v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Our reportable segments consist of the following as of September 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 Alewife Mezzanine Loan, IQHQ Preferred Stock and IQHQ Warrants.
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 nine months ended September 30, 2026 and 2025, and the total segment assets as of September 30, 2026 and December 31, 2025, are presented in the tables below (in thousands):
For the Three Months EndedFor the Nine Months Ended
September 30,September 30,
2026202520262025
Cannabis Portfolio Segment
Rental revenues (including tenant reimbursements)$64,743 $64,292 $196,553 $198,855 
Other revenues177 393 678 443 
Total reportable segment revenue64,920 64,685 197,231 199,298 
Property expenses6,939 7,951 21,711 22,197 
Depreciation and amortization expense19,572 18,639 56,955 55,530 
Impairment loss on real estate567 — 567 3,527 
Gain (loss) on sale of real estate, net— — 12,269 — 
Interest and other income2,595 3,675 4,466 5,045 
Cannabis Portfolio Segment net income40,437 41,770 134,733 123,089 
Life Science Portfolio Segment
Interest and other income10,373 — 24,388 — 
Life Science Portfolio Segment net income10,373 — 24,388 — 
Total reportable segment net income50,810 41,770 159,121123,089
Unallocated
General and administrative expense8,458 8,681 26,526 25,768 
Interest and other income1,363 741 2,560 2,554 
Interest expense(11,820)(4,525)(26,599)(13,469)
Net income31,895 29,305 108,55686,406 
Preferred stock dividends(3,187)(1,017)(9,028)(2,676)
Net income attributable to common stockholders$28,708 $28,288 $99,528 $83,730 
Segment Total AssetsSeptember 30, 2026December 31, 2025
Cannabis Portfolio Segment$2,085,136 $2,165,359 
Life Science Portfolio Segment417,416 152,665 
Unallocated148,163 52,834 
Total$2,650,715 $2,370,858