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Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

8. SUBSEQUENT EVENTS

 

On October 16, 2020, the Registrant declared a quarterly dividend of $0.484375 per share on Power REIT’s 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock payable on December 15, 2020 to shareholders of record on November 1, 2020.

 

On October 15, 2020, through a newly formed wholly owned subsidiary, PW CO CanRE MF, LLC (“Propco”), Power REIT completed the acquisition of two properties in southern Colorado (the “MF Properties”). One parcel is 2.37 acres and the other parcel is 2.09 acres. The purchase price plus acquisition expenses of $150,513 was paid with existing working capital. As part of the transaction, the Trust agreed to fund the construction of a 33,744 square foot greenhouse and processing facility for a total capital commitment of approximately $3,060,000.