Power REIT (AMEX:PW) acquired 505 Property for $0.4 million on September 18, 2020. In acquiring the 505 Property, Power REIT exercised an option it received at the time of the acquisition of the 495 Property back in May 15, 2020. Concurrent with the acquisition, Power REIT amended the lease with Sweet Dirt whereby the lease will cover both properties and Power REIT will fund the construction of an additional approximately 9,900 square feet of processing space and the renovation of an existing approximately 2,738 square foot building on the 505 Property. The completion of construction on the 505 Property is targeted for the Summer of 2021. As part of the acquisition, the existing triple net lease is being amended whereby Power REIT will fund approximately $1.56 million of costs to complete the construction. Accordingly, Power REIT’s total investment in the 505 Property is approximately $1.96 million. In addition, Power REIT has the option to finance the construction of additional greenhouse cultivation space on the 505 Property for Sweet Dirt which is targeted for 2021. The acquisition and expansion transactions are immediately accretive to CORE FFO by adding approximately $402,000 of straight-line rent that translates to incremental CORE FFO of approximately $0.21 per share per annum on a run rate basis. Power REIT (AMEX:PW) completed the acquisition of 505 Property on September 18, 2020.