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Format is Word-style report with consistent template per property: Core Issue / Transaction details / Address / Initial Terms / Independent due diligence / Discount Treatment, illustrated with site photos, satellite views, deed records, and county assessor screenshots. The 'Discount Treatment' mechanic — applying explicit 20%-100% haircuts to 2020 rent per site — is the distinctive analytical pattern. Branding is light (a small bear logo top-right of every page); no named human author on the appendix. Tenant PharmaCann's spokesman Jeremy Unruh is quoted as claiming a property would be operational in Q2 2020, then contradicted by Grizzly's site visit — a CEO/spokesman-quote-contradiction pattern. Sum-of-parts framing is implicit through aggregation of per-property valuations. Set thesis_one_liner / summary / SCQA from inferred main-report context since this appendix supports rather than restates the equity thesis.", "kpisCited": [ { "detail": "Annualized yield of 63% on initial $4.0M capital layout — implausibly high", "metric": "Headline lease yield (Scott Township PA)" }, { "detail": "Deed records show price jumped from $930k to $4.8M in roughly one week before IIPR purchase", "metric": "Lansing MI property markup" }, { "detail": "IIPR paid $6.7M vs. $2.57M county assessor roll value (and $2.6M prior 2017 sale)", "metric": "Sacramento CA premium vs. county assessment" }, { "detail": "Property went from $1.2M to $2.0M in three days — 67% gain, ~8,151% annualized", "metric": "Phoenix AZ The Pharm price spike" }, { "detail": "IIPR's $10.5M purchase exceeds 2019 county valuation of $501,630 by ~40x", "metric": "Litchfield IL Grassroots premium" }, { "detail": "Property price doubled (+100%) within one year before IIPR's $3.8M purchase", "metric": "Las Vegas NV MJardin markup" }, { "detail": "Discount Treatments range from 20% to 100% of assumed 2020 rent depending on overpayment and default risk", "metric": "Per-property rent discount applied" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 23:11:29+00", "model": "unknown-legacy", "runId": null, "seconds": 146.44273, "promptVersion": null }, "scqaReward": "Re-running IIPR's revenue with these per-property discounts collapses the yield narrative and supports a sharply lower fair value than the market is awarding the stock.", "thesisTypes": [ "fraud_exposure", "undervaluation" ], "top3Reasons": [ "IIPR systematically overpaid for cannabis grow properties vs. county assessor values and prior sales", "On-site visits show many properties empty, unfinished, or far from operational", "Tenants like PharmaCann face dire financials, making rent collection at quoted yields implausible" ], "scqaSituation": "IIPR is a cannabis-focused REIT that buys industrial and greenhouse properties from licensed operators and leases them back at headline yields above 15%, fueling fast revenue and stock-price growth.", "thesisSummary": "This Appendix II to Grizzly Research's April 2020 short report on Innovative Industrial Properties (IIPR) walks property-by-property through ~35 cannabis cultivation sites the REIT acquired and leased back to operators. For each site Grizzly compares IIPR's purchase price to county assessor valuations and prior deed sales, often finding 5x-40x markups within days or weeks of IIPR's closing, and documents on-the-ground visits showing empty warehouses, unbuilt facilities, or stalled construction. Tenants such as PharmaCann are flagged as financially distressed, making the implied 15%+ yields uncollectible. 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The purchase price was $18M, with up to $7M reimbursement for improvement.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:23.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d65cbdb-60a7-4a13-9327-c3f0e93254ed", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.368 }, "kind": "paragraph", "text": "Address: We have identified the property to be located on 1200 E Mason Ave, Dwight, IL, 60420, parcel # 05-05-02-300-015", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:23.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d9f9662-4444-4a9c-8197-3c2758061adc", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.216 }, "kind": "paragraph", "text": "Dwight IL PharmaCann Core Issue: Overpayment, potential default.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:23.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66ca7ee2-b0c0-488e-a533-9b28bc407c35", "parentComponentId": null }, { "bbox": { "h": 0.063, "w": 0.764, "x": 0.118, "y": 0.499 }, "kind": "paragraph", "text": "Independent due diligence: This property showed significant price increases in just one year prior to the sales to IIPR. 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Transaction details: IIPR purchased the property from The Pharm LLC on 09/19/2019, for a price of $2M. There was no PR statement for this purchase. We identify tenant improvement to be $452,000. Address: We have identified the address to be 1616 E. Glendale Avenue, Phoenix, Arizona. Parcel #: 164-26-035B. Initial Terms: We estimate 2020 rent for this property to be $373,000, representing a yield of 15.23%. Independent due diligence: According to deed records, we have located the property to be at the 1616 E. Glendale Avenue, Phoenix, Arizona. The property is currently occupied by Sunday Goods, a retail cannabis store. 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Assuming an annual 15% yield (comparable to what IIPR is charging) on its investment, this would imply a valuation of $9.2M for the facility. This is at a 50% discount to what IIPR is paying. We fail to see how this is reasonable. (Please see next property for a more accurate depiction of the overall overpayment)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:27.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b0a2d1b-3ce5-4512-b282-79ca8f948948", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Deed records indicate that the property was purchased by IIPR from Joliet Production LLC for $20.7M on 10/22/2019. Previously Joliet Production LLC purchased the property from Annette M. Bates for $1.75M on 04/08/2015.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:27.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d415793-1f91-44d9-8600-c60ff09618cb", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.59 }, "kind": "paragraph", "text": "The Joliet lease commenced in December 2015, the Lincoln lease commenced in February 2016, and the Kankakee lease commenced in April 2016. The terms of these lease agreements are fifteen years from the commencement date. Rent expense for these facilities was approximately $1,047,000 and $1,047,000 for the three months ended September 30, 2018 and 2017, respectively, and $3,140,000 and $3,133,000 for the nine months ended September 30, 2018 and 2017.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:27.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96828cdd-a774-48cc-9a21-e6d0cedb4827", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.15 }, "kind": "paragraph", "text": "According to the a PR statement, Joliet Production LLC is a subsidiary of Cresco. County documents showed that shortly after the purchasing of the property, Joliet Production LLC filed a mortgage document on 11/09/2015 for $5.5M. About a year later on 03/18/2016 and 05/04/2016, two mechanic's liens were filed for $106,000.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:27.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c56bfbc-d3e6-4ce1-8644-55476be129b8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.84 }, "kind": "paragraph", "text": "Our investigator visited the property in March 2020 and confirmed that there was a production facility.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:27.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2bb8107-ae8e-40f1-979f-f2e7e950b944", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.46 }, "kind": "paragraph", "text": "A Mechanic's lien is a legal document that reserves the right for the filer to seek unpaid compensation. Typically mechanic liens arise when one party feels they've been treated unfairly. In this case, either Cresco is not honoring payments to its contractors or Cresco feels like they've been overcharged for the construction of the property, which would either imply Cresco having a history of not honoring payments or that construction was not worth $5.5M, which make us question how the $20M IIPR paid are justifiable.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:27.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, 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As part of the Cresco IL portfolio, we discounted 2020 rent revenue by 48% due to overpayment.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:26.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4937d3d8-7511-4053-a5fe-43f4dcd6fe49", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.768, "x": 0.116, "y": 0.567 }, "kind": "paragraph", "text": "Core Issue: Miss-matching payment amounts, overpayment and potential default.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:26.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4eb5cf88-235a-41f2-8e87-0db04f031ad7", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.768, "x": 0.116, "y": 0.693 }, "kind": "paragraph", "text": "Address: This is the second property in the PR announcement. 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"text": "We previously wrote a comprehensive case on its tenant Trulieve and have reason to believe that IIPR did not do its due diligence when extending this sales leaseback agreement to Trulieve. 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Though the deed did not disclose purchase price, it showed a deed tax due of $1,293.60. 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This corresponds to 8760 77th ST NE, Otsego MN. 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null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.118, "y": 0.74 }, "kind": "list", "text": "Core Issue: Overpayment and default. Transaction details: IIPR purchased a property from Vireo on 10/20/2017 for $3.4M. Address: We identify the address to be 256 County Route 117, Johnstown, NY 12095.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:32.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0ae38d4-1fd1-4dcd-92c7-cf9cbad9a0f4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Estimated Market Value: $309,000", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94cf-426906dcfca2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.42 }, "kind": "paragraph", "text": "Parcel information corresponding to this location indicates that in 2017 at the time of the transaction, the total estimated market value is $309,000, which is much more in-line with the implied property value calculated using deed tax amounts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:32.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45d87aae-33ad-4e8f-893b-bdf8d4848b19", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.76, "x": 0.118, "y": 0.61 }, "kind": "paragraph", "text": "Discount Treatment: Under the good case scenario, based on the tax amounts, we estimate the purchase price to be $392,000... Under the bad case, Vireo is likely going to default... 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0.11, "y": 0.56 }, "kind": "paragraph", "text": "Discount Treatment: Under the good case scenario, we believe the previous purchase price of $297,712 better reflects the accurate price of property at the time of IIPR purchase. This would imply a 50% discount on 2020 rent. Under the bad case, Vireo is likely going to default with its cash burn rate of 4.3 months. 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"extraction": { "at": "2026-05-02 20:08:40.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e7de984-5d9d-4afd-9d9d-452040b8d27a", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.465, "x": 0.118, "y": 0.235 }, "kind": "paragraph", "text": "Core Issue: Bizarre lease terms and potential for defaulting.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:40.596+00", "model": 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"componentId": "209ff9b1-2050-4a94-957b-af9500728371", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "Discount Treatment: Under the good case scenario, we believe the previous purchase price of $7.59M better reflects the value of the property at the time of IIPR purchase, this would represent a 75% discount to 2020 revenue. Under the bad case, we discount 2020 rent by 100% due to PharmaCann's dire financial position.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:40.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3bec3f37-dbe2-4d98-a884-4661a1d076da", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.425 }, "kind": "paragraph", "text": "Initial Terms: The initial term of the lease is 15.25 years, with two options to extend the term for two additional five-year periods. The lease provides for an initial annualized aggregate base rent of $2,682,500, payable monthly, which is equal to 14.5% of the sum of the purchase price of the property and the Construction Funding, subject to an initial six-month base rent abatement. 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"w": 0.764, "x": 0.118, "y": 0.292 }, "kind": "paragraph", "text": "Transaction details: IIPR acquired a property in Holliston MA, comprising of 26,000 sq. ft. of industrial space and 32,000 sq. ft. of greenhouse facility for on 05/31/2018 for $3M, and offers reimbursement up to $15.5M.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:40.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4634e710-5b9d-427f-a132-5a4052b493b9", 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"parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.235, "x": 0.118, "y": 0.215 }, "kind": "title", "text": "Holliston MA PharmaCann", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:40.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "231a7151-aa10-431d-81c0-6e546d23d22c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 78, "arc": { "name": "Problem-Agitate-Solution", "slug": 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"019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:34.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eba373bb-dad3-4d5b-bbb5-718c88ffa73b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.117, "y": 0.42 }, "kind": "list", "text": "Initial Terms: We estimate 2020 rent to be $1.1M, representing a 15.23% yield.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", 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Cheynne Ave Las Vegas, NV 89156.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:34.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21e0b600-8031-4776-a10a-ab96512a8538", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.117, "y": 0.29 }, "kind": "list", "text": "Transaction details: IIPR purchases a property in Las Vegas NV from Mjardin for a price of $3.8M, with up to $5.8M in reimbursements for improvements.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:34.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62667370-c4a5-438a-859e-f23e4a98f35e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.117, "y": 0.23 }, "kind": "list", "text": "Core Issue: Overpayment, high risk of default, undisclosed tenant change.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:34.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69d6db8a-5996-4a6e-9846-43dc544bc3a9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.117, "y": 0.48 }, "kind": "list", "text": "Independent due diligence: Deed records indicate that IIPR purchased a property from 5421 E. 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This would represent a 26% discount to 2020 revenue. Note that we have reason to believe Harvest, who is supposedly the new potential user of the property, might not even pay rent at all. However, we have graciously not considered such discount effects.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:35.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88710283-8537-4907-8533-fe46ca7f565f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.16, "x": 0.118, "y": 0.94 }, "kind": "title", "text": "Discount Treatment:", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:35.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e2a3751-9839-4c36-8986-ea0690475613", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 78, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Expose Contradiction", "beatId": "bab01f6b-4130-47f1-be2b-a62774d99415", "matchId": "928213f3-10cd-4215-80fb-bc684d26667c", "beatType": null, "evidence": "The majority of the report is dedicated to exposing contradictions and discrepancies in IIPR's property valuations.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 2, "to": 2, "label": "Problem Statement", "description": "The report begins by stating the problem with IIPR's property purchases." }, { "from": 3, "to": 78, "label": "Expose Contradiction", "description": "The majority of the report is dedicated to exposing contradictions and discrepancies in IIPR's property valuations." }, { "from": 7, "to": 77, "label": "Before and After", "description": "The report includes before-and-after comparisons of property valuations and Google data." }, { "from": 8, "to": 76, "label": "Villain Critique", "description": "The report critiques IIPR's actions and the actions of other companies involved in the transactions." }, { "from": 16, "to": 75, "label": "Appendix Data", "description": "The report includes detailed data and appendices to support its findings." } ], "loops": [] }