v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Our reportable segments consist of the following as of June 30, 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 chief operating decision maker ("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 and six months ended June 30, 2026 and 2025, and the total segment assets as of June 30, 2026 and December 31, 2025, are presented in the tables below (in thousands):
For the Three Months EndedFor the Six Months Ended
June 30,June 30,
2026202520262025
Cannabis Portfolio Segment:
Rental revenues (including tenant reimbursements)$62,890 $62,866 $131,810 $134,563 
Other revenues425 25 501 50 
Total reportable segment revenue63,315 62,891 132,311 134,613 
Property expenses(7,196)(6,867)(14,772)(14,246)
Depreciation and amortization expense(18,799)(18,500)(37,383)(36,891)
Impairment loss on real estate— — — (3,527)
Gain (loss) on sale of real estate, net11,847 — 12,269 — 
Interest and other income1,429 770 1,871 1,370 
Cannabis Portfolio Segment net income50,596 38,294 94,296 81,319 
Life Science Portfolio Segment:
Interest and other income8,471 — 14,015 — 
Life Science Portfolio Segment net income8,471 — 14,015 — 
Total reportable segment net income59,067 38,294 108,31181,319
Unallocated:
General and administrative expense(7,719)(8,626)(18,068)(17,087)
Interest and other income852 800 1,197 1,813 
Interest expense(8,348)(4,444)(14,779)(8,944)
Net income43,852 26,024 76,66157,101 
Preferred stock dividends(3,187)(878)(5,841)(1,659)
Net income attributable to common stockholders$40,665 $25,146 $70,820 $55,442 

Segment Total Assets:June 30, 2026December 31, 2025
Cannabis Portfolio Segment$2,094,298 $2,165,359 
Life Science Portfolio Segment275,888 152,665 
Unallocated211,455 52,834 
Total$2,581,641 $2,370,858