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  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
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  "presentationDate": "2020-04-09 00:00:00",
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  "notes": "The slide presents a bearish thesis on IIPR, arguing that its dividend is unsustainable and financed through capital raises at substantial discounts.",
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      "text": "However, we believe this arbitrage is firstly unsustainable and secondly about to fall apart, because our findings imply that IIPR will in fact have to finance the 2020 dividend from capital raises or reduce the dividend substantially.",
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      "text": "Proceeds to IIPR: $832.65M",
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      "text": "Innovative Industrial Properties Inc (NYSE:IIPR) went public on the New York Stock Exchange in November 2016. The newly formed company was able to raise a little over $60 million in its initial public offering...",
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      "text": "On the surface IIPR has been performing well, seeing its stock skyrocket. Even after the recent decline in stock price the company still sports a market cap and Enterprise Value in excess of $1.1B and $1.24B...",
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      "text": "Source: SEC Company Filings and Press Releases",
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      "text": "Table showing capital raises by IIPR from 2016 to 2020 including date, method, shares issued, price, discount/premium, and proceeds.",
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      "kind": "title",
      "text": "1 Introduction",
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