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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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  "notes": "The slide presents two separate case studies (Maryland and Harrison Township, MI) to argue that IIPR overpaid for properties.",
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      "text": "We believe the previous purchase price of $2.95M just months prior to the IIPR purchase to be more accurate value of the property at the time of the purchase.",
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      "text": "purchase price: $8M",
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      "text": "We believe the previous purchase price of $2.95M just months prior to the IIPR purchase to be more accurate value of the property at the time of the purchase. This would reflect a 30% discount to 2020 rent.",
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      "text": "Transaction details: IIPR purchased the property in Maryland comprising 72,000 sq. ft. for a purchase price of $8M on 05/30/2017, and offers up to $4M in reimbursement for improvements.",
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      "text": "Transaction details: IIPR purchased a property in Harrison MI comprising 45,000 sq. ft. of industrial space on 06/21/2019 for a purchase price of $6.9M. IIPR is offering up to $3.1M in reimbursement for improvements.",
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      "text": "Transfer Information table showing seller, date, and price for two transactions ($8M vs $2.95M).",
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      "text": "Core Issue: Overpayment",
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