PW - Power REIT acquires two properties for $150K

Power REIT (PW) acquires two parcels in Crowley County, Colorado of 2.37 acres and 2.09 acres for $150,000 through a wholly owned subsidiary. Concurrent with the acquisition of the Properties, PropCo entered into a triple-net lease with Monte Fiore, operator of cannabis cultivation facilities for 20 years.The lease is structured to provide straight-line annual rent of approximately $579,000 which represents an unleveraged FFO yield of approximately 18.9% on the invested capital, thereby increasing FFO on a run rate basis by ~$0.30 per share. As part of the transaction, the company to fund the immediate construction of a 33,744 square foot greenhouse and processing facility for ~$2.9M, bringing total capital commitment to ~$3.1M.Source: Press Release

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Power REIT acquires two properties for $150K