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Campaigns / Grizzly Research → Innovative Industrial Properties, Inc.
Grizzly Research vs. Innovative Industrial Properties, Inc.

Innovative Industrial Properties, Inc. · IIPR

2 decks published between 2020-04-09 and 2020-04-09 — 114 pages, 111 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2020-04-09 initial thesis

    2020 04 Research Report IIPR Grizzly Research 9 April 2020 1

    36pp · research_note

    IIPR is a cannabis REIT propped up by overpriced sale-leasebacks to insolvent tenants and sham markups; fair value is $22.29 versus a $69 share price.

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  2. 2020-04-09 initial thesis

    2020 04 Report Appendix IIPR Grizzly Research 9 April 2020 1

    78pp · research_note

    Property-by-property forensic appendix shows IIPR overpaid for cannabis-grow real estate while tenants sit on empty or unbuilt sites, implying inflated rents and looming defaults.