Power REIT 8-K, filed Jan 29, 2020
Power REIT (PW)
About this 8-K
Power REIT filed this 8-K on January 29, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 29, 2020
POWER REIT
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of incorporation)
001-36312
(Commission File Number)
45-3116572
(IRS Employer Identification No.)
301 Winding Road
Old Bethpage, NY 11804
(Address of principal executive offices and Zip Code)
Registrant’s telephone number, including area code: (212) 750-0371
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities Registered Pursuant to Section 12(b) of the Exchange Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||
| Common Shares | PW | NYSE (American) | ||
| 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock, Liquidation Preference $25 per Share | PW.A | NYSE (American) |
SECTION 8: OTHER EVENTS
Item 8.01 - Declaration of Dividend
On January 29, 2019 the Registrant declared a quarterly dividend of $0.484375 per share on Power REIT’s 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock payable on March 15, 2020 to shareholders of record on February 15, 2020.
Item 8.01 – Other Items
On January 29, 2020, the registrant issued a press release announcing the 2019 Dividend Income Tax Treatment, a copy of which is attached hereto as Exhibit [99.1] and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibits
| Ex. No. | Description | |
| 99.1 | Press Release of Power REIT. - 2019 Dividend Income Tax Treatment [Press release dated January 29, 2020] |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| POWER REIT | ||
| Date: January 29, 2020 | By | /s/ David H. Lesser |
| David H. Lesser | ||
| Chairman of the Board and Chief Executive Officer | ||
Exhibit 99.1
301 Winding Road Old Bethpage, NY 11804 212-750-0371 http://www.pwreit.com/ |
 |
Power REIT Announces 2019 Dividend Income Tax Treatment
Old Bethpage, NY— January 29, 2020, Power REIT (“Power REIT,” “we,” “our,” or the “Company;” NYSE American: PW), today announced the estimated Federal income tax treatment of the Company’s 2019 distributions on its 7.75% Series A Preferred Stock (CUSIP # 73933H200).
The Federal income tax classification of the distribution per share on the Company’s 7.75% Series A Preferred Stock with respect to the calendar year ended December 31, 2019 is shown in the table below:
| Record Date | Payable Date | Total Distribution Per Share | Ordinary Income Per Share | Return of Capital Per Share | Capital Gain Per Share | |||||||||||||
| 2/15/19 | 3/15/19 | $ | 0.484375 | $ | 0.0 | $ | 0.484375 | $ | 0.00 | |||||||||
| 5/15/19 | 6/15/19 | $ | 0.484375 | $ | 0.0 | $ | 0.484375 | $ | 0.00 | |||||||||
| 8/18/19 | 9/15/19 | $ | 0.484375 | $ | 0.0 | $ | 0.484375 | $ | 0.00 | |||||||||
| 11/15/19 | 12/15/19 | $ | 0.484375 | $ | 0.0 | $ | 0.484375 | $ | 0.00 | |||||||||
Nothing contained herein or therein should be construed as tax advice. Consult your tax advisor for more information. Furthermore, you may not rely upon any information herein or therein for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.
Stockholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company’s distributions.
About Power REIT
Power REIT is a Maryland-domiciled real estate investment trust that owns real estate related to infrastructure assets including properties for Controlled Environment Agriculture, Renewable Energy and Transportation. Power REIT is actively seeking to expand its real estate portfolio related to Controlled Environment Agriculture and Renewable Energy. The Company focuses on providing capital that generate long-term, recurring and predictable cash flows with an attractive risk adjusted return.
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 December 31, 2018, which was filed with the U.S. Securities and Exchange Commission (“SEC”), as well as in other reports that we file with the SEC.
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.
Contact Information
www.pwreit.com
Investor Relations
212 750-0371