false 0001532619 0001532619 2023-11-01 2023-11-01 0001532619 PW:CommonSharesMember 2023-11-01 2023-11-01 0001532619 PW:Sec7.75SeriesCumulativeRedeemablePerpetualPreferredStockLiquidationPreference25PerShareMember 2023-11-01 2023-11-01 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): November 1, 2023

 

POWER REIT

(Exact name of registrant as specified in its charter)

 

Maryland

(State or other jurisdiction of incorporation)

 

001-36312

(Commission File Number)

 

45-3116572

(IRS Employer Identification No.)

 

301 Winding Road

Old Bethpage, NY 11804

(Address of principal executive offices and Zip Code)

 

Registrant’s telephone number, including area code: (212) 750-0371

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

  Title of Each Class   Trading Symbol   Name of Each Exchange on Which Registered
  Common Shares   PW   NYSE (American)
           
  7.75% Series A Cumulative Redeemable Perpetual Preferred Stock, Liquidation Preference $25 per Share   PW.A   NYSE (American)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 
 

 

Item 2.01 – Completion of Acquisition or Disposition of Assets

 

On November 1, 2023, a wholly owned subsidiary of Power REIT (“PW SD”) sold its interest in a cannabis related greenhouse cultivation facility located in Maine to an affiliate of its tenant. As previously announced, PW SD had entered into a Purchase and Sale Agreement related to this property that has been renegotiated based on current circumstances as part of proceeding towards closing.

 

The sale price was $4,250,000. As part of the transaction, PW SD has provided an $850,000 note with an 8.5% interest rate that will accrue until maturity on October 30, 2025. The note is secured by a second mortgage on the property and certain corporate and personal guarantees.

 

The sale of the Sweet Dirt property is part of a strategic review by Power REIT as it continues to evaluate alternatives to enhance liquidity and improve opportunities. In 2019, Power REIT shifted its focus 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 tenants. 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 financial pressure on our tenants including Sweet Dirt. We continue to work through tenant 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.

 

Date: November 1, 2023 POWER REIT
   
  By /s/ David H. Lesser
    David H. Lesser
    Chairman of the Board and Chief Executive Officer

 

 

 

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Cover
Nov. 01, 2023
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 01, 2023
Entity File Number 001-36312
Entity Registrant Name POWER REIT
Entity Central Index Key 0001532619
Entity Tax Identification Number 45-3116572
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 301 Winding Road
Entity Address, City or Town Old Bethpage
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11804
City Area Code (212)
Local Phone Number 750-0371
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Shares  
Title of 12(b) Security Common Shares
Trading Symbol PW
7.75% Series A Cumulative Redeemable Perpetual Preferred Stock, Liquidation Preference $25 per Share  
Title of 12(b) Security 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock, Liquidation Preference $25 per Share
Trading Symbol PW.A
Security Exchange Name NYSE
Power REIT (AMEX:PW-A)
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Power REIT (AMEX:PW-A)
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