Power REIT - PW STOCK NEWS

Power REIT (NYSE-AMEX: PW and PW.PRA) has received a notice of non-compliance from NYSE American due to insufficient stockholders' equity. The Trust reported stockholders' equity of $322,626 as of June 30, 2024, falling below the required $2.0 million for companies with losses in two of the last three fiscal years. Power REIT must submit a compliance plan by October 3, 2024, to regain compliance by March 3, 2026.

If the plan is accepted, the Trust will undergo periodic reviews. Failure to submit an acceptable plan or meet compliance deadlines could result in delisting proceedings. The notice does not immediately impact the listing of Power REIT's common and preferred stock, which will continue trading under the symbol 'PW' with a '.BC' designation indicating 'below compliance' status.

Power REIT has announced the estimated Federal income tax treatment for the 2022 distributions on its 7.75% Series A Preferred Stock (CUSIP # 73933H200). Each distribution for the calendar year ending December 31, 2022, amounts to $0.484375 per share considered ordinary income, with no return of capital or capital gain reported. Key record and payable dates include February 15, 2022 and March 15, 2022. Shareholders are encouraged to consult tax advisors for specific tax implications regarding the distributions. The company remains committed to sustainable investment in real estate.

Power REIT (NYSE-AMEX: PW, PW.PRA) reported Core FFO of $0.41 per share for Q2 2022, slightly down from $0.51 in Q2 2021, but stable compared to $0.40 in Q1 2022. The company is progressing with cannabis licensing in Michigan, which was delayed due to regulatory issues. A licensing application has been submitted following a recent inspection with no deficiencies noted. Power REIT's Michigan greenhouse offers significant income potential, estimated at $0.38 per share per quarter. The company also announced recent lease amendments to assist tenants amid market challenges with cannabis prices.

Power REIT (PW, PW.PRA) filed its quarterly report for Q1 2022, highlighting a revenue increase of 9% to $1,985,516 compared to $1,820,927 in Q1 2021. However, net income attributable to common shareholders decreased by 10% to $997,880, with core FFO per share dropping 13% to $0.40. Despite challenges in the cannabis market, Power REIT acquired a $9.35 million greenhouse in Nebraska and expanded tenant lease agreements, including a $625,000 funding boost for Walsenburg Cannabis LLC. The company remains committed to sustainable agriculture while navigating industry headwinds.

Power REIT (NYSE-AMEX: PW, PW.PRA) has acquired a 1,121,513 square foot greenhouse facility for $9.35 million in O'Neill, Nebraska, marking its first transaction focused on food crop cultivation. The acquisition involves a long-term lease with Millennium Produce, with annual rent of approximately $1 million, offering an unleveraged Core FFO yield of 11%. Power REIT plans to invest $534,000 in initial capital improvements. This facility can produce 20 times higher yields than traditional methods, addressing the growing demand for sustainable local produce.

Power REIT (PW, PW.PRA) announced financial results for the year ended December 31, 2021, highlighting a 28% revenue growth to $8.46 million, despite a 22% drop in net income attributable to common shareholders. Core funds from operations (FFO) per common share increased by 44% year-over-year to $1.93, although Q4 results were affected by one-time lease write-offs. The Trust remains committed to expanding its sustainable real estate portfolio, particularly in greenhouse cultivation, and aims to generate long-term cash flow from acquisitions totaling $48 million throughout 2021.

Power REIT (PW, PW.PRA) announced a lease amendment to fund $3.5 million in capital improvements at its greenhouse facility in York County, Maine, which will enhance energy efficiency and increase annual rent by $654,000, yielding approximately 19% unleveraged core FFO. The facility, operated by Sweet Dirt, will install a Combined Heat and Power (CHP) system, enabling self-generated electricity and heat recovery, thereby reducing operational costs and carbon footprint. Sweet Dirt has achieved significant growth, now employing over 130 staff and capturing a large share of Maine's adult-use cannabis market.

Power REIT announced the estimated Federal income tax treatment for its 2021 distributions on the 7.75% Series A Preferred Stock (PW.PRA). The total distribution per share was $0.484375, categorized entirely as ordinary income. Record dates were on February 15, May 15, August 15, and November 15, with payable dates following a month later. Shareholders are advised to consult their tax advisors regarding tax treatment. Power REIT focuses on sustainable real estate related to agriculture, energy, and transportation.