PW - Power REIT boost Core FFO through property acquisition

Power REIT (PW) has acquired a 2.11 acre parcel in Crowley County, Colorado through a wholly owned subsidiary, PropCo. As part of the transaction, Power REIT has agreed to fund the immediate construction of an 18,528 square foot greenhouse and processing facility for ~$1.3M including the land acquisition cost. Concurrent with the acquisition of the Property, PropCo entered into a 20-year triple-net lease with a Green Mile, tenant with two, five-year renewal optionsThe lease is structured to provide straight-line annual rent of ~$252,000 which represents an unleveraged CORE FFO yield of ~19.2% on the invested capital.The transaction increases CORE FFO on a run rate basis by ~$0.13 per share. Source: Press Release

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Power REIT boost Core FFO through property acquisition