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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": "Includes a screenshot of public property records to support the overpayment thesis.",
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      "text": "Assuming renovation went into the property after BDPD LLC’s purchase, the property is still overpaid by 16%.",
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      "text": "Core Issue: Overpayment (Potential)\nTransaction details: IIPR acquired a property comprising of 51,000 sq. ft. for a purchase price of $6.3M on 04/24/2019, and offers up to $10M in reimbursements for improvements.\nAddress: We have identified the address to be located at 120 Beta Drive, O'Hara Township, Allengheny, PA.\nInitial Terms: We estimate 2020 rent for this property to be $1.64M, representing a yield of 15.23%.\nIndependent due diligence: According to deed records, IIPR purchased the property from BDPD LLC for $6.26M on 04/23/2019. BDPD LLC purchased the same deed from W Granger Inc on 11/14/2018 for $3.45M. County records indicate that the assessed value for the property is $5.4M as of 2020. Assuming renovation went into the property after BDPD LLC’s purchase, the property is still overpaid by 16%.",
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      "text": "overpayment: 16%",
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      "kind": "paragraph",
      "text": "Due to the dire financial status of the tenant, under the good case, we apply a 20% discount. Under the bad case, we discount 2020 rent by 65% due to potential default and their cash burn of around 4 months.",
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      "kind": "title",
      "text": "Pittsburgh PA Maitri Genetics",
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