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  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
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  "presentationDate": "2020-04-09 00:00:00",
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      "text": "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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      "text": "Discount Treatment: 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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      "text": "Discount Treatment: We believe the purchase price can be justified and do not discount the revenue.",
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      "text": "Independent due diligence: Deed records show that the property was purchased by IIPR from Pennsylvania Medical Solutions for $5.76M on 04/10/2018. Prior to that, the same deed was purchased by Pennsylvania Medical Solutions from Hinkley Jesse J for $2M on 11/17/2017. Our investigator visited the property and confirmed that this is a marijuana growth and processing facility.",
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      "text": "Initial Terms: The initial term of the lease is 15 years, with two options to extend the term for two additional five-year periods. The lease provides for an initial annualized aggregate base rent equal to 15% of the sum of the purchase price of the property and the TI Allowance. The aggregate base rent is subject to annual increases of 3.5% during the term of the lease.",
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      "text": "Core Issue: Potential default.",
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      "text": "Transaction details: IIPR purchased a property located in Scranton PA, comprising 89,000 sq. ft. of industrial space on 04/09/2018 for a purchase price of $5.8M, offering $2.8M in reimbursement for improvements.",
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      "text": "Scranton PA Vireo",
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