segment are reflected as Unallocated due to how our CODM utilizes segment information for planning and execution of our business strategy. Total capital expenditures are reviewed by the CODM on a consolidated basis as presented in the accompanying consolidated statements of cash flows. All of our operations are conducted within the United States.
The segment net income, including significant segment expenses that are regularly reviewed by the CODM, for the years ended December 31, 2025, 2024 and 2023, and the total segment assets as of December 31, 2025 and 2024, are presented in the tables below (in thousands):
Years ended December 31,
202520242023
Cannabis Portfolio Segment:
Rental revenues (including tenant reimbursements)$265,486 $306,936 $307,349 
Other revenues469 1,581 2,157 
  Total reportable segment revenue265,955 308,517 309,506 
Property expenses(30,177)(28,472)(24,893)
Depreciation and amortization expense(74,068)(70,807)(67,194)
Impairment loss on real estate(3,527)— — 
Gain (loss) on sale of real estate(326)(3,449)— 
Interest and other income6,413 4,388 1,060 
Cannabis Portfolio Segment net income164,270 210,177 218,479 
Life Science Portfolio Segment:
Interest and other income5,047 — — 
Life Science Portfolio Segment net income5,047 — — 
Total reportable segment net income169,317210,177218,479
Unallocated:
General and administrative expense(33,735)(37,444)(42,832)
Interest and other income2,860 6,600 7,386 
Interest expense(20,195)(17,672)(17,467)
Gain (loss) on exchange of Exchangeable Senior Notes— — 22 
Net income118,247 161,661 165,588 
Preferred stock dividends(3,812)(1,804)(1,352)
Net income attributable to common stockholders$114,435 $159,857 $164,236 
Segment Total Assets:December 31, 2025December 31, 2024
Cannabis Portfolio Segment$2,165,359 $2,222,360 
Life Science Portfolio Segment152,665 — 
Unallocated52,834 155,687 
Total$2,370,858 $2,378,047 
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Issuance of Preferred Stock
In January 2026, we sold 1,794,323 shares of our Series A Preferred Stock pursuant to the ATM Program for net proceeds of $40.4 million.
Revolving Credit Facility
Subsequent to December 31, 2025, the Company drew $5.0 million under the Revolving Credit Facility and repaid $20.0 million of outstanding borrowings on the facility. As of February 24, 2026, the outstanding balance was $12.5 million.
v3.25.4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
INNOVATIVE INDUSTRIAL PROPERTIES, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2025
(In thousands)
Initial CostsTotal Costs
PropertyProperty TypeStateYear
Built/Renovated		LandBuilding and
Improvements		Costs
Capitalized
Subsequent to
Acquisition		Land
Building and
Improvements(5)
TotalAccumulated
Depreciation		Net Cost
Basis		Year Acquired
East Cherry StreetIndustrialArizona1971 / 2016$723 $3,995 $— $723 $3,995 $4,718 $(370)$4,348 2022
West Greenhouse DriveIndustrialArizona1995 / 2017398 14,629 5,003 398 19,632 20,030 (5,553)14,477 2017
Perez RoadIndustrialCalifornia1981 / 2024734 5,634 9,296 734 14,930 15,664 (1,283)14,381 2022
64125 19th AvenueIndustrialCalifornia2019 / 20235,930 45,081 12,614 5,930 57,695 63,625 (6,150)57,475 2021
McLane StreetIndustrialCalifornia2005 / 20191,577 15,935 1,384 1,577 17,319 18,896 (2,284)16,612 2020
Inland Center Drive(3)
IndustrialCalifornia
1969 / (1)
3,485 21,911 12,323 3,485 34,234 37,719 — 37,719 2020
63795 19th AvenueIndustrialCalifornia2004 3,534 12,852 19,718 3,534 32,570 36,104 (2,676)33,428 2019
North Anza Road & Del Sol Road
Industrial(4)
California1980 / 2017840 4,959 170 840 5,129 5,969 (993)4,976 2019
1804 Needles HighwayIndustrialCalifornia1964 / 2019174 715 1 174 716 890 (123)767 2019
West BroadwayIndustrialCalifornia1976 / 2019289 1,185 2 289 1,187 1,476 (203)1,273 2019
3253 Needles HighwayIndustrialCalifornia2018 / 2019949 3,900 8 949 3,908 4,857 (668)4,189 2019
3241 & 3247 Needles HighwayIndustrialCalifornia2020 / 20201,981 8,138 16 1,981 8,154 10,135 (1,394)8,741 2019
Sacramento IndustrialCalifornia1990 / 20191,376 5,321 6,033 1,376 11,354 12,730 (2,415)10,315 2019
Steele StreetIndustrialColorado1967 / 1978 / 20182,101 9,176 — 2,101 9,176 11,277 (2,120)9,157 2018
Washington StreetIndustrialColorado1975 / 20174,309 4,988 — 4,309 4,988 9,297 (537)8,760 2021
West Barberry PlaceIndustrialColorado1971 / 2012389 2,478 — 389 2,478 2,867 (256)2,611 2021
Hamilton RoadIndustrialFlorida1982 / 20212,186 17,371 36,340 2,186 53,711 55,897 (6,738)49,159 2020
West Lake DriveIndustrialFlorida2014 / 20211,071 34,249 16,007 1,071 50,256 51,327 (9,231)42,096 2020
NW Highway 441IndustrialFlorida1981 / 2021752 23,064 17,782 752 40,846 41,598 (5,619)35,979 2021
Ben Bostic RoadIndustrialFlorida2019 / 2020274 16,729 — 274 16,729 17,003 (3,266)13,737 2019
33rd Street & 36th AvenueIndustrialFlorida1991 / 20252,080 12,876 23,665 2,080 36,541 38,621 (1,404)37,217 2024
East Mazon AvenueIndustrialIllinois1992 / 2020201 17,807 10,008 201 27,815 28,016 (6,187)21,829 2019
Revolution RoadIndustrialIllinois2015 / 2020563 18,457 51,538 563 69,995 70,558 (14,908)55,650 2018
East 4th StreetIndustrialIllinois2015 / 2020739 8,284 40,998 739 49,282 50,021 (9,382)40,639 2020
Industrial DriveIndustrialIllinois1984 / 2020350 10,191 29,446 350 39,637 39,987 (8,429)31,558 2019
S US Highway 45 52IndustrialIllinois2015 / 2019268 11,840 13,279 268 25,119 25,387 (4,938)20,449 2019
Centerpoint WayIndustrialIllinois2016 / 20192,947 17,761 254 2,947 18,015 20,962 (3,501)17,461 2019
Adams StreetIndustrialIllinois20246,518 — 65,250 6,518 65,250 71,768 (6,202)65,566 2021
South StreetIndustrialMaryland1980 / 20211,861 14,775 12,858 1,861 27,633 29,494 (4,056)25,438 2021
Alaking CourtIndustrialMaryland2017 / 20172,785 8,410 22,765 2,785 31,175 33,960 (8,300)25,660 2017
Western Maryland ParkwayIndustrialMaryland1996 / 20211,849 23,441 — 1,849 23,441 25,290 (2,173)23,117 2022
Western Maryland ParkwayIndustrialMaryland1976 / 2024729 4,910 9 729 4,919 5,648 (170)5,478 2024
4106 Harvard PlaceIndustrialMaryland2002 / 2017613 7,244 — 613 7,244 7,857 (177)7,680 2025
Hopping Brook RoadIndustrialMassachusetts2020 / 20203,030 — 28,169 3,030 28,169 31,199 (4,650)26,549 2018
Chestnut Hill AvenueIndustrialMassachusetts1938 / 20212,202 24,568 36,965 2,202 61,533 63,735 (10,199)53,536 2020
Worcester RoadIndustrialMassachusetts1973 / 20224,063 16,462 1,000 4,063 17,462 21,525 (1,404)20,121 2022
Canal Street/7 North Bridge StreetIndustrialMassachusetts1890 / 2021694 2,831 40,035 694 42,866 43,560 (9,453)34,107 2019
Palmer RoadIndustrialMassachusetts1980 / 20181,059 11,717 6,977 1,059 18,694 19,753 (3,776)15,977 2018
Curran HighwayIndustrialMassachusetts1978 / 20212,082 1,026 23,695 2,082 24,721 26,803 (3,281)23,522 2021
Hoover RoadIndustrialMichigan1940 / 2020 / 20211,237 17,791 64,490 1,237 82,281 83,518 (12,532)70,986 2019
East Hazel StreetIndustrialMichigan1929 / 2021409 4,360 19,297 409 23,657 24,066 (4,183)19,883 2019
Oliver DriveIndustrialMichigan1930 / 1972 / 20211,385 3,631 26,755 1,385 30,386 31,771 (5,000)26,771 2020
Davis HighwayIndustrialMichigan1999 / 20241,907 13,647 56,755 1,907 70,402 72,309 (4,197)68,112 2021
Harvest ParkIndustrialMichigan2018 / 20211,933 3,559 12,337 1,933 15,896 17,829 (3,816)14,013 2018
Executive Drive (2)
IndustrialMichigan1960 / 2020389 6,489 3,140 389 9,629 10,018 (2,091)7,927 2019
77th Street NortheastIndustrialMinnesota2015 / 2017 / 2019427 2,644 6,618 427 9,262 9,689 (2,248)7,441 2017
Industrial DriveIndustrialMissouri2022753 787 26,717 753 27,504 28,257 (3,081)25,176 2021
East Cheyenne AvenueIndustrialNevada1984 / 20201,088 2,768 5,771 1,088 8,539 9,627 (1,833)7,794 2019
Munsonhurst RoadIndustrialNew Jersey1956 / 20224,987 30,421 19,662 4,987 50,083 55,070 (5,779)49,291 2022
South Route 73IndustrialNew Jersey1995 / 2020702 4,857 29,511 702 34,368 35,070 (7,553)27,517 2020
North West BlvdIndustrialNew Jersey1962 / 2020222 10,046 1,580 222 11,626 11,848 (1,955)9,893 2020
Hudson Crossing DriveIndustrialNew York
2016 / (1)
7,600 22,475 100,798 7,600 123,273 130,873 (14,877)115,996 2016
County Route 117IndustrialNew York1970 / 20241,593 3,157 76,750 1,593 79,907 81,500 (8,834)72,666 2017
98th Ave SouthIndustrialNorth Dakota2018 / 2020191 9,743 2,272 191 12,015 12,206 (2,398)9,808 2019
Hunts Landing RoadIndustrialOhio2019 / 2019712 — 19,309 712 19,309 20,021 (3,125)16,896 2019
Jason StreetIndustrialOhio1937 / 2020239 2,688 29,250 239 31,938 32,177 (5,448)26,729 2020
Springs WayIndustrialOhio2018 / 2020235 10,377 2,979 235 13,356 13,591 (2,355)11,236 2020
East Tallmadge Ave.IndustrialOhio1954 / 1986 / 202022 1,014 2,501 22 3,515 3,537 (828)2,709 2019
Boltonfield StreetIndustrialOhio2023 / 20251,253 18,876 26,541 1,253 45,417 46,670 (3,246)43,424 2023
Scott Technology ParkIndustrialPennsylvania2020 / 2020954 — 27,070 954 27,070 28,024 (3,798)24,226 2019
New Beaver Avenue
Industrial (4)
Pennsylvania1976 / 20216,979 34,781 26,641 6,979 61,422 68,401 (8,528)59,873 2021
East Market StreetIndustrialPennsylvania1927 / 20171,435 19,098 74,306 1,435 93,404 94,839 (17,498)77,341 2019
Wayne AvenueIndustrialPennsylvania1980 / 20241,228 13,080 47,359 1,228 60,439 61,667 (10,547)51,120 2019
Horton DriveIndustrialPennsylvania1988 / 20201,353 11,854 29,745 1,353 41,599 42,952 (7,316)35,636 2019
Industrial StreetIndustrialPennsylvania1930 / 2020941 7,941 16,777 941 24,718 25,659 (4,222)21,437 2020
Rosanna AvenueIndustrialPennsylvania1959 / 20203,540 5,603 36,671 3,540 42,274 45,814 (8,493)37,321 2018
Susquehanna StreetIndustrialPennsylvania1968 / 20171,318 13,708 — 1,318 13,708 15,026 (1,076)13,950 2023
FM 969IndustrialTexas2022— 11,157 10,055 — 21,212 21,212 (1,702)19,510 2022
Lathrop Industrial Drive SWIndustrialWashington1997 / 20151,826 15,684 — 1,826 15,684 17,510 (2,493)15,017 2020
East Glendale AvenueRetailArizona2019 / 20191,216 811 501 1,216 1,312 2,528 (337)2,191 2019
Dahlia StreetRetailColorado2019 / 2019179 2,132 — 179 2,132 2,311 (313)1,998 2020
East Colfax AvenueRetailColorado1998 / 2020244 307 916 244 1,223 1,467 (160)1,307 2021
North 2nd StreetRetailColorado1973 / 2020140 258 810 140 1,068 1,208 (131)1,077 2021
Southgate PlRetailColorado1998 / 2019367 645 54 367 699 1,066 (115)951 2020
Wewatta StreetRetailColorado2015 / 20184,036 2,417 — 4,036 2,417 6,453 (255)6,198 2021
Southgate PlaceRetailColorado2018 / 2018942 3,314 — 942 3,314 4,256 (384)3,872 2021
South Peoria CourtRetailColorado1979 / 2016938 2,770 — 938 2,770 3,708 (320)3,388 2021
Highway 6 & 24RetailColorado1960 / 2019892 1,996 — 892 1,996 2,888 (229)2,659 2021
North College AvenueRetailColorado1952 / 2017527 2,952 — 527 2,952 3,479 (308)3,171 2021
East Quincy AvenueRetailColorado2018 / 2018659 2,493 — 659 2,493 3,152 (276)2,876 2021
East Montview BoulevardRetailColorado1952 / 2019256 1,490 — 256 1,490 1,746 (158)1,588 2021
South Federal BlvdRetailColorado1980 / 2017193 1,361 — 193 1,361 1,554 (141)1,413 2021
Santa Fe TrailRetailColorado1948 / 2000232 1,110 — 232 1,110 1,342 (126)1,216 2021
Water StreetRetailColorado1930 / 2013319 945 — 319 945 1,264 (111)1,153 2021
Gregory StreetRetailColorado1875 / 2014101 1,058 — 101 1,058 1,159 (107)1,052 2021
West 20th AvenueRetailColorado1970 / 2014289 666 — 289 666 955 (76)879 2021
South Federal Blvd.RetailColorado1941 / 2018461 319 — 461 319 780 (40)740 2021
West 6th StreetRetailColorado2019 / 201960 272 — 60 272 332 (36)296 2021
Elm AvenueRetailColorado1962 / 202021 311 — 21 311 332 (44)288 2021
Bent Avenue NorthRetailColorado2019 / 201949 284 — 49 284 333 (37)296 2021
Coolidge RdRetailMichigan2019 / 20191,635 — 1,727 1,635 1,727 3,362 (339)3,023 2019
South Cedar StreetRetailMichigan1957 / 2019282 1,951 — 282 1,951 2,233 (401)1,832 2019
West Pierson RoadRetailMichigan1975 / 2019122 2,065 — 122 2,065 2,187 (418)1,769 2019
Wilder RoadRetailMichigan1988 / 201949 1,696 — 49 1,696 1,745 (349)1,396 2019
East Front Street
Retail(4)
Michigan1992 / 2019449 827 — 449 827 1,276 (170)1,106 2019
South Mason DriveRetailMichigan1970 / 201925 973 — 25 973 998 (200)798 2019
N Delsea DrRetailNew Jersey1974 / 2020244 1,928 — 244 1,928 2,172 (263)1,909 2020
24th Street EastRetailNorth Dakota2019 / 2019348 1,368 — 348 1,368 1,716 (166)1,550 2021
Highway 2 EastRetailNorth Dakota1976 / 2019120 1,225 — 120 1,225 1,345 (154)1,191 2021
Main StreetRetailPennsylvania1980 / 201957 840 — 57 840 897 (85)812 2021
South 17th StreetRetailPennsylvania2021 / 2021553 2,000 — 553 2,000 2,553 (189)2,364 2022
Grape StreetIndustrial/RetailColorado1982 / 20181,380 5,786 — 1,380 5,786 7,166 (610)6,556 2021
US 50 Business and Baxter RoadIndustrial/RetailColorado1929 / 2019119 1,652 — 119 1,652 1,771 (210)1,561 2021
South Fox StreetIndustrial/RetailColorado1965 / 2014297 829 — 297 829 1,126 (87)1,039 2021
West StreetIndustrial/RetailMassachusetts1880 / 2021650 7,119 19,839 650 26,958 27,608 (4,226)23,382 2020
East Main StreetIndustrial/RetailMassachusetts1991 / 20192,316 13,194 — 2,316 13,194 15,510 (1,881)13,629 2020
Mozzone BoulevardIndustrial/RetailMassachusetts1975 / 20191,626 38,406 — 1,626 38,406 40,032 (3,830)36,202 2022
Stephenson HighwayIndustrial/RetailMichigan2021 / 20216,211 — 22,304 6,211 22,304 28,515 (3,054)25,461 2020
Hoover RoadIndustrial/RetailMichigan1951 / 2021700 9,557 6,988 700 16,545 17,245 (2,308)14,937 2021
Leah Avenue(3)
Industrial/RetailTexas(1)2,222 1,195 4,600 2,222 5,795 8,017 — 8,017 2021
Decatur StreetIndustrial/RetailVirginia2019 / 2020231 11,582 7,936 231 19,518 19,749 (4,897)14,852 2020
Total$146,320 $899,250 $1,410,940 $146,320 $2,310,190 $2,456,510 $(343,062)$2,113,448 
________________________________________________________
(1)As of December 31, 2025, all or a portion of the property was under development or redevelopment.
(2)This property was sold in April 2025 but the transaction did not qualify for recognition as a completed sale under GAAP. As such, the property remains on the consolidated balance sheets. Refer to Note 6 “Investments in Real Estate” for more information.
(3)As of December 31, 2025, these properties were vacant and excluded from our operating portfolio.
(4)As of December 31, 2025, these properties were leased to non-cannabis tenants.
(5)Building and improvements balance includes Construction in progress.
As of December 31, 2025, the aggregate gross cost of the properties included above for federal income tax purposes was $2.5 billion, which excludes one property that was sold in April 2025 that did not qualify for recognition as a completed sale under GAAP but is recognized as a sale for tax purposes.
A reconciliation of historical cost and related accumulated depreciation is as follows (in thousands):
Years Ended December 31,
202520242023
Investment in real estate, at cost:
Balance at beginning of year$2,439,972 $2,368,515 $2,204,687 
Purchases of investments in real estate7,857 18,666 35,155 
Additions and improvements, net(1)
15,949 66,790 128,673 
Sale of real estate investments(3,741)(13,999)— 
Impairment loss(3,527)— — 
Balance at end of year$2,456,510 $2,439,972 $2,368,515 
Accumulated Depreciation:
Balance at beginning of year$(271,190)$(202,692)$(138,405)
Depreciation expense(73,049)(69,842)(64,287)
Sale of real estate investments1,177 1,344 — 
Balance at end of year$(343,062)$(271,190)$(202,692)
________________________________________________________
(1)During the year ended December 31, 2024, a $3.2 million acquisition of real estate which previously did not satisfy the requirements for sale-leaseback accounting was reclassified to real estate held for investment as the requirements for sale-leaseback accounting were satisfied.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy
Our corporate information technology, communication networks, enterprise applications, accounting and financial reporting platforms, and related systems are necessary for the operation of our business. We use these systems, among others, to manage our tenant and vendor relationships, for internal communications, for accounting and record-keeping functions, and for many other key aspects of our business. Our business operations rely on the secure collection, storage, transmission, and other processing of proprietary, confidential, and sensitive data.
We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including confidential information that is proprietary, strategic or competitive in nature, and tenant data (“Information Systems and Data”).
We rely on a multidisciplinary team, as described further below, to identify, assess, and manage cybersecurity threats and risks. We identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment and our risk profile using various methods including, for example, using manual and automated tools, analyzing reports of threats and threat actors, conducting scans of the threat environment, evaluating our industry’s risk profile, and conducting threat and vulnerability assessments.
Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including risk assessments, incident detection and response, vulnerability management, disaster recovery and business continuity plans, internal controls within our accounting and financial reporting functions, encryption of data, network security controls, access controls, physical security, systems monitoring, employee training, and penetration testing.
To operate our business, we utilize certain third-party service providers to perform a variety of functions. We seek to engage reliable, reputable service providers that maintain cybersecurity programs. Depending on the nature of the services provided, the sensitivity and quantity of information processed, and the identity of the service provider, our vendor management process may include reviewing the cybersecurity practices of such provider, conducting security assessments, and conducting periodic reassessments during their engagement.
We are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. Refer to “Item 1A. Risk factors” in this annual report on Form 10-K, including “The occurrence of cyber incidents or cyberattacks could disrupt our operations, result in the loss of confidential information and/or damage our business relationships and reputation,” for additional discussion about cybersecurity-related risks.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including confidential information that is proprietary, strategic or competitive in nature, and tenant data (“Information Systems and Data”).
We rely on a multidisciplinary team, as described further below, to identify, assess, and manage cybersecurity threats and risks. We identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment and our risk profile using various methods including, for example, using manual and automated tools, analyzing reports of threats and threat actors, conducting scans of the threat environment, evaluating our industry’s risk profile, and conducting threat and vulnerability assessments.
Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including risk assessments, incident detection and response, vulnerability management, disaster recovery and business continuity plans, internal controls within our accounting and financial reporting functions, encryption of data, network security controls, access controls, physical security, systems monitoring, employee training, and penetration testing.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance
Our board of directors holds oversight responsibility over our strategy and risk management, including material risks related to cybersecurity threats. This oversight is executed directly by the Board of Directors and through its committees. The audit committee of the board of directors oversees the management of systemic risks, including cybersecurity, in accordance with its charter. The audit committee engages in regular discussions with management regarding our significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats.
Our management, represented by our Chief Operating Officer, Catherine Hastings, leads our cybersecurity risk assessment and management processes and oversees their implementation and maintenance. Ms. Hastings is an experienced risk management professional, having previously served as our Chief Financial Officer and Treasurer from 2017 until March 2023, and as Vice President, internal audit of BioMed Realty Trust, Inc. (formerly NYSE: BMR) until December 2016, having joined BioMed Realty in 2009. Ms. Hastings currently oversees key functions for our development, asset management, human resources and information technology functions, including cybersecurity risk oversight and the development and enhancement of internal controls designed to prevent, detect, address, and mitigate the risk of cyber incidents. Since 2016, we have retained a third-party information technology specialist to develop and maintain our information technology infrastructure and network, who has extensive experience in the development of business processes, system infrastructure design and cybersecurity for large-scale, institutional real estate companies.
Management is responsible for helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Management is responsible for approving cybersecurity processes, reviewing cybersecurity assessments and other cybersecurity-related matters, and responding to cybersecurity incidents, including reporting to the audit committee for certain cybersecurity incidents. Our management team also evaluates the potential impact of cybersecurity incidents to determine materiality. This evaluation considers factors such as the nature and scope of the incident, and its effects on operations, assets, or reputation. The audit committee holds quarterly meetings and receives periodic reports from management, including our Chief Operating Officer and third-party information technology expert, concerning our significant cybersecurity threats and risks and the processes we have implemented to address them.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors holds oversight responsibility over our strategy and risk management, including material risks related to cybersecurity threats. This oversight is executed directly by the Board of Directors and through its committees. The audit committee of the board of directors oversees the management of systemic risks, including cybersecurity, in accordance with its charter.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The audit committee holds quarterly meetings and receives periodic reports from management, including our Chief Operating Officer and third-party information technology expert, concerning our significant cybersecurity threats and risks and the processes we have implemented to address them.
Cybersecurity Risk Role of Management [Text Block]
Our management, represented by our Chief Operating Officer, Catherine Hastings, leads our cybersecurity risk assessment and management processes and oversees their implementation and maintenance. Ms. Hastings is an experienced risk management professional, having previously served as our Chief Financial Officer and Treasurer from 2017 until March 2023, and as Vice President, internal audit of BioMed Realty Trust, Inc. (formerly NYSE: BMR) until December 2016, having joined BioMed Realty in 2009. Ms. Hastings currently oversees key functions for our development, asset management, human resources and information technology functions, including cybersecurity risk oversight and the development and enhancement of internal controls designed to prevent, detect, address, and mitigate the risk of cyber incidents. Since 2016, we have retained a third-party information technology specialist to develop and maintain our information technology infrastructure and network, who has extensive experience in the development of business processes, system infrastructure design and cybersecurity for large-scale, institutional real estate companies.
Management is responsible for helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Management is responsible for approving cybersecurity processes, reviewing cybersecurity assessments and other cybersecurity-related matters, and responding to cybersecurity incidents, including reporting to the audit committee for certain cybersecurity incidents. Our management team also evaluates the potential impact of cybersecurity incidents to determine materiality. This evaluation considers factors such as the nature and scope of the incident, and its effects on operations, assets, or reputation. The audit committee holds quarterly meetings and receives periodic reports from management, including our Chief Operating Officer and third-party information technology expert, concerning our significant cybersecurity threats and risks and the processes we have implemented to address them.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Chief Operating Officer, Catherine Hastings
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Ms. Hastings is an experienced risk management professional, having previously served as our Chief Financial Officer and Treasurer from 2017 until March 2023, and as Vice President, internal audit of BioMed Realty Trust, Inc. (formerly NYSE: BMR) until December 2016, having joined BioMed Realty in 2009.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Management is responsible for helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Management is responsible for approving cybersecurity processes, reviewing cybersecurity assessments and other cybersecurity-related matters, and responding to cybersecurity incidents, including reporting to the audit committee for certain cybersecurity incidents. Our management team also evaluates the potential impact of cybersecurity incidents to determine materiality. This evaluation considers factors such as the nature and scope of the incident, and its effects on operations, assets, or reputation.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation. The consolidated financial statements, which include all of the accounts of the Company, are presented in accordance with U.S. generally accepted accounting principles ("GAAP").
Federal Income Taxes
Federal Income Taxes. We believe that we have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our
stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our consolidated statements of income represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying consolidated statements of income.
Use of Estimates
Use of Estimates. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from these estimates and assumptions. The most significant estimates and assumptions made include determination of lease accounting and fair value of acquisition of real estate properties.
Reportable Segment Reportable Segments. We define our reportable segments based on the manner in which our chief operating decision maker ("CODM") makes key operating decisions, evaluates financial performance, allocates resources and manages our business. This approach aligns with our internal reporting structure and reflects the economic characteristics and nature of our operations. During the year ended December 31, 2025, based on changes in the manner in which the Company's CODM evaluates operating performance and allocates resources, the Company determined that it has two reportable segments: Cannabis Portfolio and Life Science Portfolio. Certain costs that are not associated with the ongoing operations, including general corporate expense, are not allocated to the reportable segments.
Acquisition and Sale of Real Estate Properties
Acquisition of Real Estate Properties. Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region. We estimate the fair value of buildings and improvements as if the property was vacant utilizing a direct capitalization approach and take into consideration current replacement costs and other relevant market rate information and may engage third-party valuation specialists. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions.

The fair value of acquired in-place leases is derived based on our assessment of estimated lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amounts recorded for acquired in-place leases are reflected as in-place lease intangible assets, net on the consolidated balance sheets and are amortized on a straight-line basis as a component of depreciation and amortization expense over the remaining term of the applicable leases.

The fair value of the above-market component of an acquired in-place operating lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining non-cancellable lease term and (ii) our estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition measured over the remaining non-cancellable term of the lease. The amount recorded for one above-market operating lease is included in other assets, net on the consolidated balance sheets and is amortized on a straight-line basis as a reduction of rental income over the remaining term of the applicable lease.
Certain acquisitions of real estate did not satisfy the requirements for sale-leaseback accounting and therefore as of both December 31, 2025 and 2024, acquisitions of $16.8 million, respectively, have been recognized as notes receivable and are included in other assets, net on our consolidated balance sheets. During the year ended December 31, 2024, a $3.2 million acquisition of real estate which previously did not satisfy the requirements for sale-leaseback accounting was reclassified to real estate held for investment as the requirements for sale-leaseback accounting were satisfied.
Sale of Real Estate. When a real estate asset is sold, we evaluate the provisions of ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”) to determine whether the asset is within the scope of ASC 610-20, including an evaluation of whether the asset being sold is a nonfinancial asset and whether the buyer has gained control of an asset within the scope of ASC 610-20. In assessing whether the buyer has gained control of the asset, we must determine whether the contract criteria in ASC 606, Revenue from Contracts with Customers (Topic 606) have been met, including 1) the parties to the contract have approved the contract and the contract has commercial substance, 2) we can identify each party’s rights regarding the asset to be transferred, 3) we can identify the payment terms for the asset to be transferred, and 4) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the asset to be transferred. If all of the contract criteria have been met, the carrying amount of the applicable asset is derecognized with a corresponding gain or loss from the sale recognized in our consolidated statements of income.
If the contract criteria are not all met, the asset transferred is not derecognized and we continue to report the asset in our consolidated balance sheet.
Cost Capitalization and Depreciation
Cost Capitalization and Depreciation. We capitalize costs (including interest) associated with development and redevelopment activities and improvements when we are considered to be the accounting owner of the resulting assets. The development and redevelopment activities may be funded by us pursuant to the lease. We are generally considered the accounting owner for such improvements that are attached to or built into the premises, which are required under the lease to be surrendered to us upon the expiration or earlier termination of the lease. Typically, such improvements include, but are not limited to, ground up development, and enhanced HVAC, plumbing, electrical and other building systems.
Amounts capitalized are depreciated on a straight-line basis over the estimated useful lives determined by management. We depreciate buildings and improvements based on our evaluation of the estimated useful life of each specific asset, not to exceed 40 years. For the years ended December 31, 2025, 2024 and 2023, we recognized depreciation expense of $73.0 million, $69.9 million and $66.3 million, respectively, which are included in depreciation and amortization expense in our consolidated statements of income. We depreciate office equipment and furniture and fixtures on a straight-line basis over the estimated useful lives ranging from three to seven years. We depreciate the leasehold improvements at our corporate office on a straight-line basis over the shorter of the estimated useful lives or the remaining lease term. Depreciation expense relating to our corporate assets is included in general and administrative expense in our consolidated statements of income.
Determining whether expenditures meet the criteria for capitalization and the assignment of depreciable lives requires management to exercise judgment. Project costs that are clearly associated with the acquisition and development or redevelopment of a real estate project, for which we are the accounting owner, are capitalized as a cost of that project. Expenditures that meet one or more of the following criteria generally qualify for capitalization:
•the expenditure provides benefit in future periods; and
•the expenditure extends the useful life of the asset beyond our original estimates.
We define redevelopment properties as existing properties for which we expect to spend significant development and construction costs that are not reimbursements to tenants for improvements at the properties. When existing properties are determined to be redevelopment properties, the net carrying value of the buildings and improvements are transferred to construction in progress while the redevelopment activities are in process. Costs capitalized to construction in progress related to redevelopment properties are transferred to buildings and improvements at historical cost of the properties as the redevelopment project or phases of projects are placed in service.
Provision for Impairment
Provision for Impairment. On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties.
Long-lived assets are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives.
During the year ended December 31, 2025, we recognized an impairment loss on real estate of $3.5 million related to one of our properties in Palm Springs, California, which was under contract for sale and sold in June 2025. No impairment losses were recognized during the years ended December 31, 2024 and 2023.
Revenue Recognition
Revenue Recognition. Our leases are triple-net leases, an arrangement under which the tenant maintains the property while paying us rent. We recognize revenue for each of the leases at our properties that are classified as operating leases on a cash basis due to the uncertain regulatory environment in the United States pertaining to the regulated cannabis industry, the limited operating history of certain tenants and the resulting uncertainty of collectability of lease payments from each tenant over the duration of the lease term. We evaluate a number of factors in our initial and ongoing assessments of collectability of lease payments for each tenant on a lease-by-lease basis, including evaluations of each tenant’s financial performance, liquidity and overall credit profile, availability and terms of capital for each tenant needed to conduct operations or refinance existing obligations, utilization rates by property and lease duration. We also consider current market conditions, impact of federal, state and local taxation and regulatory burdens and reasonable and supportable forecasts of future economic conditions. Additionally, for operating leases, contractually obligated reimbursements from tenants for recoverable real estate taxes, insurance and operating expenses are included in rental revenues in the period when such costs are reimbursed by the tenants. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements.
Investments
Life Science Investments. Life science investments consist of an investment in the IQHQ Preferred Stock (as defined in Note 7 "Life Science Investments"), which also includes the IQHQ Warrant (as defined in Note 7) and related financial instruments. Life science investments also consist of an investment in the IQHQ Credit Facility (as defined in Note 7), which was funded in connection with the investments in the IQHQ Preferred Stock and IQHQ Warrant and were, therefore, evaluated together and initially measured based on relative fair value (see Note 10 "Fair Value of Financial Instruments").
The Company does not have significant influence over IQHQ (as defined in Note 7), and the investments in the equity securities of IQHQ do not have a readily determinable fair value. As such, the investments in the equity securities of IQHQ are carried under the measurement alternative of ASC 321, Investments - Equity Securities, which is cost (as initially measured based on relative fair value), less impairment and adjusted for observable price changes in orderly transactions for identical or similar investment of the same issuer. As of December 31, 2025, there were no impairments or adjustments to the carrying value of the investments in the equity securities of IQHQ as a result of observable price changes. Dividend income on the investment in the IQHQ Preferred Stock is recognized on an accrual basis and is included in interest and other income in our consolidated statements of income.
The investment in the IQHQ Credit Facility is recorded at amortized cost (as initially measured based on relative fair value) and is evaluated for current expected credit loss using relevant information from internal and external sources, current conditions and reasonable and supportable forecasts in accordance with ASC 326, Financial Instruments - Credit Losses ("CECL Standard"). No allowance for credit losses has been recorded as of December 31, 2025. Interest income on the investment in the IQHQ Credit Facility is recognized using the effective interest method over the estimated life of the note and is included in interest and other income in our consolidated statements of income.
Investments. Investments consist of short-term obligations of the U.S. government and certificates of deposit with an original maturity at the time of purchase of greater than 90 days. Investments in obligations of the U.S. government are classified as held-to-maturity and stated at amortized cost. Investments in certificates of deposit are classified as held-to-maturity and stated at cost. Investment income is included in interest and other income in our consolidated statements of income.
Construction Loan Construction Loan. In June 2021, we executed a construction loan agreement with a developer, pursuant to which we agreed to lend up to $23.0 million for the development of a regulated cannabis cultivation and processing facility in California (the "Construction Loan"). We have an option to purchase the property, and may execute a negotiated lease with an affiliate of the developer or with another third party, if we determine to exercise our purchase option. As of both December 31, 2025 and 2024, we had funded $22.8 million, respectively, of the Construction Loan. The Construction Loan is recorded at the amount funded and is evaluated for current expected credit loss in accordance with CECL Standard. No allowance for credit losses has been recorded as of December 31, 2025. Interest income on the Construction Loan is recognized on a cash basis and is included in interest and other income in our consolidated statements of income. The borrower exercised the option to extend the maturity date to December 31, 2026 with the satisfaction of certain conditions.
Cash and Cash Equivalents
Cash and Cash Equivalents. We consider all highly-liquid investments with original maturities of 90 days or less to be cash equivalents, which is comprised of short-term money market funds, obligations of the U.S. government and certificates of deposit with an original maturity at the time of purchase of less than or equal to 90 days.
Restricted Cash
Restricted Cash. Restricted cash related to cash held in escrow accounts for future draws for improvements for tenants in accordance with certain lease agreements. The Company had no restricted cash balance as of December 31, 2025 and 2024.
Deferred Financing Costs
Deferred Financing Costs. The deferred financing costs relating to our Notes due 2026 are included as a reduction in the net book value of the related liability on our consolidated balance sheets. These costs are amortized as non-cash interest expense using the effective interest method over the life of the related obligations. Deferred financing costs relating to our Revolving Credit Facility and Life Science Credit Facility (as defined in Note 8 "Debt") are included in other assets, net in our consolidated balance sheets. These costs are being amortized on a straight-line basis and recognized as non-cash interest expense over the remaining term of the Revolving Credit Facility and Life Science Credit Facility.
Stock-Based Compensation
Stock-Based Compensation. Stock-based compensation for equity awards is based on the grant date fair value of the equity awards and is recognized over the requisite service or performance period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any non-forfeitable dividends and dividend equivalents previously paid on these awards from retained earnings to compensation expense. Forfeitures are recognized as incurred. Certain equity awards are subject to vesting based upon the satisfaction of various market conditions. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense.
Lease Accounting
Lease Accounting. We account for our leases under ASC 842, Leases, and have elected the practical expedient not to separate certain non-lease components from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. We also elected the short-term lease exception for lessees for leases that are less than 12 months. As lessee, we recognized a liability to account for our future obligations and a corresponding right-of-use asset related to our corporate office lease, which ends in January 2027 and contains annual escalations. We measured the lease liability based on the present value of the future lease payments (excluding the extension option that we are not reasonably certain to exercise), discounted using the estimated incremental borrowing rates of 7.25% and 5.5%, which were the interest rates that we estimated we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments at initial commencement in December 2019 and upon an amendment in November 2021, respectively. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period.
The right-of-use asset is measured based on the corresponding lease liability. We did not incur any initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease. Subsequently, the right-of-use asset is amortized on a straight-line basis during the lease term. For each of the years ended December 31, 2025, 2024 and 2023, we recognized office lease expense of $0.5 million, which are included in general and administrative expense in our consolidated statements of income. For each of the years ended December 31, 2025, 2024 and 2023, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were $0.5 million.
As lessor, for each of our real estate transactions involving the leaseback of the related property to the seller or affiliates of the seller, we determine whether these transactions qualify as sale and leaseback transactions under the accounting guidance. For these transactions, we consider various inputs and assumptions including, but not necessarily limited to, lease terms, renewal options, discount rates, and other rights and provisions in the purchase and sale agreement, lease and other documentation to determine whether control has been transferred to the Company or remains with the lessee. A transaction involving a sale leaseback will be treated as a purchase of a real estate property if it is considered to transfer control of the underlying asset from the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control and will be classified as a sales-type lease if control of the underlying asset is transferred to the lessee. Otherwise, the lease is treated as an operating lease. These criteria also include estimates and assumptions regarding the fair value of the leased facilities, minimum lease payments, the economic useful life of the facilities, the existence of a purchase option, and certain other terms in the lease agreements. The lease accounting guidance requires accounting for a transaction as a financing in a sale leaseback when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. Substantially all of our leases continued to be classified as operating leases and we continue to record revenue for each of our properties on a cash basis. Our tenant reimbursable revenue and property expenses continue to be presented on a gross basis as rental revenues and as property
expenses, respectively, on our consolidated statements of income. Property taxes paid directly by the lessee to a third party continue to be excluded from our consolidated financial statements.
Lease amendments are evaluated to determine if the modification grants the lessee an additional right-of-use not included in the original lease and if the lease payments increase commensurate with the standalone price of the additional right-of-use, adjusted for the circumstances of the particular contract. If both conditions are present, the lease amendment is accounted for as a new lease that is separate from the original lease. In January 2024, the lease modifications for two of our leases to extend the initial term of each lease changed the lease classification from operating lease to sales-type lease that did not satisfy all the criteria for recognition as a completed sale. Accordingly, we continue to recognize the underlying assets within net real estate held for investment and all lease payments received, as well as any future lease payments, will be recognized as a deposit liability and will be included in other liabilities on our consolidated balance sheets until certain criteria are met. As of December 31, 2025, we have received lease payments of $5.0 million that have been included in other liabilities on our consolidated balance sheets. The underlying assets’ land and building and improvements had a gross carrying value of $4.1 million and $28.9 million, respectively, and accumulated depreciation of $4.4 million as of December 31, 2025.
Our leases generally contain options to extend the lease terms at the prevailing market rate or at the expiring rental rate at the time of expiration. Certain of our leases provide the lessee with a right of first refusal or right of first offer in the event we market the leased property for sale.
Lease Accounting
Lease Accounting. We account for our leases under ASC 842, Leases, and have elected the practical expedient not to separate certain non-lease components from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. We also elected the short-term lease exception for lessees for leases that are less than 12 months. As lessee, we recognized a liability to account for our future obligations and a corresponding right-of-use asset related to our corporate office lease, which ends in January 2027 and contains annual escalations. We measured the lease liability based on the present value of the future lease payments (excluding the extension option that we are not reasonably certain to exercise), discounted using the estimated incremental borrowing rates of 7.25% and 5.5%, which were the interest rates that we estimated we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments at initial commencement in December 2019 and upon an amendment in November 2021, respectively. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period.
The right-of-use asset is measured based on the corresponding lease liability. We did not incur any initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease. Subsequently, the right-of-use asset is amortized on a straight-line basis during the lease term. For each of the years ended December 31, 2025, 2024 and 2023, we recognized office lease expense of $0.5 million, which are included in general and administrative expense in our consolidated statements of income. For each of the years ended December 31, 2025, 2024 and 2023, amounts paid and classified as operating activities in our consolidated statements of cash flows for the office lease were $0.5 million.
As lessor, for each of our real estate transactions involving the leaseback of the related property to the seller or affiliates of the seller, we determine whether these transactions qualify as sale and leaseback transactions under the accounting guidance. For these transactions, we consider various inputs and assumptions including, but not necessarily limited to, lease terms, renewal options, discount rates, and other rights and provisions in the purchase and sale agreement, lease and other documentation to determine whether control has been transferred to the Company or remains with the lessee. A transaction involving a sale leaseback will be treated as a purchase of a real estate property if it is considered to transfer control of the underlying asset from the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control and will be classified as a sales-type lease if control of the underlying asset is transferred to the lessee. Otherwise, the lease is treated as an operating lease. These criteria also include estimates and assumptions regarding the fair value of the leased facilities, minimum lease payments, the economic useful life of the facilities, the existence of a purchase option, and certain other terms in the lease agreements. The lease accounting guidance requires accounting for a transaction as a financing in a sale leaseback when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. Substantially all of our leases continued to be classified as operating leases and we continue to record revenue for each of our properties on a cash basis. Our tenant reimbursable revenue and property expenses continue to be presented on a gross basis as rental revenues and as property
expenses, respectively, on our consolidated statements of income. Property taxes paid directly by the lessee to a third party continue to be excluded from our consolidated financial statements.
Lease amendments are evaluated to determine if the modification grants the lessee an additional right-of-use not included in the original lease and if the lease payments increase commensurate with the standalone price of the additional right-of-use, adjusted for the circumstances of the particular contract. If both conditions are present, the lease amendment is accounted for as a new lease that is separate from the original lease. In January 2024, the lease modifications for two of our leases to extend the initial term of each lease changed the lease classification from operating lease to sales-type lease that did not satisfy all the criteria for recognition as a completed sale. Accordingly, we continue to recognize the underlying assets within net real estate held for investment and all lease payments received, as well as any future lease payments, will be recognized as a deposit liability and will be included in other liabilities on our consolidated balance sheets until certain criteria are met. As of December 31, 2025, we have received lease payments of $5.0 million that have been included in other liabilities on our consolidated balance sheets. The underlying assets’ land and building and improvements had a gross carrying value of $4.1 million and $28.9 million, respectively, and accumulated depreciation of $4.4 million as of December 31, 2025.
Our leases generally contain options to extend the lease terms at the prevailing market rate or at the expiring rental rate at the time of expiration. Certain of our leases provide the lessee with a right of first refusal or right of first offer in the event we market the leased property for sale.
Recent Accounting Pronouncements
Recent Accounting Pronouncements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 require entities to provide enhanced disclosures related to certain expense categories included in income statement captions. Under ASU 2024-03, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement — excluding earnings or losses from equity method investments — if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense). For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. While the adoption is not expected to have an impact on our consolidated financial statements, it is expected to result in incremental disclosures within the footnotes to our consolidated financial statements.
v3.25.4
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Major Tenants by Rental Revenue
The following tables set forth the five tenants in our portfolio that represented the largest percentage of our total rental revenues for the years ended December 31, 2025, 2024 and 2023, including tenant reimbursements:
For the Year Ended
December 31, 2025
Number of
Leases		Percentage of
Rental
Revenue
Ascend Wellness Holdings, Inc. ("Ascend")412 %
Green Thumb Industries, Inc. ("Green Thumb")39 %
Curaleaf Holdings, Inc. ("Curaleaf")88 %
Trulieve, Inc. ("Trulieve")68 %
The Cannabist Company218 %
For the Year Ended
December 31, 2024
Number of
Leases		Percentage of
Rental
Revenue
PharmaCann Inc. ("PharmaCann")(1)
1117 %
Ascend411 %
Green Thumb38 %
Holistic Industries, Inc. ("Holistic")57 %
Curaleaf87 %
For the Year Ended
December 31, 2023
Number of
Leases		Percentage of
Rental
Revenue
PharmaCann(1)
1115 %
Ascend410 %
Green Thumb38 %
SH Parents, Inc. ("Parallel")(2)
47 %
Curaleaf87 %
________________________________________________________
(1)See Note 6 "Investment in Real Estate - Lease Amendments" for further information about the leases with PharmaCann.
(2)We regained possession of two properties previously leased to Parallel in Texas and Pennsylvania in 2024.
v3.25.4
Dividends (Tables)
 12 Months Ended
Dec. 31, 2025
Dividends [Abstract]  
Schedule of Dividends Declared
The following table describes the dividends declared by the Company during the years ended December 31, 2025, 2024 and 2023:
Declaration DateSecurity ClassAmount
Per Share		Record DateDividend
Paid Date		Dividend
Amount
(In thousands)
March 15, 2023Common stock$1.80 March 31, 2023April 14, 2023$50,725 
March 15, 2023Series A preferred stock$0.5625 March 31, 2023April 14, 2023$338 
June 15, 2023Common stock$1.80 June 30, 2023July 14, 2023$50,742 
June 15, 2023Series A preferred stock$0.5625 June 30, 2023July 14, 2023$338 
September 15, 2023Common stock$1.80 September 30, 2023October 13, 2023$50,742 
September 15, 2023Series A preferred stock$0.5625 September 30, 2023October 13, 2023$338 
December 15, 2023Common stock$1.82 December 31, 2023January 12, 2024$51,489 
December 15, 2023Series A preferred stock$0.5625 December 31, 2023January 12, 2024$338 
March 15, 2024Common stock$1.82 March 31, 2024April 15, 2024$51,957 
March 15, 2024Series A preferred stock$0.5625 March 31, 2024April 15, 2024$338 
June 14, 2024Common stock$1.90 June 30, 2024July 15, 2024$54,253 
June 14, 2024Series A preferred stock$0.5625 June 30, 2024July 15, 2024$338 
September 13, 2024Common stock$1.90 September 30, 2024October 15, 2024$54,253 
September 13, 2024Series A preferred stock$0.5625 September 30, 2024October 15, 2024$564 
December 13, 2024Common stock$1.90 December 31, 2024January 15, 2025$54,253 
December 13, 2024Series A preferred stock$0.5625 December 31, 2024January 15, 2025$564 
March 14, 2025Common stock$1.90 March 31, 2025April 15, 2025$54,463 
March 14, 2025Series A preferred stock$0.5625 March 31, 2025April 15, 2025$781 
June 13, 2025Common stock$1.90 June 30, 2025July 15, 2025$53,783 
June 13, 2025Series A preferred stock$0.5625 June 30, 2025July 15, 2025$878 
September 15, 2025Common stock$1.90 September 30, 2025October 15, 2025$53,776 
September 15, 2025Series A preferred stock$0.5625 September 30, 2025October 15, 2025$1,017 
December 15, 2025Common stock$1.90 December 31, 2025January 15, 2026$53,777 
December 15, 2025Series A preferred stock$0.5625 December 31, 2025January 15, 2026$1,136 
v3.25.4
Investments in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Properties
The Company made the following acquisitions during the year ended December 31, 2025 (dollars in thousands):
PropertyMarketClosing Date
Rentable
Square
Feet(1)
Initial
Purchase
Price		Transaction
Costs		Total
Harvard PlaceMarylandFebruary 20, 202522,000$7,750 $107 $7,857 
Total22,000$7,750 $107 $7,857 
(2)
________________________________________________________
(1)Includes expected rentable square feet at completion of construction at the property.
(2)$0.6 million was allocated to land and $7.2 million was allocated to building and improvements.
Schedule of Intangible Assets and Related Accumulated Amortization
In-place lease intangible assets and related accumulated amortization as of December 31, 2025 and 2024 is as follows (in thousands):
December 31, 2025December 31, 2024
In-place lease intangible assets$9,757 $9,979 
Accumulated amortization(3,391)(2,594)
In-place lease intangible assets, net$6,366 $7,385 
The above-market lease and related accumulated amortization included in other assets, net on our consolidated balance sheets as of December 31, 2025 and 2024 is as follows (in thousands):
December 31, 2025December 31, 2024
Above-market lease$1,054 $1,054 
Accumulated amortization(371)(279)
Above-market lease, net$683 $775 
Schedule of Estimated Annual Amortization The remaining weighted-average amortization period of the value of acquired in-place leases was 7.7 years, and the estimated annual amortization of the value of the acquired in-place leases as of December 31, 2025 is as follows (in thousands):
YearAmount
2026$844 
2027844 
2028844 
2029844 
2030844 
Thereafter2,146 
Total$6,366 
Schedule of Future Contractual Minimum Rent
Future contractual minimum rent (including base rent and property management fees) to be received on our leases as of December 31, 2025 for future periods is summarized as follows (in thousands):
YearContractual Minimum Rent
2026$299,647 
2027312,049 
2028319,222 
2029326,466 
2030331,268 
Thereafter3,058,509 
Total$4,647,161 
v3.25.4
Life Science Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Carrying Value of Investments
The following table details the carrying value of our life science investments, including the value of the forward contract to purchase the remaining minimum commitment of IQHQ Preferred Stock (in thousands):
December 31, 2025
Investment in IQHQ Preferred Stock$47,430 
Investment in IQHQ Warrant5,321 
Forward contract for the purchase of IQHQ Preferred Stock2,562 
PIK dividend444 
Investment in IQHQ Credit Facility96,493 
PIK interest415 
Total$152,665 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Interest Expense
The following table details our interest expense related to the Exchangeable Senior Notes (in thousands):
For the Year Ended December 31,
202520242023
Cash coupon$— $24 $182 
Amortization of issuance cost— 5 37 
Capitalized interest— (1)(7)
Total interest expense$— $28 $212 
The following table details our interest expense related to the Notes due 2026 (in thousands):
For the Year Ended December 31,
202520242023
Cash coupon$16,093 $16,500 $16,500 
Amortization of issuance cost1,467 1,416 1,334 
Capitalized interest(184)(565)(620)
Total interest expense$17,376 $17,351 $17,214 
Schedule of Carrying Value
The following table details the carrying value of our Notes due 2026 (in thousands):
December 31, 2025December 31, 2024
Principal amount$291,215 $300,000 
Unamortized issuance cost(613)(2,135)
Carrying value$290,602 $297,865 
Schedule of Principal Payments on Outstanding Indebtedness
The following table summarizes the principal payments on our outstanding indebtedness as of December 31, 2025 (in thousands):
Payments Due
by Year		Amount
2026$318,715 
2027— 
202875,000 
2029— 
2030— 
Thereafter— 
Total$393,715 
v3.25.4
Net Income Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computations of Net Income Per Basic and Diluted Share
Computations of net income per basic and diluted share were as follows (in thousands, except share and per share data):
Years Ended December 31,
202520242023
Net income$118,247 $161,661 $165,588 
Preferred stock dividends(3,812)(1,804)(1,352)
Distribution to participating securities(2,987)(2,254)(1,482)
Net income attributable to common stockholders used to compute net income per share – basic111,448 157,603 162,754 
Dilutive effect of Exchangeable Senior Notes— 28 212 
Net income attributable to common stockholders used to compute net income per share – diluted$111,448 $157,631 $162,966 
Weighted-average common shares outstanding:
Basic28,005,22828,226,40227,977,807
Restricted stock and RSUs371,999294,780196,821
Dilutive effect of Exchangeable Senior Notes—9,46881,169
Diluted28,377,22728,530,65028,255,797
Net income attributable to common stockholders per share:
Basic$3.98 $5.58 $5.82 
Diluted$3.93 $5.52 $5.77 
v3.25.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments Measured at Fair Value on a Nonrecurring Basis The investments in the IQHQ Preferred Stock and IQHQ Credit Facility were evaluated together, along with the related financial instruments, and were initially measured based on relative fair value. Utilizing a third-party valuation specialist, the fair values were determined as summarized in the following table (in thousands):
Financial InstrumentsRelative Fair Value at September 30, 2025
IQHQ Preferred Stock(1)
$4,912 
IQHQ Warrant(2)
$532 
Forward contract for the purchase of IQHQ Preferred Stock(3)
$4,868 
IQHQ Credit Facility(4)
$95,930 
________________________________________________________
(1)The Company estimated the fair value of the IQHQ Preferred Stock using a discounted cash flow method with a risk adjusted discount rate of 20.0% and term to an IQHQ entity level exit of five years. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair value is categorized as Level 3 of the fair value hierarchy.
(2)The Company estimated the fair value of the IQHQ Warrant using an option pricing model. Because this methodology includes unobservable inputs, including a discount for lack of marketability of 41.0%, a risk free rate of 3.7%, equity volatility of 35.0%, and term to an IQHQ entity level exit of five years, the fair value measurement is categorized as Level 3 of the fair value hierarchy.
(3)The Company estimated the fair value of the forward contract for the purchase of IQHQ Preferred Stock using a standard forward contract model. Because this methodology includes unobservable inputs, including the expected timing and amounts of future fundings as well as the estimated fair value of the underlying IQHQ Preferred Stock estimated using an approach consistent with as described above, the measurement of estimated fair value is categorized as Level 3 of the fair value hierarchy.
(4)The Company estimated the fair value of the IQHQ Credit Facility by using a discounted cash flow method with a risk adjusted discount rate of 16.1%. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair value is categorized as Level 3 of the fair value hierarchy.
Schedule of Carrying Value and Approximate Fair Value of Financial Instruments
The following table presents the carrying value and approximate fair value of financial instruments not measured at fair value at December 31, 2025 and 2024 (in thousands):
At December 31, 2025At December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
Life science investments(1)
$96,908 $96,908 $— $— 
Construction loan(2)
$22,800 $22,997 $22,800 $28,245 
Investments as cash equivalents(3)
$158 $158 $45,714 $45,714 
Notes receivable(4)
$16,786 $16,786 $16,786 $16,786 
Investments(5)
$— $— $5,000 $5,000 
Notes due 2026(6)
$290,602 $288,644 $297,865 $289,077 
Revolving credit facility(7)
$27,500 $27,500 $— $— 
Life science credit facility(8)
$75,000 $75,000 $— $— 
________________________________________________________
(1)Excludes $52.8 million of investments in the IQHQ Preferred Stock and IQHQ Warrant which are carried at cost under the measurement alternative of ASC 321, Investments - Equity Securities. The investment in the IQHQ Credit Facility is categorized as Level 3 and was valued using a yield analysis, which is typically performed for non-credit impaired loans. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the expected market yield for a similarly structured loan with a similar level of risk. In the yield analysis, the Company considers the current contractual interest rate, the maturity and other terms of the loan relative to risk of the company and the specific loan. At December 31, 2025, the expected market yield used to determine fair value was 16.8%. Changes in market yields may change the fair value of the investment in the revolving credit facility. Generally, an increase in market yields may result in a decrease in the fair value of the investment in the revolving credit facility. Due to the inherent uncertainty of determining the fair value of a loan that does not have a readily available market value, the fair value of the investment in the revolving credit facility may fluctuate from period to period. Additionally, the fair value of the investment in the revolving credit facility may differ significantly from the value that would have been used had a readily available market existed for such loan and may differ materially from the value that the Company may ultimately realize.
(2)The construction loan receivable is categorized as Level 3 and was valued using a yield analysis, which is typically performed for non-credit impaired loans. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the expected market yield for a similarly structured loan with a similar level of risk. In the yield analysis, the Company considers the current contractual interest rate, the maturity and other terms of the loan relative to risk of the company and the specific loan. At each of December 31, 2025 and December 31, 2024, the expected market yield used to determine fair value was 16.25%. Changes in market yields may change the fair value of the construction loan. Generally, an increase in market yields may result in a decrease in the fair value of the construction loan. Due to the inherent uncertainty of determining the fair value of a loan that does not have a readily available market value, the fair value of the construction loan may fluctuate from period to period. Additionally, the fair value of the construction loan may differ significantly from the value that would have been used had a readily available market existed for such loan and may differ materially from the value that the Company may ultimately realize.
(3)Investments as cash equivalents include investments of obligations of the U.S. government with an original maturity at the time of purchase of 90 days or less are classified as held-to-maturity, stated at amortized cost and valued using Level 1 inputs. Investments as cash equivalents also include investments in a money market fund that invests 100% in U.S. government securities, which is stated at cost and valued using Level 1 inputs.
(4)Notes receivable relate to certain acquisitions of real estate which did not satisfy the requirements for sale-leaseback accounting (see Note 2 “Acquisition of Real Estate Properties” to our consolidated financial statements for more information). The notes receivable
are categorized as Level 3 and were valued using a yield analysis. At December 31, 2025 and 2024, the weighted average expected market yields used to determine fair values were 26.5% and 20.6%, respectively.
(5)At December 31, 2024 , investments consisting of short-term certificates of deposit with an original maturity at the time of purchase of greater than 90 days and less than one year are classified as held-to-maturity, stated at cost which approximates fair value using Level 2 inputs.
(6)The fair value is determined based upon Level 2 inputs as the Notes due 2026 were not traded in an active market.
(7)The Revolving Credit Facility is categorized as Level 2 and was valued using a discounted cash flow analysis based on significant other observable inputs such as available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Changes in discount and borrowing rates may change the fair value of the Revolving Credit Facility. Additionally, the use of different market assumptions or estimation methods may have a material effect on the estimated fair value.
(8)The Life Science Credit Facility is categorized as Level 2 and was valued using a discounted cash flow analysis based on significant other observable inputs such as available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Changes in discount and borrowing rates may change the fair value of the Life Science Credit Facility. Additionally, the use of different market assumptions or estimation methods may have a material effect on the estimated fair value.
v3.25.4
Common Stock Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Activity
A summary of the restricted stock activity under the 2016 Plan and related information for the years ended December 31, 2025, 2024 and 2023 is included in the table below:
Restricted
Shares		Weighted-
Average Grant Date
Fair Value
Nonvested balance at December 31, 202234,026$181.08 
Granted40,770$105.85 
Vested(12,115)$173.37 
Forfeited(1)
(5,970)$116.31 
Nonvested balance at December 31, 202356,711$135.46 
Granted46,752$93.26 
Vested(18,753)$111.84 
Forfeited(1)
(7,442)$205.15 
Nonvested balance at December 31, 202477,268$108.95 
Granted69,384$71.66 
Vested(24,578)$103.47 
Forfeited(1)
(12,483)$161.21 
Nonvested balance at December 31, 2025109,591$80.61 
________________________________________________________
(1)Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting or employees’ cessation of employment.
The following table summarizes our RSU activity for the years ended December 31, 2025, 2024 and 2023. RSUs are issued as part of the Innovative Industrial Properties, Inc. Nonqualified Deferred Compensation Plan (the “Deferred Compensation Plan”), which allows a select group of management and our non-employee directors to defer receiving certain of their cash and equity-based compensation. RSUs are subject to vesting conditions of the Deferred Compensation Plan and have the same economic rights as shares of restricted stock under the 2016 Plan:
Unvested
RSUs		Weighted-
Average Grant Date
Fair Value
Balance at December 31, 202283,677$144.30 
Granted66,279$101.40 
Balance at December 31, 2023149,956$125.34 
Granted72,546$92.64 
Balance at December 31, 2024222,502$114.68 
Granted75,975$75.59 
Vested and converted to common stock(5,779)$100.10 
Forfeited(1)
(12,143)$100.62 
Balance at December 31, 2025280,555$104.19 
________________________________________________________
(1)Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting or employees’ cessation of employment.
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Contractual Lease Payments The future contractual lease payments for our office lease and the reconciliation to the office lease liability reflected in other liabilities in our consolidated balance sheet as of December 31, 2025 is presented in the table below (in thousands):
YearAmount
2026$543 
202745 
2028— 
2029— 
2030— 
Total future contractual lease payments588 
Effect of discounting(18)
Office lease liability $570 
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The segment net income, including significant segment expenses that are regularly reviewed by the CODM, for the years ended December 31, 2025, 2024 and 2023, and the total segment assets as of December 31, 2025 and 2024, are presented in the tables below (in thousands):
Years ended December 31,
202520242023
Cannabis Portfolio Segment:
Rental revenues (including tenant reimbursements)$265,486 $306,936 $307,349 
Other revenues469 1,581 2,157 
  Total reportable segment revenue265,955 308,517 309,506 
Property expenses(30,177)(28,472)(24,893)
Depreciation and amortization expense(74,068)(70,807)(67,194)
Impairment loss on real estate(3,527)— — 
Gain (loss) on sale of real estate(326)(3,449)— 
Interest and other income6,413 4,388 1,060 
Cannabis Portfolio Segment net income164,270 210,177 218,479 
Life Science Portfolio Segment:
Interest and other income5,047 — — 
Life Science Portfolio Segment net income5,047 — — 
Total reportable segment net income169,317210,177218,479
Unallocated:
General and administrative expense(33,735)(37,444)(42,832)
Interest and other income2,860 6,600 7,386 
Interest expense(20,195)(17,672)(17,467)
Gain (loss) on exchange of Exchangeable Senior Notes— — 22 
Net income118,247 161,661 165,588 
Preferred stock dividends(3,812)(1,804)(1,352)
Net income attributable to common stockholders$114,435 $159,857 $164,236 
Segment Total Assets:December 31, 2025December 31, 2024
Cannabis Portfolio Segment$2,165,359 $2,222,360 
Life Science Portfolio Segment152,665 — 
Unallocated52,834 155,687 
Total$2,370,858 $2,378,047 
v3.25.4
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Additional Information (Details)
 1 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
Jan. 31, 2024
lease
Dec. 31, 2025
USD ($)
segment
property
state
lease
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Nov. 30, 2021
Jun. 30, 2021
USD ($)
May 25, 2021
USD ($)
Dec. 31, 2019
Property, Plant and Equipment [Line Items]                  
Number of segments | segment     2            
Number of above market leases | lease     1            
Acquisitions of real estate did not satisfy the requirements for sale-leaseback accounting     $ 16,800,000 $ 16,800,000          
Reclassification from other assets to real estate held for investment     0 3,152,000 $ 0        
Depreciation expense     73,000,000.0 69,900,000 66,300,000        
Impairment losses     3,500,000 0 0        
Rental revenue recognized from security deposits     6,600,000 7,700,000 8,700,000        
Restricted cash     0 0          
Incremental borrowing rate           5.50%     7.25%
Office lease expense     500,000 500,000 500,000        
Amounts paid and classified as operating activities for the office lease     500,000 500,000 $ 500,000        
Number of lease modifications | lease   2              
Received lease payments     5,000,000.0            
Underlying assets accumulated depreciation     $ 4,400,000            
Number of properties | property     111            
Number of states in which properties are owned | state     19            
Unsecured Debt                  
Property, Plant and Equipment [Line Items]                  
Principal amount     $ 291,215,000 300,000,000       $ 300,000,000.0  
Construction Loan                  
Property, Plant and Equipment [Line Items]                  
Construction loan receivable     22,800,000 $ 22,800,000          
Allowance for credit loss     0            
Investment in IQHQ Credit Facility | IQHQ, Inc.                  
Property, Plant and Equipment [Line Items]                  
Funded commitment $ 100,000,000.0   $ 100,000,000.0            
NEW YORK | Net real estate held for investment | Geographic Concentration Risk                  
Property, Plant and Equipment [Line Items]                  
Percentage of Rental Revenue     5.50% 5.50%          
Cannabis cultivation and processing facility, California                  
Property, Plant and Equipment [Line Items]                  
Maximum construction loan agreed to lend             $ 23,000,000.0    
Building and Building Improvements                  
Property, Plant and Equipment [Line Items]                  
Property, Plant and Equipment, Useful Life     40 years            
Underlying assets gross carrying value     $ 28,900,000            
Office equipment and furniture and fixtures | Minimum                  
Property, Plant and Equipment [Line Items]                  
Property, Plant and Equipment, Useful Life     3 years            
Office equipment and furniture and fixtures | Maximum                  
Property, Plant and Equipment [Line Items]                  
Property, Plant and Equipment, Useful Life     7 years            
Land                  
Property, Plant and Equipment [Line Items]                  
Underlying assets gross carrying value     $ 4,100,000            
v3.25.4
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements - Schedule of Major Tenants by Rental Revenue (Details)
 12 Months Ended
Dec. 31, 2025
lease
tenant
Dec. 31, 2024
lease
property
tenant
Dec. 31, 2023
lease
tenant
Concentration Risk      
Number of properties for which possession regained | property   2  
Revenue Benchmark | Customer Concentration Risk      
Concentration Risk      
Number of tenants | tenant 5 5 5
Revenue Benchmark | Customer Concentration Risk | Ascend      
Concentration Risk      
Number of Leases 4 4 4
Percentage of Rental Revenue 12.00% 11.00% 10.00%
Revenue Benchmark | Customer Concentration Risk | Green Thumb      
Concentration Risk      
Number of Leases 3 3 3
Percentage of Rental Revenue 9.00% 8.00% 8.00%
Revenue Benchmark | Customer Concentration Risk | Curaleaf      
Concentration Risk      
Number of Leases 8 8 8
Percentage of Rental Revenue 8.00% 7.00% 7.00%
Revenue Benchmark | Customer Concentration Risk | Trulieve, Inc. ("Trulieve")      
Concentration Risk      
Number of Leases 6    
Percentage of Rental Revenue 8.00%    
Revenue Benchmark | Customer Concentration Risk | The Cannabist Company      
Concentration Risk      
Number of Leases 21    
Percentage of Rental Revenue 8.00%    
Revenue Benchmark | Customer Concentration Risk | PharmaCann      
Concentration Risk      
Number of Leases   11 11
Percentage of Rental Revenue   17.00% 15.00%
Revenue Benchmark | Customer Concentration Risk | Holistic Industries, Inc. ("Holistic")      
Concentration Risk      
Number of Leases   5  
Percentage of Rental Revenue   7.00%  
Revenue Benchmark | Customer Concentration Risk | Parallel      
Concentration Risk      
Number of Leases     4
Percentage of Rental Revenue     7.00%
v3.25.4
Common Stock (Details)
 1 Months Ended 12 Months Ended
May 31, 2024
USD ($)
agent
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Mar. 31, 2025
USD ($)
Class of Stock [Line Items]          
Common stock shares authorized (in shares) | shares   50,000,000 50,000,000    
Common Stock, Par Value (in dollars per share) | $ / shares   $ 0.001 $ 0.001    
Common stock, shares issued (in shares) | shares   28,022,975 28,331,833    
Common stock, shares outstanding (in shares) | shares   28,022,975 28,331,833    
Preferred stock, dividend rate   9.00% 9.00%    
Preferred stock, par value (in dollars per share) | $ / shares   $ 0.001 $ 0.001    
Issuance of common stock, net of issuance costs | $   $ 0 $ 11,757,000 $ 9,564,000  
Number of shares issued upon conversion | shares     28,408 32,200  
Outstanding principal amount | $     $ 4,300,000 $ 2,000,000.0  
Share repurchase authorized | $         $ 100,000,000.0
Repurchase of common stock (in shares) | shares   371,538 0 0  
Repurchase of common stock | $   $ 20,108,000      
Series A Preferred Stock          
Class of Stock [Line Items]          
Preferred stock, dividend rate   9.00%      
At Market Offerings          
Class of Stock [Line Items]          
Number of sales agents | agent 4        
Issuance of stock, net of issuance costs (in shares) | shares   0 123,224 101,061  
Issuance of common stock, net of issuance costs | $     $ 11,800,000 $ 9,600,000  
At Market Offerings | Series A Preferred Stock          
Class of Stock [Line Items]          
Preferred stock, dividend rate 9.00%        
Preferred stock, par value (in dollars per share) | $ / shares $ 0.001        
Maximum value of preferred shares | $ $ 500,000,000.0        
v3.25.4
Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]      
Preferred stock, shares authorized (in shares) 50,000,000 50,000,000  
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001  
Preferred stock, shares issued (in shares) 2,019,525 1,002,673  
Preferred stock, shares outstanding (in shares) 2,019,525 1,002,673  
Preferred stock, dividend rate 9.00% 9.00%  
Net proceeds $ 24,148 $ 9,623 $ 0
Series A Preferred Stock      
Class of Stock [Line Items]      
Preferred stock, shares issued (in shares) 2,019,525    
Preferred stock, shares outstanding (in shares) 2,019,525    
Preferred stock, dividend rate 9.00%    
Redemption price (in dollars per share) $ 25.00    
Preferred stock, voting rights Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.    
Series A Preferred Stock | ATM Program      
Class of Stock [Line Items]      
Number of shares sold 1,016,852 402,673 0
Net proceeds $ 24,100 $ 9,600  
v3.25.4
Dividends (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dividends [Abstract]                              
Dividends declared per common share (in dollars per share) $ 1.90 $ 1.90 $ 1.90 $ 1.90 $ 1.90 $ 1.90 $ 1.90 $ 1.82 $ 1.82 $ 1.80 $ 1.80 $ 1.80      
Dividends declared per Series A preferred stock (in dollars per share) $ 0.5625 $ 0.5625 $ 0.5625 $ 0.5625 $ 0.5625 $ 0.5625 $ 0.5625 $ 0.5625 $ 0.5625 $ 0.5625 $ 0.5625 $ 0.5625      
Dividend amount - Common stock $ 53,777 $ 53,776 $ 53,783 $ 54,463 $ 54,253 $ 54,253 $ 54,253 $ 51,957 $ 51,489 $ 50,742 $ 50,742 $ 50,725      
Dividend amount - Series A preferred stock $ 1,136 $ 1,017 $ 878 $ 781 $ 564 $ 564 $ 338 $ 338 $ 338 $ 338 $ 338 $ 338 $ 3,812 $ 1,804 $ 1,352
v3.25.4
Investments in Real Estate - Schedule of Real Estate Properties (Details)
ft² in Thousands, $ in Thousands
Dec. 31, 2025
USD ($)
ft²
Real Estate [Line Items]  
Rentable Square Feet | ft² 22
Initial Purchase Price $ 7,750
Transaction Costs 107
Total 7,857
Land  
Real Estate [Line Items]  
Total 600
Building and Building Improvements  
Real Estate [Line Items]  
Total $ 7,200
Harvard Place  
Real Estate [Line Items]  
Rentable Square Feet | ft² 22
Initial Purchase Price $ 7,750
Transaction Costs 107
Total $ 7,857
v3.25.4
Investments in Real Estate - Schedule of Intangible Assets and Related Accumulated Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments in Real Estate    
Total $ 6,366 $ 7,385
Acquired In-Place Lease Intangible Assets    
Investments in Real Estate    
In-place lease intangible assets 9,757 9,979
Accumulated amortization (3,391) (2,594)
Total 6,366 7,385
Above Market Leases    
Investments in Real Estate    
In-place lease intangible assets 1,054 1,054
Accumulated amortization (371) (279)
Total $ 683 $ 775
v3.25.4
Investments in Real Estate - Additional Information (Details)
 1 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
Apr. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
lease
property
Jan. 31, 2025
USD ($)
lease
May 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
property
Option
Dec. 31, 2025
USD ($)
lease
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Real Estate [Line Items]                      
Real estate property cost   $ 15,900,000             $ 15,900,000    
Proceeds from sale of real estate assets                 2,239,000 $ 9,100,000 $ 0
Gain (loss) on sale of real estate                 (326,000) (3,449,000) 0
Interest and other income                 $ 14,320,000 10,988,000 8,446,000
Disposition-contingent lease termination fee                   3,900,000  
Loss on sale of real estate                   3,400,000  
Number of sales-type leases | lease                 2    
California Property                      
Real Estate [Line Items]                      
Number of properties sold | property               4      
Contracted sale price of properties disposed               $ 16,200,000      
Real estate loans receivable               $ 16,100,000      
Number of options to extend | Option               2      
Extension term               12 months      
Minimum principal balance payment               $ 500,000      
Interest and other income                 $ 2,700,000    
Property in Los Angeles, California                      
Real Estate [Line Items]                      
Contracted sale price of properties disposed             $ 9,100,000        
Lease termination fee             $ 3,900,000        
Michigan Property                      
Real Estate [Line Items]                      
Proceeds from sale of real estate assets       $ 9,000,000.0              
Real estate loans receivable       $ 8,500,000              
Extension term       12 months              
Accumulated depreciation   2,100,000             2,100,000    
Loan origination fee and interest                 1,600,000    
Michigan Property | Land                      
Real Estate [Line Items]                      
Gross carrying value   400,000             400,000    
Michigan Property | Building and Building Improvements                      
Real Estate [Line Items]                      
Gross carrying value   9,600,000             9,600,000    
Property in Palm Springs, California                      
Real Estate [Line Items]                      
Proceeds from sale of real estate assets     $ 1,800,000                
Gain (loss) on sale of real estate     $ 0                
Property in Mancos, Colorado                      
Real Estate [Line Items]                      
Proceeds from sale of real estate assets   500,000                  
Gain (loss) on sale of real estate   (300,000)                  
AYR Wellness, Inc. | Flordia Properties                      
Real Estate [Line Items]                      
Number of leased properties | property         1            
Reduction of tenant improvement allowance         $ 2,500,000            
Tenant Improvement Allowance         $ 27,500,000            
PharmaCann                      
Real Estate [Line Items]                      
Number of leases | lease         11            
PharmaCann | Leases Amended                      
Real Estate [Line Items]                      
Monthly base rent $ 2,800,000         $ 2,600,000          
Replenishment period           36 months          
Number of leases | lease           9          
Number of defaulted leases | lease         9            
PharmaCann | PharmaCann Leases Amended Two                      
Real Estate [Line Items]                      
Monthly base rent           $ 1,300,000          
Number of leases | lease           2          
Acquired In-Place Lease Intangible Assets                      
Real Estate [Line Items]                      
Amortization expense                 $ 1,000,000.0 900,000 900,000
Weighted-average amortization period (in years)                 7 years 8 months 12 days    
2028   844,000             $ 844,000    
2029   844,000             844,000    
2027   844,000             844,000    
2030   844,000             844,000    
2026   844,000             844,000    
Thereafter   $ 2,146,000             2,146,000    
Above Market Leases                      
Real Estate [Line Items]                      
Amortization expense                 $ 100,000 $ 100,000 $ 100,000
Amortization period (in years)   7 years 6 months             7 years 6 months    
2028   $ 100,000             $ 100,000    
2029   100,000             100,000    
2027   100,000             100,000    
2030   100,000             100,000    
2026   100,000             100,000    
Thereafter   $ 200,000             $ 200,000    
v3.25.4
Investments in Real Estate - Schedule of Estimated Annual Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity    
Total $ 6,366 $ 7,385
Acquired In-Place Lease Intangible Assets    
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity    
2026 844  
2027 844  
2028 844  
2029 844  
2030 844  
Thereafter 2,146  
Total $ 6,366 $ 7,385
v3.25.4
Investments in Real Estate - Schedule of Future Contractual Minimum Rent (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Contractual Minimum Rent  
2026 $ 299,647
2027 312,049
2028 319,222
2029 326,466
2030 331,268
Thereafter 3,058,509
Total $ 4,647,161
v3.25.4
Life Science Investments - Additional Information (Details)
 1 Months Ended 12 Months Ended
Oct. 31, 2025
USD ($)
shares
Sep. 30, 2025
USD ($)
extension_option
$ / shares
shares
Aug. 06, 2025
USD ($)
$ / shares
Oct. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
board_member
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]              
Preferred stock, dividend rate         9.00% 9.00%  
Issuance of preferred stock/common stock, net of issuance costs           $ 11,757,000 $ 9,564,000
Innovative | IQHQ, Inc.              
Schedule of Equity Method Investments [Line Items]              
Preferred stock commitment (up to)     $ 170,000,000.0        
Preferred stock, dividend rate     15.00%        
Preferred stock purchase price (in dollars per share) | $ / shares     $ 1,000        
Exercise price (in dollar per share) | $ / shares     $ 0.01        
Number of shares sold | shares 45,000 5,000   50,000      
Issuance of preferred stock/common stock, net of issuance costs $ 45,000,000.0 $ 5,000,000.0   $ 50,000,000.0      
Annual cash dividend   10.00%          
Paid-in-kind   5.00%          
Dividends, Preferred Stock, Paid-in-kind         $ 400,000    
PIK dividend rate increases   1.25%          
Additional PIK dividend rate increases   5.00%          
Redemption price (in dollars per share) | $ / shares   $ 1,560          
Percentage of warrant exercisable   1.50%          
IQHQ, Inc.              
Schedule of Equity Method Investments [Line Items]              
Initial term     3 years        
Expandable period     12 months        
Voting board member | board_member         1    
Paid-in-kind interest         $ 400,000    
IQHQ, Inc. | Investment in IQHQ Credit Facility              
Schedule of Equity Method Investments [Line Items]              
Commitment     $ 100,000,000.0        
Funded commitment   $ 100,000,000.0     $ 100,000,000.0    
Fixed annual rate   13.50%          
Cash dividend   12.00%          
Paid-in-kind interest rate   1.50%          
Number of extension options | extension_option   1          
Extension term   12 months          
Reduction rate penalty   3.00%          
v3.25.4
Life Science Investments - Schedule of Carrying Value of Investments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Schedule of Equity Method Investments [Line Items]  
PIK dividend $ 444
PIK interest 415
Total 152,665
Investment in IQHQ Credit Facility  
Schedule of Equity Method Investments [Line Items]  
Investment in IQHQ Credit Facility 96,493
Investment in IQHQ Preferred Stock  
Schedule of Equity Method Investments [Line Items]  
Life science investments 47,430
Investment in IQHQ Warrant  
Schedule of Equity Method Investments [Line Items]  
Life science investments 5,321
Forward contract for the purchase of IQHQ Preferred Stock  
Schedule of Equity Method Investments [Line Items]  
Life science investments $ 2,562
v3.25.4
Debt - Exchangeable Senior Notes Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 29, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Number of shares issued upon conversion     28,408 32,200
Outstanding principal amount     $ 4,300 $ 2,000
Gain (loss) on exchange of Exchangeable Senior Notes   $ 0 0 22
Exchange of Exchangeable Senior Notes       1,964
Additional Paid-In- Capital        
Debt Instrument [Line Items]        
Exchange of Exchangeable Senior Notes       $ 1,964
Senior Notes        
Debt Instrument [Line Items]        
Interest rate (as a percent)       3.75%
Principal amount paid $ 100   4,300  
Repayments of convertible debt     $ 4,300  
Number of shares issued upon conversion       32,200
Outstanding principal amount       $ 2,000
Gain (loss) on exchange of Exchangeable Senior Notes       $ 22
Senior Notes | Common Stock        
Debt Instrument [Line Items]        
Conversion of stock, shares issued (in shares)     28,408  
v3.25.4
Debt - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Senior Notes      
Debt Instrument [Line Items]      
Cash coupon $ 0 $ 24 $ 182
Amortization of issuance cost 0 5 37
Capitalized interest 0 (1) (7)
Total interest expense 0 28 212
Unsecured Debt      
Debt Instrument [Line Items]      
Cash coupon 16,093 16,500 16,500
Amortization of issuance cost 1,467 1,416 1,334
Capitalized interest (184) (565) (620)
Total interest expense $ 17,376 $ 17,351 $ 17,214
v3.25.4
Debt - Notes due 2026 Narrative (Details) - Unsecured Debt - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
May 25, 2021
Feb. 28, 2025
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]        
Principal amount $ 300,000   $ 291,215 $ 300,000
Interest rate (as a percent) 5.50%      
Issuance costs $ 6,800      
Interest rate, effective percentage     6.03%  
Early partial repayments   $ 8,700    
Repaid principal   $ 8,800    
Accrued interest payable     $ 2,000 $ 2,100
Redeemed Prior To February 25, 2026        
Debt Instrument [Line Items]        
Debt instrument, redemption price     100.00%  
Redeemed On Or After February 25, 2026        
Debt Instrument [Line Items]        
Debt instrument, redemption price     100.00%  
Minimum        
Debt Instrument [Line Items]        
Debt instrument change in debt rating interest rate 6.00%      
Maximum        
Debt Instrument [Line Items]        
Debt instrument change in debt rating interest rate 6.50%      
v3.25.4
Debt - Schedule of Carrying Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
May 25, 2021
Debt Instrument [Line Items]      
Total $ 393,715    
Unsecured Debt      
Debt Instrument [Line Items]      
Principal amount 291,215 $ 300,000 $ 300,000
Unamortized issuance cost (613) (2,135)  
Total $ 290,602 $ 297,865  
v3.25.4
Debt - Revolving Credit Facility Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Nov. 30, 2024
Oct. 31, 2024
Oct. 31, 2023
Debt Instrument [Line Items]            
Revolving credit facilities $ 102,500 $ 0        
Revolving Credit Facility | Loan Agreement            
Debt Instrument [Line Items]            
Aggregate commitments       $ 87,500 $ 50,000 $ 50,000
Interest rate (in percent) 9.00%          
Revolving credit facilities $ 27,500 0        
Issuance costs 1,200          
Amortization of issuance cost $ 500 $ 300 $ 41      
v3.25.4
Debt - IIP Life Science Credit Facility Narrative (Details) - Revolving Credit Facility - IIP Life Science Credit Facility - Line of Credit
 12 Months Ended
Oct. 03, 2025
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]    
Aggregate commitments $ 100,000,000.0  
Accordion feature, increase limit $ 135,000,000.0  
Variable interest rate 2.00%  
Interest rate (in percent)   6.10%
Loan amount outstanding   $ 75,000,000.0
Debt service coverage covenant ratio 2.0  
Issuance costs   900,000
Amortization of issuance cost   $ 77,000
Minimum    
Debt Instrument [Line Items]    
Variable interest rate 6.10%  
v3.25.4
Debt - Schedule of Principal Payments on Outstanding Indebtedness (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 318,715
2027 0
2028 75,000
2029 0
2030 0
Thereafter 0
Total $ 393,715
v3.25.4
Net Income Per Share - Additional information (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Dilutive effect of Exchangeable Senior Notes (in shares) 0 9,468 81,169
v3.25.4
Net Income Per Share - Schedule of Computations of Net Income Per Basic and Diluted Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income $ 118,247 $ 161,661 $ 165,588
Preferred stock dividends (3,812) (1,804) (1,352)
Distribution to participating securities (2,987) (2,254) (1,482)
Net income attributable to common stockholders used to compute net income per share – basic 111,448 157,603 162,754
Dilutive effect of Exchangeable Senior Notes 0 28 212
Net income attributable to common stockholders used to compute net income per share – diluted $ 111,448 $ 157,631 $ 162,966
Weighted-average common shares outstanding:      
Basic (in shares) 28,005,228 28,226,402 27,977,807
Dilutive effect of share-based payment arrangements (in shares) 371,999 294,780 196,821
Dilutive effect of Exchangeable Senior Notes (in shares) 0 9,468 81,169
Diluted (in shares) 28,377,227 28,530,650 28,255,797
Net income attributable to common stockholders per share:      
Basic (in dollars per share) $ 3.98 $ 5.58 $ 5.82
Diluted (in dollars per share) $ 3.93 $ 5.52 $ 5.77
v3.25.4
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Nonrecurring Basis (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair Value $ 0   $ 5,000
Series A Preferred Stock      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair Value   $ 4,912  
IQHQ Warrant      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair Value   532  
Forward contract for the purchase of IQHQ Preferred Stock      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair Value   4,868  
IQHQ Credit Facility      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair Value   $ 95,930  
IQHQ Credit Facility | Discount rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Measurement input   0.200  
IQHQ Credit Facility | Discount for lack of marketability      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Measurement input   0.410  
IQHQ Credit Facility | Risk free rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Measurement input   0.037  
IQHQ Credit Facility | Equity volatility      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Measurement input   0.350  
IQHQ Credit Facility | Term      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Term   5 years  
IQHQ Credit Facility | Expected market yield      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Measurement input   0.161  
v3.25.4
Fair Value of Financial Instruments - Schedule of Carrying Value and Approximate Fair Value of Financial Instruments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Carrying Value    
Investments as cash equivalents $ 158 $ 45,714
Investments 0 5,000
Notes due 2026, net 290,602 297,865
Revolving credit facilities 102,500 0
Fair Value    
Investments as cash equivalents 158 45,714
Investments 0 5,000
Notes due 2026 $ 288,644 289,077
Money market funds invested in U.S. government securities 100.00%  
IQHQ, Inc.    
Fair Value    
Life science investments $ 52,800  
Revolving Credit Facility | Loan Agreement    
Carrying Value    
Revolving credit facilities 27,500 0
Fair Value    
Revolving credit facility 27,500 0
Revolving Credit Facility | IIP Life Science Credit Facility    
Carrying Value    
Revolving credit facilities 75,000 0
Fair Value    
Revolving credit facility 75,000 0
Investment in IQHQ Credit Facility    
Carrying Value    
Receivable 96,908 0
Fair Value    
Receivable $ 96,908 0
Investment in IQHQ Credit Facility | Expected market yield    
Fair Value    
Fair value input 0.168  
Construction Loan    
Carrying Value    
Receivable $ 22,800 22,800
Fair Value    
Receivable 22,997 28,245
Notes Receivable    
Carrying Value    
Receivable 16,786 16,786
Fair Value    
Receivable $ 16,786 $ 16,786
Notes Receivable | Expected market yield    
Fair Value    
Fair value input 0.1625 0.1625
Notes Receivable | Weighted average expected market yield    
Fair Value    
Fair value input 0.265 0.206
v3.25.4
Common Stock Incentive Plan - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Unrecognized compensation cost     $ 4.5    
Amortization period     1 year 8 months 12 days    
Fair value of restricted stock     $ 2.4 $ 2.6 $ 1.7
Granted (in shares)     69,384 46,752 40,770
Restricted Stock Units          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Unrecognized compensation cost     $ 5.5    
Amortization period     1 year 8 months 12 days    
Granted (in shares)     75,975 72,546 66,279
PSUs          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Granted (in shares) 102,641 70,795      
Stock-based compensation expense       $ 6.7 $ 10.7
2016 Plan          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Number of shares authorized     1,000,000    
Expiration term     10 years    
v3.25.4
Common Stock Incentive Plan - Schedule of Restricted Stock Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock      
Restricted      
Beginning Balance (in shares) 77,268 56,711 34,026
Granted (in shares) 69,384 46,752 40,770
Vested (in shares) (24,578) (18,753) (12,115)
Forfeited (in shares) (12,483) (7,442) (5,970)
Ending Balance (in shares) 109,591 77,268 56,711
Weighted- Average Grant Date Fair Value      
Beginning Balance (in dollars per share) $ 108.95 $ 135.46 $ 181.08
Granted (in dollars per share) 71.66 93.26 105.85
Vested (in dollars per share) 103.47 111.84 173.37
Forfeited (in dollars per share) 161.21 205.15 116.31
Ending Balance (in dollars per share) $ 80.61 $ 108.95 $ 135.46
Restricted Stock Units      
Restricted      
Beginning Balance (in shares) 222,502 149,956 83,677
Granted (in shares) 75,975 72,546 66,279
Vested (in shares) (5,779)    
Forfeited (in shares) (12,143)    
Ending Balance (in shares) 280,555 222,502 149,956
Weighted- Average Grant Date Fair Value      
Beginning Balance (in dollars per share) $ 114.68 $ 125.34 $ 144.30
Granted (in dollars per share) 75.59 92.64 101.40
Vested (in dollars per share) 100.10    
Forfeited (in dollars per share) 100.62    
Ending Balance (in dollars per share) $ 104.19 $ 114.68 $ 125.34
v3.25.4
Commitments and Contingencies - Schedule of Future Contractual Lease Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities
2026 $ 543
2027 45
2028 0
2029 0
2030 0
Total future contractual lease payments 588
Effect of discounting (18)
Office lease liability $ 570
v3.25.4
Commitments and Contingencies - Additional Information (Details)
Dec. 31, 2025
USD ($)
lawsuit
Aug. 06, 2025
USD ($)
Nov. 30, 2019
Deferred Base Salary      
Commitments and Contingencies      
Deferred compensation rate (in percentage)     80.00%
Deferred Bonus      
Commitments and Contingencies      
Deferred compensation rate (in percentage)     100.00%
Deferred Director Fees      
Commitments and Contingencies      
Deferred compensation rate (in percentage)     100.00%
Deferred Restricted Equity Awards      
Commitments and Contingencies      
Deferred compensation rate (in percentage)     100.00%
Amended Class Action Lawsuit      
Commitments and Contingencies      
Amount accrued $ 0    
Derivative Action Lawsuit      
Commitments and Contingencies      
Amount accrued $ 0    
Derivative Action Lawsuits      
Commitments and Contingencies      
Derivative lawsuits | lawsuit 5    
Innovative | Investment in IQHQ Preferred Stock      
Commitments and Contingencies      
Preferred stock commitment $ 120,000,000.0    
Innovative | IQHQ, Inc.      
Commitments and Contingencies      
Preferred stock commitment   $ 170,000,000.0  
Commitments related to improvement allowances      
Commitments and Contingencies      
Commitment 6,500,000    
Commitments related to construction loan      
Commitments and Contingencies      
Commitment $ 200,000    
v3.25.4
Segment Information - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of segments 2
v3.25.4
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Rental revenues (including tenant reimbursements) $ 265,486 $ 306,936 $ 307,349
Other revenues 469 1,581 2,157
Total revenues 265,955 308,517 309,506
Property expenses (30,177) (28,472) (24,893)
Depreciation and amortization expense (74,068) (70,807) (67,194)
Impairment loss on real estate (3,527) 0 0
Gain (loss) on sale of real estate (326) (3,449) 0
Interest and other income 14,320 10,988 8,446
Interest expense (20,195) (17,672) (17,467)
Gain (loss) on exchange of Exchangeable Senior Notes 0 0 22
Net income 118,247 161,661 165,588
General and Administrative Expense 33,735 37,444 42,832
Preferred stock dividends (3,812) (1,804) (1,352)
Net income attributable to common stockholders 114,435 159,857 164,236
Segment Total Assets: 2,370,858 2,378,047  
Operating Segments      
Segment Reporting Information [Line Items]      
Net income 169,317 210,177 218,479
Operating Segments | Cannabis Portfolio Segment:      
Segment Reporting Information [Line Items]      
Rental revenues (including tenant reimbursements) 265,486 306,936 307,349
Other revenues 469 1,581 2,157
Total revenues 265,955 308,517 309,506
Property expenses (30,177) (28,472) (24,893)
Depreciation and amortization expense (74,068) (70,807) (67,194)
Impairment loss on real estate (3,527) 0 0
Gain (loss) on sale of real estate (326) (3,449) 0
Interest and other income 6,413 4,388 1,060
Net income 164,270 210,177 218,479
Segment Total Assets: 2,165,359 2,222,360  
Operating Segments | Life Science Portfolio Segment:      
Segment Reporting Information [Line Items]      
Interest and other income 5,047 0 0
Net income 5,047 0 0
Segment Total Assets: 152,665 0  
Unallocated:      
Segment Reporting Information [Line Items]      
Interest and other income 2,860 6,600 7,386
Interest expense (20,195) (17,672) (17,467)
Gain (loss) on exchange of Exchangeable Senior Notes 0 0 22
Net income 118,247 161,661 165,588
General and Administrative Expense (33,735) (37,444) $ (42,832)
Segment Total Assets: $ 52,834 $ 155,687  
v3.25.4
Subsequent Events (Details) - USD ($)
$ in Thousands
 2 Months Ended 12 Months Ended
Jan. 31, 2026
Feb. 23, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Events          
Net proceeds     $ 24,148 $ 9,623 $ 0
Draws on revolving credit facilities     155,000 0 0
Repayments on revolving credit facilities     52,500 0 $ 0
Revolving credit facilities     102,500 0  
Revolving Credit Facility | Loan Agreement          
Subsequent Events          
Revolving credit facilities     $ 27,500 $ 0  
Series A Preferred Stock | ATM Program          
Subsequent Events          
Number of shares sold     1,016,852 402,673 0
Net proceeds     $ 24,100 $ 9,600  
Subsequent Event | Revolving Credit Facility | Loan Agreement          
Subsequent Events          
Draws on revolving credit facilities   $ 5,000      
Repayments on revolving credit facilities   20,000      
Revolving credit facilities   $ 12,500      
Subsequent Event | Series A Preferred Stock | ATM Program          
Subsequent Events          
Number of shares sold 1,794,323        
Net proceeds $ 40,400        
v3.25.4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details)
$ in Thousands
 1 Months Ended
Mar. 31, 2023
property
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   $ 146,320      
Building and Improvements   899,250      
Costs Capitalized Subsequent to Acquisition   1,410,940      
Land   146,320      
Building and Improvements   2,310,190      
Total   2,456,510 $ 2,439,972 $ 2,368,515 $ 2,204,687
Accumulated Depreciation   (343,062) $ (271,190) $ (202,692) $ (138,405)
Net Cost Basis   2,113,448      
Number of properties sold | property 1        
Aggregate gross cost of the properties for federal income tax purposes   2,500,000      
East Cherry Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   723      
Building and Improvements   3,995      
Costs Capitalized Subsequent to Acquisition   0      
Land   723      
Building and Improvements   3,995      
Total   4,718      
Accumulated Depreciation   (370)      
Net Cost Basis   4,348      
West Greenhouse Drive          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   398      
Building and Improvements   14,629      
Costs Capitalized Subsequent to Acquisition   5,003      
Land   398      
Building and Improvements   19,632      
Total   20,030      
Accumulated Depreciation   (5,553)      
Net Cost Basis   14,477      
Perez Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   734      
Building and Improvements   5,634      
Costs Capitalized Subsequent to Acquisition   9,296      
Land   734      
Building and Improvements   14,930      
Total   15,664      
Accumulated Depreciation   (1,283)      
Net Cost Basis   14,381      
64125 19th Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   5,930      
Building and Improvements   45,081      
Costs Capitalized Subsequent to Acquisition   12,614      
Land   5,930      
Building and Improvements   57,695      
Total   63,625      
Accumulated Depreciation   (6,150)      
Net Cost Basis   57,475      
McLane Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,577      
Building and Improvements   15,935      
Costs Capitalized Subsequent to Acquisition   1,384      
Land   1,577      
Building and Improvements   17,319      
Total   18,896      
Accumulated Depreciation   (2,284)      
Net Cost Basis   16,612      
Inland Center Drive          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   3,485      
Building and Improvements   21,911      
Costs Capitalized Subsequent to Acquisition   12,323      
Land   3,485      
Building and Improvements   34,234      
Total   37,719      
Accumulated Depreciation   0      
Net Cost Basis   37,719      
63795 19th Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   3,534      
Building and Improvements   12,852      
Costs Capitalized Subsequent to Acquisition   19,718      
Land   3,534      
Building and Improvements   32,570      
Total   36,104      
Accumulated Depreciation   (2,676)      
Net Cost Basis   33,428      
North Anza Road & Del Sol Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   840      
Building and Improvements   4,959      
Costs Capitalized Subsequent to Acquisition   170      
Land   840      
Building and Improvements   5,129      
Total   5,969      
Accumulated Depreciation   (993)      
Net Cost Basis   4,976      
1804 Needles Highway          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   174      
Building and Improvements   715      
Costs Capitalized Subsequent to Acquisition   1      
Land   174      
Building and Improvements   716      
Total   890      
Accumulated Depreciation   (123)      
Net Cost Basis   767      
West Broadway          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   289      
Building and Improvements   1,185      
Costs Capitalized Subsequent to Acquisition   2      
Land   289      
Building and Improvements   1,187      
Total   1,476      
Accumulated Depreciation   (203)      
Net Cost Basis   1,273      
3253 Needles Highway          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   949      
Building and Improvements   3,900      
Costs Capitalized Subsequent to Acquisition   8      
Land   949      
Building and Improvements   3,908      
Total   4,857      
Accumulated Depreciation   (668)      
Net Cost Basis   4,189      
3241 & 3247 Needles Highway          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,981      
Building and Improvements   8,138      
Costs Capitalized Subsequent to Acquisition   16      
Land   1,981      
Building and Improvements   8,154      
Total   10,135      
Accumulated Depreciation   (1,394)      
Net Cost Basis   8,741      
Sacramento          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,376      
Building and Improvements   5,321      
Costs Capitalized Subsequent to Acquisition   6,033      
Land   1,376      
Building and Improvements   11,354      
Total   12,730      
Accumulated Depreciation   (2,415)      
Net Cost Basis   10,315      
Steele Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   2,101      
Building and Improvements   9,176      
Costs Capitalized Subsequent to Acquisition   0      
Land   2,101      
Building and Improvements   9,176      
Total   11,277      
Accumulated Depreciation   (2,120)      
Net Cost Basis   9,157      
Washington Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   4,309      
Building and Improvements   4,988      
Costs Capitalized Subsequent to Acquisition   0      
Land   4,309      
Building and Improvements   4,988      
Total   9,297      
Accumulated Depreciation   (537)      
Net Cost Basis   8,760      
West Barberry Place          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   389      
Building and Improvements   2,478      
Costs Capitalized Subsequent to Acquisition   0      
Land   389      
Building and Improvements   2,478      
Total   2,867      
Accumulated Depreciation   (256)      
Net Cost Basis   2,611      
Hamilton Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   2,186      
Building and Improvements   17,371      
Costs Capitalized Subsequent to Acquisition   36,340      
Land   2,186      
Building and Improvements   53,711      
Total   55,897      
Accumulated Depreciation   (6,738)      
Net Cost Basis   49,159      
West Lake Drive          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,071      
Building and Improvements   34,249      
Costs Capitalized Subsequent to Acquisition   16,007      
Land   1,071      
Building and Improvements   50,256      
Total   51,327      
Accumulated Depreciation   (9,231)      
Net Cost Basis   42,096      
NW Highway 441          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   752      
Building and Improvements   23,064      
Costs Capitalized Subsequent to Acquisition   17,782      
Land   752      
Building and Improvements   40,846      
Total   41,598      
Accumulated Depreciation   (5,619)      
Net Cost Basis   35,979      
Ben Bostic Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   274      
Building and Improvements   16,729      
Costs Capitalized Subsequent to Acquisition   0      
Land   274      
Building and Improvements   16,729      
Total   17,003      
Accumulated Depreciation   (3,266)      
Net Cost Basis   13,737      
33rd Street & 36th Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   2,080      
Building and Improvements   12,876      
Costs Capitalized Subsequent to Acquisition   23,665      
Land   2,080      
Building and Improvements   36,541      
Total   38,621      
Accumulated Depreciation   (1,404)      
Net Cost Basis   37,217      
East Mazon Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   201      
Building and Improvements   17,807      
Costs Capitalized Subsequent to Acquisition   10,008      
Land   201      
Building and Improvements   27,815      
Total   28,016      
Accumulated Depreciation   (6,187)      
Net Cost Basis   21,829      
Revolution Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   563      
Building and Improvements   18,457      
Costs Capitalized Subsequent to Acquisition   51,538      
Land   563      
Building and Improvements   69,995      
Total   70,558      
Accumulated Depreciation   (14,908)      
Net Cost Basis   55,650      
East 4th Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   739      
Building and Improvements   8,284      
Costs Capitalized Subsequent to Acquisition   40,998      
Land   739      
Building and Improvements   49,282      
Total   50,021      
Accumulated Depreciation   (9,382)      
Net Cost Basis   40,639      
Industrial Drive          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   350      
Building and Improvements   10,191      
Costs Capitalized Subsequent to Acquisition   29,446      
Land   350      
Building and Improvements   39,637      
Total   39,987      
Accumulated Depreciation   (8,429)      
Net Cost Basis   31,558      
S US Highway 45 52          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   268      
Building and Improvements   11,840      
Costs Capitalized Subsequent to Acquisition   13,279      
Land   268      
Building and Improvements   25,119      
Total   25,387      
Accumulated Depreciation   (4,938)      
Net Cost Basis   20,449      
Centerpoint Way          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   2,947      
Building and Improvements   17,761      
Costs Capitalized Subsequent to Acquisition   254      
Land   2,947      
Building and Improvements   18,015      
Total   20,962      
Accumulated Depreciation   (3,501)      
Net Cost Basis   17,461      
Adams Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   6,518      
Building and Improvements   0      
Costs Capitalized Subsequent to Acquisition   65,250      
Land   6,518      
Building and Improvements   65,250      
Total   71,768      
Accumulated Depreciation   (6,202)      
Net Cost Basis   65,566      
South Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,861      
Building and Improvements   14,775      
Costs Capitalized Subsequent to Acquisition   12,858      
Land   1,861      
Building and Improvements   27,633      
Total   29,494      
Accumulated Depreciation   (4,056)      
Net Cost Basis   25,438      
Alaking Court          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   2,785      
Building and Improvements   8,410      
Costs Capitalized Subsequent to Acquisition   22,765      
Land   2,785      
Building and Improvements   31,175      
Total   33,960      
Accumulated Depreciation   (8,300)      
Net Cost Basis   25,660      
Western Maryland Parkway          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,849      
Building and Improvements   23,441      
Costs Capitalized Subsequent to Acquisition   0      
Land   1,849      
Building and Improvements   23,441      
Total   25,290      
Accumulated Depreciation   (2,173)      
Net Cost Basis   23,117      
Western Maryland Parkway          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   729      
Building and Improvements   4,910      
Costs Capitalized Subsequent to Acquisition   9      
Land   729      
Building and Improvements   4,919      
Total   5,648      
Accumulated Depreciation   (170)      
Net Cost Basis   5,478      
4106 Harvard Place          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   613      
Building and Improvements   7,244      
Costs Capitalized Subsequent to Acquisition   0      
Land   613      
Building and Improvements   7,244      
Total   7,857      
Accumulated Depreciation   (177)      
Net Cost Basis   7,680      
Hopping Brook Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   3,030      
Building and Improvements   0      
Costs Capitalized Subsequent to Acquisition   28,169      
Land   3,030      
Building and Improvements   28,169      
Total   31,199      
Accumulated Depreciation   (4,650)      
Net Cost Basis   26,549      
Chestnut Hill Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   2,202      
Building and Improvements   24,568      
Costs Capitalized Subsequent to Acquisition   36,965      
Land   2,202      
Building and Improvements   61,533      
Total   63,735      
Accumulated Depreciation   (10,199)      
Net Cost Basis   53,536      
Worcester Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   4,063      
Building and Improvements   16,462      
Costs Capitalized Subsequent to Acquisition   1,000      
Land   4,063      
Building and Improvements   17,462      
Total   21,525      
Accumulated Depreciation   (1,404)      
Net Cost Basis   20,121      
Canal Street/7 North Bridge Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   694      
Building and Improvements   2,831      
Costs Capitalized Subsequent to Acquisition   40,035      
Land   694      
Building and Improvements   42,866      
Total   43,560      
Accumulated Depreciation   (9,453)      
Net Cost Basis   34,107      
Palmer Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,059      
Building and Improvements   11,717      
Costs Capitalized Subsequent to Acquisition   6,977      
Land   1,059      
Building and Improvements   18,694      
Total   19,753      
Accumulated Depreciation   (3,776)      
Net Cost Basis   15,977      
Curran Highway          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   2,082      
Building and Improvements   1,026      
Costs Capitalized Subsequent to Acquisition   23,695      
Land   2,082      
Building and Improvements   24,721      
Total   26,803      
Accumulated Depreciation   (3,281)      
Net Cost Basis   23,522      
Hoover Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,237      
Building and Improvements   17,791      
Costs Capitalized Subsequent to Acquisition   64,490      
Land   1,237      
Building and Improvements   82,281      
Total   83,518      
Accumulated Depreciation   (12,532)      
Net Cost Basis   70,986      
East Hazel Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   409      
Building and Improvements   4,360      
Costs Capitalized Subsequent to Acquisition   19,297      
Land   409      
Building and Improvements   23,657      
Total   24,066      
Accumulated Depreciation   (4,183)      
Net Cost Basis   19,883      
Oliver Drive          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,385      
Building and Improvements   3,631      
Costs Capitalized Subsequent to Acquisition   26,755      
Land   1,385      
Building and Improvements   30,386      
Total   31,771      
Accumulated Depreciation   (5,000)      
Net Cost Basis   26,771      
Davis Highway          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,907      
Building and Improvements   13,647      
Costs Capitalized Subsequent to Acquisition   56,755      
Land   1,907      
Building and Improvements   70,402      
Total   72,309      
Accumulated Depreciation   (4,197)      
Net Cost Basis   68,112      
Harvest Park          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,933      
Building and Improvements   3,559      
Costs Capitalized Subsequent to Acquisition   12,337      
Land   1,933      
Building and Improvements   15,896      
Total   17,829      
Accumulated Depreciation   (3,816)      
Net Cost Basis   14,013      
Executive Drive          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   389      
Building and Improvements   6,489      
Costs Capitalized Subsequent to Acquisition   3,140      
Land   389      
Building and Improvements   9,629      
Total   10,018      
Accumulated Depreciation   (2,091)      
Net Cost Basis   7,927      
77th Street Northeast          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   427      
Building and Improvements   2,644      
Costs Capitalized Subsequent to Acquisition   6,618      
Land   427      
Building and Improvements   9,262      
Total   9,689      
Accumulated Depreciation   (2,248)      
Net Cost Basis   7,441      
Industrial Drive          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   753      
Building and Improvements   787      
Costs Capitalized Subsequent to Acquisition   26,717      
Land   753      
Building and Improvements   27,504      
Total   28,257      
Accumulated Depreciation   (3,081)      
Net Cost Basis   25,176      
East Cheyenne Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,088      
Building and Improvements   2,768      
Costs Capitalized Subsequent to Acquisition   5,771      
Land   1,088      
Building and Improvements   8,539      
Total   9,627      
Accumulated Depreciation   (1,833)      
Net Cost Basis   7,794      
Munsonhurst Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   4,987      
Building and Improvements   30,421      
Costs Capitalized Subsequent to Acquisition   19,662      
Land   4,987      
Building and Improvements   50,083      
Total   55,070      
Accumulated Depreciation   (5,779)      
Net Cost Basis   49,291      
South Route 73          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   702      
Building and Improvements   4,857      
Costs Capitalized Subsequent to Acquisition   29,511      
Land   702      
Building and Improvements   34,368      
Total   35,070      
Accumulated Depreciation   (7,553)      
Net Cost Basis   27,517      
North West Blvd          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   222      
Building and Improvements   10,046      
Costs Capitalized Subsequent to Acquisition   1,580      
Land   222      
Building and Improvements   11,626      
Total   11,848      
Accumulated Depreciation   (1,955)      
Net Cost Basis   9,893      
Hudson Crossing Drive          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   7,600      
Building and Improvements   22,475      
Costs Capitalized Subsequent to Acquisition   100,798      
Land   7,600      
Building and Improvements   123,273      
Total   130,873      
Accumulated Depreciation   (14,877)      
Net Cost Basis   115,996      
County Route 117          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,593      
Building and Improvements   3,157      
Costs Capitalized Subsequent to Acquisition   76,750      
Land   1,593      
Building and Improvements   79,907      
Total   81,500      
Accumulated Depreciation   (8,834)      
Net Cost Basis   72,666      
98th Ave South          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   191      
Building and Improvements   9,743      
Costs Capitalized Subsequent to Acquisition   2,272      
Land   191      
Building and Improvements   12,015      
Total   12,206      
Accumulated Depreciation   (2,398)      
Net Cost Basis   9,808      
Hunts Landing Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   712      
Building and Improvements   0      
Costs Capitalized Subsequent to Acquisition   19,309      
Land   712      
Building and Improvements   19,309      
Total   20,021      
Accumulated Depreciation   (3,125)      
Net Cost Basis   16,896      
Jason Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   239      
Building and Improvements   2,688      
Costs Capitalized Subsequent to Acquisition   29,250      
Land   239      
Building and Improvements   31,938      
Total   32,177      
Accumulated Depreciation   (5,448)      
Net Cost Basis   26,729      
Springs Way          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   235      
Building and Improvements   10,377      
Costs Capitalized Subsequent to Acquisition   2,979      
Land   235      
Building and Improvements   13,356      
Total   13,591      
Accumulated Depreciation   (2,355)      
Net Cost Basis   11,236      
East Tallmadge Ave.          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   22      
Building and Improvements   1,014      
Costs Capitalized Subsequent to Acquisition   2,501      
Land   22      
Building and Improvements   3,515      
Total   3,537      
Accumulated Depreciation   (828)      
Net Cost Basis   2,709      
Boltonfield Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,253      
Building and Improvements   18,876      
Costs Capitalized Subsequent to Acquisition   26,541      
Land   1,253      
Building and Improvements   45,417      
Total   46,670      
Accumulated Depreciation   (3,246)      
Net Cost Basis   43,424      
Scott Technology Park          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   954      
Building and Improvements   0      
Costs Capitalized Subsequent to Acquisition   27,070      
Land   954      
Building and Improvements   27,070      
Total   28,024      
Accumulated Depreciation   (3,798)      
Net Cost Basis   24,226      
New Beaver Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   6,979      
Building and Improvements   34,781      
Costs Capitalized Subsequent to Acquisition   26,641      
Land   6,979      
Building and Improvements   61,422      
Total   68,401      
Accumulated Depreciation   (8,528)      
Net Cost Basis   59,873      
East Market Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,435      
Building and Improvements   19,098      
Costs Capitalized Subsequent to Acquisition   74,306      
Land   1,435      
Building and Improvements   93,404      
Total   94,839      
Accumulated Depreciation   (17,498)      
Net Cost Basis   77,341      
Wayne Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,228      
Building and Improvements   13,080      
Costs Capitalized Subsequent to Acquisition   47,359      
Land   1,228      
Building and Improvements   60,439      
Total   61,667      
Accumulated Depreciation   (10,547)      
Net Cost Basis   51,120      
Horton Drive          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,353      
Building and Improvements   11,854      
Costs Capitalized Subsequent to Acquisition   29,745      
Land   1,353      
Building and Improvements   41,599      
Total   42,952      
Accumulated Depreciation   (7,316)      
Net Cost Basis   35,636      
Industrial Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   941      
Building and Improvements   7,941      
Costs Capitalized Subsequent to Acquisition   16,777      
Land   941      
Building and Improvements   24,718      
Total   25,659      
Accumulated Depreciation   (4,222)      
Net Cost Basis   21,437      
Rosanna Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   3,540      
Building and Improvements   5,603      
Costs Capitalized Subsequent to Acquisition   36,671      
Land   3,540      
Building and Improvements   42,274      
Total   45,814      
Accumulated Depreciation   (8,493)      
Net Cost Basis   37,321      
Susquehanna Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,318      
Building and Improvements   13,708      
Costs Capitalized Subsequent to Acquisition   0      
Land   1,318      
Building and Improvements   13,708      
Total   15,026      
Accumulated Depreciation   (1,076)      
Net Cost Basis   13,950      
FM 969          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   0      
Building and Improvements   11,157      
Costs Capitalized Subsequent to Acquisition   10,055      
Land   0      
Building and Improvements   21,212      
Total   21,212      
Accumulated Depreciation   (1,702)      
Net Cost Basis   19,510      
Lathrop Industrial Drive SW          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,826      
Building and Improvements   15,684      
Costs Capitalized Subsequent to Acquisition   0      
Land   1,826      
Building and Improvements   15,684      
Total   17,510      
Accumulated Depreciation   (2,493)      
Net Cost Basis   15,017      
East Glendale Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,216      
Building and Improvements   811      
Costs Capitalized Subsequent to Acquisition   501      
Land   1,216      
Building and Improvements   1,312      
Total   2,528      
Accumulated Depreciation   (337)      
Net Cost Basis   2,191      
Dahlia Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   179      
Building and Improvements   2,132      
Costs Capitalized Subsequent to Acquisition   0      
Land   179      
Building and Improvements   2,132      
Total   2,311      
Accumulated Depreciation   (313)      
Net Cost Basis   1,998      
East Colfax Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   244      
Building and Improvements   307      
Costs Capitalized Subsequent to Acquisition   916      
Land   244      
Building and Improvements   1,223      
Total   1,467      
Accumulated Depreciation   (160)      
Net Cost Basis   1,307      
North 2nd Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   140      
Building and Improvements   258      
Costs Capitalized Subsequent to Acquisition   810      
Land   140      
Building and Improvements   1,068      
Total   1,208      
Accumulated Depreciation   (131)      
Net Cost Basis   1,077      
Southgate Pl          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   367      
Building and Improvements   645      
Costs Capitalized Subsequent to Acquisition   54      
Land   367      
Building and Improvements   699      
Total   1,066      
Accumulated Depreciation   (115)      
Net Cost Basis   951      
Wewatta Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   4,036      
Building and Improvements   2,417      
Costs Capitalized Subsequent to Acquisition   0      
Land   4,036      
Building and Improvements   2,417      
Total   6,453      
Accumulated Depreciation   (255)      
Net Cost Basis   6,198      
Southgate Place          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   942      
Building and Improvements   3,314      
Costs Capitalized Subsequent to Acquisition   0      
Land   942      
Building and Improvements   3,314      
Total   4,256      
Accumulated Depreciation   (384)      
Net Cost Basis   3,872      
South Peoria Court          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   938      
Building and Improvements   2,770      
Costs Capitalized Subsequent to Acquisition   0      
Land   938      
Building and Improvements   2,770      
Total   3,708      
Accumulated Depreciation   (320)      
Net Cost Basis   3,388      
Highway 6 & 24          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   892      
Building and Improvements   1,996      
Costs Capitalized Subsequent to Acquisition   0      
Land   892      
Building and Improvements   1,996      
Total   2,888      
Accumulated Depreciation   (229)      
Net Cost Basis   2,659      
North College Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   527      
Building and Improvements   2,952      
Costs Capitalized Subsequent to Acquisition   0      
Land   527      
Building and Improvements   2,952      
Total   3,479      
Accumulated Depreciation   (308)      
Net Cost Basis   3,171      
East Quincy Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   659      
Building and Improvements   2,493      
Costs Capitalized Subsequent to Acquisition   0      
Land   659      
Building and Improvements   2,493      
Total   3,152      
Accumulated Depreciation   (276)      
Net Cost Basis   2,876      
East Montview Boulevard          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   256      
Building and Improvements   1,490      
Costs Capitalized Subsequent to Acquisition   0      
Land   256      
Building and Improvements   1,490      
Total   1,746      
Accumulated Depreciation   (158)      
Net Cost Basis   1,588      
South Federal Blvd          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   193      
Building and Improvements   1,361      
Costs Capitalized Subsequent to Acquisition   0      
Land   193      
Building and Improvements   1,361      
Total   1,554      
Accumulated Depreciation   (141)      
Net Cost Basis   1,413      
Santa Fe Trail          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   232      
Building and Improvements   1,110      
Costs Capitalized Subsequent to Acquisition   0      
Land   232      
Building and Improvements   1,110      
Total   1,342      
Accumulated Depreciation   (126)      
Net Cost Basis   1,216      
Water Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   319      
Building and Improvements   945      
Costs Capitalized Subsequent to Acquisition   0      
Land   319      
Building and Improvements   945      
Total   1,264      
Accumulated Depreciation   (111)      
Net Cost Basis   1,153      
Gregory Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   101      
Building and Improvements   1,058      
Costs Capitalized Subsequent to Acquisition   0      
Land   101      
Building and Improvements   1,058      
Total   1,159      
Accumulated Depreciation   (107)      
Net Cost Basis   1,052      
West 20th Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   289      
Building and Improvements   666      
Costs Capitalized Subsequent to Acquisition   0      
Land   289      
Building and Improvements   666      
Total   955      
Accumulated Depreciation   (76)      
Net Cost Basis   879      
South Federal Blvd.          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   461      
Building and Improvements   319      
Costs Capitalized Subsequent to Acquisition   0      
Land   461      
Building and Improvements   319      
Total   780      
Accumulated Depreciation   (40)      
Net Cost Basis   740      
West 6th Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   60      
Building and Improvements   272      
Costs Capitalized Subsequent to Acquisition   0      
Land   60      
Building and Improvements   272      
Total   332      
Accumulated Depreciation   (36)      
Net Cost Basis   296      
Elm Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   21      
Building and Improvements   311      
Costs Capitalized Subsequent to Acquisition   0      
Land   21      
Building and Improvements   311      
Total   332      
Accumulated Depreciation   (44)      
Net Cost Basis   288      
Bent Avenue North          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   49      
Building and Improvements   284      
Costs Capitalized Subsequent to Acquisition   0      
Land   49      
Building and Improvements   284      
Total   333      
Accumulated Depreciation   (37)      
Net Cost Basis   296      
Coolidge Rd          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,635      
Building and Improvements   0      
Costs Capitalized Subsequent to Acquisition   1,727      
Land   1,635      
Building and Improvements   1,727      
Total   3,362      
Accumulated Depreciation   (339)      
Net Cost Basis   3,023      
South Cedar Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   282      
Building and Improvements   1,951      
Costs Capitalized Subsequent to Acquisition   0      
Land   282      
Building and Improvements   1,951      
Total   2,233      
Accumulated Depreciation   (401)      
Net Cost Basis   1,832      
West Pierson Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   122      
Building and Improvements   2,065      
Costs Capitalized Subsequent to Acquisition   0      
Land   122      
Building and Improvements   2,065      
Total   2,187      
Accumulated Depreciation   (418)      
Net Cost Basis   1,769      
Wilder Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   49      
Building and Improvements   1,696      
Costs Capitalized Subsequent to Acquisition   0      
Land   49      
Building and Improvements   1,696      
Total   1,745      
Accumulated Depreciation   (349)      
Net Cost Basis   1,396      
East Front Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   449      
Building and Improvements   827      
Costs Capitalized Subsequent to Acquisition   0      
Land   449      
Building and Improvements   827      
Total   1,276      
Accumulated Depreciation   (170)      
Net Cost Basis   1,106      
South Mason Drive          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   25      
Building and Improvements   973      
Costs Capitalized Subsequent to Acquisition   0      
Land   25      
Building and Improvements   973      
Total   998      
Accumulated Depreciation   (200)      
Net Cost Basis   798      
N Delsea Dr          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   244      
Building and Improvements   1,928      
Costs Capitalized Subsequent to Acquisition   0      
Land   244      
Building and Improvements   1,928      
Total   2,172      
Accumulated Depreciation   (263)      
Net Cost Basis   1,909      
24th Street East          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   348      
Building and Improvements   1,368      
Costs Capitalized Subsequent to Acquisition   0      
Land   348      
Building and Improvements   1,368      
Total   1,716      
Accumulated Depreciation   (166)      
Net Cost Basis   1,550      
Highway 2 East          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   120      
Building and Improvements   1,225      
Costs Capitalized Subsequent to Acquisition   0      
Land   120      
Building and Improvements   1,225      
Total   1,345      
Accumulated Depreciation   (154)      
Net Cost Basis   1,191      
Main Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   57      
Building and Improvements   840      
Costs Capitalized Subsequent to Acquisition   0      
Land   57      
Building and Improvements   840      
Total   897      
Accumulated Depreciation   (85)      
Net Cost Basis   812      
South 17th Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   553      
Building and Improvements   2,000      
Costs Capitalized Subsequent to Acquisition   0      
Land   553      
Building and Improvements   2,000      
Total   2,553      
Accumulated Depreciation   (189)      
Net Cost Basis   2,364      
Grape Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,380      
Building and Improvements   5,786      
Costs Capitalized Subsequent to Acquisition   0      
Land   1,380      
Building and Improvements   5,786      
Total   7,166      
Accumulated Depreciation   (610)      
Net Cost Basis   6,556      
US 50 Business and Baxter Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   119      
Building and Improvements   1,652      
Costs Capitalized Subsequent to Acquisition   0      
Land   119      
Building and Improvements   1,652      
Total   1,771      
Accumulated Depreciation   (210)      
Net Cost Basis   1,561      
South Fox Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   297      
Building and Improvements   829      
Costs Capitalized Subsequent to Acquisition   0      
Land   297      
Building and Improvements   829      
Total   1,126      
Accumulated Depreciation   (87)      
Net Cost Basis   1,039      
West Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   650      
Building and Improvements   7,119      
Costs Capitalized Subsequent to Acquisition   19,839      
Land   650      
Building and Improvements   26,958      
Total   27,608      
Accumulated Depreciation   (4,226)      
Net Cost Basis   23,382      
East Main Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   2,316      
Building and Improvements   13,194      
Costs Capitalized Subsequent to Acquisition   0      
Land   2,316      
Building and Improvements   13,194      
Total   15,510      
Accumulated Depreciation   (1,881)      
Net Cost Basis   13,629      
Mozzone Boulevard          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   1,626      
Building and Improvements   38,406      
Costs Capitalized Subsequent to Acquisition   0      
Land   1,626      
Building and Improvements   38,406      
Total   40,032      
Accumulated Depreciation   (3,830)      
Net Cost Basis   36,202      
Stephenson Highway          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   6,211      
Building and Improvements   0      
Costs Capitalized Subsequent to Acquisition   22,304      
Land   6,211      
Building and Improvements   22,304      
Total   28,515      
Accumulated Depreciation   (3,054)      
Net Cost Basis   25,461      
Hoover Road          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   700      
Building and Improvements   9,557      
Costs Capitalized Subsequent to Acquisition   6,988      
Land   700      
Building and Improvements   16,545      
Total   17,245      
Accumulated Depreciation   (2,308)      
Net Cost Basis   14,937      
Leah Avenue          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   2,222      
Building and Improvements   1,195      
Costs Capitalized Subsequent to Acquisition   4,600      
Land   2,222      
Building and Improvements   5,795      
Total   8,017      
Accumulated Depreciation   0      
Net Cost Basis   8,017      
Decatur Street          
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]          
Land   231      
Building and Improvements   11,582      
Costs Capitalized Subsequent to Acquisition   7,936      
Land   231      
Building and Improvements   19,518      
Total   19,749      
Accumulated Depreciation   (4,897)      
Net Cost Basis   $ 14,852      
v3.25.4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investment in real estate, at cost:      
Balance at beginning of year $ 2,439,972 $ 2,368,515 $ 2,204,687
Purchases of investments in real estate 7,857 18,666 35,155
Additions and improvements, net 15,949 66,790 128,673
Sale of real estate investments (3,741) (13,999) 0
Impairment loss (3,527) 0 0
Balance at end of year 2,456,510 2,439,972 2,368,515
Accumulated Depreciation:      
Balance at beginning of year (271,190) (202,692) (138,405)
Depreciation expense (73,049) (69,842) (64,287)
Sale of real estate investments 1,177 1,344 0
Balance at end of year (343,062) (271,190) (202,692)
Reclassification from other assets to real estate held for investment $ 0 $ 3,152 $ 0