Power REIT closes $18.4M acquisition of 556K sq ft Michigan cannabis greenhouse; 20-year lease with 14.7% yield

Power REIT

Acquired 61-acre, 556,146 sq ft cannabis greenhouse for $18.4M; largest acquisition to date.
Entered 20-year triple-net lease with Millennium Cannabis subsidiary; includes two five-year renewal options.
Lease provides straight-line annual rent ~$4.3M; 14.7% yield escalating at 3% annually after capital return period.
Agreed to fund ~$3M in capital improvements for light deprivation, propagation, and site upgrades.
Forward Core FFO run rate of $3.59/share based on in-place transactions; management expects non-dilutive capital for further growth.

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