Power REIT commits $3.5M for energy efficiency improvements at Maine greenhouse; annual rent increases $654K

Power REIT

Capital commitment of ~$3.5M for installation of cogeneration system at Sweet Dirt greenhouse in York County, Maine.
Annual rent increases by ~$654K, implying ~19% unleveraged core FFO yield on the investment.
Cogeneration system to improve energy efficiency; tenant Sweet Dirt is vertically integrated cannabis company in Maine.
Vendor IntelliGen Power Systems owned by affiliate of CEO David H. Lesser (related-party transaction).
Greenhouse is ~48,000 sq ft on 6 acres; Sweet Dirt employs 130+ and plans two more retail stores in Q2 2022.

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