PW - Power REIT acquires property for greenhouse cannabis cultivation; accretive to FFO

Through a wholly owned subsidiary, Power REIT ([[PW]] +7.0%) acquired two properties with a total of 4.21 acres in Crowley County, Colorado.Under the transaction, Power REIT has agreed to fund the immediate construction of an ~21,732 sq. ft greenhouse and processing facility for ~$1.84M including the land acquisition cost.Alongside, the subsidiary PropCo entered into a 20-year triple-net lease with The Grail Project which will operate a cannabis cultivation facility which requires Grail Project to pay all property related expenses including maintenance, insurance and taxes.Post initial 20-year term,  Grail Projects' lease provides four, five-year renewal options.The lease is structured to provide straight-line annual rent of ~$350K, representing an unleveraged CORE FFO yield of ~19% on the invested capital. The transaction increases Power REIT's CORE FFO on a run rate basis by ~$0.18/share.

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Power REIT acquires property for greenhouse cannabis cultivation; accretive to FFO