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  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
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  "authorName": "Grizzly Research",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2020-04-09 00:00:00",
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      "text": "yield: 15.23%",
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      "kind": "paragraph",
      "text": "Southern California Undisclosed tenants. Core Issue: Overpayment, undisclosed tenants.",
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      "text": "Initial Terms: We estimate 2020 rent for this property to be $1.8M, representing a yield of 15.23%.",
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      "text": "Address: We identify three properties to be located at 1717 E Vista Chino A7 Palm Springs CA and 3535 N Anza Rd, Palm Springs CA.",
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      "text": "Independent due diligence: According to Riverside County deed records, IIPR purchased three properties on 04/16/2019 from a Radio P S properties LLC, an entity controlled by Michael King, a 19th P.S. Properties LLC and an Extension Management LLC.",
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      "text": "We have identified the tenant to be Kings Garden Inc. The facility is used for cultivation of cannabis, according to a city council staff report.",
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      "text": "Discount Treatment: We are discounting 2020 rent by 0%-8% based on the potential overpayment. Under the bad case, we believe the current county value $5.2M is much more reflective of the value of the property.",
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      "text": "Records indicate that IIPR purchased a property from Radio P S Properties LLC for $6.3M on 04/16/2019. The property is located at 3535 N Anza Rd Palm Springs, CA 92262. This property was previously purchased from Dardashti Shervin on 05/17/2016 for $3.26M.",
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      "text": "Transaction details: IIPR acquired a five-property portfolio in southern California, comprising 102,000 sq. ft. of industrial space on 04/16/2019 for a total purchase price of $27.1M.",
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