Highest-materiality recent filing
Provided deeds-in-lieu of foreclosure for greenhouse properties in Michigan and Nebraska to lender, releasing remaining collateral and Greenhouse Loan obligations.
Entered ATM sales agreement with A.G.P./Alliance Global Partners to issue common shares; 3.0% commission.
NYSE American rescinded Sept 3 deficiency letter after Power REIT restated preferred shares from mezzanine equity to equity.
Error in classification of Series A preferred shares; restatement reclassifies from mezzanine equity to equity.
Power REIT receives NYSE American delisting notice for equity below $2.0M threshold
Stockholders' equity was $322,626 at June 30, 2024, well below the $2.0M minimum required by Section 1003(a)(i).
Power REIT receives going concern audit opinion for FY 2023
Independent auditor issued unqualified opinion with explanatory paragraph on going concern.
Power REIT sells Maine cannabis facility for $4.25M; provides $850K note
Sold interest in Maine cannabis greenhouse to tenant affiliate for $4,250,000.
Power REIT sells five CA solar ground leases for $2.5M; cites cannabis tenant pressures
Sold five ground leases on utility solar farms in Tulare County, CA for $2.5M gross to unaffiliated third party.
Power REIT Q2 Core FFO $0.41/share, down 20% YoY; Michigan cannabis licensing delayed
Core FFO per share $0.41 vs $0.51 YoY; sequentially flat vs Q1 2022 ($0.40).
Power REIT secures CO letter for Michigan cannabis facility; license application submitted
Obtained Certificate of Occupancy letter from Marengo Township on July 8, 2022, after litigation.
Filed state lawsuit in Calhoun County to compel Marengo Township to allow ZBA hearing on agricultural exemption from building permits and CO requirements.
Power REIT Q1 revenue up 9% to $1.99M; Core FFO $0.40/share vs $0.46 YoY; tenant issues continue
Net income attributable to common shareholders $998K ($0.25 diluted) vs $1.11M ($0.34) YoY.
Power REIT reports 2021 annual net income per share up 42%, Core FFO per share up 44%
Revenue $8.46M for 2021, up 98% YoY; net income per basic share $1.41, up 42% from $0.99.
Power REIT acquires 1.1M sq ft tomato greenhouse for $9.35M; 10-year lease yields ~11%
Acquired 1,121,513 sq ft greenhouse in O'Neill, NE for $9.35M; includes employee housing.
Capital commitment of ~$3.5M for installation of cogeneration system at Sweet Dirt greenhouse in York County, Maine.
Power REIT Q3 revenue up 128%, net income per share up 96%, acquires Michigan cannabis facility
Q3 revenue $2.55M vs $1.12M YoY; net income per share $0.49 vs $0.25; Core FFO per share $0.62 vs $0.35.
Power REIT enters new 20-year triple-net lease for CO property; old tenant recovered 36%
Terminated lease with Original Cannabis Growers of Ordway LLC; received $483,743 in rent (36% of $1,358,664 investment).
Capital commitment of $4.1M for additional improvements; straight-line annual rent increases by $830k (20% unleveraged FFO yield).
Acquired 61-acre, 556,146 sq ft cannabis greenhouse for $18.4M; largest acquisition to date.
Power REIT Q2 net income up 236%; Core FFO per share up 76%; forward guidance $3.24
Revenue $2.27M (+133% YoY); net income $1.38M (+236% YoY); diluted EPS $0.41 (+95% YoY).
On July 6, 2026, the Board of Trustees (the “Board”) of Power REIT (the “Trust”) appointed Brent Morrison to serve as an independent trustee of the Trust, effective immediately.
On March 22, 2022, Power REIT (“Power REIT” or the “Trust”), the Board of Trustees of Power REIT received by email a resignation letter from Paula Poskon, a member of the Board of Trustees (the “Resignation Letter”), pursuant to which Ms. Poskon resigned as a member of the Board of Trustees effective immediately.
On March 16, 2022, Power REIT (“Power REIT” or the “Trust”), through its Board of Trustees acting pursuant to its bylaws, appointed Dionisio D’Aguilar, age 57, to the Board of Trustees effective immediately.
Max materiality 0.90 · Median 0.55 · Most common event other_material