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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": "Includes a snippet of a Nevada Declaration of Value form as evidence of the $3.8M purchase price.",
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      "text": "Initial Terms: We estimate 2020 rent to be $1.1M, representing a 15.23% yield.",
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      "text": "Address: We identify the address to be 5421 E. Cheynne Ave Las Vegas, NV 89156.",
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      "text": "Transaction details: IIPR purchases a property in Las Vegas NV from Mjardin for a price of $3.8M, with up to $5.8M in reimbursements for improvements.",
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      "text": "Core Issue: Overpayment, high risk of default, undisclosed tenant change.",
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      "text": "Independent due diligence: Deed records indicate that IIPR purchased a property from 5421 E. Cheyenne Real Estate LLC for $3.8M on 07/12/2019.",
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      "text": "Discount Treatment: We weren't able to locate previous transaction history of the property and give the company benefit of the doubt and do not allocate a discount for overpayment. However, due to the company's dire financial position we allocate a 20% discount under the good scenario and 100% discount under the bad scenario.",
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      "text": "Las Vegas NV Mjardin",
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