On April 1, 2022, Power REIT announced that it entered into a 10-year triple-net lease with a wholly owned subsidiary of Millennium Sustainable Ventures Corp. through a wholly owned subsidiary of the Trust, in connection with the acquisition of an 88-acre property located in O'Neill, Nebraska. The Lease provides that the Tenant is responsible for paying all expenses related to the Property, including maintenance expenses, insurance, and taxes.

As part of the Lease, Power REIT agreed to fund approximately $534,000 of property improvements. The Lease is structured whereby after an initial deferred rent period, provides straight-line annual rent of approximately $1.0 million, representing an unleveraged Core FFO yield of approximately 11% on the invested capital.