Bankruptcy: Power REIT

Form Type: 8-K

Filing Date: 2025-04-15

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000164117225004829

Filing Summary: Power REIT filed Form 8-K to report on issues related to its controlled environment agriculture properties known as the Greenhouse Portfolio. This portfolio, predominantly used for growing produce and cannabis, has been non-performing with substantial vacancy and significant property-related expenses incurred without revenue. A loan secured against this portfolio went into default, leading to litigation and foreclosure actions from the lender. The company managed to settle these issues by providing deeds-in-lieu of foreclosure for two properties in Michigan and Nebraska, resulting in the write-off of those properties and relieving ongoing maintenance costs. Power REIT will retain management of certain other properties while exploring options for restructuring and dealing with distressed real estate situations.

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