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Power REIT
Power REIT, led by David Lesser, is a publicly traded REIT specializing in triple-net leased greenhouses for controlled-environment agriculture.
Power REIT
Power REIT operates as a real estate investment trust listed on the NYSE American exchange under the ticker 'PW'. Founded by David Lesser, who serves as Chairman and Chief Executive Officer, the REIT pivoted sharply from legacy railroad and transportation assets into a specialized property-focused strategy. That strategy centers on acquiring and leasing controlled-environment agriculture facilities, primarily greenhouses, through long-term triple-net lease structures. The REIT's investment posture is tightly concentrated. It deploys capital almost exclusively into real estate tied to indoor cannabis cultivation and, more recently, food-focused greenhouse operations. Lease structures are typically 20 years with tenant responsibility for all property costs, insurance, and maintenance. The portfolio has included properties leased to cannabis operators in states such as Colorado, Maine, and Massachusetts (per public record). Power REIT also selectively finances property improvements for tenants through structured loans secured by the real estate, blending elements of direct credit with its core leasing model. The firm maintains a lean operating structure with no disclosed external management contract. David Lesser controls the strategic direction as both board chair and CEO. In recent periods, the REIT has faced tenant credit risk — a structural feature of its single-sector focus — and has moved to restructure leases and take back properties when operators default. May 2024: Power REIT concluded a definitive agreement to acquire a portfolio of agricultural properties for food-focused controlled-environment agriculture, signaling a diversification push beyond cannabis-tenanted assets (per the firm, May 2024). What distinguishes Power REIT from broad-based property trusts is its complete exposure to a single sub-sector within specialty agriculture. This concentration transforms the REIT from a passive landlord into a proxy for the operational and regulatory health of the cannabis sector. The triple-net lease structure limits operational liability but ties the REIT's credit quality entirely to tenant performance, making it a relatively pure vehicle for investors seeking exposure to cannabis real estate without owning plant-touching operations.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
—
Corporate office
—
Principals
David H. Lesser
Chairman and CEO
Sector focus
Frequently asked questions
What is Power REIT's core investment strategy?
Power REIT acquires and finances controlled-environment agriculture properties, primarily greenhouses, and leases them to operators under long-term triple-net leases. The portfolio has historically been weighted toward cannabis cultivation facilities but is expanding into food-focused greenhouse assets. Triple-net leases require tenants to cover all operating costs, taxes, and insurance, reducing the REIT's direct operational burden.
Who makes investment decisions at Power REIT?
David H. Lesser, the REIT's founder, serves as Chairman and Chief Executive Officer and directs the firm's investment strategy. Power REIT is internally managed, meaning it does not pay management fees to an external advisor — a structure that aligns management more directly with shareholders but concentrates decision-making authority in a small team.
How does Power REIT differ from cannabis operators?
Power REIT is structured as a property owner and landlord, not a plant-touching cannabis operator. It does not cultivate, process, or sell cannabis. This design separates the REIT from regulatory risk tied to plant handling while still generating revenue from the cannabis supply chain. However, tenant creditworthiness remains tightly linked to the health of the cannabis market.
Where are Power REIT's properties located?
The REIT's disclosed properties are concentrated in states with regulated cannabis programs, including Colorado, Maine, and Massachusetts. The recent push into food-focused greenhouse acquisitions may expand the geographic and regulatory footprint beyond cannabis-dependent jurisdictions.
What is the REIT's posture on tenant credit risk?
Because Power REIT's revenue is derived almost entirely from a small number of triple-net leases to cannabis operators, tenant defaults have a disproportionate impact. The REIT has restructured leases and taken back properties when tenants have been unable to pay. This risk is inherent in its concentrated single-sector model.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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