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  "docId": "019dd923-622c-750b-8b9a-e29456cbe117",
  "docSlug": "6acbd8e96867",
  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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  "pageNumber": 13,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 18,
  "notes": "Includes a bear logo (likely short-seller branding), sales history table, Google Maps screenshot, building permit table, and tax information table.",
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      "kind": "callout",
      "text": "We dare to ask the question: Did this property really increase by over 10x in value or did IIPR inject money into its struggling main tenant?",
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      "text": "Bear logo",
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      "kind": "image",
      "text": "Google Maps street view and satellite view",
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      "kind": "metric",
      "text": "property value markup: 10x",
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      "kind": "paragraph",
      "text": "This property showed significant price increases in just one year prior to the sales to IIPR. According to deed records, the property was sold for $1.75M in 08/16/2018 to PharmaCann before selling for $18M on 10/30/2019 to IIPR. This is a truly incredible mark-up.",
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      "kind": "paragraph",
      "text": "Our investigator visited the property in March 2020 and confirmed that minimal improvements have been made. We see construction to the right of the greenhouses, of what appears to be the early construction of an empty warehouse.",
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      "kind": "paragraph",
      "text": "However, according to pictures from Google Maps, and our on the ground due diligence the property is still consisting of Steel Structures similar to ones built in 2015. We find it suspicious that the price has gone up significantly from $1.75M to $18M, over 10x, in just one year. We also see that the property is sold at a significant premium compared to the county’s assessment value.",
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      "kind": "table",
      "text": "Sales History table",
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      "text": "Tax Information table",
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      "text": "Building Permit Information table",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The report highlights contradictions in IIPR's business dealings, such as suspicious transactions and financial troubles of its tenants.",
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      "evidence": "The report zooms in on specific tenants, such as PharmaCann and Vireo, to highlight their financial troubles.",
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