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  "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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      "text": "This combined with future commitments IIPR still has to fulfill, we believe the company will face insolvency in the near term.",
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      "text": "Since the company went public it has been busy raising money and putting it in the ground through a range of deals and commitments for future improvement. As of December 2019, the company sported 747million in asset which consists of real estate investments and some working capital. In total the company has signed 56 leases (double check) with 19 key tenants to date. We have identified key problems with a majority of the company's leases.",
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      "text": "You can find a comprehensive list of our analysis of each individual lease, including sales history, and our on-the-ground due diligence in the Appendix, which is uploaded in a separate document on our website.",
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      "text": "In this report we examine systematically the issues the company faces, and our conclusion is devastating. At the current rate the company will have to pay $86M in dividends throughout 2020, which is supposed to be financed by rental income. Our analysis concludes that up to 50% of the rental income has either already vanished or is in high jeopardy. This combined with future commitments IIPR still has to fulfill, we believe the company will face insolvency in the near term.",
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      "kind": "paragraph",
      "text": "IIPR's business model is straight forward. The company focused on the acquisition, ownership and management of specialized industrial properties leased to operators for the regulated medical-use cannabis industry.",
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      "kind": "title",
      "text": "IIPR Historical Price vs Financings",
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