PW - Power REIT acquires greenhouse cultivation and processing facility transaction accretive

Power REIT ([[PW]] +2.8%) through its wholly owned subsidiary acquired a 35-acre property located in Huerfano County, Colorado which currently has multiple greenhouses and support buildings which will be upgraded through a redevelopment plan that Power REIT will fund along with the new construction of additional greenhouse space.The company's total capital commitment for the project is ~$3.9M including the property acquisition cost.The property also has ample acreage for future expansion which Power REIT intends to finance.Separately, PropCo entered into a 20-year triple-net lease with Walsenburg Cannabis, operating the cannabis cultivation facility; post initial 20-year term, the lease provides two, five-year renewal options.The lease is immediately accretive to Core FFO by adding straight-line annual rent of ~$729K, representing an unleveraged Core FFO yield of ~18.8% on Power REIT's invested capital.After an initial deferred rent period, PropCo will be provided with a full return of its invested capital over the next three years post which it will receive

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Power REIT acquires greenhouse cultivation and processing facility, transaction accretive