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  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
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  "authorName": "Grizzly Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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      "text": "Questionable tenant reflects bad investment due diligence, abnormally large reimbursement for improvement.",
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      "text": "Aerial view of the Holyoke facility",
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      "text": "Transaction details: IIPR purchased property from Trulieve in Holyoke MA, comprising of 150,000 sq. ft. of industrial space on 07/29/2019 for a purchase price of $3.5M, offering $40M in reimbursement for improvements.",
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      "text": "Core Issue: Questionable tenant reflects bad investment due diligence, abnormally large reimbursement for improvement.",
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      "text": "Address: We identify the address to be 56 Canal Street and 7 North Bridge Street, Holyoke, MA.",
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      "text": "We previously wrote a comprehensive case on its tenant Trulieve and have reason to believe that IIPR did not do its due diligence when extending this sales leaseback agreement to Trulieve. Therefore, the quality of the investment and its future investment income can be called into question.",
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      "text": "Discount Treatment: Despite we believe IIPR should have done better due diligence and potentially not even sign the deal, we graciously do not allocate a discount to these properties. However, we want to remind our readers that Trulieve has a history of using related parties to conduct construction, and cast reasonable doubt on the real cost of the project.",
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      "text": "Holyoke MA Trulieve",
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