Power REIT announced that it has acquired a 3.0 acre property in York County, Maine for $400,000 through a wholly owned subsidiary (“PropCo”). The Property is adjacent to a property (the “495 Property”) that was acquired by PropCo on May 15, 2020 that is leased to “Sweet Dirt” as the operator. The 495 Property has a 32,800 square-foot greenhouse that is under active construction and is on track for completion by the end of 2020. It also has a 2,800 square foot processing/distribution building with construction recently completed. Sweet Dirt’s owners are authorized by the state of Maine for medical cannabis cultivation, processing and distribution at the 495 Property and will secure an additional cannabis processing license for the 495 Property before construction is completed. As part of the acquisition, the existing triple net lease is being amended whereby PropCo 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. The lease amendment is structured to provide straight-line annual rent of approximately $373,000 which is an FFO yield of approximately 19% on the incremental invested capital.