{
  "docId": "019dd923-622c-750b-8b9a-e420e1b0f6d8",
  "docSlug": "5deacbabc940",
  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Research",
  "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": 27,
  "pageCount": 78,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 4,
  "notes": "The slide uses property transaction data to imply potential self-dealing or questionable valuation practices by IIPR and Michael King.",
  "elementsJson": [
    "paragraph",
    "screenshot"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-e420e1b0f6d8/27",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-e420e1b0f6d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-e420e1b0f6d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-e420e1b0f6d8#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.23,
        "w": 0.305,
        "x": 0.118,
        "y": 0.23
      },
      "kind": "image",
      "text": "Street view of 3540 N Anza Road",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91b5e961-cb9b-4e68-8e3d-463dc8f9d422",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.37,
        "x": 0.118,
        "y": 0.62
      },
      "kind": "image",
      "text": "Property listing for 63795 19th Ave",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6121182-4e4f-4f9f-9711-770308baae72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.77,
        "x": 0.118,
        "y": 0.121
      },
      "kind": "paragraph",
      "text": "IIPR purchased another property on 04/16/2019 from Extension Management LLC, an entity also controlled by Michael King for $5.8M. The property was previously purchased from Burgess Family Trust on 1/24/2017 for $2.5M.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4805828-15d6-4cd5-a3f8-c7e856bab9b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.77,
        "x": 0.118,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "IIPR purchased another property from 19th PS Properties LLC, another entity controlled by Michael King for $15M on 04/16/2019. The property was previously purchased from Bryant Investments for $1.5M on 04/25/2018.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f8ad2923-fd27-4722-9b9a-a070674051d5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 78,
      "from": 3,
      "beatId": "bab01f6b-4130-47f1-be2b-a62774d99415",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The majority of the report is dedicated to exposing contradictions and discrepancies in IIPR's property valuations.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 77,
      "from": 7,
      "beatId": "9faf1260-f24f-4457-8a68-844894ceb239",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Before and After",
      "beatSlug": null,
      "evidence": "The report includes before-and-after comparisons of property valuations and Google data.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 76,
      "from": 8,
      "beatId": "8c335dfa-733a-4782-b210-c6452b066749",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The report critiques IIPR's actions and the actions of other companies involved in the transactions.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 75,
      "from": 16,
      "beatId": "b488a742-a99d-4d2b-a053-444ad0d95a7b",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Appendix Data",
      "beatSlug": null,
      "evidence": "The report includes detailed data and appendices to support its findings.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}