UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.01 – Completion of Acquisition or Disposition of Assets
On January 30, 2024, a wholly owned subsidiary of Power REIT sold its interest in a ground lease related to utility scale solar farms located in Salisbury, Mass. for gross proceeds of $1.2 million. The purchaser is an unaffiliated third party and the price was established based on an arm’s length negotiation.
The sale of this property is part of a strategic review by Power REIT. In 2019, Power REIT shifted its to Controlled Environment Agriculture in the form of greenhouses as a technology based real estate opportunity. Power REIT has significant exposure to cannabis cultivation related properties. The market for cannabis at the wholesale level in many markets across the United States has gone through a dramatic change which has put significant pressure the ability of these properties to generate cash flow. We are continuing to work through issues and are exploring options intended to create shareholder value including, but not limited to, additional asset sales.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| POWER REIT | ||
Date: January 31, 2024 |
By |
/s/ David H. Lesser |
David H. Lesser | ||
| Chairman of the Board and Chief Executive Officer | ||