On October 15, 2020, Power REIT (‘Power REIT’ or the ‘Trust’), through a wholly owned subsidiary of the Trust (‘PropCo’), in connection with the acquisition of two properties totaling 4.46 acres located in Crowley County, Colorado (the ‘Properties’), entered into a triple-net lease (the ‘Lease’) with PSP Management LLC (the ‘Tenant’). The Lease provides that the Tenant is responsible for paying all expenses related to the Properties, including maintenance expenses, completed the insurance and taxes. The Lease requires the Tenant to maintain a medical cannabis license and operate in accordance with all Maine regulations with respect to its operations. As part of the agreement, Power REIT agreed to fund the construction of an approximately 34,000 square foot greenhouse/processing facility on the Properties for a total capital commitment of $3.1 million. The Lease is structured whereby after an initial deferred rent period to allow for construction of the facilities, the rental payments provide PropCo with a full return of its original invested capital over the next three years and thereafter, provides an approximately 13.3% return increasing 3% rate per annum.