v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Our reportable segments consist of the following as of March 31, 2026:
•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 is our President and Chief Executive Officer. The CODM evaluates the performance of each reportable segment and allocates resources based on segment net income. Items that are not directly assignable to a reportable segment are reflected as Unallocated, consistent with 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 three months ended March 31, 2026 and 2025, and the total segment assets as of March 31, 2026 and December 31, 2025, are presented in the tables below (in thousands):
For the Three Months Ended
March 31,
20262025
Cannabis Portfolio Segment:
Rental revenues (including tenant reimbursements)$68,920 $71,697 
Other revenues76 25 
Total reportable segment revenue68,996 71,722 
Property expenses(7,576)(7,379)
Depreciation and amortization expense(18,584)(18,391)
Impairment loss on real estate— (3,527)
Gain (loss) on sale of real estate422 — 
Interest and other income442 600 
Cannabis Portfolio Segment net income43,700 43,025 
Life Science Portfolio Segment:
Interest and other income5,544 — 
Life Science Portfolio Segment net income5,544 — 
Total reportable segment net income49,244 43,025 
Unallocated:
General and administrative expense(10,349)(8,461)
Interest and other income345 1,013 
Interest expense(6,431)(4,500)
Net income32,809 31,077 
Preferred stock dividends(2,654)(781)
Net income attributable to common stockholders$30,155 $30,296 

Segment Total Assets:March 31, 2026December 31, 2025
Cannabis Portfolio Segment$2,145,401 $2,165,359 
Life Science Portfolio Segment153,980 152,665 
Unallocated94,599 52,834 
Total$2,393,980 $2,370,858