STABLE QUARTERLY FFO WITH POTENTIAL FOR SIGNIFICANT INTERNAL GROWTH
PROGRESS WITH RESPECT TO MICHIGAN GREENHOUSE CANNABIS LICENSING
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.
Q2 -2022 FINANCIAL HIGHLIGHTS
- During the second quarter of 2022, the Trust reported Core FFO of $0.41 per share compared to Core FFO per share of $0.51 for the comparable period in 2021.
- Core FFO for the period ended June 30, 2022, of $0.41 per share compares to $0.40 per share for the quarter ended March 31, 2022.
Commenting on the results and Q2-2022 achievements, David Lesser, Chief Executive Officer stated, “Power REIT is currently focused on greenhouse as a unique real estate asset class as a sustainable solution for the cultivation of certain crops. Since pivoting to focus on greenhouses, we have acquired approximately 2.2 million square feet of which approximately 51% is currently focused on food cultivation and 49% is currently focused on cannabis cultivation. We recently acquired a 1.1…
