PW - Power REIT buys greenhouse property for cannabis cultivation

Power REIT (PW) has acquired a 4.31-acre parcel in Ordway, Colorado, through a wholly-owned subsidiary, PropCo.The property has been leased by The Apotheke, a Minority Woman-Owned Business.PW has agreed to fund the immediate construction of a 21,548 sq. ft. greenhouse and processing facility with a total capital commitment of ~$1.8M, including the land acquisition cost.Concurrently, PropCo entered into a 20-year “triple-net” lease with Apotheke, which will operate a cannabis cultivation facility.The lease requires Apotheke to pay all property-related expenses, including maintenance, insurance, and taxes.The transaction increases Power REIT’s CORE FFO on a run-rate basis by ~$0.09 per share.Press Release

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Power REIT buys greenhouse property for cannabis cultivation