Power REIT (PW): M&A transaction — Power REIT sells two Colorado cannabis greenhouses for $1.325M; provides seller financing

Power REIT

Sale price of $1,325,000 for Sherman 6 and Tamarack 14 properties in Ordway, CO; one vacant.
Seller financing note of $1,250,000 at 10% initial interest rate, three-year maturity, fixed amortization.
Sale is part of strategic review to enhance liquidity amid financial pressure on cannabis tenants.
Wholesale cannabis market downturn cited as putting significant pressure on tenants and Power REIT.
Note secured by first mortgage and personal/corporate guarantees from the tenant affiliate.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

Power REIT completed a disposition involving an affiliate of a tenant of one of the properties for sale price was $1,325,000; seller financing provided in the amount of $1,250,000 with an initial 10% interest rate that increases over time until maturity, thre (closed 2024-01-08).

Action: disposition
Counterparty: an affiliate of a tenant of one of the properties
Consideration: sale price was $1,325,000; seller financing provided in the amount of $1,250,000 with an initial 10% interest rate that increases over time until maturity, thre
Closing: 2024-01-08

Exact text from the filing

of one of the properties. The properties are described in prior filings as Sherman 6 (affiliated with the tenant/purchaser) and Tamarack 14 which was vacant. The sale price was $1,325,000. As part of the transaction, a subsidiary provided seller financing in the amount of $1,250,000 with an initial 10% interest rate that increases over time until maturity. The

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Source: SEC EDGAR

accession 0001493152-24-001835

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