Power REIT announced that it has acquired a 10-acre property in Crowley County, Colorado through a wholly owned subsidiary. The Property will include the construction of a 12,000 square foot greenhouse space and 12,880 square feet of support buildings and infrastructure that will be funded by Power REIT for a total capital commitment of approximately $2.9 million. Power REIT has strategically located greenhouse investments across Southern Colorado with over 83 acres comprised of 383,328 square feet of Controlled Environmental Agricultural (CEA) facilities in the form of greenhouses. This entire portfolio is currently leased to operators who are licensed for the cultivation of regulated cannabis at the properties. Concurrent with the acquisition, PropCo entered into a 20-year triple-net lease (the Lease) with JKL2 Inc. (JKL2), which will operate the Property as a cannabis cultivation facility. The Lease requires JKL2 to pay all property related expenses including maintenance, insurance, and taxes. After the initial 20-year term, the Lease provides two, five-year renewal options and has personal guarantees from the owners of JKL2. As mandated by the Lease, JKL2 will maintain a medical marijuana license and will operate in accordance with all Colorado and municipal regulations. The Lease also prohibits the retail sale of cannabis at the Property. After an initial deferred rent period to allow for construction, the Lease stipulates rental payments that provide PropCo with a full return of its invested capital over the next 36 months, and thereafter, provides an approximately 13% yield increasing thereafter at a rate of 3% per annum. The Lease, as structured, provides straight-line annual rent of approximately $546,000, representing an unleveraged Core FFO yield of approximately 18.8% on the invested capital.