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  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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      "text": "Core Issue: Questionable tenant reflects bad investment due diligence.",
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      "text": "Transaction details: IIPR disclosed on 10/23/2019 that it closed on the acquisition of a property in Quincy Florida, comprising of five buildings totaling approximately 120,000 sq. ft. of industrial space from Trulieve. The purchase price was $17M.",
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      "text": "Independent due diligence: According to public deed records, IIPR purchased the property from Trulieve on 10/23/2019 for $17M. The property was previously purchased by Trulieve from One More Wish LLC for $142,800 on 08/17/2018.",
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      "text": "Our investigator visited the property in March 2020 and confirmed that there are newly constructed buildings.",
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      "text": "Address: We have identified the address to be at Blue Star Hwy, Quincy, 32351, with parcel ID 3-10-2N-4W-0000-00144-0100",
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      "text": "Initial Terms: The initial annualized base rent is 11% of the purchase price for the property, or $1.87M per year. The initial lease term is for ten years, with two options to extend the term of lease for five years each.",
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      "text": "Quincy FL Trulieve",
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