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EXHIBIT 99.1: PRESS RELEASE: July 8, 2013
Power REIT Announces Refinancing of Bridge Loan
OLD BETHPAGE, NY: July 8, 2013. On July 5, 2013, Power REIT's
(NYSE MKT: PW) wholly owned subsidiary, PW Salisbury Solar, LLC,
refinanced a bridge loan from Hudson Bay Partners, LP ("HBP"), an
affiliate of David H. Lesser, our Chairman and CEO. The bridge
loan was refinanced from the proceeds of a $750,000 term loan
with a large regional bank. The 10-year loan amortizes over a
20-year period and carries a 5.0% interest rate. The balance of
the original bridge loan was refinanced with existing working
capital.
Proceeds from HBP's bridge loan in December 2012 were used to
acquire approximately 55 acres of land located in Salisbury,
Massachusetts that is leased on a long-term basis to the largest
operational solar farm in New England. HBP waived the step-up in
interest rate that was due to occur starting July 1, 2013,
resulting in a 5.0% interest rate during the entire term of the
bridge loan. There were no origination, prepayment or exit fees
paid to HBP in connection with the bridge loan.
Arun Mittal, EVP, commented, "the acquisition financing from HBP
was an accommodation to the company with attractive terms that
allowed us to move quickly to acquire our first solar
infrastructure property. With the refinancing, we have
demonstrated the ability to obtain attractive long-term permanent
financing for the types of assets Power REIT seeks to acquire."
David Lesser, Chairman & CEO commented, "with this new financing,
we expect to earn equity yields in the mid-teens. Management is
focused on creating shareholder value including the acquisition
of additional assets that are intended to grow cash flow per
share. As Power REIT's largest shareholder, I am enthusiastic
about the business plan and Power REIT's ability to generate
attractive risk adjusted returns for investors."
About Power REIT
Power REIT is a real estate investment trust focused on the
acquisition of real estate related to infrastructure assets, with
a core focus on renewable energy assets. Power REIT is actively
seeking to expand its real estate portfolio within the renewable
energy sector and is pursuing investment opportunities within
solar, wind, hydroelectric, geothermal, transmission and other
infrastructure projects that qualify for REIT ownership. For
more information on Power REIT, please visit our website at:
http://www.pwreit.com/.
Forward Looking Statements
This press release may contain forward-looking statements within
the meaning of the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are those that predict or describe future events or
trends and that do not relate solely to historical matters. You
can generally identify forward-looking statements as statements
containing the words "believe," "expect," "will," "anticipate,"
"intend," "estimate," "would," "should," "project," "plan,"
"assume" or other similar expressions, or negatives of those
expressions, although not all forward-looking statements contain
these identifying words. All statements contained in this press
release regarding Power REIT's future strategy, future
operations, projected financial position, estimated future
revenues, projected costs, future prospects, the future of Power
REIT's industries and results that might be obtained by pursuing
management's current or future plans and objectives are forward-
looking statements. Over time, Power REIT's actual results,
performance, financial condition or achievements may differ from
the anticipated results, performance, financial condition or
achievements that are expressed or implied by Power REIT's
forward-looking statements, and such differences may be
significant and materially adverse to Power REIT's security
holders.
All forward-looking statements reflect Power REIT's good-faith
beliefs, assumptions and expectations, but they are not
guarantees of future performance. Furthermore, Power REIT
disclaims any obligation to publicly update or revise any
forward-looking statements to reflect changes in underlying
assumptions or factors, new information, data or methods, future
events or other changes. For a further discussion of factors
that could cause Power REIT's future results or financial
condition to differ materially from any forward-looking
statements, see the sections entitled "Risk Factors" in Power
REIT's registration statements and quarterly and annual reports
as filed by Power REIT from time to time with the Securities and
Exchange Commission.
Investor Relations
Please contact Power REIT for further information or for business
opportunities:
Power REIT
301 Winding Road
Old Bethpage, NY 11804
212-750-0373
ir@pwreit.com
http://www.pwreit.com/
