Power REIT (NYSEAMERICAN:PW) has reported first-quarter 2021 earnings per share of $0.33, a 275% year-over-year increase as the company continued to make accretive acquisitions to boost its bottom line.
The REIT also said its Core Funds from Operations (FFO) increased by 142% year over year to $0.46 per share.
“Power REIT made significant progress during the quarter by completing a Rights Offering that allowed existing investors to participate at an attractive stage of our growth trajectory,” Power REIT CEO David Lesser said in a statement.
READ: Power REIT buys Colorado properties for sustainable cannabis cultivation
“As we deploy the capital raised in additional accretive acquisitions, we also continue to explore non-dilutive capital sources to fund our growth in an effort to create ongoing shareholder value,” Lesser added.
“We believe our potential growth rate driven by acquisitions combined with a relatively low forward Core FFO multiple provides a compelling value proposition for investors.“
The company noted that it has been able to realize “dynamic“ growth due to the attractive yields it is able to achieve with its strategic Controlled Environment Agriculture (CEA) investments.
As well, Power REIT said it has an “active“ pipeline of acquisitions and hopes to announce additional activity in the near future.
The company ended the quarter with cash and equivalents of about $37 million as of March 31, 2021, up from $5.6 million at the end of December.
Power REIT is a specialized real estate investment trust (REIT) that owns sustainable real estate related to infrastructure assets, including properties for controlled environment agriculture (greenhouses for the cultivation of food and cannabis), renewable energy, and transportation.
The company also boasts an acquisition pipeline in excess of $100 million at various stages of negotiations.
Contact Sean at sean@proactiveinvestors.com