{
  "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": 58,
  "pageCount": 78,
  "prevPage": 57,
  "nextPage": 59,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses visual evidence (photos) to argue that the purchase price of $9M is an overpayment, suggesting a more accurate valuation of $5M.",
  "elementsJson": [
    "photo",
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-e420e1b0f6d8/58",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-e420e1b0f6d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-e420e1b0f6d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-e420e1b0f6d8#slide-58",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.87
      },
      "kind": "callout",
      "text": "Core Issue: Overpayment (Potential).",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d751b261-fca6-4794-835c-fc5b089b391e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "IIPR’s purchase price of $9M would reflect a huge overpayment compared to the previous purchase price of $722,000.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f7-7334-b232-43b061de3914",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.71,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "image",
      "text": "Construction site photos",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fcceed9a-7cfa-46f2-b121-d4de5ced54c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "purchase price: $9M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f7-7334-b232-45c2eb4ce499",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.82
      },
      "kind": "paragraph",
      "text": "Capital Heights MD Holistic Industries",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e2836f8-6904-49a7-af96-945f0642ef80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.73
      },
      "kind": "paragraph",
      "text": "Discount Treatment: IIPR’s purchase price of $9M would reflect a huge overpayment compared to the previous purchase price of $722,000. However, we give the company the benefit of the doubt and adjust the more accurate purchase price to be $5M. This would imply a 44% discount to 2020 rent.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eacef5c9-85a2-45cf-aca5-8acfba62897d",
      "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
}