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POWER REIT

(PW)
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Power REIT Expands Its Colorado Controlled Environment Agriculture Footprint in Highly Accretive Transaction

06/21/2021 | 01:25pm EDT

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.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 9,71 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 3,75%
Capitalization 172 M 172 M -
Capi. / Sales 2021 17,7x
Capi. / Sales 2022 11,7x
Nbr of Employees 3
Free-Float 68,3%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 51,69 $
Average target price 63,00 $
Spread / Average Target 21,9%
Managers and Directors
David H. Lesser Chairman-Trustees Board, CEO, CFO & Secretary
Virgil E. Wenger Independent Trustee
Patrick R. Haynes Independent Trustee
William S. Susman Independent Trustee
Paula Jean Poskon Independent Trustee
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