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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": "We are discounting the rent by 93% to 100% due to overpayment and potential default.",
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      "text": "yield: 15.75%",
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      "text": "Address: We have identified the address of being 1 Light Sky Ct, Sacramento California, 95828. Parcel #: 06201500300000",
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      "text": "Independent due diligence: We found it peculiar that IIPR did not disclose who their tenants were apart from saying they are an experienced operator who intends to operate the property as a license cannabis cultivation facility. We located the property and reviewed its deed records. Google maps indicates that the property is occupied by a Hispanic cheese factory by the name Nuestro Queso. Our on the ground due diligence did",
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      "text": "Again, we are deeply concerned with PharmaCann’s financial performance. Discount Treatment: We are discounting the rent by 93% to 100% due to overpayment and potential default. We believe the previous purchase price $1.75M is much more reflective of the true value of the property instead of the $18M.",
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      "text": "Initial Terms: We estimate 2020 rent for this property to be $1.8M, representing a yield of 15.75%.",
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      "kind": "paragraph",
      "text": "Core Issue: Overpayment. Transaction details: On 02/08/2019, IIPR closed on the acquisition of a property in Sacramento California, comprising of 43,000 sq. ft. of industrial space for a purchase price of $6.7M, offering up to $4.8M in reimbursements for improvement.",
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      "kind": "title",
      "text": "Sacramento CA Undisclosed Tenant",
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