Current Report Filing (8-k)
09 Janeiro 2023 - 8:04AM
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2023-01-06
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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): January 6, 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
January 6, 2023, a wholly owned subsidiary of Power REIT sold its interest in five ground leases related to utility scale solar
farms located in Tulare County, California for gross proceeds of $2.5 million. The purchaser is an unaffiliated third party and the
price was established based on an arm’s length negotiation. The properties were acquired by Power REIT in 2013 for
$1,550,000.
The
sale of the Tulare solar ground leases is part of a strategic review by Power REIT as it continues to evaluate alternatives to enhance
liquidity and improve opportunities for the Trust. Power REIT has 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 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
pressure on a number of our tenants. 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.
|
POWER
REIT
|
| |
|
|
| Date:
January 9, 2023 |
By |
/s/
David H. Lesser |
| |
|
David
H. Lesser
Chairman
of the Board and Chief Executive Officer |
Power REIT (AMEX:PW)
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