Key Developments: Power REIT (PW)
10.40USD
24 May 2013
$-0.20 (-1.89%)
$10.60
$10.55
$10.60
$10.35
14,414
3,226
$11.41
$6.90
Latest Key Developments (Source: Significant Developments)
Power REIT Announces Acquisition Of Interest In Solar Farms And Dividend Declaration
Power REIT announced that it closed on its acquisition of a fee-simple interest in land beneath one of the operational solar farms in New England. The transaction consists of a $1.0 million investment in approximately 54 acres of fee-simple land (the Property) supporting a 5.7MW solar farm in Salisbury, Massachusetts (Salisbury Solar Farm). Salisbury Solar Farm is an affiliate of a $282 million solar fund that is managed by Capital Dynamics, Inc. The solar project consists of approximately 25,000 solar panels, supporting equipment and infrastructure, including interconnection to the grid via a transmission line that runs along the edge of Power REIT's Property. Power REIT formed a wholly owned subsidiary, PW Salisbury Solar, LLC (PWSS) for the purposes of acquiring the property (PWSS and Power REIT collectively referred to as Power REIT). In order to complete the acquisition of the Property, Power REIT received an $800,000 bridge loan (Bridge Loan) from Hudson Bay Partners, LP, an affiliate of Chairman and CEO, David H. Lesser. In addition to announcing the acquisition, the board of trustees declared a dividend of $0.10 per share, payable on January 25, 2013 to shareholders of record as of January 14, 2013. Full Article
Power REIT Announces Declaration Of Cash Dividend-Form 8-K
Power REIT reported in its Form 8-K that On September 13, 2012, the Company announced the declaration of a cash dividend of $ 0.10 per common share payable on October 5, 2012 to shareholders of record as of September 24, 2012. Full Article
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