Power REIT announced that it has acquired a 3.0 acre property in York County, Maine (the “505 Property”) 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. In acquiring the 505 Property, PropCo exercised an option it received at the time of the acquisition of the 495 Property. Concurrent with the acquisition, PropCo amended the lease with Sweet Dirt whereby the lease will cover both properties and PropCo will fund the construction of an additional approximately 9,900 square feet of processing space and the renovation of an existing approximately 2,738 square foot building on the 505 Property. The completion of construction on the 505 Property is targeted for the Summer of 2021.