PW - Power REIT acquires Greenhouse Cannabis Cultivation Facility

Through a wholly owned subsidiary, Power REIT (PW) acquired a 37K sq. ft. California-based greenhouse cannabis cultivation facility for $7.69M.The transaction funded using $2.69M of cash on hand and the issuance of 192,308 shares of Power REIT's Series A Preferred (PW.PA).Property is leased to Canndescent, the top selling flower brand for luxury cannabis, with 50%+ store penetration in California.The lease provides straight-line annual rent of ~$1.07M, representing an unleveraged CORE FFO yield to Power REIT shares of greater than 26%.Transaction increases Power REIT's CORE FFO on a run rate basis by ~$0.21/share relative to the prior run rate guidance.The company's earlier announced rights offering closing date is extended to Feb.5 due to significant shareholder interest.

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Power REIT acquires Greenhouse Cannabis Cultivation Facility