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Old Bethpage, New York, November 4, 2021 (Global News Service)-Power REIT (New York Stock Exchange-American Stock Exchange: PW and PW.PRA) ("Power REIT" or "Trust") today Announced the completion of the lease amendment ("Amendment") to provide funding for additional improvements to its greenhouse planting facility ("Property") in Marengo Township, Michigan. According to the amendment, Power REIT will fund additional improvements to the property under the same economic terms as the original lease. Power REIT's capital commitment related to additional budget items is approximately US$4.1 million, which will increase the straight-line annual rent by approximately US$830,000, which is equivalent to an unlevered core FFO rate of return of approximately 20%.
Including the additional funds announced today, Power REIT’s total capital commitment is approximately US$25.6 million for the purchase and improvement of 556,146 square feet of greenhouse and processing space. The 20-year "Three Networks" lease aims to provide a straight-line annual rent of approximately US$5.1 million, which represents an unlevered core FFO yield of approximately 20% of Power REIT's investment capital.
The property is leased to Marengo Cannabis LLC, which is a wholly-owned subsidiary of Millennium Cannabis LLC, which is a wholly-owned subsidiary of Millennium Investment & Acquisition Company (stock code: MILC). David Lesser is the Chairman and CEO of Power REIT and the Chairman and CEO of Millennium Investment & Acquisition Company.
Additional projects in the second phase of facility improvement focused on transitioning facilities from pepper cultivation to hemp cultivation. Greenhouse upgrades include air circulation fans, exhaust fans with carbon filters, and the installation of upgraded greenhouse automation systems. The existing energy curtain will be replaced, and a blackout curtain will be added to optimize the photoperiod control required for greenhouse cannabis cultivation. The three-quarter acre greenhouse will be transformed into a nursery space close to the new state-of-the-art breeding room currently under construction. The construction of fourteen dedicated spaces combined with precise energy-saving environmental control equipment will ensure the best conditions for drying and curing the critical stage of harvesting plants. The appendix to this lease also includes other general improvements and office space upgrades, headquarters upgrades, and the installation of video surveillance and other security systems.
The amendments envisaged in the original lease are currently being improved. The surrounding security fences, site leveling, entrances and exits and parking lots are about to be completed. The fire isolation between the head room and post-production has been established, and the construction of the breeding room is underway. Jared Schrader, President of Millennium Cannabis, commented: “We are very satisfied with the speed of construction of the Marengo project in Michigan. The funding provided by the lease amendment will allow us to continue the construction progress and our income channels. The approval at the township level is progressing well and we It has been approved by the planning committee and is currently working with Michigan and the town of Marengo to formulate the next steps for the final site plan. Permits are proceeding as expected, and we hope to start planting plants in early 2022."
In September 2021, the Michigan Marijuana Regulatory Agency ("MMRA") reported that the sales of regulated cannabis products were $161,339,691 (medical and adult use), an increase of 52.4% year-on-year. Flower prices in Michigan remain strong at US$3,064 (MMRA). As sales continue to grow, total sales in 2021 are expected to reach US$2 billion.
David Lesser, Chairman and CEO of Power REIT, commented: "We are pleased with the progress made since the acquisition of the property, and we believe this will become the largest cannabis cultivation facility in Michigan. The Michigan market remains Very strong, we believe that Millennium Cannabis is making plans to become a low-cost large-scale producer of cannabis-related products in the Michigan market. We believe that we have acquired the property in an attractive way, and once it is operational, it should provide competition for Millennium Cannabis Advantage. This transaction represents the latest example of Power REIT’s ability to deploy capital on a high value-added basis."
Power REIT owns real estate related to infrastructure assets, including real estate for controlled environment agricultural facilities, with a focus on greenhouses, renewable energy and transportation.
The CEA facility in the form of a greenhouse provides an extremely environmentally friendly solution that consumes approximately 70% less energy than indoor planting operations that do not benefit from "free" sunlight. The greenhouse uses 90% less water than the plants grown in the field, and all of Power REIT's greenhouse assets operate without pesticides and avoid agricultural runoff from fertilizers and pesticides. These facilities cultivate medical marijuana and have been recommended to help control countless medical symptoms, including epilepsy and convulsions, multiple sclerosis, post-traumatic stress disorder, migraine, arthritis, Parkinson’s disease, and Alzheimer’s disease .
Renewable energy assets include land and infrastructure related to utility-scale solar farms. These projects generate electricity without using fossil fuels, thereby reducing carbon emissions. The solar farm generates approximately 50,000,000 kilowatt-hours of electricity each year, enough to power approximately 4,600 households on a carbon-free basis.
Transportation assets include railway-related land, which is an environmentally friendly bulk transportation method.
Power REIT focuses on the "triple bottom line" and its commitment to profit, the planet and humanity. It is a professional real estate investment trust (REIT) that owns sustainable real estate related to infrastructure assets, including controlled environment agriculture and renewable energy. Property and transportation. Power REIT is actively seeking to expand its real estate portfolio related to controlled environment agriculture in the form of greenhouses to grow food and hemp.
For more information about Power REIT, please visit its website: www.pwreit.com
About Millennium Investment & Acquisition Co., Ltd.
Millennium Investment and Acquisition Co. Inc. (stock code: MILC) is an internally managed, non-diversified, closed investment company. During 2020, MILC announced that it is seeking to deregister as an investment company regulated by the Investment Company Act of 1940. MILC is currently seeking an order from the US Securities and Exchange Commission to announce that it is no longer an investment company because it is no longer an investment company that fits the definition of positioning itself as a securities investment, but instead focuses on direct investment in operational businesses.
MILC is currently focusing on opportunities for sustainable cannabis cultivation in greenhouses and sustainable production of activated carbon.
For more information about MILC, please visit its website: www.millinvestment.com
Warning statement regarding forward-looking statements
This document contains forward-looking statements within the meaning of US securities laws. Forward-looking statements are statements that predict or describe future events or trends and are not only related to historical events. You can generally identify forward-looking statements as containing “believes”, “expects”, “will”, “anticipates”, “intends”, “estimates”, “projects”, “plans”, “assumptions”, “seeks” or Other similar expressions, or the negation of these 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 industry, and the results that may be obtained by pursuing management's current or future plans and goals are forward-looking statements. You should not rely excessively 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 information currently available to us and will only be published on the date of submission of this document. Over time, our actual results, performance, financial condition or achievements may differ from the expected results, performance, financial condition or achievements expressed or implied in our forward-looking statements, and such differences may have a significant impact on our safety Holder.
David H. Lesser, Chairman and Chief Executive Officer
301 Winding Road Old Bethpage, NY 11804
London, December 6, 2021-Form 8.3 Purchase Amendment
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London, December 6, 2021-Form 8.3-Sales Amendment
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