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Power REIT reports news as a specialized real estate investment trust that owns sustainable infrastructure-related real estate in Controlled Environment Agriculture, renewable energy and transportation. Its updates commonly cover greenhouse properties used for cannabis and food cultivation, solar farm ground leases, railroad real estate, triple-net lease activity, capital improvements and portfolio acquisitions.
Company news also includes REIT operating metrics such as revenue, net income and core FFO, preferred-stock distribution tax treatment, audit and going-concern disclosures, and NYSE American listing-compliance matters. These items frame Power REIT’s recurring public updates around property leasing, portfolio financing, shareholder distributions and public-company status.
Power REIT (NYSE AMEX: PW) reported significant growth in net income and Core Funds From Operations (FFO) for the second quarter of 2020, with net income of approximately $410,000 ($0.21 per share) compared to $143,000 ($0.08) in Q2 2019. Core FFO rose to about $555,000 ($0.29 per share), up from $256,000 ($0.14) year-over-year. The company is pursuing various acquisitions and non-dilutive capital sources, further diversifying its board and management team. Power REIT aims to capitalize on the growing Controlled Environment Agriculture (CEA) market, anticipating continued growth and attractive returns from its investments in this sector.
Power REIT has announced the acquisition of a 3-acre property in York County, Maine for $1 million, which includes a 32,800 sq. ft. greenhouse and a 2,800 sq. ft. processing building under construction. The deal involves a lease with medical cannabis operator Sweet Dirt, providing annual rent of $920,000, resulting in a yield of over 18.5%. With a total investment of approximately $4.92 million, this acquisition is projected to enhance FFO per share significantly. The greenhouse aims to be the largest cannabis cultivation facility in Maine, targeting completion by November 2020.
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