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  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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      "text": "Are investors really supposed to believe that the value of this empty warehouse more than quadrupled within a week?",
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      "text": "transaction price: $4.8M",
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      "text": "We suspect the property is months away from being ready to use, and question why the tenant would pay rental income of $700,000 annually for an empty warehouse.",
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      "text": "Are investors really supposed to believe that the value of this empty warehouse more than quadrupled within a week?",
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      "text": "More disturbingly, this property value has been hugely inflated. According to deed records, the property transaction price has gone up from $930,000 to $4.8M in merely a week! We also see it being priced at a significant premium compared to the county's assessment.",
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      "text": "We visited the facility again on 03/23/2020. It appears construction has just started.",
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      "text": "Source: County deed records",
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      "text": "Table showing rapid property transaction history between 7/5/2019 and 7/15/2019.",
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      "evidence": "The report suggests that IIPR's overpaid property values are a sign of a larger issue.",
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