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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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      "text": "We are discounting the rent by 36% due to overpayment.",
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      "text": "Core Issue: Overpayment. Transaction details: IIPR purchased the 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. Address: We have identified the address to be 1616 E. Glendale Avenue, Phoenix, Arizona. Parcel #: 164-26-035B. Initial Terms: We estimate 2020 rent for this property to be $373,000, representing a yield of 15.23%. Independent due diligence: 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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      "text": "Discount Treatment: We are discounting the rent by 36% due to overpayment. We believe that in this case the county assessor value of $2.57M is a much better estimate of the value of the property and have adjusted rent projections accordingly.",
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