Item 1.01. Entry into a Material Definitive Agreement.
On
As part of the agreement,
The Lease is structured whereby after an initial deferred rent period to allow for construction of the facilities, the rental payments provide PropCo with a full return of its original invested capital over the next three years and thereafter, provides an approximately 13.3% return increasing 3% rate per annum.
The foregoing descriptions of the lease does not purport to be complete and are qualified in its entirety by reference to the complete text of the Lease, a copy of which is attached hereto as Exhibit 10.1 and is incorporated into this Current Report on Form 8-K by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets.
On
Item 7.01 Regulation FD Disclosure.
On
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit Description of Exhibit 10.1 Lease Agreement withPSP Management LLC 99.1 Power REIT Press Release issued onOctober 16, 2020 Forward-Looking Statements
Some of the information in this press release contains forward-looking
statements and within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
When used in this press release, words such as "believe," "expect,"
"anticipate," "estimate," "plan," "continue," "intend," "should," "may,"
"target," or similar expressions, are intended to identify such forward-looking
statements. Forward-looking statements are subject to significant risks and
uncertainties. Investors are cautioned against placing undue reliance on such
statements. Actual results may differ materially from those set forth in the
forward-looking statements. Factors that could cause actual results to differ
materially from those described in the forward-looking statements include those
discussed under the caption "Risk Factors" included in our Annual Report on Form
10-K for our fiscal year ended
Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. We disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.
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