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Power REIT (PW)

NYSE American - NYSE American Delayed Price. Currency in USD
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17.71-0.91 (-4.89%)
At close: 4:00PM EDT

19.00 +1.29 (7.28%)
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Commodity Channel Index

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Previous Close18.62
Open18.72
Bid0.00 x 900
Ask0.00 x 1400
Day's Range17.65 - 18.72
52 Week Range6.95 - 33.89
Volume25,321
Avg. Volume43,839
Market Cap36.666M
Beta (5Y Monthly)0.31
PE Ratio (TTM)33.93
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateJan 10, 2013
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • GlobeNewswire

    Power REIT Acquires Property for Cannabis Processing and Expansion of Existing Property in Highly Accretive Transactions

    Old Bethpage, New York, Sept. 18, 2020 (GLOBE NEWSWIRE) -- Power REIT (NYSE-AMEX: PW) (“Power REIT” or the “Trust”) today 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. A virtual tour of the recent status of the greenhouse construction can be accessed here: Sweet Dirt Virtual TourIn 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.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.The combined properties are expected to be one of the largest cannabis greenhouse cultivation and processing/distribution properties in the state of Maine upon completion of construction at both parcels. In addition, PropCo has the option to finance the construction of additional greenhouse cultivation space on the 505 Property for Sweet Dirt which is targeted for 2021.David Lesser, Power REIT’s Chairman and CEO, commented, “This transaction further strengthens our relationship with Sweet Dirt as we build out a multifaceted cannabis campus for them. Sweet Dirt has demonstrated that they can become a strong leader in the Maine regulated cannabis market. We are excited to support their tremendous growth efforts in the highly fragmented Maine market which is projected for tremendous growth.”Hughes Pope, Co-Founder of Sweet Dirt commented, “We are thrilled to have the continued confidence and support of Power REIT as we ramp up production to meet the growing demand from existing and future cannabis patients and consumers. The expansion of our cannabis campus in Eliot, Maine will allow us to deliver year-round, organically grown artisanal cannabis and a wide variety of premium cannabis derived products to the Maine market.”Jim Henry, CEO of Sweet Dirt, commented, “Power REIT is providing a real estate solution that enables us to move towards our vision of becoming a large-scale producer of the highest quality cannabis and cannabis related products in Maine. The addition of this state-of-the-art processing facility will allow us to capture significant market share for our products. This transaction with Power REIT allows us to accelerate our vertically integrated platform within Maine’s cannabis market which is poised for rapid growth. We are currently experiencing product shortages in Maine and Sweet Dirt looks forward to fulfilling a sizable portion of this demand. Upon completion later this year, we will have a state-of-the-art greenhouse that will feature exceptional performance to grow high-quality cannabis at a competitive cost.”Mr. Lesser commented, “We are pleased to be part of these and future Sweet Dirt transactions, that should position them as a dominant player in the Maine cannabis market. Upon completion of both parcels, Sweet Dirt will have the largest cannabis greenhouse cultivation facility in Maine and will also one of the few fully vertically integrated cannabis companies with greenhouse cultivation, processing, and retail sales. We also anticipate funding the expansion of Sweet Dirt’s greenhouse cultivation capacity on this newly acquired parcel of land in 2021 on similar economic terms.”Mr. Lesser continued, “Our existing portfolio of cannabis greenhouse properties are on track with respect to construction and rent payments. With an extensive acquisition pipeline, we feel optimistic that we will be able to deploy the remainder of the capital currently available for investment in the near term. Cannabis operators currently have limited access to capital sources which means that Power REIT should be able to deploy much needed capital at attractive risk adjusted returns.”Expansion of Sherman Lot 6, Ordway ColoradoIn addition to the Sweet Dirt transaction described above, Power REIT has agreed to fund the expansion of its property located in Ordway, Colorado (“Sherman 6”), a five-acre property owned by a subsidiary of Power REIT. Construction is largely complete on the 23,896 square foot greenhouse/processing facility that is currently operational and currently has approximately 1,800 cannabis plants growing onsite. Power REIT has agreed to fund the expansion of the greenhouse head-house by 2,520 square feet to accommodate additional processing space, for $151,301. In conjunction with this transaction, the original 20-year lease has been amended to provide additional straight-line rent of approximately $29,000 per year which translates to an approximately 19% yield.CORE FFO ASSUMPTIONSThe acquisition and expansion transactions are immediately accretive to CORE FFO by adding approximately $402,000 of straight-line rent that translates to incremental CORE FFO of approximately $0.21 per share per annum on a run rate basis. Omitting future available capital deployments, this transaction along with the other recently announced greenhouse related transactions should increase CORE FFO per share to approximately $1.76 per year on a run rate basis which compares to $0.56 prior to embarking on our updated business plan in July 2019. Assuming Power REIT deploys its existing available capital prior to the end of the year, the year-end “run-rate” for FFO per share should be in excess of $2.00 per share.As previously disclosed, Power REIT recently completed a $15.5 million debt financing at a rate of 4.62% which fully amortizes over a 35-year term. Approximately $12.1 million have now been earmarked to acquire assets and expand existing greenhouse cultivation properties. In addition to the transactions announced today, the remainder of the capital available for investment is anticipated to be deployed by Power REIT through an extensive acquisition pipeline of targeted CEA facilities in the form of greenhouses.Mr. Lesser, concluded “Since embarking on our new business plan in July 2019, which pivoted our focus specifically to Controlled Environment Agriculture (“CEA”) properties, Power REIT continues to prove out the benefits of this strategy through dramatic growth in CORE FFO. The combination of our relatively small size and the attractive rates of return that Power REIT is investing in greenhouse properties, translates to the potential for significant additional growth. At this point, Power REIT trades at a lower multiple than typical REITs while having a clear path to growth that far exceed the REIT market in general. We believe this represents a compelling investment opportunity with the potential for attractive risk adjusted returns.”STATEMENT ON SUSTAINABILITYPower REIT owns real estate related Controlled Environment Agriculture, Renewable Energy and Transportation.CEA Properties, such as greenhouses, provide an extremely environmentally friendly solution, which consume approximately 70% less energy than indoor growing operations that do not benefit from “free” sunlight. CEA facilities use 90% less water than field grown plants, and all of Power REIT’s greenhouse properties operate without the use of pesticides and avoid agricultural runoff of fertilizers and pesticides. These facilities cultivate medical Cannabis, which has been recommended to help manage a myriad of medical symptoms, including seizures and spasms, multiple sclerosis, post-traumatic stress disorder, migraines, arthritis, Parkinson's disease, and Alzheimer’s.Renewable Energy assets are comprised of land and infrastructure associated with utility scale solar farms. These projects produce power without the use of fossil fuels thereby lowering carbon emissions. The solar farms produce approximately 50,000,000 kWh of electricity annually which is enough to power approximately 4,600 home on a carbon free basis. Transportation assets are comprised of land associated with a railroad, an environmentally friendly mode of bulk transportation.ABOUT SWEET DIRTSweet Dirt is a Maine cannabis company and producer of organically grown cannabis and cannabis-infused products. The owners of Sweet Dirt produce organically grown medical cannabis and cannabis-infused products. The company’s focus on the creation of its proprietary soils and organic growing practices have earned it the MOGFA-certified clean cannabis designation achieved by fewer than 1% of all licensed cannabis growers in Maine. Additional information about Sweet Dirt can be found on its website: www.sweetdirt.comABOUT POWER REITPower REIT is a real estate investment trust (REIT) that owns real estate related to infrastructure assets including properties for Controlled Environment Agriculture, Renewable Energy and Transportation. Power REIT is actively seeking to expand its real estate portfolio related to Controlled Environment Agriculture and Renewable Energy. Additional information about Power REIT can be found on its website: www.pwreit.comCAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTSThis document includes forward-looking statements within the meaning of the U.S. securities laws. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. You can generally identify forward-looking statements as statements containing the words "believe," "expect," "will," "anticipate," "intend," "estimate," "project," "plan," "assume", "seek" or other similar expressions, or negatives of those expressions, although not all forward-looking statements contain these identifying words. All statements contained in this document regarding our future strategy, future operations, future prospects, the future of our industries and results that might be obtained by pursuing management's current or future plans and objectives are forward-looking statements. You should not place undue reliance on any forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our forward-looking statements are based on the information currently available to us and speak only as of the date of the filing of this document. Over time, our actual results, performance, financial condition or achievements may differ from the anticipated results, performance, financial condition or achievements that are expressed or implied by our forward-looking statements, and such differences may be significant and materially adverse to our security holders.CONACT:David H. Lesser, Chairman & CEOMary Jensen, Investor Relations dlesser@pwreit.com mary@irrealized.com  212-750-0371310-526-1707    301 Winding Road Old Bethpage, NY 11804  www.pwreit.com

  • GlobeNewswire

    POWER REIT PROVIDES COMPANY UPDATE

    More Diversified Organization, FFO Growth and Acquisitions Expected to Fuel Future GrowthOld Bethpage – New York, July 29, 2020 (GLOBE NEWSWIRE) -- Power REIT (NYSE AMEX: PW) (“Power REIT or the “Company”) today provided a company update on its financial results for the period ended, June 30, 2020 and acquisition and capital raising activities as well as its organizational structure.HIGHLIGHTS●Significantly grew net income and Core FFO in the second quarter driven by increases in rental income from newly acquired properties. ●Further progress on future acquisition transactions and sourcing non-dilutive capital sources. ●Further diversified its Board and Management team by adding Paula Poskon and Susan Hollander. FINANCIAL RESULTS AND FINANCING ACTIVITIESNet income available to common stockholders totaled approximately $410,000, for the three months ended June 30, 2020, or $0.21 per share compared with approximately $143,000, or $0.08 for the same period in 2019.Core Funds From Operations (“Core FFO”) totaled approximately $555,000 for the three months ended June 30, 2020, or $0.29 per diluted share, compared with approximately $256,000, or $0.14 per share for the same period in 2019.The Company is currently in various stages of negotiations on an active pipeline of acquisition opportunities that management believes could be highly accretive to Core FFO. In addition to its capital on hand, Power REIT is pursuing a variety of non-dilutive capital sources. More details regarding these transactions will be announced in due process.Commenting on the results and current initiatives, David Lesser, Chief Executive Officer stated, “We are pleased to welcome Ms. Poskon to our Board and formalize the role of Ms. Hollander as Chief Accounting Officer. We continue to execute on the strategic business plan we put into place in the middle of 2019 – focusing on Controlled Environment Agriculture (CEA) real estate investments in the form of greenhouses. Since implementing this strategy, we have acquired 6 CEA properties for the cultivation of medical cannabis as well as the announcement of two expansion projects related to these assets. This activity has favorably impacted Core FFO which has grown from $0.14 in the second quarter of 2019 to $0.29 in the second quarter of 2020 which represents growth of approximately 107%.”Mr. Lesser concluded, “Second quarter 2020 FFO was in line with the guidance provided in our investor presentation. We are optimistic that we can outperform the guidance for our run-rate FFO guidance going forward. We have a significant acquisition pipeline that is in various stages of negotiations and are working on a capital plan that is intended to create significant shareholder value. This dynamic growth to our Core FFO is a function of the attractive yields we can achieve investing in CEA properties and Power REIT’s relatively small size. We hope to continue this dramatic growth and believe our shares represent a compelling investment opportunity based on the current multiple we trade at combined with the potential for outsized growth.”INVESTMENT ACTIVITIESDuring the first half of 2020, the Company acquired four CEA real estate properties, aggregating approximately 101,000 square feet of green house and support space for the cultivation of medical cannabis. The total capital commitment related to these assets is $10 million. The assets have been acquired with attractive yields whereby Power REIT receives a full return of its investment over the first three years after an initial deferred rent period followed by an ongoing rental stream. The average yield based on straight-line rent for these acquisitions is in excess of 18%.Concurrent with these acquisitions, Power REIT has entered into “triple-net” leases that require each tenant to pay all property related expenses including maintenance, insurance and taxes. Each lease has a term of 20 years and provides two 5-year renewal options for the tenant with financial guarantees from affiliates of the tenant. The leases require each tenant to maintain a valid medical marijuana license and to operate in accordance with all municipal regulations in the state where they are located.PORTFOLIOThe current portfolio is comprised of: ●6 Controlled Environment Agriculture greenhouse facilities aggregating over 131,00 square feet;  ●7 solar farm ground leases totaling 601 acres; and  ●112 miles of railroad property POWER REIT’S INVESTMENT THESISPower REIT believes agricultural production is ripe for technological transformation and the industry is in the early stages of an agricultural venture capital boom that, among other things, will shift food production for certain crops from traditional outdoor farms to Controlled Environment Agriculture “plant factories.” Since a significant portion of any given CEA enterprise is real estate, the Company has identified a unique opportunity to participate in the upward trend of indoor agriculture.CEA for FoodCEA for food production is widely adopted in parts of Europe and is becoming an increasingly competitive alternative to traditional farming for a variety of reasons. CEA caters to consumer desires for sustainable and locally grown products. Locally grown indoor produce will have a longer shelf life as the plants are healthier and also travel shorter distances thereby reducing food waste. In addition, a controlled environment produces high-quality pesticide free products that eliminates seasonality and provides highly predictable output that can be used to simplify the supply chain to the grocer’s shelf.CEA for CannabisPower REIT is focused on investing in the cultivation and production side of the cannabis industry through the ownership of real estate. As such it is not directly in the cannabis business and also not even indirectly involved with facilities that sell cannabis directly to consumers. By serving as a landlord, Power REIT believes it can generate attractive risk adjusted returns related to the fast-growing cannabis industry, which is anticipated to offer a safer approach than investing directly in cannabis operating businesses.POWER REIT’S STATEMENT ON SUSTAINABILITYPower REIT owns real estate related to infrastructure assets including properties for Controlled Environment Agriculture (CEA Facilities), Renewable Energy and Transportation.CEA Facilities, such as greenhouses, provide an extremely environmentally friendly solution, which consume approximately 70% less energy than indoor growing operations that do not benefit from “free” sunlight. CEA facilities use 90% less water than field grown plants, and all of Power REIT’s greenhouse properties operate without the use of pesticides and avoid agricultural runoff of fertilizers and pesticides. These facilities cultivate medical Cannabis, which has been recommended to help manage a myriad of medical symptoms, including seizures and spasms, multiple sclerosis, post-traumatic stress disorder, migraines, arthritis, Parkinson’s disease, and Alzheimer’s.Renewable Energy assets are comprised of land and infrastructure associated with utility scale solar farms. These projects produce power without the use of fossil fuels thereby lowering carbon emissions. The solar farms produce approximately 50,000,000 kWh of electricity annually which is enough to power approximately 4,600 home on a carbon free basis.Transportation assets are comprised of land associated with a railroad, an environmentally friendly mode of bulk transportationBOARD AND MANAGEMENT ANNOUNCEMENTSDuring the first half of 2020, Power REIT enhanced and further diversified its Board and Management team.On July 28, 2020, the Board approved the appointment of Paula Poskon as a new independent Trustee. Ms. Poskon will serve as a financial expert and provide her 20+ years of real estate and capital markets expertise with a particular focus on real estate investment trusts. Ms. Poskon is the founder of STOV Advisory Services LLC (“STOV”) which offers consulting and advisory services to company executives and investors in the areas of real estate, capital markets, investor relations, and diversity and inclusion. Prior to forming STOV, Ms. Poskon was a Senior Vice President/Senior Real Estate Research Analyst at D.A. Davidson & Co., a full-service investment firm, having been hired to co-lead the launch of its real estate capital markets platform. Prior to that, Ms. Poskon was a Director and Senior Equity Research Analyst in Real Estate at Robert W. Baird & Co., Inc., a wealth management, capital markets, asset management and private equity firm. Prior to that, Ms. Poskon held several positions at Lehman Brothers, a global financial services firm. Ms. Poskon was named No. 3 on The Wall Street Journal’s “Best on the Street” among real estate analysts for 2009 and No. 2 among real estate analysts for stock picking in 2011 by StarMine. She graduated from the Wharton School at the University of Pennsylvania with a Bachelor of Science in Economics with a concentration in Accounting and a Master of Business Administration in Finance with a concentration in Strategic Management. Ms. Poskon is a frequent speaker at real estate industry conferences. Ms. Poskon currently serves as a Trustee of Wheeler Real Estate Investment Trust, Inc., having been elected by shareholders in 2019.On July 28, 2020, Susan Hollander was appointed to serve as Chief Accounting Officer of Power REIT. Ms. Hollander is responsible for strategic accounting, compliance and financial reporting functions including SEC and statutory filings. Ms. Hollander has been working with our CEO, David Lesser, since 2017 in various capacities across several entities and is increasingly focusing her efforts on Power REIT. Prior to that, Ms. Hollander was Controller at Boston Provident, LP, a long-short, multi asset hedge fund specializing in the financial services industry for over 22 years where she focused primarily on financial reporting, trading operations, fund accounting and performance reporting. Ms. Hollander has more than 30 years of accounting, finance and tax experience, primarily within the financial services/real estate industry. In addition, Ms. Hollander has public company reporting expertise. Ms. Hollander graduated from Binghamton University, State University of New York with a Bachelor of Science in Economics.ABOUT POWER REITPower REIT is a real estate investment trust that owns real estate related to infrastructure assets including properties for Controlled Environment Agriculture, Renewable Energy and Transportation. Power REIT is actively seeking to expand its real estate portfolio related to Controlled Environment Agriculture for the cultivation of food and cannabis.ADDITIONAL INFORMATIONFurther details regarding Power REIT’s consolidated results of operations and financial condition for all current and previous reporting periods are contained in the Company’s filings with the Securities and Exchange Commission, which can be viewed at the Company’s website at www.pwreit.com under the Investor Relations section, and in EDGAR on the SEC’s website, www.sec.gov.FORWARD-LOOKING STATEMENTSThis document may contain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. You can usually identify forward-looking statements as containing the words “believe,” “expect,” “will,” “anticipate,” “intend,” “estimate,” “would,” “should,” “project,” “plan,” “assume” or other similar expressions, or negatives of those expressions, although not all forward-looking statements contain these identifying words. All statements contained in this document regarding Power REIT’s future strategy, future operations, projected financial position, estimated future revenues, projected costs, future prospects, the future of Power REIT’s industries and results that might be obtained by pursuing management’s current or future objectives are forward-looking statements. Over time, Power REIT’s actual results, performance, financial condition or achievements may differ from the anticipated results, performance, financial condition or achievements that are expressed or implied in Power REIT’s forward-looking statements, and such differences may be significant and materially adverse to Power REIT and its security holders.All forward-looking statements reflect Power REIT’s good-faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Power REIT disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except to the extent required by law. For a further discussion of factors that could cause Power REIT’s future results or financial condition to differ materially from anything expressed or implied in its forward-looking statements, see the sections entitled “Risk Factors” in Power REIT’s registration statements and quarterly and annual reports as filed by Power REIT from time to time with the Securities and Exchange Commission.NON-GAAP FINANCIAL MEASURESThis document contains supplemental financial measures that are not calculated pursuant to U.S. generally accepted accounting principles (“GAAP”), including the measure identified by us as Core Funds From Operations Available to Common Shares (“Core FFO”). Management believes that Core FFO is a useful supplemental measure of the Company’s operating performance. Management believes that alternative measures of performance, such as net income computed under GAAP, or Funds From Operations computed in accordance with the definition used by the National Association of Real Estate Investment Trusts (“NAREIT”), include certain financial items that are not indicative of the results provided by the Company’s asset portfolio and inappropriately affect the comparability of the Company’s period-over-period performance. These items include non-recurring expenses, such as those incurred in connection with litigation, one-time upfront acquisition expenses that are not capitalized under ASC-805 and certain non-cash expenses, including non-cash, stock-based compensation expense. Therefore, management uses Core FFO and defines it as net income excluding such items. Management believes that, for the foregoing reasons, these adjustments to net income are appropriate. The Company believes that Core FFO is a useful supplemental measure for the investing community to employ, including when comparing the Company to other REITs that disclose similarly adjusted FFO figures, and when analyzing changes in the Company’s performance over time. Readers are cautioned that other REITs may use different adjustments to their GAAP financial measures than we do, and that as a result the Company’s Core FFO may not be comparable to the FFO measures used by other REITs or to other non-GAAP or GAAP financial measures used by REITs or other companies.Investor Contacts: 212.750.0371 ir@pwreit.com Website | www.pwreit.com

  • GlobeNewswire

    Power REIT Acquires Greenhouse Property for Cannabis Cultivation and Processing in Maine in Highly Accretive Transaction

    Simultaneous with the acquisition, PropCo entered into a lease with an operator (“Sweet Dirt”) that is licensed for medical cannabis cultivation, processing and distribution at the property (“Tenant”). As part of the acquisition, PropCo will reimburse Tenant for $950,000 of the approximately $1.5 million Sweet Dirt has incurred to date related to the construction and will fund up to approximately $2.97 million of costs to complete the construction. Accordingly, Power REIT’s total investment in the property is approximately $4.92 million which translates to approximately $138 per square foot for a state of the art Controlled Environment Agriculture Greenhouse (“CEAG”).