POWER REIT PROVIDES CORPORATE UPDATE
Retrieved on:
Friday, August 12, 2022
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Old Bethpage, New York, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Power REIT (NYSE-AMEX: PW and PW.PRA) (“Power REIT” or the “Trust”), with a focused “Triple Bottom Line” strategy and a commitment to people, planet, and profit, is providing information regarding its quarterly financial performance, cannabis licensing at is Michigan greenhouse property and other portfolio updates. The information provided below includes highlights from its quarterly report and current business activities as reported on its Form 10Q filed with the SEC.
Key Points:
- The amendment was structured to maintain the same level of straight-line accounting for rent for Power REIT.
- Once there is more certainty around the timing of the ability of the tenant to pay rent, Power REIT will resume recognition of revenue.
- As previously announced, Power REIT entered into a Debt Facility with initial availability of $20 million with a 5.52% fixed interest rate.
- Additional information about Power REIT can be found on its website: www.pwreit.com
This document includes forward-looking statements within the meaning of the U.S. securities laws.