{
  "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": 28,
  "pageCount": 36,
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  "slideType": "competitive_analysis",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide uses a bear logo, likely indicating a short-seller research report (Grizzly Research).",
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  "components": [
    {
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      "kind": "callout",
      "text": "COVID-19 could be the final blow to many of IIPR’s tenants and expedite the inevitable scenario.",
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      "kind": "list",
      "text": "Disruption to dispensary operations; Missed lease payments; Disruption in production; Layoffs; Supply chain issues; Delays in facility developments; Delays in regulatory approvals; Likely delays in adult-use transitions.",
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      "kind": "paragraph",
      "text": "COVID-19 could be the final blow to many of IIPR’s tenants and expedite the inevitable scenario. At the very least, a higher portion of IIPR’s 2020 rental income is in jeopardy. Direct negative impacts from Covid-19 on IIPR and its tenants include:",
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      "kind": "paragraph",
      "text": "We believe the impacts of COVID-19 are not yet priced into the stock. It’s also important to note that the stock is up by 70% since March 18, 2020 but the overall social and economic outlook and impacts and of the pandemic have not improved but have actually worsened.",
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      "kind": "source-note",
      "text": "Source: Grizzly Research Analysis",
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      "kind": "table",
      "text": "Table showing tenant overlap between IIPR, Treehouse, NewLake Capital, Freehold Properties, Green Acreage, and Inception REIT.",
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      "kind": "title",
      "text": "Marijuana REIT IIPR Known Tenants Overlap",
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  "loops": [
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      "name": "Cost Of Inaction",
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      "evidence": "The report highlights the potential cost of inaction for IIPR's investors, suggesting significant downside.",
      "position": 2,
      "objective": "What is the cost of inaction for IIPR's investors?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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