v3.25.1
Real Estate (Tables)
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Schedule of Properties Acquired and Current Properties The following table presents the Company's real estate portfolio as of March 31, 2025 (in thousands):
TenantMarketSite TypeLand
Building and Improvements(1)
Total Real EstateAccumulated DepreciationNet Real Estate
AcreageConnecticutDispensary$395 $534 $929 $(97)$832 
AcreageMassachusetts Cultivation481 9,310 9,791 (1,505)8,286 
AcreagePennsylvaniaCultivation952 9,209 10,161 (1,436)8,725 
Ayr Wellness, Inc.NevadaCultivation1,002 12,577 13,579 (1,046)12,533 
Ayr Wellness, Inc.PennsylvaniaCultivation2,963 12,315 15,278 (1,133)14,145 
C3 IndustriesConnecticutCultivation321 4,653 4,974 (92)(2)4,882 
C3 IndustriesMissouriCultivation948 28,069 29,017 (1,401)27,616 
Calypso EnterprisesPennsylvaniaCultivation1,486 30,527 32,013 (2,695)(2)29,318 
The Cannabist Company(3)CaliforniaDispensary1,082 2,692 3,774 (349)3,425 
The Cannabist Company(3)IllinoisDispensary162 1,053 1,215 (131)1,084 
The Cannabist Company(3)IllinoisCultivation801 10,560 11,361 (1,332)10,029 
The Cannabist Company(3)MassachusettsDispensary108 2,212 2,320 (308)2,012 
The Cannabist Company(3)MassachusettsCultivation1,136 12,690 13,826 (2,157)11,669 
CODES(4)ArkansasDispensary238 1,919 2,157 (264)1,893 
CODES(5)MissouriCultivation204 20,897 21,101 (3,535)17,566 
Cresco LabsIllinoisCultivation276 50,456 50,732 (7,539)43,193 
Cresco LabsOhioDispensary182 103 285 — 285 
CuraleafConnecticutDispensary184 2,746 2,930 (371)2,559 
CuraleafFloridaCultivation388 75,595 75,983 (9,107)66,876 
CuraleafIllinoisDispensary69 525 594 (74)520 
CuraleafIllinoisDispensary65 959 1,024 (139)885 
CuraleafIllinoisDispensary606 1,128 1,734 (160)1,574 
CuraleafIllinoisDispensary281 3,072 3,353 (423)2,930 
CuraleafNorth DakotaDispensary779 1,395 2,174 (191)1,983 
CuraleafOhioDispensary574 2,788 3,362 (448)2,914 
CuraleafPennsylvaniaDispensary877 1,041 1,918 (187)1,731 
CuraleafPennsylvaniaDispensary216 2,010 2,226 (277)1,949 
MintArizonaCultivation3,574 18,236 21,810 (186)21,624 
PharmaCannMassachusettsDispensary411 1,701 2,112 (416)1,696 
PharmaCannOhioDispensary281 1,269 1,550 (88)1,462 
PharmaCannPennsylvaniaDispensary44 1,271 1,315 (159)1,156 
Revolutionary Clinics, Inc.Massachusetts Cultivation926 41,934 42,860 (4,582)38,278 
TrulievePennsylvaniaCultivation1,061 43,209 44,270 (6,263)38,007 
Total Real Estate(6)
$23,073 $408,655 $431,728 $(48,091)$383,637 
(1) Includes construction in progress in the amount of $2.0 million that had been funded as of March 31, 2025.
(2) A portion of this investment is currently under development or undergoing building or tenant improvements. Once the development or improvements are completed and placed-in service, the Company will begin depreciating the applicable part of the property.
(3) This tenant was formerly known as Columbia Care.
(4) This tenant was formerly known as Greenlight.
(5) This tenant was formerly known as Organic Remedies.
(6) At times, numbers in this table may differ due to rounding.
The following table presents the real estate acquisition for the three months ended March 31, 2025 (in thousands):
TenantMarketSite TypeClosing DateReal Estate Acquisition Costs
Cresco LabsOhioDispensaryFebruary 19, 2025$285 
Total$285 
The following table presents the real estate acquisition for the year ended December 31, 2024 (in thousands):
TenantMarketSite TypeClosing Date
Real Estate Acquisition Costs
C3 IndustriesConnecticutCultivationMay 7, 2024$3,993 
Total$3,993 
Schedule of Tenant Improvements Funded
The following table presents the funded and remaining unfunded commitments as of March 31, 2025 (in thousands):
TenantMarketSite TypeClosing DateFunded CommitmentsUnfunded Commitments
C3 IndustriesConnecticutCultivationMay 7, 2024$— $11,043 
Cresco LabsOhioDispensaryFebruary 19, 2025— 705 
Total$— $11,748 
The following table presents the funded commitments and the remaining unfunded commitments for the year ended December 31, 2024 (in thousands):
TenantMarketSite TypeClosing DateFunded CommitmentsUnfunded Commitments
Ayr Wellness, Inc.PennsylvaniaCultivationJune 30, 2022$750 $— 
C3 IndustriesConnecticutCultivationMay 7, 2024981 11,043 
C3 Industries(1)MissouriCultivationMarch 3, 20238,826 — 

MintArizonaCultivationJune 24, 20214,588 — 
Total $15,145 $11,043 
(1) This tenant was formerly known as Bloom Medicinal. The funded commitments related to the Missouri cultivation facility expansion project.
Schedule of Construction in Progress
There were no additions to CIP in the three months ended March 31, 2025. Accordingly, the following table presents the CIP balance for both March 31, 2025 and December 31, 2024 (in thousands):

TenantStateSite Type
CIP Balance(1)
C3 IndustriesConnecticutCultivation$980 
Calypso EnterprisesPennsylvaniaCultivation1,007 
Total$1,987 
(1) These properties were under development or undergoing building or tenant improvements as of March 31, 2025 and December 31, 2024. Once the development or the improvements are completed for its intended use, the assets will be placed-in-service and the Company will begin depreciation.
Schedule of Future Amortization Expense
The following table presents the future amortization of the Company’s acquired in-place leases as of March 31, 2025 (in thousands):
YearAmortization Expense
2025 (nine months ending December 31, 2025)$1,488 
20261,985 
20271,985 
20281,985 
20291,985 
Thereafter7,869 
Total$17,297