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Power REIT has successfully acquired a 556,000 sq. ft. cannabis cultivation greenhouse in Marengo Township, Michigan, becoming one of the largest facilities of its kind in the U.S. The property is designed for unlimited cannabis cultivation licenses, with plans for further expansion. Power REIT will invest approximately $3 million for capital improvements to enhance the facility. A 20-year triple-net lease with Millennium Cannabis ensures a stable revenue stream, projected to generate $4.3 million annually with a yield of 14.7%. This acquisition positions Power REIT to capitalize on Michigan's booming cannabis market, projected to reach $1.8 billion in revenue for 2021.
Power REIT (PW, PW.PRA) reported a significant financial performance for Q2 2021, with a 148% increase in net income per share and a 102% rise in Core FFO per common share compared to the same period last year. Revenue rose to $2.27 million, a 133% increase year-over-year. The Trust expanded its portfolio by acquiring four Controlled Environment Agriculture facilities, investing approximately $12.4 million, and generating an annualized rent yield of over 18%. Power REIT successfully raised $37 million from a Rights Offering, enhancing its capital position for future growth.
Power REIT has acquired a 10-acre property in Crowley County, Colorado, for a $2.9 million investment, which includes plans for a 12,000 square foot greenhouse. The property will be leased to JKL2 Inc. under a 20-year agreement, promising an annual rental income of approximately $546,000, yielding around 18.8%. This acquisition enhances Power REIT's existing portfolio of 383,328 square feet of greenhouse facilities dedicated to regulated cannabis cultivation. The company anticipates a forward Core FFO per share run rate of $3.26, despite potential near-term quarterly results being lower due to share dilution from a recent rights offering.
Power REIT has acquired a 9.35-acre property in Craig County, Oklahoma, for approximately $2.65 million, aiming to enhance its cannabis cultivation portfolio. The deal includes funding for renovations of 40,000 square feet of greenhouse space and a 20-year triple-net lease with Vinita Cannabis LLC, which has a personal guarantee and operational mandates. After a deferred rent period, the lease is projected to yield around 13% annually, increasing by 3% yearly thereafter, with total annual rent expected at approximately $503,000.
Power REIT has announced its acquisition of Michigan's largest greenhouse cannabis cultivation and processing facility for approximately $18.5 million. The facility spans 522,530 square feet and is strategically located to maximize cannabis cultivation licenses. Power REIT plans to enhance cultivation performance with budgeted upgrades. The acquisition aligns with its strategy of sustainable investments while entering a burgeoning Michigan cannabis market. The due diligence period will last 75 days, followed by a 30-day closing window, extendable by another month.
Power REIT has acquired a 35-acre property in Huerfano County, Colorado, for approximately $3.9 million, which includes the acquisition and redevelopment costs. The property will house cannabis cultivation facilities with a total of 102,800 square feet of greenhouse space upon completion. A 20-year triple-net lease with Walsenburg Cannabis LLC ensures an annual straight-line rent of approximately $729,000, providing an unleveraged Core FFO yield of 18.8%. Power REIT anticipates a forward Core FFO per share run rate of $3.22 post-acquisition, supporting its strategic focus on sustainable greenhouse agriculture.
Power REIT (PW, PW.PRA) reported significant financial growth for Q1 2021, with revenue increasing by 131% to $1.82 million and net income per share up 267% at $0.33. Core FFO per share rose 142% to $0.46. The company raised over $36.6 million through a Rights Offering, enabling further investments in Controlled Environment Agriculture (CEA) properties in Colorado and California. Power REIT aims for a forward Core FFO per share run rate of $3.18, reflecting potential growth driven by acquisitions.
Power REIT has entered a long-term lease with Cloud Nine Farms after acquiring 4 acres in Crowley County, Colorado. The $2.95 million investment includes a 38,440 sq ft greenhouse facility aimed at cannabis cultivation. The 20-year lease allows for maintenance and taxes to be covered by Cloud Nine, with rental income projected at $552,870 annually, yielding 18.7% on invested capital. Power REIT anticipates a forward Core FFO per share of $3.18, driven by recent financing, while acknowledging possible near-term dilution effects.
Power REIT (NYSE: PW, PW.PRA) reports strong financial results for 2020, achieving revenue of $4.27 million, a 96% increase from 2019. The net income attributable to common shareholders rose 184% to $1.89 million, with a Core FFO per share of $1.34, up 118%. The company successfully completed a Rights Offering, raising approximately $36.7 million for acquisitions. Looking ahead, Power REIT projects a Core FFO run rate of $3.16 per share, highlighting its growth strategy in Controlled Environment Agriculture. The Trust remains committed to sustainable practices.
Power REIT (PW, PW.PRA) has acquired a 2.2-acre parcel in Crowley County, Colorado, enhancing its real estate portfolio for cannabis cultivation. The Trust will fund the construction of 24,512 square feet of greenhouse and processing space for Gas Station LLC with a total capital commitment of $2.1 million. A 20-year ‘triple-net’ lease guarantees approximately $301,000 in annual rent, leading to a 19% yield on invested capital. This acquisition is expected to diversify tenant concentration and support Power REIT's growth strategy in the sustainable cannabis industry.
