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  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
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  "authorName": "Grizzly Research",
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  "presentationDate": "2020-04-09 00:00:00",
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      "text": "Overall, the three properties were purchased for $7.26M before being flipped to IIPR for over $27M, a whopping 73% appreciation.",
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      "text": "purchase price: $46.3M",
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      "text": "Discount Treatment: We believe the sum of the previous purchase price $7.26M is much more reflective of the value of the properties, implying a potential overpayment of up to 73%, but we give the company benefit of the doubt for potential improvements made, hence discounted 2020 rent revenue by 40% to 60% due to overpayment.",
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      "text": "Transaction details: IIPR purchased two cultivation and processing facilities from Cresco Labs in IL for a purchase price of $46.3M. The facilities total 100,000 sq. ft.",
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      "text": "Independent due diligence:",
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      "text": "Overall, the three properties were purchased for $7.26M before being flipped to IIPR for over $27M, a whopping 73% appreciation.",
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      "text": "Address: We identified one property to be located at 23224 Centerpoint Way/3301 Centerpoint Way, Joliet, IL 60436.",
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      "text": "Core Issue: Overpayment, potential default.",
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      "text": "Initial Terms: We estimate 2020 rent for this property, along with the following property in Kankakee to be $5.4M, representing a yield of 15.23%.",
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      "text": "Will County IL Cresco",
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