We will pay cumulative dividends on our Series A Preferred Stock in the amount of $1.9375 per share each year, which is the equivalent of 7.75% per year of the $25.00 liquidation preference per share. Dividends on our Series A Preferred Stock will be payable quarterly in arrears on the 15th day of March, June, September and December of each year, commencing June 15, 2014, to holders of record on the applicable record date. The Series A Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased.
Except in limited circumstances relating to our qualification as a real estate investment trust, or REIT, and as described below, we may not redeem the Series A Preferred Stock prior to February 28, 2019. On and after February 28, 2019, at any time and from time to time, we may redeem the Series A Preferred Stock, in whole or in part, at our option, at a cash redemption price of $25.00 per share plus all accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption.
Currently, no market exists for the Series A Preferred Stock and no market may exist for some time, if ever. We are applying to have the Series A Preferred Stock listed on the NYSE MKT and, subject to meeting the NYSE MKT?s listing requirements as to the number of public holders and the number of securities outstanding, among other requirements, we expect to have the Series A Preferred Stock listed on the NYSE MKT on or before April 30, 2014. If the Series A Preferred Stock is not listed on the NYSE MKT, the NYSE, NASDAQ or a successor of any of them on or before April 30, 2014, we will be required to mandatorily redeem the Series A Preferred Stock commencing no later than May 15, 2014, at a cash redemption price of $25.00 per share plus all accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption. Until such time, if any, as the Series A Preferred Stock is listed on the NYSE MKT, the NYSE, NASDAQ or a successor of any of them on or before April 30, 2014, we intend to retain the net cash proceeds we receive from purchases of Series A Preferred Stock in a separate account, unspent, in order to facilitate the redemption that would be required should the Series A Preferred Stock not be listed on or before April 30, 2014.
Full Prospectus PDF », Secondary Prospectus PDF », PW Page »
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Power REIT is a holding company. Through its subsidiaries, Co. is a real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure and Controlled Environment Agriculture in the US. Co.'s assets consists of 112 miles of railroad infrastructure and related real estate which is owned by its subsidiary, Pittsburgh & West Virginia Railroad, 601 acres of fee simple land leased to seven utility scale solar power generating projects with an aggregate generating capacity of approximately 108 Megawatts, and approximately 263 acres of land with 2,211,000 sq. ft. of existing or under construction greenhouse/processing space. Preferred: PW.PRA Open the PW Information Page » |
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