ADDED
As of February 24, 2026, there were 28,135,865 shares of common stock outstanding.
We have acquired and expect to continue to acquire our cannabis properties through sale-leaseback transactions and third-party purchases.
These properties are generally leased, and we expect to continue leasing them on a triple-net lease basis, pursuant to which the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance.
Outside of the cannabis sector, our leases may include different lease structures that do not require tenants to assume all property-related expenses.
In addition to our cannabis-related real estate portfolio, we also have financial investments in the life science industry and intend to actively pursue acquisitions of properties within that sector as a key component of our growth strategy.
We may continue expanding our investment activities to include joint ventures, debt or mezzanine financing, preferred or joint venture equity interests, and interests in other real estate funds or REITs.
2025 Business Update Real Estate Investments During 2025, we acquired one new property and made additional investments into existing properties under development or redevelopment.
As of December 31, 2025, we owned 111 properties comprising an aggregate of 8.9 million rentable square feet (including 303,000 rentable square feet under development/redevelopment) in 19 states.
Of the $6.5 million committed to fund draws to certain tenants and vendors for improvements at our properties, $3.0 million was incurred but not funded as of December 31, 2025.
Of these 111 properties, we include 109 properties in our operating portfolio, which were 96.7% leased as of December 31, 2025 , with a weighted-average remaining lease term of 12.8 years .
REMOVED
As of February 21, 2025, there were 28,331,833 shares of common stock outstanding.
We have acquired and intend to continue to acquire our properties through sale-leaseback transactions and third-party purchases.
We have leased and expect to continue to lease our properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance.
2024 Business Update Investments During 2024, we acquired two new properties and made additional investments into existing properties under development or redevelopment.
As of December 31, 2024, we owned 109 properties comprising an aggregate of 9.0 million rentable square feet (including 666,000 rentable square feet under development/redevelopment) in 19 states.
Of the $38.3 million committed to fund draws to certain tenants and vendors for improvements at our properties, $11.4 million was incurred but not funded as of December 31, 2024.
Of these 109 properties, we include 106 properties in our operating portfolio, which were 98.3% leased as of December 31, 2024, with a weighted-average remaining lease term of 13.7 years.
We do not include in our operating portfolio the following properties (all of which were under development/redevelopment as of December 31, 2024, and together are expected to comprise 491,000 rentable square feet upon completion of development/redevelopment): 63795 19 th Avenue in Palm Springs, California (pre-leased); Inland Center Drive in San Bernardino, California; and Leah Avenue in San Marcos, Texas.
Property Sale In May 2024, we sold a property in Los Angeles, California for $9.1 million (excluding closing costs) to a third-party buyer.
Concurrently with the sale, pursuant to a separate agreement previously executed between us and the tenant, the tenant paid us a lease termination fee of $3.9 million and paid for the closing and other costs incurred by us in connection with the sale of the property.