Power REIT Q2 Core FFO $0.41/share, down 20% YoY; Michigan cannabis licensing delayed

Power REIT

2022-Q2 EPS reported $0.48 vs consensus $2.99 ▼ miss (-83.9%)

Core FFO per share $0.41 vs $0.51 YoY; sequentially flat vs Q1 2022 ($0.40).
Michigan greenhouse license application submitted, CRA inspection found no deficiencies; BFS approval pending, no rent recognized since Q1 2022.
Executed seven lease amendments with Colorado tenants to restructure lower near-term rent; total rent unchanged.
New 20-year triple-net lease with Elevate & Bloom for Ordway, CO; $1.28M commitment, ~18.6% unleveraged FFO yield.
Portfolio: 2.2M sq ft greenhouses (51% food, 49% cannabis), 7 solar leases (601 acres), 112 miles railroad.

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