Power REIT Q1 revenue up 9% to $1.99M; Core FFO $0.40/share vs $0.46 YoY; tenant issues continue

Power REIT

2022-Q1 EPS reported $0.25 vs consensus $3.09 ▼ miss (-91.9%)

Net income attributable to common shareholders $998K ($0.25 diluted) vs $1.11M ($0.34) YoY.
Core FFO of $1.35M ($0.40/share) adjusted for $0.06/share straight-line rent elimination on two CO tenants.
Acquired 1.12M sq ft Nebraska greenhouse for $9.35M; 10-year triple-net lease at ~11% yield.
Eviction filed against Cloud Nine LLC; tenant posted $25K bond; appeal pending.
New litigation filed Apr 8 by JKL2 Inc. against Power REIT for fraudulent inducement; eviction process commenced.

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