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OFFON

POWER REIT

(PW)
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PropCo Enters 20-Year Triple-Net Lease with Marengo Cannabis LLC

09/09/2021 | 11:13am EDT

Power REIT announced that a wholly owned subsidiary PropCo entered a 20-year “triple-net” lease (the “Lease”) with Marengo Cannabis LLC, a wholly owned subsidiary of Millennium Cannabis LLC (“Millennium Cannabis”), allowing use of the Property as a cannabis cultivation and processing facility. The Lease requires Millennium Cannabis 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 a guarantee from Millennium Cannabis LLC. As mandated by the Lease, Millennium Cannabis will maintain a medical marijuana license and will operate in accordance with all Michigan and municipal regulations. The Lease also prohibits the retail sale of cannabis at the Property. After an initial deferred rent period to allow for renovations, the Lease stipulates rental payments that provide PropCo with a full return of its invested capital over the next three years, and thereafter, provides an approximately 14.7% yield increasing thereafter at a rate of 3% per annum. The Lease, as structured, provides straight-line annual rent of approximately $4.3 million, representing an unleveraged Core FFO yield of approximately 20% on the invested capital.


© 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 3,66%
Capitalization 176 M 176 M -
Capi. / Sales 2021 18,1x
Capi. / Sales 2022 11,9x
Nbr of Employees 3
Free-Float 68,3%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 52,95 $
Average target price 63,00 $
Spread / Average Target 19,0%
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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