{
  "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": 72,
  "pageCount": 78,
  "prevPage": 71,
  "nextPage": 73,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Includes a screenshot of a public property search portal and textual details on lease terms.",
  "elementsJson": [
    "screenshot",
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-e420e1b0f6d8/72",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-e420e1b0f6d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-e420e1b0f6d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-e420e1b0f6d8#slide-72",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Deed records confirmed that IIPR purchased the property from Green Leaf Medical of Virginia for $11.74M on 01/16/2020.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f8-7007-94cf-86a2de7e00f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.78,
        "x": 0.12,
        "y": 0.16
      },
      "kind": "image",
      "text": "Richmond Property Search portal screenshot",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "69501844-30ee-4188-8aec-17d3e31526d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.11,
        "y": 0.62
      },
      "kind": "paragraph",
      "text": "Transaction details: IIPR purchased a property at Buckeye Lake OH for $700,000 on 03/13/2019, and offers up to $19.3M in reimbursement for improvement.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19fd81cd-88f0-4838-90b2-d53df49449e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.11,
        "y": 0.57
      },
      "kind": "paragraph",
      "text": "Core Issue: Default",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "328186ef-f5bc-4519-a3a7-0d71a0156a76",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.11,
        "y": 0.46
      },
      "kind": "paragraph",
      "text": "Discount Treatment: We were unable to identify previous transaction price, but give the company the benefit of the doubt and do not allocate discount.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3e369202-bcaa-4ac3-b86d-093c7a2c4a57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.8,
        "x": 0.11,
        "y": 0.77
      },
      "kind": "paragraph",
      "text": "Initial Terms: The initial annualized base rent (the “Base Rent”) under the Lease is $2,650,000, payable monthly. The Base Rent will be abated until May 15, 2019 and is subject to annual increases of 3.25% during the Lease term. Tenant is also responsible for paying the Company a property management fee equal to 1.5% of the then-current Base Rent under the Lease.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "76fa5fd4-40a2-43b5-b581-a532d5826bfc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.11,
        "y": 0.69
      },
      "kind": "paragraph",
      "text": "Address: We identify the address to be Hunts Landing Rd, Hebron OH 43025 or 10767 Mill Dam Road, Buckeye, Ohio. Parcel #: 074-335496-00.0002",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91e4bc90-a355-4c43-b768-b425837bc972",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Independent due diligence: Deed records confirmed that IIPR purchased the property from Green Leaf Medical of Virginia for $11.74M on 01/16/2020.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7fb3eae-6bde-43de-8be8-2337a683fbe4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.11,
        "y": 0.54
      },
      "kind": "title",
      "text": "Buckeye Lake OH PharmaCann",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "52a7396d-a16a-4441-a233-894a086af128",
      "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
}