{
  "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",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 7,
  "pageCount": 36,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "preempt_rebuttal",
  "function": "expose_gap",
  "density": "balanced",
  "nDataPoints": 60,
  "notes": "The slide argues that IIPR's portfolio quality is deteriorating due to reliance on weaker credit tenants.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-e29456cbe117/7",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-e29456cbe117",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-e29456cbe117.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-e29456cbe117#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "IIPR has a number of tenants who are effectively insolvent or are in a dire financial situation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f8-7007-94e0-6adec1ec6067",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "budgeted rent: 110M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f8-7007-94e0-6f4eae6c4a78",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "IIPR has a number of tenants who are effectively insolvent or are in a dire financial situation. Despite some decent transactions with multi-state operators, IIPR's portfolio is still heavily skewed towards smaller lower quality tenants.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d908418c-4a56-498a-b598-17748c0b76a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.11,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Company Filings, Grizzly Research Analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f24b2b8e-827f-49c7-9320-674811a84cea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.78,
        "x": 0.11,
        "y": 0.39
      },
      "kind": "table",
      "text": "Table showing 2020 Budgeted Rent, Total Investments, and % of 2020 Estimated Rent for various tenants.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd076ef9-05b8-44f0-9feb-641141ea43be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.24,
        "x": 0.38,
        "y": 0.13
      },
      "kind": "title",
      "text": "2 Insolvent Tenants",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff185179-136f-49c4-9d77-a72c942fdf2d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 9,
      "from": 4,
      "beatId": "72d5c61c-d35a-4a22-a9d0-f9e7c1b9c6fc",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The report critiques IIPR's deals and tenant performance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 8,
      "from": 7,
      "beatId": "8f960835-f09b-4855-9d5c-b211e161aceb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "The report preemptively rebuts potential defenses of IIPR's business model.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}