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Power REIT (PW, PW.PRA) announced a lease amendment with The Grail Project LLC to expand property by 6,256 square feet, committing approximately $517,000. This expansion will increase annual straight-line rent by approximately $105,000. The total investment for the development of greenhouse space for Grail Project is around $2.36 million, with a projected straight-line annual rent of $455,000, yielding 19.3% on invested capital. The initiative aligns with Power REIT’s focus on sustainable greenhouse cultivation in Colorado, aimed at enhancing tenant competitiveness.
Power REIT (NYSE-AMEX: PW, PW.PRA) has successfully closed its Rights Offering, raising $36.66 million by issuing 1,383,394 common shares at $26.50 each, after the offering expired on February 5, 2021. The Trust now has 3,299,533 shares outstanding. The proceeds will support ongoing growth through acquisitions, with around $32.2 million still available for investment. The company is focused on Controlled Environment Agriculture (CEA) and has reported a potential Core FFO per share run rate of $1.67, increasing to $3.15 with additional investments.