Power REIT resolves greenhouse loan default with deeds-in-lieu; retains some assets, explores new focus

Power REIT

Provided deeds-in-lieu of foreclosure for greenhouse properties in Michigan and Nebraska to lender, releasing remaining collateral and Greenhouse Loan obligations.
Pro forma net loss attributable to common shareholders reduced from $25.4M to $8.2M for FY2024; total assets drop from $46.1M to $29.0M.
Retained assets include properties in Colorado, California, and Maine, plus a greenhouse in Oklahoma not part of the loan.
Company will continue managing retained assets and is evaluating distressed real estate situations including properties, loans, and companies.
Write-off of Nebraska and Michigan properties eliminates ongoing costs of maintaining vacant greenhouses.

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