Power REIT amends lease to fund $4.1M Phase 2 greenhouse improvements in Michigan; rent increases $830k/yr

Power REIT

Capital commitment of $4.1M for additional improvements; straight-line annual rent increases by $830k (20% unleveraged FFO yield).
Total commitment now ~$25.6M for 556,146 sq ft greenhouse; 20-year triple-net lease with ~$5.1M annual rent (20% yield).
Phase 2 upgrades focus on transitioning facility from pepper to cannabis; construction underway, cultivation expected early 2022.
Michigan cannabis market strong: Sept 2021 sales $161M (+52.4% YoY); on track for $2B in 2021.

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