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  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
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  "authorName": "Grizzly Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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  "notes": "The slide uses a snippet of a legal contract to argue that the rental terms are inflated, suggesting a hidden capital injection mechanism.",
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      "text": "We believe this is overwhelming evidence that IIPR is overpaying the properties to extend additional capital to the tenant, meanwhile tenant brings additional income to the company through inflated rental income.",
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      "text": "rental yield: 14.41%",
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      "text": "We find it difficult to believe that Holistic would rather pay 10X the previous rent they were paying, unless they were getting something else.",
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      "text": "Akron OH Vireo Core Issue: Potential default. Transaction details: IIPR purchased a property located in Akron Ohio for $1,018,112 on 05/14/2019. Initial Terms: We estimate 2020 rent for this property to be $511,560, representing a yield of 14.41%.",
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      "text": "Discount Treatment: We are discounting the 2020 revenue by 81% due to overpayment and previous lease agreements.",
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      "text": "2. TERM AND RENT... Landlord leases the Demised Premises to Tenant for a term of ten (10) years...",
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      "text": "Year 1-10 and corresponding Annual Rent values",
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