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  "docSlug": "6acbd8e96867",
  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
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  "authorName": "Grizzly Reports",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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  "notes": "The slide highlights a potential 'flip' transaction and questions the business logic behind IIPR's acquisition process.",
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      "text": "The price has gone up significantly by $800K, or 67% in three days, representing an annualized return of 8151%.",
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      "text": "annualized return: 8151%",
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      "text": "We estimate 2020 rent for this property to be $373,000, representing a yield of 15.23%.",
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      "text": "We visited the store and discovered that it wasn't open. We confirmed this with the neighbors next door. A woman in the gas station suggested that the store won't be open until end of March or April, but is highly suspicious even of this timeline due to the coronavirus. She also mentioned that the building was previously a pet veterinarian building knocked down in March or April 2019.",
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      "text": "IIPR purchased a 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.",
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      "text": "The deed records also show that this property was previously purchased by The Pharm LLC from Mitchell D. Song for $1.2M on 09/16/2019, merely three days before IIPR purchased it from The Pharm LLC. The price has gone up significantly by $800K, or 67% in three days, representing an annualized return of 8151%. We ask why IIPR didn't buy the property directly, but instead chose to let The Pharm flip it for a huge profit within a few days.",
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      "kind": "paragraph",
      "text": "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. This is confirmed through the county’s parcel map.",
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      "kind": "title",
      "text": "3.3 Phoenix, AZ The Pharm",
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