As of March 31, 2025, the Company owned 33 properties, located in 12 states. The following table presents the Company's real estate portfolio as of March 31, 2025 (in thousands):


Tenant		Market	Site Type	Land		Building and Improvements(1)		Total Real Estate		Accumulated Depreciation			Net Real Estate
Acreage		Connecticut	Dispensary	$	395	$	534	$	929	$	(97)		$	832
Acreage		Massachusetts	Cultivation	481		9,310		9,791		(1,505)			8,286
Acreage		Pennsylvania	Cultivation	952		9,209		10,161		(1,436)			8,725
Ayr Wellness, Inc.		Nevada	Cultivation	1,002		12,577		13,579		(1,046)			12,533
Ayr Wellness, Inc.		Pennsylvania	Cultivation	2,963		12,315		15,278		(1,133)			14,145
C3 Industries		Connecticut	Cultivation	321		4,653		4,974		(92)		(2)	4,882
C3 Industries		Missouri	Cultivation	948		28,069		29,017		(1,401)			27,616
Calypso Enterprises		Pennsylvania	Cultivation	1,486		30,527		32,013		(2,695)		(2)	29,318
The Cannabist Company	(3)	California	Dispensary	1,082		2,692		3,774		(349)			3,425
The Cannabist Company	(3)	Illinois	Dispensary	162		1,053		1,215		(131)			1,084
The Cannabist Company	(3)	Illinois	Cultivation	801		10,560		11,361		(1,332)			10,029
The Cannabist Company	(3)	Massachusetts	Dispensary	108		2,212		2,320		(308)			2,012
The Cannabist Company	(3)	Massachusetts	Cultivation	1,136		12,690		13,826		(2,157)			11,669
CODES	(4)	Arkansas	Dispensary	238		1,919		2,157		(264)			1,893
CODES	(5)	Missouri	Cultivation	204		20,897		21,101		(3,535)			17,566
Cresco Labs		Illinois	Cultivation	276		50,456		50,732		(7,539)			43,193
Cresco Labs		Ohio	Dispensary	182		103		285		—			285
Curaleaf		Connecticut	Dispensary	184		2,746		2,930		(371)			2,559
Curaleaf		Florida	Cultivation	388		75,595		75,983		(9,107)			66,876
Curaleaf		Illinois	Dispensary	69		525		594		(74)			520
Curaleaf		Illinois	Dispensary	65		959		1,024		(139)			885
Curaleaf		Illinois	Dispensary	606		1,128		1,734		(160)			1,574
Curaleaf		Illinois	Dispensary	281		3,072		3,353		(423)			2,930
Curaleaf		North Dakota	Dispensary	779		1,395		2,174		(191)			1,983
Curaleaf		Ohio	Dispensary	574		2,788		3,362		(448)			2,914
Curaleaf		Pennsylvania	Dispensary	877		1,041		1,918		(187)			1,731
Curaleaf		Pennsylvania	Dispensary	216		2,010		2,226		(277)			1,949
Mint		Arizona	Cultivation	3,574		18,236		21,810		(186)			21,624
PharmaCann		Massachusetts	Dispensary	411		1,701		2,112		(416)			1,696
PharmaCann		Ohio	Dispensary	281		1,269		1,550		(88)			1,462
PharmaCann		Pennsylvania	Dispensary	44		1,271		1,315		(159)			1,156
Revolutionary Clinics, Inc.		Massachusetts	Cultivation	926		41,934		42,860		(4,582)			38,278
Trulieve		Pennsylvania	Cultivation	1,061		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.

Real Estate Acquisitions

In February 2025, the Company purchased a dispensary in Ohio for approximately $285 thousand and committed to fund $705 thousand in improvements (refer to the 2025 Improvement Allowances table below for details). The property was simultaneously leased to a related entity of an existing tenant.

The following table presents the real estate acquisition for the three months ended March 31, 2025 (in thousands):

Tenant

Market

Site Type

Closing Date

Real Estate Acquisition Costs

Cresco Labs

Ohio

Dispensary

February 19, 2025

285

Total

285

In May 2024, the Company purchased a cultivation facility in Connecticut for approximately $4.0 million and committed to fund approximately $12.0 million in improvements (refer to the 2024 Improvement Allowances table below for details). The property was simultaneously leased to a related entity of an existing tenant.

The following table presents the real estate acquisition for the year ended December 31, 2024 (in thousands):

Tenant

Market

Site Type

Closing Date

Real Estate Acquisition Costs

C3 Industries

Connecticut

Cultivation

May 7, 2024

3,993

Total

3,993

Real Estate Commitments

2025 Improvement Allowances

The following table presents the funded and remaining unfunded commitments as of March 31, 2025 (in thousands):


Tenant	Market	Site Type	Closing Date	Funded Commitments		Unfunded Commitments

C3 Industries	Connecticut	Cultivation	May 7, 2024	$	—	$	11,043
Cresco Labs	Ohio	Dispensary	February 19, 2025	—		705





Total				$	—	$	11,748

2024 Improvement Allowances

The following table presents the funded commitments and the remaining unfunded commitments for the year ended December 31, 2024 (in thousands):

Tenant

Market

Site Type

Closing Date

Funded Commitments

Unfunded Commitments

Ayr Wellness, Inc.

Pennsylvania

Cultivation

June 30, 2022

750

—

C3 Industries

Connecticut

Cultivation

May 7, 2024

981

11,043

C3 Industries

(1)

Missouri

Cultivation

March 3, 2023

8,826

—

Mint

Arizona

Cultivation

June 24, 2021

4,588

—

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.

Construction in Progress

As of March 31, 2025 and December 31, 2024, funded commitments totaling approximately $2.0 million were recorded in Construction in Progress ("CIP"). The Company classified CIP within "Buildings and Improvements" in the accompanying consolidated balance sheets.

2025 and 2024 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):

Tenant

State

Site Type

CIP Balance(1)

C3 Industries

Connecticut

Cultivation

980

Calypso Enterprises

Pennsylvania

Cultivation

1,007

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.

The following table presents the future amortization of the Company’s acquired in-place leases as of March 31, 2025 (in thousands):


Year	Amortization Expense
2025 (nine months ending December 31, 2025)	$	1,488
2026	1,985
2027	1,985
2028	1,985
2029	1,985
Thereafter	7,869
Total	$	17,297

Depreciation and Amortization

For the three months ended March 31, 2025 and 2024, depreciation expense on the Company's real estate assets was approximately $3.4 million and $3.1 million, respectively.

Amortization of the Company’s acquired in-place lease intangible assets was approximately $0.5 million for both the three months ended March 31, 2025 and 2024. The acquired in-place lease intangible assets have a weighted average remaining amortization period of approximately 9.00 years.

Real Estate Impairment

The Company did not identify any situations in its review of tenant activities and changes in the business condition for any of its properties that would require the recognition of a real estate impairment loss. Accordingly, the Company did not record a real estate impairment loss for the three months ended March 31, 2025 and March 31, 2024, respectively.