Power REIT acquires 1.1M sq ft tomato greenhouse for $9.35M; 10-year lease yields ~11%

Power REIT

Acquired 1,121,513 sq ft greenhouse in O'Neill, NE for $9.35M; includes employee housing.
10-year triple-net lease with Millennium Produce (MILC sub); $1.0M annual rent, ~11% unleveraged Core FFO yield.
Capital improvements of ~$534K funded; property had been operational for 15 years.
CEO David Lesser is also CEO of MILC (related-party transaction).
Forward Core FFO run rate $0.83/quarter per share based on in-place deals; stock at 12.4x multiple.

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