0001493152-21-010695.txt : 20210507 0001493152-21-010695.hdr.sgml : 20210507 20210507061530 ACCESSION NUMBER: 0001493152-21-010695 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210507 DATE AS OF CHANGE: 20210507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Power REIT CENTRAL INDEX KEY: 0001532619 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 453116572 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36312 FILM NUMBER: 21900112 BUSINESS ADDRESS: STREET 1: 301 WINDING ROAD CITY: OLD BETHPAGE STATE: NY ZIP: 11804 BUSINESS PHONE: 212-750-0373 MAIL ADDRESS: STREET 1: 301 WINDING ROAD CITY: OLD BETHPAGE STATE: NY ZIP: 11804 10-Q 1 form10-q.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

001-36312

(Commission File Number)

POWER REIT

(Exact name of registrant as specified in its charter)

Maryland

45-3116572

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

301 Winding Road, Old Bethpage, NY		11804
(Address of principal executive offices)		(Zip Code)

(212) 750-0371

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	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.PRA	NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]

No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes [X]

No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	[ ]	Accelerated filer	[ ]
Non-accelerated filer	[X]	Smaller reporting company	[X]
Emerging growth company	[ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.[ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ]

No [X]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

3,299,533 common shares, $0.001 par value, outstanding at May 7, 2021.

TABLE OF CONTENTS

		Page No.

PART I – FINANCIAL INFORMATION

Item 1 –	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets (Unaudited)	3
	Consolidated Statements of Operations (Unaudited)	4
	Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)	5
	Consolidated Statements of Cash Flows (Unaudited)	6
	Notes to Unaudited Consolidated Financial Statements	7

Item 2 –	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3 –	Quantitative and Qualitative Disclosures About Market Risk	20

Item 4 –	Controls and Procedures	20

PART II – OTHER INFORMATION

	Item 1 – Risk Factors	21

	Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	21

	Item 3 – Defaults Upon Senior Securities	21

	Item 4 – Mine Safety Disclosures	21

	Item 5 – Other Information	21

	Item 6 – Exhibits	21

SIGNATURE		22

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

POWER REIT AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2021		December 31, 2020
ASSETS
Land	$	8,976,460	$	8,333,040
Greenhouse cultivation and processing facilities, net of accumulated depreciation		19,216,552		10,305,979
Greenhouse cultivation and processing facilities - construction in progress		3,439,602	$	2,087,086
Net investment in direct financing lease - railroad		9,150,000		9,150,000
Total real estate assets		40,782,614		29,876,105

Cash and cash equivalents		37,071,322		5,601,826
Prepaid expenses		64,514		89,345
Intangible assets, net of accumulated amortization		3,293,028		3,352,313
Deferred rent receivable		2,109,365		1,602,655
Other assets		16,975		16,975
TOTAL ASSETS	$	83,337,818	$	40,539,219

LIABILITIES AND EQUITY
Accounts payable	$	74,514	$	83,562
Accrued interest		77,468		80,579
Deferred rent liability		234,751		123,966
Tenant security deposits		1,237,482		1,137,481
Prepaid rent		155,286		105,331
Current portion of long-term debt, net of unamortized discount		613,165		605,272
Long-term debt, net of unamortized discount		23,128,061		23,192,871
TOTAL LIABILITIES		25,520,727		25,329,062

Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 (1,675,000 shares authorized; 336,944 and 144,636 issued and outstanding as of March 31, 2021 and December 31, 2020)		8,489,952		3,492,149

Equity:
Common Shares, $0.001 par value (100,000,000 shares authorized; 3,299,533 shares issued and outstanding at March 31, 2021 and 1,916,139 at December 31, 2020)		3,299		1,916
Additional paid-in capital		48,739,884		12,077,054
Retained earnings (accumulated deficit)		583,956		(360,962	)
Total Equity		49,327,139		11,718,008

TOTAL LIABILITIES AND EQUITY	$	83,337,818	$	40,539,219

The accompanying notes are an integral part of these unaudited consolidated financial statements.

POWER REIT AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended March 31,
	2021			2020
REVENUE
Lease income from direct financing lease – railroad	$	228,750		$	228,750
Rental income		1,591,931			503,202
Other income		246			55,436
TOTAL REVENUE		1,820,927			787,388

EXPENSES
Amortization of intangible assets		59,285			59,285
General and administrative		163,528			149,334
Property taxes		6,307			4,552
Depreciation expense		196,051			26,650
Interest expense		287,628			295,480
TOTAL EXPENSES		712,799			535,301

NET INCOME		1,108,128			252,087

Preferred Stock Dividends		(163,210	)		(70,058	)

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	944,918		$	182,029

Income Per Common Share:
Basic	$	0.34		$	0.10
Diluted		0.33			0.09

Weighted Average Number of Shares Outstanding:
Basic		2,755,502			1,899,313
Diluted		2,839,474			1,921,664

Cash dividend per Series A Preferred Share	$	0.48		$	0.48

The accompanying notes are an integral part of these unaudited consolidated financial statements.

POWER REIT AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

For the Quarters Ended March 31, 2021 and 2020

(Unaudited)

					Additional		Retained Earnings			Total
	Common Shares				Paid-in		(Accumulated			Shareholders’
	Shares		Amount		Capital		Deficit)			Equity

Balance at December 31, 2020		1,916,139	$	1,916	$	12,077,054	$	(360,962	)	$	11,718,008
Net Income		-		-		-		1,108,128			1,108,128
Cash Dividends on Preferred Stock		-		-		-		(163,210	)		(163,210	)
Issuance of Common Shares for Cash		1,383,394		1,383		36,596,672		-			36,598,055
Stock-Based Compensation		-		-		66,158		-			66,158
Balance at March 31, 2021		3,299,533	$	3,299	$	48,739,884	$	583,956		$	49,327,139


Balance at December 31, 2019		1,872,939	$	1,873	$	11,821,486	$	(2,252,606	)	$	9,570,753
Net Income		-		-		-		252,087			252,087
Cash Dividends on Preferred Stock		-		-		-		(70,058	)		(70,058	)
Stock-Based Compensation		40,000		40		75,118		-			75,158
Balance at March 31, 2020		1,912,939	$	1,913	$	11,896,604	$	(2,070,577	)	$	9,827,940

The accompanying notes are an integral part of these unaudited consolidated financial statements.

POWER REIT AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31
	2021			2020
Operating activities
Net income	$	1,108,128		$	252,087

Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets		59,285			59,285
Amortization of debt costs		8,527			8,527
Stock-based compensation		66,158			75,159
Depreciation		196,051			26,650

Changes in operating assets and liabilities

Deferred rent receivable		(506,710	)		(193,596	)
Deferred rent liability		110,785			-
Prepaid expenses		24,831			(23,012	)
Accounts payable		(9,048	)		3,094
Tenant security deposits		100,001			277,494
Accrued interest		(3,111	)		(2,260	)
Prepaid rent		49,955			117,409
Net cash provided by operating activities		1,204,852			600,837

Investing activities
Cash paid for land, greenhouse cultivation and processing facilities		(4,752,241	)		(1,161,146	)
Cash paid for greenhouse cultivation and processing facilities - construction in progress		(1,352,516	)		(1,541,850	)
Net cash used in investing activities		(6,104,757	)		(2,702,996	)

Financing Activities
Net proceeds from issuance of common stock		36,598,055			-
Principal payment on long-term debt		(65,444	)		(58,476	)
Cash dividends paid on preferred stock		(163,210	)		(70,058	)
Net cash provided by (used in) financing activities		36,369,401			(128,534	)

Net increase (decrease) in cash and cash equivalents		31,469,496			(2,230,693	)

Cash and cash equivalents, beginning of period	$	5,601,826		$	15,842,504

Cash and cash equivalents, end of period	$	37,071,322		$	13,611,811

Supplemental disclosure of cash flow information:
Interest paid	$	282,212		$	284,693
Preferred stock issuance for purchase of greenhouse cultivation and processing facility	$	4,997,803		$	-

The accompanying notes are an integral part of these unaudited consolidated financial statements.

POWER REIT AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

1. GENERAL INFORMATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Trust, as defined below, these unaudited consolidated financial statements include all adjustments necessary to present fairly the information set forth herein. All such adjustments are of a normal recurring nature. Results for interim periods are not necessarily indicative of results to be expected for a full year.

These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes included in our latest Annual Report on Form 10-K filed with the SEC on March 24, 2021.

Power REIT (the “Registrant” or the “Trust”, and together with its consolidated subsidiaries, “we”, “us”, “Power REIT”, unless the context requires otherwise) is a Maryland-domiciled real estate investment trust (a “REIT”) that holds, develops, acquires and manages real estate assets related to transportation, alternative energy infrastructure and Controlled Environment Agriculture (CEA) in the United States.

The Trust was formed as part of a reorganization and reverse triangular merger of P&WV that closed on December 2, 2011. P&WV survived the reorganization as a wholly-owned subsidiary of the Registrant.

The Trust is structured as a holding company and owns its assets through seventeen wholly-owned, special purpose subsidiaries that have been formed in order to hold real estate assets, obtain financing and generate lease revenue. As of March 31, 2021, the Trust’s assets consisted of approximately 112 miles of railroad infrastructure and related real estate which is owned by its subsidiary Pittsburgh & West Virginia Railroad (“P&WV”), approximately 601 acres of fee simple land leased to a number of utility scale solar power generating projects with an aggregate generating capacity of approximately 108 Megawatts (“MW”) and approximately 52 acres of land with approximately 327,000 sf of existing or under construction greenhouses leased to twelve separate medical cannabis operators. Power REIT is actively seeking to grow its portfolio of real estate related to CEA for food and cannabis production.

During the quarter ended March 31, 2021, The Trust raised approximately gross proceeds of approximately $36.7 million and issued an additional 1,383,394 common shares through a rights offering that closed on February 5, 2021. The offer commenced in December, 2020 whereby shareholders of record as of December 28, 2020 could purchase one additional share at $26.50 per share for every share owned. See Note 6.

On February 3, 2021, we issued 192,308 additional shares of Power REIT’s Series A Preferred Stock as part of a transaction to acquire a property located in Riverside County, CA (the “Canndescent Property”) through a newly formed wholly owned subsidiary (“PW Canndescent”). See Note 3.

During the quarter ended March 31, 2021, the Trust paid a quarterly dividend of approximately $163,000 ($0.484375 per share) on Power REIT’s 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock.

The Trust has elected to be treated for tax purposes as a REIT, which means that it is exempt from U.S. federal income tax if a sufficient portion of its annual income is distributed to its shareholders, and if certain other requirements are met. In order for the Trust to maintain its REIT qualification, at least 90% of its ordinary taxable annual income must be distributed to shareholders. As of December 31, 2019, the last tax return completed to date, the Trust has a net operating loss of $17 million, which may reduce or eliminate this requirement.

POWER REIT AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).”

Principles of Consolidation

The accompanying consolidated financial statements include Power REIT and its wholly-owned subsidiaries. All intercompany balances have been eliminated in consolidation.

Income per Common Share

Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted net income per common share is computed similar to basic net income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The dilutive effect of the Trust’s options is computed using the treasury stock method.

The following table sets forth the computation of basic and diluted Income per Share:

	Three Months Ended
	March 31,
	2021			2020

Numerator:
Net Income	$	1,108,128		$	252,087
Preferred Stock Dividends		(163,210	)		(70,058	)
Numerator for basic and diluted EPS - income available to common Shareholders	$	944,918		$	182,029

Denominator:
Denominator for basic EPS - Weighted average shares		2,755,502			1,899,313
Dilutive effect of options		83,972			22,351
Denominator for diluted EPS - Adjusted weighted average shares		2,839,474			1,921,664

Basic income per common share	$	0.34		$	0.10
Diluted income per common share	$	0.33		$	0.09

Real Estate Assets and Depreciation of Investment in Real Estate

The Trust expects that most of its transactions will be accounted for as asset acquisitions. In an asset acquisition, the Trust is required to capitalize closing costs and allocates the purchase price on a relative fair value basis. For the quarter ended March 31, 2021, all acquisitions were considered to be asset acquisitions. In making estimates of relative fair values for purposes of allocating purchase price, the Trust utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Trust also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible acquired. The Trust allocates the purchase price of acquired real estate to various components as follows:

●

Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with existing property improvements.

POWER REIT AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

	●	Improvements – Based on the allocation of the relative fair value of the improvements acquired. Depreciation is calculated on a straight-line method over the useful life of the improvements.
	●	Lease Intangibles – The Trust considers the value of an acquired in-place lease if in excess of the value of the land improvements and the amortization of the lease intangible is over the remaining term of the lease on a straight-line basis.
	●	Construction in Progress (CIP) - The Trust classifies greenhouses or buildings under development and/or expansion as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained upon which the asset is then classified as an Improvement.

Power REIT has several leases with tenants whereby the tenants are responsible for implementing improvements to Power REIT’s properties and Power REIT has committed to fund the cost of such improvements. Power REIT capitalized the costs of such property improvements but has determined not to capitalize interest expense based on a determination that the amount for each project would not be material and each project has a relatively short construction period.

Depreciation

Depreciation is computed using the straight-line method over the estimated useful lives of up to 20 years for greenhouses and 39 years for auxiliary buildings. The Trust recorded an increase in depreciation expense for the quarter ended March 31, 2021 related to depreciation on properties that it acquired and the placement into service of tenant improvements at our properties. Depreciation expense for the three months ended March 31, 2021 and March 31, 2020 is approximately $196,100 and $26,700, respectively.

Fair Value

Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Trust measures its financial assets and liabilities in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

	o	Level 1 – valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds.

	o	Level 2 – valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active. Level 2 includes U.S. Treasury, U.S. government and agency debt securities, and certain corporate obligations. Valuations are usually obtained from third party pricing services for identical or comparable assets or liabilities.

	o	Level 3 – valuations for assets and liabilities that are derived from other valuation methodologies, such as option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.

In determining fair value, the Trust utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk.

The carrying amounts of Power REIT’s financial instruments, including cash and cash equivalents, deposits, and accounts payable approximate fair value because of their relatively short-term maturities. The carrying value of long-term debt approximates fair value since the related rates of interest approximate current market rates. There are no financial assets and liabilities carried at fair value on a recurring basis as of March 31, 2021 and December 31, 2020.

POWER REIT AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

3. ACQUISITIONS

On January 4, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Grail, LLC, (“PW Grail”), completed the acquisition of two properties totaling 4.41 acres of vacant land (“Grail Properties”) approved for medical cannabis cultivation in southern Colorado for $150,000 plus acquisition costs. As part of the transaction, the Trust agreed to fund the immediate construction of an approximately 21,732 square foot greenhouse and processing facility for approximately $1.69 million. On February 23, 2021, PW Grail amended the Grail Project Lease making approximately $518,000 of more funds available to construct an additional 6,256 square feet to the cannabis cultivation and processing space. Accordingly, the Trust’s total capital commitment is approximately $2.4 million. As of March 31, 2021, the total construction in progress that was funded by Power REIT is approximately $407,000.

On January 14, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Apotheke, LLC, (“PW Apotheke”), completed the acquisition of a property totaling 4.31 acres of vacant land (“Apotheke Property”) approved for medical cannabis cultivation in southern Colorado for $150,000 plus acquisition costs. As part of the transaction, the Trust agreed to fund the immediate construction of an approximately 21,548 square foot greenhouse and processing facility for approximately $1.66 million. Accordingly, PW Apotheke’s total capital commitment is approximately $1.81 million. As of March 31, 2021, the total construction in progress that was funded by Power REIT is approximately $376,000.

On February 3, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CA CanRE Canndescent LLC, (“PW Canndescent”), completed the acquisition of a 37,000 square foot greenhouse cultivation facility on a .85 acre of property located in Riverside County, CA (the “Canndescent Property”). The purchase price was $7.685 million and we paid for the property with $2.685 million cash on hand and the issuance of 192,308 shares of Power REIT’s Series A Preferred Stock.

The following table summarized the preliminary allocation of the purchase consideration for the Canndescent Property based on the relative fair values of the assets acquired:

Land	$	258,420
Assets Subject to Depreciation:
Improvements (Greenhouses / Processing Facilities)		7,426,580
Acquisition Costs Capitalized		92,289
Total Assets Acquired	$	7,777,289

On March 12, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Gas Station, LLC, (“PW Gas Station”), completed the acquisition of a property totaling 2.2 acres of vacant land (“Gas Station Property”) approved for medical cannabis cultivation in southern Colorado for $85,000 plus acquisition costs. As part of the transaction, the Trust agreed to fund the immediate construction of an approximately 24,512 square foot greenhouse and processing facility for approximately $2.03 million. Accordingly, PW Gas Station’s total capital commitment is approximately $2.1 million. As of March 31, 2021, the total construction in progress that was funded by Power REIT is approximately $158,000.

The acquisitions described above are accounted for as asset acquisitions under ASC 805-50. Power REIT has established a depreciable life for the property improvements of 20 years for greenhouses and 39 years for buildings.

Concurrent with the closing of the acquisitions, Power REIT entered in leases with tenants that are licensed for the production of medical cannabis cultivation at the facilities. The combined annual straight-line rent from these four acquisitions and one expansion is approximately $2.3 million. Each tenant is responsible for paying all expenses related to the properties including maintenance, insurance and taxes. The term of the Grail, Apotheke and Gas Station leases are 20 years with options to extend for additional five-year periods and have financial guarantees from affiliates of the tenants, whereas, the Canndescent lease was already in place and assigned to the Trust.

POWER REIT AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

4. LONG-TERM DEBT

On December 31, 2012, as part of the Salisbury land acquisition, PW Salisbury Solar, LLC (“PWSS”) assumed existing municipal financing (“Municipal Debt”). The Municipal Debt has approximately 10 years remaining. The Municipal Debt has a simple interest rate of 5.0% that is paid annually, with the next payment due February 1, 2022. The balance of the Municipal Debt as of March 31, 2021 and December 31, 2020 is approximately $64,000 and $70,000 respectively.

In July 2013, PWSS borrowed $750,000 from a regional bank (the “PWSS Term Loan”). The PWSS Term Loan carries a fixed annual interest rate of 5.0% for a term of 10 years and amortizes based on a 20-year principal amortization schedule. The loan is secured by PWSS’ real estate assets and a parent guarantee from the Trust. The balance of the PWSS Term Loan as of March 31, 2021 and December 31, 2020 is approximately $544,000 (net of approximately $6,200 of capitalized debt costs which are being amortized over the life of the financing) and $551,000 (net of approximately $6,800 of capitalized debt costs which are being amortized over the life of the financing), respectively.

On November 6, 2015, PWRS entered into a loan agreement (the “2015 PWRS Loan Agreement”) with a lender for $10,150,000 (the “2015 PWRS Loan”). The 2015 PWRS Loan is secured by land and intangibles owned by PWRS. PWRS issued a note to the benefit of the lender dated November 6, 2015 with a maturity date of October 14, 2034 and an annual 4.34% interest rate. As of March 31, 2021, and December 31, 2020, the balance of the 2015 PWRS Loan was approximately $8,185,000 (net of unamortized debt costs of approximately $297,000) and $8,183,000 (net of unamortized debt costs of approximately $303,000), respectively.

On November 25, 2019, Power REIT, through a newly formed subsidiary, PW PWV Holdings LLC (“PW PWV”), entered into a loan agreement (the “PW PWV Loan Agreement”) with a lender for $15,500,000 (the “PW PWV Loan”). The PW PWV Loan is secured by pledge of PW PWV’s equity interest in P&WV, its interest in the Railroad Lease and a security interest in a deposit account (the “Deposit Account”) pursuant to a Deposit Account Control Agreement dated November 25, 2019 into which the P&WV rental proceeds were deposited. Pursuant to the Deposit Account Control Agreement, P&WV has instructed its bank to transfer all monies deposited in the Deposit Account to the escrow agent as a dividend/distribution payment pursuant to the terms of the PW PWV Loan Agreement. The PW PWV Loan is evidenced by a note issued by PW PWV to the benefit of the lender for $15,500,000, with a fixed annual interest rate of 4.62% and the capitalized debt costs of $312,000 which is amortized over the life of the financing which matures in 2054. The balance of the loan as of March 31, 2021 and December 31, 2020 is $14,948,000 (net of approximately $300,000 of capitalized debt costs) and 14,994,000 (net of approximately $302,000 of capitalized debt costs).

The approximate amount of principal payments remaining on Power REIT’s long-term debt as of March 31, 2021 is as follows for the subsequent years ending December 31:

	Total Debt

2021 (9 months remaining)		569,956
2022		675,374
2023		1,168,408
2024		715,777
2025		755,634
Thereafter		20,459,470
Long term debt	$	24,344,619

POWER REIT AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

5. LEASES

Information as Lessor Under ASC Topic 842

To generate positive cash flow, as a lessor, the Trust leases its facilities to tenants in exchange for payments. The Trust’s leases for its railroad, solar farms and greenhouse cultivation facilities have an average lease term ranging between 20 and 99 years. Payments from the Trust’s leases are recognized on a straight-line basis over the terms of the respective leases. Total revenue from its leases recognized for the quarter ended March 31, 2021 is approximately $1.82 million.

The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of March 31, 2021 is as follows for the subsequent years ending December 31:

		Total
2021 (9 months remaining)	$	7,488,252
2022	$	12,220,108
2023	$	11,770,002
2024	$	8,333,375
2025	$	6,420,368
Thereafter	$	111,801,966
Total	$	158,034,071

6. EQUITY AND LONG-TERM COMPENSATION

Increase in Authorized Preferred Stock

On January 7, 2021, the Trust filed Articles Supplementary with the State of Maryland to classify an additional 1,500,000 unissued shares of beneficial interest, par value $0.001 per share, 7.75% Series A Preferred Stock, such that the Trust shall now have authorized an aggregate of 1,675,000 shares of Series A Preferred Stock, all of which shall constitute a single series of Series A Preferred Stock. On February 3, 2021, as part of the closing for the Canndescent acquisition, the Trust issued 192,308 shares of Power REIT’s Series A Preferred Stock with a fair value of $5,000,008 less $2,205 of costs.

Stock Issued for Cash

During the quarter ended March 31, 2021, the Trust raised gross proceeds of approximately $36.7 million and issued an additional 1,383,394 common shares through a rights offering that closed on February 5, 2021. Offering expenses of $61,886 were incurred in connection with the offering and recorded as contra-equity netting against the proceeds of offering. Hudson Bay Partner, LP (“HBP”) which is 100% owned by David Lesser, is the Managing Member of PW RO Holdings LLC which participated in the rights offering and acquired 132,074 shares, is the Managing Member of PW RO Holdings 2 LLC which participated in the rights offering and acquired 155,000 shares and is the Managing Member of PW RO Holdings 3 LLC which participated in the rights offering and acquired 123,020 shares. HBP became the Co-Managing Member of 13310 LMR2A (“13310”) after the Trust acquired the Canndescent property from 13310 which participated in the rights offering and acquired 68,679 shares.

POWER REIT AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

Summary of Stock Based Compensation Activity – Options

The summary of stock based compensation activity for the quarter ended March 31, 2021, with respect to the Trust’s stock options, is as follows:

Summary of Activity - Options

			Weighted
	Number of		Average		Aggregate
	Options		Exercise Price		Intrinsic Value
Balance as of December 31, 2020		106,000		7.96		-
Plan Awards		-		-		-
Options Exercised		-		-		-
Balance as of March 31, 2021		106,000		7.96		3,951,680
Options vested at March 31, 2021		106,000		7.96		3,951,680

The weighted average remaining term of the options is approximately 1.36 years.

Summary of Plan Activity – Restricted Stock

The summary of Plan activity for the quarter ended March 31, 2021, with respect to the Trust’s restricted stock, was as follows:

Summary of Activity - Restricted Stock

	Number of			Weighted
	Shares of			Average
	Restricted			Grant Date
	Stock			Fair Value
Balance as of December 31, 2020		35,066			8.76
Plan Awards		-			-
Restricted Stock Vested		(7,400	)		8.94
Balance as of March 31, 2021		27,666			8.71

Stock-based Compensation

During the quarter ended March 31, 2021, the Trust recorded approximately $66,000 of non-cash expense related to restricted stock and options granted compared to approximately $75,000 for quarter ended March 31, 2020. As of March 31, 2021, there was approximately $241,000 of total unrecognized share-based compensation expense, which will be recognized through the second quarter of 2023. The Trust does not currently have a policy regarding the repurchase of shares on the open market related to equity awards and does not currently intend to acquire shares on the open market.

Power REIT’s 2020 Equity Incentive Plan, which superseded the 2012 Equity Incentive Plan, was adopted by the Board on May 27, 2020 and approved by the shareholders on June 24, 2020. It provides for the grant of the following awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options; (iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards. The Plan’s purpose is to secure and retain the services of Employees, Directors and Consultants, to provide incentives for such persons to exert maximum efforts for the success of the Trust and to provide a means by which such persons may be given an opportunity to benefit from increases in value of the common Stock through the granting of awards. As of March 31, 2021, the aggregate number of shares of Common Stock that may be issued pursuant to outstanding awards is currently 235,917.

POWER REIT AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

Preferred Stock Dividends

During the quarter ended March 31, 2021, the Trust paid a total of approximately $163,000 of dividends to holders of Power REIT’s Series A Preferred Stock.

7. RELATED PARTY TRANSACTIONS

The Trust and its subsidiaries have hired Morrison Cohen, LLP (“Morrison Cohen”) as their legal counsel with respect to general corporate matters. The spouse of the Trust’s Chairman, CEO, Secretary and Treasurer is a partner at Morrison Cohen. During the quarter ended March 31, 2021, Power REIT (on a consolidated basis) did not pay any legal fees and costs to Morrison Cohen.

A wholly-owned subsidiary of Hudson Bay Partners, LP (“HBP”), an entity associated with the CEO of the Trust, David Lesser, provides the Trust and its subsidiaries with office space at no cost. Effective September 2016, the Board of Trustees approved reimbursing an affiliate of HBP $1,000 per month for administrative and accounting support based on a conclusion that it would pay more for such support from a third party. The amount paid each month has increased over time with the Board of Trustees approval and effective February 23, 2021, the monthly amount paid to the affiliate of HBP increased to $4,000. During the quarter ended March 31, 2021, with the Board of Trustee’s approval, a special one-time payment of $15,000 was made to cover the time allocated to the processing of the Rights Offering. A total of $24,000 was paid pursuant to this arrangement during the quarter ended March 31, 2021 compared to $5,250 paid during the first quarter of 2020.

Under the Trust’s Declaration of Trust, the Trust may enter into transactions in which trustees, officers or employees have a financial interest, provided however, that in the case of a material financial interest, the transaction is disclosed to the Board of Trustees to determine if the transaction is fair and reasonable. After consideration of the terms and conditions of the retention of Morrison Cohen described herein, and the reimbursement to HBP described herein, the independent trustees approved such arrangements having determined such arrangements are fair and reasonable and in the interest of the Trust.

8. SUBSEQUENT EVENTS

On April 20, 2021, we acquired two properties (the “Cloud Nine Properties”) for $300,000 located in southern Colorado through a newly formed wholly owned subsidiary (“PW Cloud Nine”) of our wholly owned subsidiary which is comprised of approximately 4.0 acres. As part of the transaction, we agreed to fund the immediate construction of an approximately 38,440 square foot greenhouse and processing facility for approximately $2.95 million including the land acquisition cost. Concurrent with the acquisition, PW Cloud Nine entered into a 20-year “triple-net” lease (the “Cloud Nine Lease”) with Cloud Nine Farms LLC (“Cloud Nine”) which will operate a cannabis cultivation facility. The lease requires Cloud Nine to pay all property related expenses including maintenance, insurance and taxes. After the initial 20-year term, the Cloud Nine Lease provides two, five-year renewal options. The lease also has a personal guarantee from the owner of Cloud Nine.

On April 30, 2021, 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 June 15, 2021 to shareholders of record on May 15, 2021.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Report”) includes forward-looking statements 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. 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,” “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 Report regarding our future strategy, future operations, projected financial position, estimated future revenues, projected costs, future prospects, the future of our industries and results that might be obtained by pursuing management’s current or future plans and objectives are forward-looking statements.

You should not place undue reliance on any forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control, including those identified below, under Part II, Item 1A. “Risk Factors” and elsewhere in this Report, and those identified under Part I, Item 1A of the 2020 10-K. Our forward-looking statements are based on the information currently available to us and speak only as of the date of the filing of this Report. New risks and uncertainties arise from time to time, and it is impossible for us to predict these matters or how they may affect us. Over time, our actual results, performance, financial condition or achievements may differ from the anticipated results, performance, financial condition or achievements that are expressed or implied by our forward-looking statements, and such differences may be significant and materially adverse to our security holders. Our forward-looking statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.

MANAGEMENT’S DISCUSSION AND ANALYSIS

We are a Maryland-domiciled Real Estate Investment Trust (REIT) that owns a portfolio of real estate assets related to transportation, energy infrastructure and Controlled Environment Agriculture (CEA) in the United States. We are focused on making new acquisitions of real estate within the CEA sector related to food and cannabis production.

We are structured as a holding company and own our assets through twelve wholly-owned, special purpose subsidiaries that have been formed in order to hold real estate assets, obtain financing and generate lease revenue. We were formed as part of a reorganization and reverse triangular merger of Pittsburgh & West Virginia Railroad (“P&WV”) that closed on December 2, 2011. P&WV survived the reorganization as our wholly-owned subsidiary. Our investment strategy, which is focused on transportation, CEA and energy infrastructure-related real estate, builds upon P&WV’s historical ownership of railroad real estate assets, which are currently triple-net leased to Norfolk Southern Railroad (“NSC”). We typically enter into long-term triple net leases where tenants are responsible for all ongoing costs related to the property, including insurance, taxes and maintenance.

Prior to 2019, our focus was on the acquisition of real estate assets related to transportation and energy infrastructure. In 2019 we expanded the focus of our real estate acquisitions to include CEA properties in the United States. CEA is an innovative method of growing plants that involves creating optimized growing environments for a given crop indoors. We are currently focused on making new acquisitions of real estate within the CEA sector related to food and cannabis cultivation.

As of March 31, 2021, our portfolio consisted of approximately 112 miles of railroad infrastructure and related real estate leased to a railway company which is owned by our subsidiary, P&WV, approximately 601 acres of fee simple land leased to a number of solar power generating projects with an aggregate generating capacity of approximately 108 MW and approximately 52 acres of land with 327,000 square feet of existing or under construction greenhouses leased to medical cannabis operators. We are actively seeking to grow our portfolio of CEA for food and cannabis production.

During the quarter ended March 31, 2021, we raised gross proceeds of approximately $36.7 million and issued an additional 1,383,394 common shares through a rights offering that closed on February 5, 2021. The offer commenced in December, 2020 whereby shareholders of record as of December 28, 2020 could purchase one additional share at $26.50 per share for every share owned.

Recent Developments

During the first quarter ended March 31, 2021, we added to our portfolio of CEA properties by acquiring four new properties and expanding one of the leases on a newly acquired property.

On January 4, 2021, through a newly formed wholly owned subsidiary, PW CO CanRE Grail, LLC, (“PW Grail”), we completed the acquisition of two properties totaling 4.41 acres of vacant land (“Grail Properties”) approved for medical cannabis cultivation in southern Colorado for $150,000 plus acquisition costs. As part of the transaction, we agreed to fund the immediate construction of an approximately 21,732 square foot greenhouse and processing facility for approximately $1.69 million. Accordingly, PW Grail’s total capital commitment is approximately $1.84 million. Concurrent with the acquisition, PW Grail entered into a 20-year “triple-net” lease (the “Grail Project Lease”) with The Grail Project LLC (“Grail Project”) which will operate a cannabis cultivation facility. The lease requires Grail Project to pay all property related expenses including maintenance, insurance and taxes. After the initial 20-year term, the Grail Project’s Lease provides four, five-year renewal options. The rent for the Grail Project Lease is structured whereby after a six-month free-rent period, the rental payments provide Power REIT a full return of invested capital over the next three years in equal monthly payments. After the 42nd month, rent is structured to provide a 12.9% return of the original invested capital with increases of 3% rate per annum. At any time after year six, if cannabis is legalized at the federal level, the rent will be readjusted down to an amount equal to a 9% return of the original invested capital and will increase at a 3% rate per annum on a starting date of the start of year seven. The lease requires the tenant to maintain a medical cannabis license and operate in accordance with all Colorado and local regulations with respect to its operations. The lease prohibits the retail sale of the tenant’s cannabis and cannabis-infused products from the Grail Properties. The lease also has personal guarantees from the owners of the Grail Project. The Grail Project Lease is structured to provide an annual straight-line rent of approximately $350,000, representing an estimated yield on costs of over 18%. The project is currently under construction and should be completed by July 2021.

On February 23, 2021, we amended the Grail Project Lease making approximately $518,000 of more funds available to construct an additional 6,256 square feet to the cannabis cultivation and processing space. Once completed, our total capital commitment will be approximately $2.4 million. As part of the agreement, PW Grail and Grail Project have amended the Lease (“Grail Amended Lease”) whereby after an eight-month period, the additional rental payments provide PW Grail with a full return of its original invested capital over the next three years and thereafter, provide a 12.9% return increasing 3% per annum. The additional annual straight-line rent of approximately $105,000 represents an estimated yield on costs of over 18% over our investment.

On January 14, 2021, through a newly formed wholly owned subsidiary, PW CO CanRE Apotheke, LLC, (“PW Apotheke”), we completed the acquisition of a property totaling 4.31 acres of vacant land (“Apotheke Property”) approved for medical cannabis cultivation in southern Colorado for $150,000 plus acquisition costs. As part of the transaction, we agreed to fund the immediate construction of an approximately 21,548 square foot greenhouse and processing facility for approximately $1.66 million. Accordingly, PW Apotheke’s total capital commitment is approximately $1.81 million. Concurrent with the acquisition, PW Apotheke entered into a 20-year “triple-net” lease (the “Apotheke Lease”) with Dom F, LLC (“Dom F”) which will operate a cannabis cultivation facility. The lease requires Dom F to pay all property related expenses including maintenance, insurance and taxes. After the initial 20-year term, the Apotheke Lease provides two, five-year renewal options. The rent for the Apotheke Lease is structured whereby after an eight-month free-rent period, the rental payments provide Power REIT a full return of invested capital over the next three years in equal monthly payments. After the 44^th month, rent is structured to provide a 12.9% return of the original invested capital with increases of 3% rate per annum. At any time after year six, if cannabis is legalized at the federal level, the rent will be readjusted down to an amount equal to a 9% return of the original invested capital and will increase at a 3% rate per annum on a starting date of the start of year seven. The lease requires the tenant to maintain a medical cannabis license and operate in accordance with all Colorado and local regulations with respect to its operations. The lease prohibits the retail sale of the tenant’s cannabis and cannabis-infused products from the Apotheke Property. The lease also has personal guarantees from the owners of Dom F. The Apotheke Lease is structured to provide an annual straight-line rent of approximately $342,000, representing an estimated yield on costs of over 18%. The project is currently under construction and should be completed by September, 2021.

On February 3, 2021, we acquired a property located in Riverside County, CA (the “Canndescent Property”) through a newly formed wholly owned subsidiary (“PW Canndescent”). The purchase price was $7.685 million and we paid for the .85 acre property with $2.685 million cash on hand and the issuance of 192,308 shares of Power REIT’s Series A Preferred Stock. PW Canndescent received an assignment of a lease (the “Canndescent Lease”) to allow the tenant (“Canndescent”) to operate the 37,000 square foot greenhouse cultivation facility on the Canndescent Property. Canndescent is a premium flower brand for luxury cannabis in California. The Canndescent Lease requires Canndescent to pay all property related expenses including maintenance, insurance and taxes. The rent for the Canndescent Lease is structured to provide straight-line annual rent of approximately $1,074,000.

The following table summarized the preliminary allocation of the purchase consideration for the Canndescent Property based on the relative fair values of the assets acquired:

Land	$	258,420
Assets Subject to Depreciation:
Improvements (Greenhouses / Processing Facilities)		7,426,580
Acquisition Costs Capitalized		92,289
Total Assets Acquired	$	7,777,289

On March 12, 2021, through a newly formed wholly owned subsidiary, PW CO CanRE Gas Station, LLC, (“PW Gas Station”), we purchased a property totaling 2.2 acres of vacant land (“Gas Station Property”) approved for medical cannabis cultivation in southern Colorado for $85,000 plus acquisition costs. As part of the transaction, we agreed to fund the immediate construction of an approximately 24,512 square foot greenhouse and processing facility for approximately $2.03 million. Accordingly, PW Gas Station’s total capital commitment is approximately $2.1 million. Concurrent with the acquisition, PW Gas Station entered into a 20-year “triple-net” lease (the “Gas Station Lease”) with The Gas Station, LLC (“Gas Station”) which will operate a cannabis cultivation facility. The lease requires Gas Station to pay all property related expenses including maintenance, insurance and taxes. After the initial 20-year term, the Gas Station’s Lease provides two, five-year renewal options. The rent for the Gas Station Lease is structured whereby after a seven-month free-rent period, the rental payments provide Power REIT a full return of invested capital over the next three years in equal monthly payments. After the 43^rd month, rent is structured to provide a 12.9% return of the original invested capital with increases of 3% rate per annum. At any time after year six, if cannabis is legalized at the federal level, the rent will be readjusted down to an amount equal to a 9% return of the original invested capital and will increase at a 3% rate per annum on a starting date of the start of year seven. The lease requires the tenant to maintain a medical cannabis license and operate in accordance with all Colorado and local regulations with respect to its operations. The lease prohibits the retail sale of the tenant’s cannabis and cannabis-infused products from the Gas Station Property. The lease also has personal guarantees from the owners of the Gas Station. The Gas Station Lease is structured to provide an annual straight-line rent of approximately $400,000, representing an estimated yield on costs of over 18%. The project is currently under construction and should be completed by September, 2021.

The following table is a summary of the Trust’s properties as of March 31, 2021:

Property Type/Name	Location	Acres	Size¹		Lease Start	Term (yrs)²		Rent ($)		Gross Book Value
Railroad Property
P&WV (Norfolk Southern)	PA/WV/OH			112 miles	Oct-64		99	$	915,000	$	9,150,000

Solar Farm Land
PWSS	Salisbury, MA	54		5.7	Dec-11		22		89,494		1,005,538
PWTS	Tulare County, CA	18		4.0	Mar-13		25		32,500		310,000
PWTS	Tulare County, CA	18		4.0	Mar-13		25		37,500		310,000
PWTS	Tulare County, CA	10		4.0	Mar-13		25		16,800		310,000
PWTS	Tulare County, CA	10		4.0	Mar-13		25		29,900		310,000
PWTS	Tulare County, CA	44		4.0	Mar-13		25		40,800		310,000
PWRS	Kern County, CA	447		82.0	Apr-14		20		803,117		9,183,548
	Solar Farm Land Total	601		107.7				$	1,050,111	$	11,739,086

CEA (Cannabis) Property³⁴
JAB - Tam Lot 18	Crowley County, CO	2.11		12,996	Jul-19		20		201,810		1,075,000
JAB - Mav Lot 1	Crowley County, CO	5.20		16,416	Jul-19		20		294,046		1,594,582
Grassland - Mav Lot 14	Crowley County, CO	5.54		26,940	Feb-20		20		354,461		1,908,400
Chronic - Sherman Lot 6	Crowley County, CO	5.00		26,416	Feb-20		20		375,159		1,995,101
Original - Mav Lot 5	Crowley County, CO	5.20		15,000	Apr-20		20		256,743		1,358,664
Sweet Dirt 495	York County, ME	3.06		35,600	May-20		20		919,849		4,917,134
Sweet Dirt 505	York County, ME	3.58		12,638	Sep-20		20		373,055		1,964,723
Fifth Ace - Tam Lot 7	Crowley County, CO	4.32		18,000	Sep-20		20		261,963		1,364,585
Monte Fiore - Tam Lot 13	Crowley County, CO	2.37		9,384	Oct-20		20		87,964		425,000
Monte Fiore - Tam Lot 14	Crowley County, CO	2.09		24,360	Oct-20		20		490,700		2,637,300
Green Mile - Tam Lot 19	Crowley County, CO	2.11		18,528	Dec-20		20		252,061		1,311,116
Grail Project - Tam Lot 4 & 5	Crowley County, CO	4.41		27,988	Jan-21		20		454,602		2,360,112
Apotheke - Tam Lot 8	Crowley County, CO	4.31		21,548	Jan-21		20		341,953		1,813,893
Canndescent	Riverside County, CA	0.85		37,000	Feb-21		5		1,073,318		7,685,000
Gas Station - Tam Lot 3	Crowley County, CO	2.20		24,512	Mar-21		20		399,748		2,118,717
	CEA Total	52.35		327,326				$	6,137,432	$	34,529,327
Grand Total								$	8,102,543	$	55,418,413

	¹Solar Farm Land size represents Megawatts and CEA property size represents square feet
	²Not including renewal options
	³Rent represents straight line net rent
	⁴Gross Book Value represents total commitment
	Note: Size, Rent and Gross Book Value assume completion of approved construction

Critical Accounting Policies

The consolidated financial statements are prepared in conformity with U.S. GAAP, which requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and resulting balances are reasonable; however, due to inherent uncertainties in making estimates, actual results may differ from the original estimates, requiring adjustments to these balances in future periods. The critical accounting estimates that affect the condensed consolidated financial statements and the judgments and assumptions used are consistent with those described under Part II, Item 7 of the 2020 10-K.

Results of Operations

Three Months Ended March 31, 2021 and 2020

Revenue during the three months ended March 31, 2021 and 2020 was $1,820,927 and $787,388 respectively. Revenue during the three months ended March 31, 2021 consisted of revenue from lease income from direct financing lease of $228,750, rental income of $1,591,931 and miscellaneous income of $246. The increase in total revenue was primarily related to a $1,088,729 increase in rental income from newly acquired properties netted with a decrease in other income of $55,190. Expenses for the three months ended March 31, 2021 increased by $177,498 as compared to total expenses for the three months ended March 31, 2020 primarily due to an increase in general and administrative expenses of $14,194 and an increase in depreciation expense of $169,401. Net income attributable to common shares during the three months ended March 31, 2021 and 2020 was approximately $944,918 and $182,029, respectively. Net income attributable to common shares increased by $762,889 primarily due to the increase in rental income which was offset by an increase in depreciation expense.

For the three months ended March 31, 2021 and 2020, we paid a cash dividend to our holders of Series A Preferred Stock of $163,210 and $70,058, respectively.

Liquidity and Capital Resources

Our cash and cash equivalents totaled approximately $37,071,322 as of March 31, 2021, an increase of $31,469,496 from December 31, 2020. During the three months ended March 31, 2021, the primary increase of cash was due to financing activities such as the rights offering that closed on February 5, 2021 through which, we raised $36,598,055, ($36,659,941 netted with offering expenses of $61,886), netted with a decrease of cash due to the acquisition of land and construction in progress payments.

With the cash available as of May, 2021, we believe these resources will be sufficient to fund our operations and commitments. Our cash outlays, other than acquisitions, property improvements, dividend payments and interest expense, are for general and administrative (“G&A”) expenses, which consist principally of legal and other professional fees, consultant fees, NYSE American listing fees, insurance, shareholder service company fees and auditing costs.

To meet our working capital and longer-term capital needs, we intend to rely on cash provided by our operating activities, proceeds received from the issuance of equity securities and proceeds received from borrowings, which are typically secured by liens on assets. Based on our leases in place and rental income as of March 31, 2021, we anticipate generating $11,257,063 in cash rent over the next twelve months. At March 31, 2021, we owed debt in the principal amount of $24,344,619, of which $644,365 is due in the next twelve months. We anticipate that our cash from operations will be sufficient to support our operations; however additional acquisition of real estate may require us to seek to raise additional financing. There can be no assurance that financing will be available when needed on favorable terms.

FUNDS FROM OPERATIONS – NON GAAP FINANCIAL MEASURES

We assess and measure our overall operating results based upon an industry performance measure referred to as Core Funds From Operations (“Core FFO”) which management believes is a useful indicator of our operating performance. Core FFO is a non-GAAP financial measure. Core FFO should not be construed as a substitute for net income (loss) (as determined in accordance with GAAP) for the purpose of analyzing our operating performance or financial position, as Core FFO is not defined by GAAP. The following is a definition of this measure, an explanation as to why we present it and, at the end of this section, a reconciliation of Core FFO to the most directly comparable GAAP financial measure. Management believes that alternative measures of performance, such as net income computed under GAAP, or Funds From Operations computed in accordance with the definition used by the National Association of Real Estate Investment Trusts (“NAREIT”), include certain financial items that are not indicative of the results provided by our asset portfolio and inappropriately affect the comparability of the Trust’s period-over-period performance. These items include non-recurring expenses, such as one-time upfront acquisition expenses that are not capitalized under ASC-805 and certain non-cash expenses, including stock-based compensation expense, amortization and certain up front financing costs. Therefore, management uses Core FFO and defines it as net income excluding such items. We believe that Core FFO is a useful supplemental measure for the investing community to employ, including when comparing us to other REITs that disclose similarly Core FFO figures, and when analyzing changes in our performance over time. Readers are cautioned that other REITs may use different adjustments to their GAAP financial measures than we use, and that as a result, our Core FFO may not be comparable to the FFO measures used by other REITs or to other non-GAAP or GAAP financial measures used by REITs or other companies.

A reconciliation of our Core FFO to net income for the three months ended March 31, 2021 and 2020 is included in the table below (in thousands):

CORE FUNDS FROM OPERATIONS (FFO)

(Unaudited)

	Three Months Ended March 31,
	2021			2020
Revenue	$	1,820,927		$	787,388

Net Income	$	1,108,128		$	252,087
Stock-Based Compensation		66,158			75,159
Interest Expense - Amortization of Debt Costs		8,527			8,527
Amortization of Intangible Asset		59,285			59,285
Depreciation on Land Improvements		196,051			26,650
Core FFO Available to Preferred and Common Stock		1,438,149			421,708

Preferred Stock Dividends		(163,210	)		(70,058	)

Core FFO Available to Common Shares	$	1,274,939		$	351,650

Weighted Average Shares Outstanding (basic)		2,755,502			1,899,313

Core FFO per Common Share		0.46			0.19

Growth Rates:
Revenue		131	%
Net Income		340	%
Core FFO Available to Common Shareholders		263	%
Core FFO per Common Share		142	%

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a smaller reporting company as defined by Rule 12b-2 of the Exchange Act, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Management is responsible for establishing and maintaining adequate disclosure controls and procedures (as defined Rules 13a-15(e) and 15d-15(e) under the Exchange Act) (to provide reasonable assurance regarding the reliability of our financial reporting and preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Our disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure. A control system, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Because of the inherent limitations in all control systems, internal controls over financial reporting may not prevent or detect misstatements. The design and operation of a control system must also reflect that there are resource constraints and management is necessarily required to apply its judgment in evaluating the cost-benefit relationship of possible controls.

Our management assessed the effectiveness of the design and operation of our disclosure controls and procedures. Based on our evaluation, we believe that our disclosure controls and procedures as of March 31, 2021 were effective.

Changes in Internal Control over Financial Reporting:

During the fiscal quarter ended March 31, 2021, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are, from time to time, the subject of claims and suits arising out of matters related to our business. In general, litigation claims can be expensive, and time consuming to bring or defend against and could result in settlements or damages that could significantly affect financial results. It is not possible to predict the final resolution of the current litigation to which we are party to, and the impact of certain of these matters on our business, results of operations, and financial condition could be material. Regardless of the outcome, litigation has adversely impacted our business because of defense costs, diversion of management resources and other factors.

Item 1A. Risk Factors.

The Trust’s results of operations and financial condition are subject to numerous risks and uncertainties as described in the 2020 10-K, which risk factors are incorporated herein by reference. You should carefully consider these risk factors in conjunction with the other information contained in this Report. Should any of these risks materialize, the Trust’s business, financial condition and future prospects could be negatively impacted. The following information updates, and should be read in conjunction with, the information disclosed in Part I, Item 1A, “Risk Factors,” contained in the 2020 10-K. There have been no material changes from the risk factors disclosed in the 2020 10-K.

During 2020, a global COVID 19 pandemic emerged which has had broad financial impact on most industries and countries. To date, the Trust has not experienced any direct impact from the COVID 19 crisis. The Trust continues to monitor COVID 19 and the potential financial implications on its assets and business plans as well as on its tenants and their ability to pay rent. There can be no assurance what ultimate impact COVID 19 will have on Power REIT on a going forward basis.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

Not Applicable.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit Number		Exhibit Title

Exhibit 10.29		Lease Agreement with The Grail Project LLC, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 001-36312) filed with the Securities and Exchange Commission on January 4, 2021.

Exhibit 10.30		Lease Agreement with DOM F LLC, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 001-36312) filed with the Securities and Exchange Commission on January 14, 2021.

Exhibit 10.31		Lease Agreement with Fiore Management, LLC, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 001-36312) filed with the Securities and Exchange Commission on February 4, 2021.

Exhibit 10.32		Lease Amendment related to The Grail Project, LLC, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 001-36312) filed with the Securities and Exchange Commission on February 23, 2021.

Exhibit 10.33		Lease Agreement with The Gas Station, LLC, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 001-36312) filed with the Securities and Exchange Commission on March 12, 2021.

Exhibit 31.1		Section 302 Certification for David H. Lesser

Exhibit 32.1		Section 906 Certification for David H. Lesser

101.INS		XBRL Instance Document
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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report on Form 10-Q for the quarter ended March 31, 2021 to be signed on its behalf by the undersigned thereunto duly authorized.

POWER REIT

/s/ David H. Lesser
David H. Lesser
Chairman of the Board &
Chief Executive Officer, Secretary and Treasurer
Date: May 7, 2021

EX-31.1 2 ex31-1.htm

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, David H. Lesser, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q (this “Report”) of the registrant, Power REIT;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2021	/s/ David H. Lesser
	David H. Lesser
	Chairman of the Board, CEO, CFO, Secretary and Treasurer
	(Principal Executive Officer and Principal Financial Officer)

EX-32.1 3 ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

In connection with the quarterly report of Power REIT (the “registrant”) on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David H. Lesser, Chairman of the Board, Chief Executive Officer, Secretary and Treasurer, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

/s/ David H. Lesser
David H. Lesser
Chairman of the Board, CEO, CFO, Secretary and Treasurer
(Principal Executive Officer and Principal Financial Officer)

Date: May 7, 2021

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As of March 31, 2021, the Trust's assets consisted of approximately 112 miles of railroad infrastructure and related real estate which is owned by its subsidiary Pittsburgh & West Virginia Railroad ("P&WV"), approximately 601 acres of fee simple land leased to a number of utility scale solar power generating projects with an aggregate generating capacity of approximately 108 Megawatts ("MW") and approximately 52 acres of land with approximately 327,000 sf of existing or under construction greenhouses leased to twelve separate medical cannabis operators. Power REIT is actively seeking to grow its portfolio of real estate related to CEA for food and cannabis production.

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1. GENERAL INFORMATION   The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Trust, as defined below, these unaudited consolidated financial statements include all adjustments necessary to present fairly the information set forth herein. All such adjustments are of a normal recurring nature. Results for interim periods are not necessarily indicative of results to be expected for a full year.   These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes included in our latest Annual Report on Form 10-K filed with the SEC on March 24, 2021.   Power REIT (the “Registrant” or the “Trust”, and together with its consolidated subsidiaries, “we”, “us”, “Power REIT”, unless the context requires otherwise) is a Maryland-domiciled real estate investment trust (a “REIT”) that holds, develops, acquires and manages real estate assets related to transportation, alternative energy infrastructure and Controlled Environment Agriculture (CEA) in the United States.   The Trust was formed as part of a reorganization and reverse triangular merger of P&WV that closed on December 2, 2011. P&WV survived the reorganization as a wholly-owned subsidiary of the Registrant.   The Trust is structured as a holding company and owns its assets through seventeen wholly-owned, special purpose subsidiaries that have been formed in order to hold real estate assets, obtain financing and generate lease revenue. As of March 31, 2021, the Trust’s assets consisted of approximately 112 miles of railroad infrastructure and related real estate which is owned by its subsidiary Pittsburgh & West Virginia Railroad (“P&WV”), approximately 601 acres of fee simple land leased to a number of utility scale solar power generating projects with an aggregate generating capacity of approximately 108 Megawatts (“MW”) and approximately 52 acres of land with approximately 327,000 sf of existing or under construction greenhouses leased to twelve separate medical cannabis operators. Power REIT is actively seeking to grow its portfolio of real estate related to CEA for food and cannabis production.   During the quarter ended March 31, 2021, The Trust raised approximately gross proceeds of approximately $36.7 million and issued an additional 1,383,394 common shares through a rights offering that closed on February 5, 2021. The offer commenced in December, 2020 whereby shareholders of record as of December 28, 2020 could purchase one additional share at $26.50 per share for every share owned. See Note 6.   On February 3, 2021, we issued 192,308 additional shares of Power REIT’s Series A Preferred Stock as part of a transaction to acquire a property located in Riverside County, CA (the “Canndescent Property”) through a newly formed wholly owned subsidiary (“PW Canndescent”). See Note 3.   During the quarter ended March 31, 2021, the Trust paid a quarterly dividend of approximately $163,000 ($0.484375 per share) on Power REIT’s 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock.   The Trust has elected to be treated for tax purposes as a REIT, which means that it is exempt from U.S. federal income tax if a sufficient portion of its annual income is distributed to its shareholders, and if certain other requirements are met. In order for the Trust to maintain its REIT qualification, at least 90% of its ordinary taxable annual income must be distributed to shareholders. As of December 31, 2019, the last tax return completed to date, the Trust has a net operating loss of $17 million, which may reduce or eliminate this requirement.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of Presentation   These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).”   Principles of Consolidation   The accompanying consolidated financial statements include Power REIT and its wholly-owned subsidiaries. All intercompany balances have been eliminated in consolidation.   Income per Common Share   Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted net income per common share is computed similar to basic net income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The dilutive effect of the Trust’s options is computed using the treasury stock method.   The following table sets forth the computation of basic and diluted Income per Share:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2021</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2020</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Numerator:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 65%">Net Income</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">1,108,128</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">252,087</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Preferred Stock Dividends</td> <td> </td> <td> </td> <td style="text-align: right">(163,210</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(70,058</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Numerator for basic and diluted EPS - income available to common Shareholders</td> <td> </td> <td>$</td> <td style="text-align: right">944,918</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">182,029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Denominator:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Denominator for basic EPS - Weighted average shares</td> <td> </td> <td> </td> <td style="text-align: right">2,755,502</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,899,313</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Dilutive effect of options</td> <td> </td> <td> </td> <td style="text-align: right">83,972</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">22,351</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Denominator for diluted EPS - Adjusted weighted average shares</td> <td> </td> <td> </td> <td style="text-align: right">2,839,474</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,921,664</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Basic income per common share</td> <td> </td> <td>$</td> <td style="text-align: right">0.34</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.10</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Diluted income per common share</td> <td> </td> <td>$</td> <td style="text-align: right">0.33</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.09</td> <td> </td></tr> </table>   Real Estate Assets and Depreciation of Investment in Real Estate   The Trust expects that most of its transactions will be accounted for as asset acquisitions. In an asset acquisition, the Trust is required to capitalize closing costs and allocates the purchase price on a relative fair value basis. For the quarter ended March 31, 2021, all acquisitions were considered to be asset acquisitions. In making estimates of relative fair values for purposes of allocating purchase price, the Trust utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Trust also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible acquired. The Trust allocates the purchase price of acquired real estate to various components as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with existing property improvements.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Improvements – Based on the allocation of the relative fair value of the improvements acquired. Depreciation is calculated on a straight-line method over the useful life of the improvements.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Lease Intangibles – The Trust considers the value of an acquired in-place lease if in excess of the value of the land improvements and the amortization of the lease intangible is over the remaining term of the lease on a straight-line basis.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Construction in Progress (CIP) - The Trust classifies greenhouses or buildings under development and/or expansion as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained upon which the asset is then classified as an Improvement.</td></tr> </table>   Power REIT has several leases with tenants whereby the tenants are responsible for implementing improvements to Power REIT’s properties and Power REIT has committed to fund the cost of such improvements. Power REIT capitalized the costs of such property improvements but has determined not to capitalize interest expense based on a determination that the amount for each project would not be material and each project has a relatively short construction period.   Depreciation   Depreciation is computed using the straight-line method over the estimated useful lives of up to 20 years for greenhouses and 39 years for auxiliary buildings. The Trust recorded an increase in depreciation expense for the quarter ended March 31, 2021 related to depreciation on properties that it acquired and the placement into service of tenant improvements at our properties. Depreciation expense for the three months ended March 31, 2021 and March 31, 2020 is approximately $196,100 and $26,700, respectively.   Fair Value   Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Trust measures its financial assets and liabilities in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">o</td> <td style="text-align: justify">Level 1 – valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>o</td> <td style="text-align: justify">Level 2 – valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active. Level 2 includes U.S. Treasury, U.S. government and agency debt securities, and certain corporate obligations. Valuations are usually obtained from third party pricing services for identical or comparable assets or liabilities.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>o</td> <td style="text-align: justify">Level 3 – valuations for assets and liabilities that are derived from other valuation methodologies, such as option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.</td></tr> </table>   In determining fair value, the Trust utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk.   The carrying amounts of Power REIT’s financial instruments, including cash and cash equivalents, deposits, and accounts payable approximate fair value because of their relatively short-term maturities. The carrying value of long-term debt approximates fair value since the related rates of interest approximate current market rates. There are no financial assets and liabilities carried at fair value on a recurring basis as of March 31, 2021 and December 31, 2020.

4. LONG-TERM DEBT   On December 31, 2012, as part of the Salisbury land acquisition, PW Salisbury Solar, LLC (“PWSS”) assumed existing municipal financing (“Municipal Debt”). The Municipal Debt has approximately 10 years remaining. The Municipal Debt has a simple interest rate of 5.0% that is paid annually, with the next payment due February 1, 2022. The balance of the Municipal Debt as of March 31, 2021 and December 31, 2020 is approximately $64,000 and $70,000 respectively.   In July 2013, PWSS borrowed $750,000 from a regional bank (the “PWSS Term Loan”). The PWSS Term Loan carries a fixed annual interest rate of 5.0% for a term of 10 years and amortizes based on a 20-year principal amortization schedule. The loan is secured by PWSS’ real estate assets and a parent guarantee from the Trust. The balance of the PWSS Term Loan as of March 31, 2021 and December 31, 2020 is approximately $544,000 (net of approximately $6,200 of capitalized debt costs which are being amortized over the life of the financing) and $551,000 (net of approximately $6,800 of capitalized debt costs which are being amortized over the life of the financing), respectively.   On November 6, 2015, PWRS entered into a loan agreement (the “2015 PWRS Loan Agreement”) with a lender for $10,150,000 (the “2015 PWRS Loan”). The 2015 PWRS Loan is secured by land and intangibles owned by PWRS. PWRS issued a note to the benefit of the lender dated November 6, 2015 with a maturity date of October 14, 2034 and an annual 4.34% interest rate. As of March 31, 2021, and December 31, 2020, the balance of the 2015 PWRS Loan was approximately $8,185,000 (net of unamortized debt costs of approximately $297,000) and $8,183,000 (net of unamortized debt costs of approximately $303,000), respectively.   On November 25, 2019, Power REIT, through a newly formed subsidiary, PW PWV Holdings LLC (“PW PWV”), entered into a loan agreement (the “PW PWV Loan Agreement”) with a lender for $15,500,000 (the “PW PWV Loan”). The PW PWV Loan is secured by pledge of PW PWV’s equity interest in P&WV, its interest in the Railroad Lease and a security interest in a deposit account (the “Deposit Account”) pursuant to a Deposit Account Control Agreement dated November 25, 2019 into which the P&WV rental proceeds were deposited. Pursuant to the Deposit Account Control Agreement, P&WV has instructed its bank to transfer all monies deposited in the Deposit Account to the escrow agent as a dividend/distribution payment pursuant to the terms of the PW PWV Loan Agreement. The PW PWV Loan is evidenced by a note issued by PW PWV to the benefit of the lender for $15,500,000, with a fixed annual interest rate of 4.62% and the capitalized debt costs of $312,000 which is amortized over the life of the financing which matures in 2054. The balance of the loan as of March 31, 2021 and December 31, 2020 is $14,948,000 (net of approximately $300,000 of capitalized debt costs) and 14,994,000 (net of approximately $302,000 of capitalized debt costs).   The approximate amount of principal payments remaining on Power REIT’s long-term debt as of March 31, 2021 is as follows for the subsequent years ending December 31:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Debt</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 81%">2021 (9 months remaining)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right">569,956</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">675,374</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2023</td> <td> </td> <td> </td> <td style="text-align: right">1,168,408</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2024</td> <td> </td> <td> </td> <td style="text-align: right">715,777</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2025</td> <td> </td> <td> </td> <td style="text-align: right">755,634</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Thereafter</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">20,459,470</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Long term debt</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">24,344,619</td> <td> </td></tr> </table>

5. LEASES   Information as Lessor Under ASC Topic 842   To generate positive cash flow, as a lessor, the Trust leases its facilities to tenants in exchange for payments. The Trust’s leases for its railroad, solar farms and greenhouse cultivation facilities have an average lease term ranging between 20 and 99 years. Payments from the Trust’s leases are recognized on a straight-line basis over the terms of the respective leases. Total revenue from its leases recognized for the quarter ended March 31, 2021 is approximately $1.82 million.   The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of March 31, 2021 is as follows for the subsequent years ending December 31:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 81%">2021 (9 months remaining)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">7,488,252</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td>$</td> <td style="text-align: right">12,220,108</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2023</td> <td> </td> <td>$</td> <td style="text-align: right">11,770,002</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2024</td> <td> </td> <td>$</td> <td style="text-align: right">8,333,375</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2025</td> <td> </td> <td>$</td> <td style="text-align: right">6,420,368</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Thereafter</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">111,801,966</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">158,034,071</td> <td> </td></tr> </table>

7. RELATED PARTY TRANSACTIONS   The Trust and its subsidiaries have hired Morrison Cohen, LLP (“Morrison Cohen”) as their legal counsel with respect to general corporate matters. The spouse of the Trust’s Chairman, CEO, Secretary and Treasurer is a partner at Morrison Cohen. During the quarter ended March 31, 2021, Power REIT (on a consolidated basis) did not pay any legal fees and costs to Morrison Cohen.   A wholly-owned subsidiary of Hudson Bay Partners, LP (“HBP”), an entity associated with the CEO of the Trust, David Lesser, provides the Trust and its subsidiaries with office space at no cost. Effective September 2016, the Board of Trustees approved reimbursing an affiliate of HBP $1,000 per month for administrative and accounting support based on a conclusion that it would pay more for such support from a third party. The amount paid each month has increased over time with the Board of Trustees approval and effective February 23, 2021, the monthly amount paid to the affiliate of HBP increased to $4,000. During the quarter ended March 31, 2021, with the Board of Trustee’s approval, a special one-time payment of $15,000 was made to cover the time allocated to the processing of the Rights Offering. A total of $24,000 was paid pursuant to this arrangement during the quarter ended March 31, 2021 compared to $5,250 paid during the first quarter of 2020.   Under the Trust’s Declaration of Trust, the Trust may enter into transactions in which trustees, officers or employees have a financial interest, provided however, that in the case of a material financial interest, the transaction is disclosed to the Board of Trustees to determine if the transaction is fair and reasonable. After consideration of the terms and conditions of the retention of Morrison Cohen described herein, and the reimbursement to HBP described herein, the independent trustees approved such arrangements having determined such arrangements are fair and reasonable and in the interest of the Trust.

8. SUBSEQUENT EVENTS   On April 20, 2021, we acquired two properties (the “Cloud Nine Properties”) for $300,000 located in southern Colorado through a newly formed wholly owned subsidiary (“PW Cloud Nine”) of our wholly owned subsidiary which is comprised of approximately 4.0 acres. As part of the transaction, we agreed to fund the immediate construction of an approximately 38,440 square foot greenhouse and processing facility for approximately $2.95 million including the land acquisition cost. Concurrent with the acquisition, PW Cloud Nine entered into a 20-year “triple-net” lease (the “Cloud Nine Lease”) with Cloud Nine Farms LLC (“Cloud Nine”) which will operate a cannabis cultivation facility. The lease requires Cloud Nine to pay all property related expenses including maintenance, insurance and taxes. After the initial 20-year term, the Cloud Nine Lease provides two, five-year renewal options. The lease also has a personal guarantee from the owner of Cloud Nine.   On April 30, 2021, 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 June 15, 2021 to shareholders of record on May 15, 2021.

Basis of Presentation   These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).”

Principles of Consolidation   The accompanying consolidated financial statements include Power REIT and its wholly-owned subsidiaries. All intercompany balances have been eliminated in consolidation.

Income per Common Share   Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted net income per common share is computed similar to basic net income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The dilutive effect of the Trust’s options is computed using the treasury stock method.   The following table sets forth the computation of basic and diluted Income per Share:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2021</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2020</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Numerator:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 65%">Net Income</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">1,108,128</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">252,087</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Preferred Stock Dividends</td> <td> </td> <td> </td> <td style="text-align: right">(163,210</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(70,058</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Numerator for basic and diluted EPS - income available to common Shareholders</td> <td> </td> <td>$</td> <td style="text-align: right">944,918</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">182,029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Denominator:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Denominator for basic EPS - Weighted average shares</td> <td> </td> <td> </td> <td style="text-align: right">2,755,502</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,899,313</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Dilutive effect of options</td> <td> </td> <td> </td> <td style="text-align: right">83,972</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">22,351</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Denominator for diluted EPS - Adjusted weighted average shares</td> <td> </td> <td> </td> <td style="text-align: right">2,839,474</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,921,664</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Basic income per common share</td> <td> </td> <td>$</td> <td style="text-align: right">0.34</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.10</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Diluted income per common share</td> <td> </td> <td>$</td> <td style="text-align: right">0.33</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.09</td> <td> </td></tr> </table>

Real Estate Assets and Depreciation of Investment in Real Estate   The Trust expects that most of its transactions will be accounted for as asset acquisitions. In an asset acquisition, the Trust is required to capitalize closing costs and allocates the purchase price on a relative fair value basis. For the quarter ended March 31, 2021, all acquisitions were considered to be asset acquisitions. In making estimates of relative fair values for purposes of allocating purchase price, the Trust utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Trust also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible acquired. The Trust allocates the purchase price of acquired real estate to various components as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with existing property improvements.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Improvements – Based on the allocation of the relative fair value of the improvements acquired. Depreciation is calculated on a straight-line method over the useful life of the improvements.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Lease Intangibles – The Trust considers the value of an acquired in-place lease if in excess of the value of the land improvements and the amortization of the lease intangible is over the remaining term of the lease on a straight-line basis.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Construction in Progress (CIP) - The Trust classifies greenhouses or buildings under development and/or expansion as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained upon which the asset is then classified as an Improvement.</td></tr> </table>   Power REIT has several leases with tenants whereby the tenants are responsible for implementing improvements to Power REIT’s properties and Power REIT has committed to fund the cost of such improvements. Power REIT capitalized the costs of such property improvements but has determined not to capitalize interest expense based on a determination that the amount for each project would not be material and each project has a relatively short construction period.

Depreciation   Depreciation is computed using the straight-line method over the estimated useful lives of up to 20 years for greenhouses and 39 years for auxiliary buildings. The Trust recorded an increase in depreciation expense for the quarter ended March 31, 2021 related to depreciation on properties that it acquired and the placement into service of tenant improvements at our properties. Depreciation expense for the three months ended March 31, 2021 and March 31, 2020 is approximately $196,100 and $26,700, respectively.

Fair Value   Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Trust measures its financial assets and liabilities in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">o</td> <td style="text-align: justify">Level 1 – valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>o</td> <td style="text-align: justify">Level 2 – valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active. Level 2 includes U.S. Treasury, U.S. government and agency debt securities, and certain corporate obligations. Valuations are usually obtained from third party pricing services for identical or comparable assets or liabilities.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>o</td> <td style="text-align: justify">Level 3 – valuations for assets and liabilities that are derived from other valuation methodologies, such as option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.</td></tr> </table>   In determining fair value, the Trust utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk.   The carrying amounts of Power REIT’s financial instruments, including cash and cash equivalents, deposits, and accounts payable approximate fair value because of their relatively short-term maturities. The carrying value of long-term debt approximates fair value since the related rates of interest approximate current market rates. There are no financial assets and liabilities carried at fair value on a recurring basis as of March 31, 2021 and December 31, 2020.

The following table sets forth the computation of basic and diluted Income per Share:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2021</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2020</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Numerator:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 65%">Net Income</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">1,108,128</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">252,087</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Preferred Stock Dividends</td> <td> </td> <td> </td> <td style="text-align: right">(163,210</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(70,058</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Numerator for basic and diluted EPS - income available to common Shareholders</td> <td> </td> <td>$</td> <td style="text-align: right">944,918</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">182,029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Denominator:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Denominator for basic EPS - Weighted average shares</td> <td> </td> <td> </td> <td style="text-align: right">2,755,502</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,899,313</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Dilutive effect of options</td> <td> </td> <td> </td> <td style="text-align: right">83,972</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">22,351</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Denominator for diluted EPS - Adjusted weighted average shares</td> <td> </td> <td> </td> <td style="text-align: right">2,839,474</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,921,664</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Basic income per common share</td> <td> </td> <td>$</td> <td style="text-align: right">0.34</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.10</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Diluted income per common share</td> <td> </td> <td>$</td> <td style="text-align: right">0.33</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.09</td> <td> </td></tr> </table>

The following table summarized the preliminary allocation of the purchase consideration for the Canndescent Property based on the relative fair values of the assets acquired:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 83%">Land</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">258,420</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Assets Subject to Depreciation:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Improvements (Greenhouses / Processing Facilities)</td> <td> </td> <td> </td> <td style="text-align: right">7,426,580</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Acquisition Costs Capitalized</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">92,289</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total Assets Acquired</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">7,777,289</td> <td> </td></tr> </table>

The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of March 31, 2021 is as follows for the subsequent years ending December 31:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 81%">2021 (9 months remaining)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">7,488,252</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td>$</td> <td style="text-align: right">12,220,108</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2023</td> <td> </td> <td>$</td> <td style="text-align: right">11,770,002</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2024</td> <td> </td> <td>$</td> <td style="text-align: right">8,333,375</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2025</td> <td> </td> <td>$</td> <td style="text-align: right">6,420,368</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Thereafter</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">111,801,966</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">158,034,071</td> <td> </td></tr> </table>

Summary of Activity - Options   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Aggregate</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Options</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Price</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Intrinsic Value</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 47%">Balance as of December 31, 2020</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">106,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">7.96</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Plan Awards</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Options Exercised</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance as of March 31, 2021</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">106,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7.96</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,951,680</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Options vested at March 31, 2021</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">106,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7.96</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,951,680</td> <td> </td></tr> </table>

The approximate amount of principal payments remaining on Power REIT’s long-term debt as of March 31, 2021 is as follows for the subsequent years ending December 31:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Debt</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 81%">2021 (9 months remaining)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right">569,956</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">675,374</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2023</td> <td> </td> <td> </td> <td style="text-align: right">1,168,408</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2024</td> <td> </td> <td> </td> <td style="text-align: right">715,777</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2025</td> <td> </td> <td> </td> <td style="text-align: right">755,634</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Thereafter</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">20,459,470</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Long term debt</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">24,344,619</td> <td> </td></tr> </table>

The summary of Plan activity for the quarter ended March 31, 2021, with respect to the Trust’s restricted stock, was as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>Summary of Activity - Restricted Stock</td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Shares of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Restricted</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Grant Date</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Stock</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Fair Value</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%">Balance as of December 31, 2020</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">35,066</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">8.76</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Plan Awards</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Restricted Stock Vested</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(7,400</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">8.94</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance as of March 31, 2021</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">27,666</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8.71</td> <td> </td></tr> </table>

2205

3. ACQUISITIONS   On January 4, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Grail, LLC, (“PW Grail”), completed the acquisition of two properties totaling 4.41 acres of vacant land (“Grail Properties”) approved for medical cannabis cultivation in southern Colorado for $150,000 plus acquisition costs. As part of the transaction, the Trust agreed to fund the immediate construction of an approximately 21,732 square foot greenhouse and processing facility for approximately $1.69 million. On February 23, 2021, PW Grail amended the Grail Project Lease making approximately $518,000 of more funds available to construct an additional 6,256 square feet to the cannabis cultivation and processing space. Accordingly, the Trust’s total capital commitment is approximately $2.4 million. As of March 31, 2021, the total construction in progress that was funded by Power REIT is approximately $407,000.   On January 14, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Apotheke, LLC, (“PW Apotheke”), completed the acquisition of a property totaling 4.31 acres of vacant land (“Apotheke Property”) approved for medical cannabis cultivation in southern Colorado for $150,000 plus acquisition costs. As part of the transaction, the Trust agreed to fund the immediate construction of an approximately 21,548 square foot greenhouse and processing facility for approximately $1.66 million. Accordingly, PW Apotheke’s total capital commitment is approximately $1.81 million. As of March 31, 2021, the total construction in progress that was funded by Power REIT is approximately $376,000.   On February 3, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CA CanRE Canndescent LLC, (“PW Canndescent”), completed the acquisition of a 37,000 square foot greenhouse cultivation facility on a .85 acre of property located in Riverside County, CA (the “Canndescent Property”). The purchase price was $7.685 million and we paid for the property with $2.685 million cash on hand and the issuance of 192,308 shares of Power REIT’s Series A Preferred Stock.   The following table summarized the preliminary allocation of the purchase consideration for the Canndescent Property based on the relative fair values of the assets acquired:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%">Land</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">258,420</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Assets Subject to Depreciation:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Improvements (Greenhouses / Processing Facilities)</td> <td> </td> <td> </td> <td style="text-align: right">7,426,580</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Acquisition Costs Capitalized</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">92,289</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total Assets Acquired</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">7,777,289</td> <td> </td></tr> </table>   On March 12, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Gas Station, LLC, (“PW Gas Station”), completed the acquisition of a property totaling 2.2 acres of vacant land (“Gas Station Property”) approved for medical cannabis cultivation in southern Colorado for $85,000 plus acquisition costs. As part of the transaction, the Trust agreed to fund the immediate construction of an approximately 24,512 square foot greenhouse and processing facility for approximately $2.03 million. Accordingly, PW Gas Station’s total capital commitment is approximately $2.1 million. As of March 31, 2021, the total construction in progress that was funded by Power REIT is approximately $158,000.   The acquisitions described above are accounted for as asset acquisitions under ASC 805-50. Power REIT has established a depreciable life for the property improvements of 20 years for greenhouses and 39 years for buildings.   Concurrent with the closing of the acquisitions, Power REIT entered in leases with tenants that are licensed for the production of medical cannabis cultivation at the facilities. The combined annual straight-line rent from these four acquisitions and one expansion is approximately $2.3 million. Each tenant is responsible for paying all expenses related to the properties including maintenance, insurance and taxes. The term of the Grail, Apotheke and Gas Station leases are 20 years with options to extend for additional five-year periods and have financial guarantees from affiliates of the tenants, whereas, the Canndescent lease was already in place and assigned to the Trust.

6. EQUITY AND LONG-TERM COMPENSATION   Increase in Authorized Preferred Stock   On January 7, 2021, the Trust filed Articles Supplementary with the State of Maryland to classify an additional 1,500,000 unissued shares of beneficial interest, par value $0.001 per share, 7.75% Series A Preferred Stock, such that the Trust shall now have authorized an aggregate of 1,675,000 shares of Series A Preferred Stock, all of which shall constitute a single series of Series A Preferred Stock. On February 3, 2021, as part of the closing for the Canndescent acquisition, the Trust issued 192,308 shares of Power REIT’s Series A Preferred Stock with a fair value of $5,000,008 less $2,205 of costs.   Stock Issued for Cash   During the quarter ended March 31, 2021, the Trust raised gross proceeds of approximately $36.7 million and issued an additional 1,383,394 common shares through a rights offering that closed on February 5, 2021. Offering expenses of $61,886 were incurred in connection with the offering and recorded as contra-equity netting against the proceeds of offering. Hudson Bay Partner, LP (“HBP”) which is 100% owned by David Lesser, is the Managing Member of PW RO Holdings LLC which participated in the rights offering and acquired 132,074 shares, is the Managing Member of PW RO Holdings 2 LLC which participated in the rights offering and acquired 155,000 shares and is the Managing Member of PW RO Holdings 3 LLC which participated in the rights offering and acquired 123,020 shares. HBP became the Co-Managing Member of 13310 LMR2A (“13310”) after the Trust acquired the Canndescent property from 13310 which participated in the rights offering and acquired 68,679 shares.   Summary of Stock Based Compensation Activity – Options   The summary of stock based compensation activity for the quarter ended March 31, 2021, with respect to the Trust’s stock options, is as follows:   Summary of Activity - Options   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Aggregate</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Options</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Price</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Intrinsic Value</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%">Balance as of December 31, 2020</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">106,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">7.96</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Plan Awards</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Options Exercised</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance as of March 31, 2021</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">106,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7.96</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,951,680</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Options vested at March 31, 2021</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">106,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7.96</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,951,680</td> <td> </td></tr> </table>   The weighted average remaining term of the options is approximately 1.36 years.   Summary of Plan Activity – Restricted Stock   The summary of Plan activity for the quarter ended March 31, 2021, with respect to the Trust’s restricted stock, was as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>Summary of Activity - Restricted Stock</td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Shares of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Restricted</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Grant Date</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Stock</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Fair Value</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 68%">Balance as of December 31, 2020</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">35,066</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">8.76</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Plan Awards</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Restricted Stock Vested</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(7,400</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">8.94</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance as of March 31, 2021</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">27,666</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8.71</td> <td> </td></tr> </table>   Stock-based Compensation   During the quarter ended March 31, 2021, the Trust recorded approximately $66,000 of non-cash expense related to restricted stock and options granted compared to approximately $75,000 for quarter ended March 31, 2020. As of March 31, 2021, there was approximately $241,000 of total unrecognized share-based compensation expense, which will be recognized through the second quarter of 2023. The Trust does not currently have a policy regarding the repurchase of shares on the open market related to equity awards and does not currently intend to acquire shares on the open market.   Power REIT’s 2020 Equity Incentive Plan, which superseded the 2012 Equity Incentive Plan, was adopted by the Board on May 27, 2020 and approved by the shareholders on June 24, 2020. It provides for the grant of the following awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options; (iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards. The Plan’s purpose is to secure and retain the services of Employees, Directors and Consultants, to provide incentives for such persons to exert maximum efforts for the success of the Trust and to provide a means by which such persons may be given an opportunity to benefit from increases in value of the common Stock through the granting of awards. As of March 31, 2021, the aggregate number of shares of Common Stock that may be issued pursuant to outstanding awards is currently 235,917.   Preferred Stock Dividends   During the quarter ended March 31, 2021, the Trust paid a total of approximately $163,000 of dividends to holders of Power REIT’s Series A Preferred Stock.

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Lesser [Member] PW RO Holdings 2 LLC [Member] PW RO Holdings 3 LLC [Member] 13310 LMR2A [Member] Subsequent Event Type [Axis] Subsequent Event [Member] PW Cloud Nine [Member] PW Apotheke [Member] PW Canndescent [Member] PW Gas Station [Member] Greenhouse Properties [Member] Greenhouse Property [Member] PW CA CanRE Canndescent LLC [Member] Trust [Member] Cover [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Shell Company Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Land Greenhouse cultivation and processing facilities, net of accumulated depreciation Greenhouse cultivation and processing facilities - construction in progress Net investment in direct financing lease - railroad Total real estate assets Cash and cash equivalents Prepaid expenses Intangible assets, net of accumulated amortization Deferred rent receivable Other assets TOTAL ASSETS LIABILITIES AND EQUITY Accounts payable Accrued interest Deferred rent liability Tenant security deposits Prepaid rent Current portion of long-term debt, net of unamortized discount Long-term debt, net of unamortized discount TOTAL LIABILITIES Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 (1,675,000 shares authorized; 336,944 and 144,636 issued and outstanding as of March 31, 2021 and December 31, 2020) Equity: Common Shares, $0.001 par value (100,000,000 shares authorized; 3,299,533 shares issued and outstanding at March 31, 2021 and 1,916,139 at December 31, 2020) Additional paid-in capital Retained earnings (accumulated deficit) Total Equity TOTAL LIABILITIES AND EQUITY Series A 7.75% Cumulative redeemable perpetual preferred stock cumulative redeemable percentage Series A 7.75% Cumulative redeemable perpetual preferred stock, par value Series A 7.75% Cumulative redeemable perpetual preferred stock, shares authorized Series A 7.75% Cumulative redeemable perpetual preferred stock, shares issued Series A 7.75% Cumulative redeemable perpetual preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] REVENUE Lease income from direct financing lease - railroad Rental income Other income TOTAL REVENUE EXPENSES Amortization of intangible assets General and administrative Property taxes Depreciation expense Interest expense TOTAL EXPENSES NET INCOME Preferred Stock Dividends NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS Income Per Common Share: Basic Diluted Weighted Average Number of Shares Outstanding: Basic Diluted Cash dividend per Series A Preferred Share Statement [Table] Statement [Line Items] Balance Balance, shares Net Income Cash Dividends on Preferred Stock Issuance of Common Shares for Cash Issuance of Common Shares for Cash, shares Stock-Based Compensation Stock-Based Compensation, shares Balance Balance, shares Statement of Cash Flows [Abstract] Operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Amortization of debt costs Stock-based compensation Depreciation Changes in operating assets and liabilities Deferred rent receivable Deferred rent liability Prepaid expenses Accounts payable Tenant security deposits Accrued interest Prepaid rent Net cash provided by operating activities Investing activities Cash paid for land, greenhouse cultivation and processing facilities Cash paid for greenhouse cultivation and processing facilities - construction in progress Net cash used in investing activities Financing Activities Net proceeds from issuance of common stock Principal payment on long-term debt Cash dividends paid on preferred stock Net cash provided by (used in) financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Supplemental disclosure of cash flow information: Interest paid Preferred stock issuance for purchase of greenhouse cultivation and processing facility Accounting Policies [Abstract] General Information Summary of Significant Accounting Policies Business Combinations [Abstract] Acquisitions Debt Disclosure [Abstract] Long-Term Debt Notes to Financial Statements Leases Share-based Payment Arrangement [Abstract] Equity and Long-Term Compensation Related Party Transactions [Abstract] Related Party Transactions Subsequent Events [Abstract] Subsequent Events Basis of Presentation Principles of Consolidation Income Per Common Share Real Estate Assets and Depreciation of Investment in Real Estate Depreciation Fair Value Schedule of Income Per Common Share Schedule of Fair Value of Assets Acquired Schedule of Long-Term Debt Schedule of Minimum Future Rentals Summary of Stock Based Compensation Activity EX-101.PRE 9 pw-20210331_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT

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Document and Entity Information - shares	Mar. 31, 2021	May 07, 2021
Cover [Abstract]
Entity Registrant Name	Power REIT
Entity Central Index Key	0001532619
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,299,533
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

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Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Land	$ 8,976,460	$ 8,333,040
Greenhouse cultivation and processing facilities, net of accumulated depreciation	19,216,552	10,305,979
Greenhouse cultivation and processing facilities - construction in progress	3,439,602	2,087,086
Net investment in direct financing lease - railroad	9,150,000	9,150,000
Total real estate assets	40,782,614	29,876,105
Cash and cash equivalents	37,071,322	5,601,826
Prepaid expenses	64,514	89,345
Intangible assets, net of accumulated amortization	3,293,028	3,352,313
Deferred rent receivable	2,109,365	1,602,655
Other assets	16,975	16,975
TOTAL ASSETS	83,337,818	40,539,219
LIABILITIES AND EQUITY
Accounts payable	74,514	83,562
Accrued interest	77,468	80,579
Deferred rent liability	234,751	123,966
Tenant security deposits	1,237,482	1,137,481
Prepaid rent	155,286	105,331
Current portion of long-term debt, net of unamortized discount	613,165	605,272
Long-term debt, net of unamortized discount	23,128,061	23,192,871
TOTAL LIABILITIES	25,520,727	25,329,062
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 (1,675,000 shares authorized; 336,944 and 144,636 issued and outstanding as of March 31, 2021 and December 31, 2020)	8,489,952	3,492,149
Equity:
Common Shares, $0.001 par value (100,000,000 shares authorized; 3,299,533 shares issued and outstanding at March 31, 2021 and 1,916,139 at December 31, 2020)	3,299	1,916
Additional paid-in capital	48,739,884	12,077,054
Retained earnings (accumulated deficit)	583,956	(360,962)
Total Equity	49,327,139	11,718,008
TOTAL LIABILITIES AND EQUITY	$ 83,337,818	$ 40,539,219

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Series A 7.75% Cumulative redeemable perpetual preferred stock cumulative redeemable percentage	7.75%	7.75%
Series A 7.75% Cumulative redeemable perpetual preferred stock, par value	$ 25.00	$ 25.00
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares authorized	1,675,000	1,675,000
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares issued	336,944	144,636
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares outstanding	336,944	144,636
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	3,299,533	1,916,139
Common stock, shares outstanding	3,299,533	1,916,139

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Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUE
Lease income from direct financing lease - railroad	$ 228,750	$ 228,750
Rental income	1,591,931	503,202
Other income	246	55,436
TOTAL REVENUE	1,820,927	787,388
EXPENSES
Amortization of intangible assets	59,285	59,285
General and administrative	163,528	149,334
Property taxes	6,307	4,552
Depreciation expense	196,051	26,650
Interest expense	287,628	295,480
TOTAL EXPENSES	712,799	535,301
NET INCOME	1,108,128	252,087
Preferred Stock Dividends	(163,210)	(70,058)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 944,918	$ 182,029
Income Per Common Share:
Basic	$ 0.34	$ 0.1
Diluted	$ 0.33	$ 0.09
Weighted Average Number of Shares Outstanding:
Basic	2,755,502	1,899,313
Diluted	2,839,474	1,921,664
Cash dividend per Series A Preferred Share	$ 0.48	$ 0.48

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Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Total
Balance at Dec. 31, 2019	$ 1,873	$ 11,821,486	$ (2,252,606)	$ 9,570,753
Balance, shares at Dec. 31, 2019	1,872,939
Net Income			252,087	252,087
Cash Dividends on Preferred Stock			(70,058)	(70,058)
Stock-Based Compensation	$ 40	75,118		75,158
Stock-Based Compensation, shares	40,000
Balance at Mar. 31, 2020	$ 1,913	11,896,604	(2,070,577)	9,827,940
Balance, shares at Mar. 31, 2020	1,912,939
Balance at Dec. 31, 2020	$ 1,916	12,077,054	(360,962)	11,718,008
Balance, shares at Dec. 31, 2020	1,916,139
Net Income			1,108,128	1,108,128
Cash Dividends on Preferred Stock			(163,210)	(163,210)
Issuance of Common Shares for Cash	1,383	36,596,672		36,598,055
Stock-Based Compensation		66,158		66,158
Stock-Based Compensation, shares
Balance at Mar. 31, 2021	$ 3,299	$ 48,739,884	$ 583,956	$ 49,327,139
Balance, shares at Mar. 31, 2021	3,299,533

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

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+ Details

XML 15 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 1,108,128	$ 252,087
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	59,285	59,285
Amortization of debt costs	8,527	8,527
Stock-based compensation	66,158	75,159
Depreciation	196,051	26,650
Changes in operating assets and liabilities
Deferred rent receivable	(506,710)	(193,596)
Deferred rent liability	110,785
Prepaid expenses	24,831	(23,012)
Accounts payable	(9,048)	3,094
Tenant security deposits	100,001	277,494
Accrued interest	(3,111)	(2,260)
Prepaid rent	49,955	117,409
Net cash provided by operating activities	1,204,852	600,837
Investing activities
Cash paid for land, greenhouse cultivation and processing facilities	(4,752,241)	(1,161,146)
Cash paid for greenhouse cultivation and processing facilities - construction in progress	(1,352,516)	(1,541,850)
Net cash used in investing activities	(6,104,757)	(2,702,996)
Financing Activities
Net proceeds from issuance of common stock	36,598,055
Principal payment on long-term debt	(65,444)	(58,476)
Cash dividends paid on preferred stock	(163,210)	(70,058)
Net cash provided by (used in) financing activities	36,369,401	(128,534)
Net increase (decrease) in cash and cash equivalents	31,469,496	(2,230,693)
Cash and cash equivalents, beginning of period	5,601,826	15,842,504
Cash and cash equivalents, end of period	37,071,322	13,611,811
Supplemental disclosure of cash flow information:
Interest paid	282,212	284,693
Preferred stock issuance for purchase of greenhouse cultivation and processing facility	$ 4,997,803

XML 16 R7.htm IDEA: XBRL DOCUMENT

General Information

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

General Information

1. GENERAL INFORMATION

XML 17 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).”

Principles of Consolidation

The accompanying consolidated financial statements include Power REIT and its wholly-owned subsidiaries. All intercompany balances have been eliminated in consolidation.

Income per Common Share

The following table sets forth the computation of basic and diluted Income per Share:

	Three Months Ended
	March 31,
	2021			2020

Numerator:
Net Income	$	1,108,128		$	252,087
Preferred Stock Dividends		(163,210	)		(70,058	)
Numerator for basic and diluted EPS - income available to common Shareholders	$	944,918		$	182,029

Denominator:
Denominator for basic EPS - Weighted average shares		2,755,502			1,899,313
Dilutive effect of options		83,972			22,351
Denominator for diluted EPS - Adjusted weighted average shares		2,839,474			1,921,664

Basic income per common share	$	0.34		$	0.10
Diluted income per common share	$	0.33		$	0.09

Real Estate Assets and Depreciation of Investment in Real Estate

	●	Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with existing property improvements.
	●	Improvements – Based on the allocation of the relative fair value of the improvements acquired. Depreciation is calculated on a straight-line method over the useful life of the improvements.
	●	Lease Intangibles – The Trust considers the value of an acquired in-place lease if in excess of the value of the land improvements and the amortization of the lease intangible is over the remaining term of the lease on a straight-line basis.
	●	Construction in Progress (CIP) - The Trust classifies greenhouses or buildings under development and/or expansion as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained upon which the asset is then classified as an Improvement.

Depreciation

Fair Value

	o	Level 1 – valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds.

	o	Level 2 – valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active. Level 2 includes U.S. Treasury, U.S. government and agency debt securities, and certain corporate obligations. Valuations are usually obtained from third party pricing services for identical or comparable assets or liabilities.

	o	Level 3 – valuations for assets and liabilities that are derived from other valuation methodologies, such as option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.

XML 18 R9.htm IDEA: XBRL DOCUMENT

Acquisitions

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Acquisitions

3. ACQUISITIONS

The following table summarized the preliminary allocation of the purchase consideration for the Canndescent Property based on the relative fair values of the assets acquired:

Land	$	258,420
Assets Subject to Depreciation:
Improvements (Greenhouses / Processing Facilities)		7,426,580
Acquisition Costs Capitalized		92,289
Total Assets Acquired	$	7,777,289

XML 19 R10.htm IDEA: XBRL DOCUMENT

Long-Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

4. LONG-TERM DEBT

The approximate amount of principal payments remaining on Power REIT’s long-term debt as of March 31, 2021 is as follows for the subsequent years ending December 31:

	Total Debt

2021 (9 months remaining)		569,956
2022		675,374
2023		1,168,408
2024		715,777
2025		755,634
Thereafter		20,459,470
Long term debt	$	24,344,619

XML 20 R11.htm IDEA: XBRL DOCUMENT

Leases

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Leases

5. LEASES

Information as Lessor Under ASC Topic 842

The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of March 31, 2021 is as follows for the subsequent years ending December 31:

		Total
2021 (9 months remaining)	$	7,488,252
2022	$	12,220,108
2023	$	11,770,002
2024	$	8,333,375
2025	$	6,420,368
Thereafter	$	111,801,966
Total	$	158,034,071

XML 21 R12.htm IDEA: XBRL DOCUMENT

Equity and Long-Term Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Equity and Long-Term Compensation

6. EQUITY AND LONG-TERM COMPENSATION

Increase in Authorized Preferred Stock

Stock Issued for Cash

Summary of Stock Based Compensation Activity – Options

The summary of stock based compensation activity for the quarter ended March 31, 2021, with respect to the Trust’s stock options, is as follows:

Summary of Activity - Options

Weighted

Number of

Average

Aggregate

Options

Exercise Price

Intrinsic Value

Balance as of December 31, 2020

106,000

7.96

Plan Awards

Options Exercised

Balance as of March 31, 2021

106,000

7.96

3,951,680

Options vested at March 31, 2021

106,000

7.96

3,951,680

The weighted average remaining term of the options is approximately 1.36 years.

Summary of Plan Activity – Restricted Stock

The summary of Plan activity for the quarter ended March 31, 2021, with respect to the Trust’s restricted stock, was as follows:

Summary of Activity - Restricted Stock

	Number of			Weighted
	Shares of			Average
	Restricted			Grant Date
	Stock			Fair Value
Balance as of December 31, 2020		35,066			8.76
Plan Awards		-			-
Restricted Stock Vested		(7,400	)		8.94
Balance as of March 31, 2021		27,666			8.71

Stock-based Compensation

Preferred Stock Dividends

During the quarter ended March 31, 2021, the Trust paid a total of approximately $163,000 of dividends to holders of Power REIT’s Series A Preferred Stock.

XML 22 R13.htm IDEA: XBRL DOCUMENT

Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions

7. RELATED PARTY TRANSACTIONS

XML 23 R14.htm IDEA: XBRL DOCUMENT

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

8. SUBSEQUENT EVENTS

XML 24 R15.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).”

Principles of Consolidation

The accompanying consolidated financial statements include Power REIT and its wholly-owned subsidiaries. All intercompany balances have been eliminated in consolidation.

Income Per Common Share

Income per Common Share

The following table sets forth the computation of basic and diluted Income per Share:

	Three Months Ended
	March 31,
	2021			2020

Numerator:
Net Income	$	1,108,128		$	252,087
Preferred Stock Dividends		(163,210	)		(70,058	)
Numerator for basic and diluted EPS - income available to common Shareholders	$	944,918		$	182,029

Denominator:
Denominator for basic EPS - Weighted average shares		2,755,502			1,899,313
Dilutive effect of options		83,972			22,351
Denominator for diluted EPS - Adjusted weighted average shares		2,839,474			1,921,664

Basic income per common share	$	0.34		$	0.10
Diluted income per common share	$	0.33		$	0.09

Real Estate Assets and Depreciation of Investment in Real Estate

	●	Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with existing property improvements.
	●	Improvements – Based on the allocation of the relative fair value of the improvements acquired. Depreciation is calculated on a straight-line method over the useful life of the improvements.
	●	Lease Intangibles – The Trust considers the value of an acquired in-place lease if in excess of the value of the land improvements and the amortization of the lease intangible is over the remaining term of the lease on a straight-line basis.
	●	Construction in Progress (CIP) - The Trust classifies greenhouses or buildings under development and/or expansion as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained upon which the asset is then classified as an Improvement.

Depreciation

Fair Value

	o	Level 1 – valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds.

	o	Level 2 – valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active. Level 2 includes U.S. Treasury, U.S. government and agency debt securities, and certain corporate obligations. Valuations are usually obtained from third party pricing services for identical or comparable assets or liabilities.

	o	Level 3 – valuations for assets and liabilities that are derived from other valuation methodologies, such as option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.

XML 25 R16.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of Income Per Common Share

The following table sets forth the computation of basic and diluted Income per Share:

	Three Months Ended
	March 31,
	2021			2020

Numerator:
Net Income	$	1,108,128		$	252,087
Preferred Stock Dividends		(163,210	)		(70,058	)
Numerator for basic and diluted EPS - income available to common Shareholders	$	944,918		$	182,029

Denominator:
Denominator for basic EPS - Weighted average shares		2,755,502			1,899,313
Dilutive effect of options		83,972			22,351
Denominator for diluted EPS - Adjusted weighted average shares		2,839,474			1,921,664

Basic income per common share	$	0.34		$	0.10
Diluted income per common share	$	0.33		$	0.09

XML 26 R17.htm IDEA: XBRL DOCUMENT

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Schedule of Fair Value of Assets Acquired

The following table summarized the preliminary allocation of the purchase consideration for the Canndescent Property based on the relative fair values of the assets acquired:

Land	$	258,420
Assets Subject to Depreciation:
Improvements (Greenhouses / Processing Facilities)		7,426,580
Acquisition Costs Capitalized		92,289
Total Assets Acquired	$	7,777,289

XML 27 R18.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The approximate amount of principal payments remaining on Power REIT’s long-term debt as of March 31, 2021 is as follows for the subsequent years ending December 31:

	Total Debt

2021 (9 months remaining)		569,956
2022		675,374
2023		1,168,408
2024		715,777
2025		755,634
Thereafter		20,459,470
Long term debt	$	24,344,619

XML 28 R19.htm IDEA: XBRL DOCUMENT

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Schedule of Minimum Future Rentals

The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of March 31, 2021 is as follows for the subsequent years ending December 31:

		Total
2021 (9 months remaining)	$	7,488,252
2022	$	12,220,108
2023	$	11,770,002
2024	$	8,333,375
2025	$	6,420,368
Thereafter	$	111,801,966
Total	$	158,034,071

XML 29 R20.htm IDEA: XBRL DOCUMENT

Equity and Long-Term Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Based Compensation Activity

Summary of Activity - Options

Weighted

Number of

Average

Aggregate

Options

Exercise Price

Intrinsic Value

Balance as of December 31, 2020

106,000

7.96

Plan Awards

Options Exercised

Balance as of March 31, 2021

106,000

7.96

3,951,680

Options vested at March 31, 2021

106,000

7.96

3,951,680

Summary of Restricted Stock Plan Activity

The summary of Plan activity for the quarter ended March 31, 2021, with respect to the Trust’s restricted stock, was as follows:

Summary of Activity - Restricted Stock

	Number of			Weighted
	Shares of			Average
	Restricted			Grant Date
	Stock			Fair Value
Balance as of December 31, 2020		35,066			8.76
Plan Awards		-			-
Restricted Stock Vested		(7,400	)		8.94
Balance as of March 31, 2021		27,666			8.71

XML 30 R21.htm IDEA: XBRL DOCUMENT

General Information (Details Narrative) - USD ($)		3 Months Ended		12 Months Ended
General Information (Details Narrative) - USD ($)	Feb. 03, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Trust's assets, description		As of March 31, 2021, the Trust's assets consisted of approximately 112 miles of railroad infrastructure and related real estate which is owned by its subsidiary Pittsburgh & West Virginia Railroad ("P&WV"), approximately 601 acres of fee simple land leased to a number of utility scale solar power generating projects with an aggregate generating capacity of approximately 108 Megawatts ("MW") and approximately 52 acres of land with approximately 327,000 sf of existing or under construction greenhouses leased to twelve separate medical cannabis operators. Power REIT is actively seeking to grow its portfolio of real estate related to CEA for food and cannabis production.
Proceeds from issuance of common stock		$ 36,598,055
Price per share		$ 26.50
Percentage of redeemable perpetual preferred stock		90.00%
Net operating loss				$ 17,000,000
Series A Preferred Stock [Member]
Proceeds from issuance of common stock	$ 5,000,008
Number of common shares issued	192,308
Number of shares issued for acquisition	192,308
Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Dividend paid		$ 163,000
Dividend paid per share		$ 0.484375
Percentage of redeemable perpetual preferred stock		7.75%
Trust [Member]
Number of common shares issued		1,383,394

XML 31 R22.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Depreciation expense	$ 196,051	$ 26,650
Greenhouse [Member]
Estimated useful lives	P20Y
Depreciation expense	$ 196,100
Auxiliary Buildings [Member]
Estimated useful lives	P39Y
Depreciation expense	$ 26,700

XML 32 R23.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Income Per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Net Income	$ 1,108,128	$ 252,087
Preferred Stock Dividends	(163,210)	(70,058)
Numerator for basic and diluted EPS - income available to common Shareholders	$ 944,918	$ 182,029
Denominator for basic EPS - Weighted average shares	2,755,502	1,899,313
Dilutive effect of options	$ 83,972	$ 22,351
Denominator for diluted EPS - Adjusted weighted average shares	2,839,474	1,921,664
Basic income per common share	$ 0.34	$ 0.1
Diluted income per common share	$ 0.33	$ 0.09

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Acquisitions (Details Narrative)						3 Months Ended
Acquisitions (Details Narrative)	Mar. 12, 2021 USD ($) a ft²	Feb. 23, 2021 USD ($) ft²	Feb. 03, 2021 USD ($) ft² shares	Jan. 14, 2021 USD ($) a ft²	Jan. 04, 2021 USD ($) a ft²	Mar. 31, 2021 USD ($)
Rent income						$ 2,300,000
Lease term						20 years
Option to extend						P5Y
Auxiliary Buildings [Member]
Depreciation estimated useful life						39 years
Series A Preferred Stock [Member]
Issuance of shares \| shares			192,308
PW Apotheke [Member]
Area of land \| a				4.31
Business acquisition transaction cost				$ 150,000
PW Canndescent [Member]
Purchase price			$ 7,685,000
Acquisition amount			$ 2,685,000
PW Canndescent [Member] \| Series A Preferred Stock [Member]
Issuance of shares \| shares			192,308
PW Gas Station [Member]
Area of land \| a	2.2
Business acquisition cost	$ 85,000
Greenhouse Property One [Member] \| PW Grail [Member]
Area of land \| a					4.41
Purchase price					$ 150,000
Greenhouse Property One [Member] \| PW Grail [Member] \| Greenhouse Space [Member]
Area of land \| ft²		6,256
Business acquisition transaction cost		$ 518,000				$ 407,000
Capital commitment		$ 2,400,000
Greenhouse and Processing Facility [Member] \| PW Grail [Member]
Area of land \| ft²					21,732
Purchase price					$ 1,690,000
Greenhouse and Processing Facility [Member] \| PW Apotheke [Member]
Area of land \| ft²				21,548
Purchase price				$ 1,660,000
Business acquisition transaction cost				376,000
Capital commitment				$ 1,810,000
Greenhouse and Processing Facility [Member] \| PW Canndescent [Member]
Area of land \| ft²			37,000
Greenhouse and Processing Facility [Member] \| PW Gas Station [Member]
Area of land \| ft²	24,512
Capital commitment	$ 2,100,000
Acquisition amount	2,030,000
Business acquisition cost	$ 158,000
Greenhouse Properties [Member]
Depreciation estimated useful life						20 years

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Acquisitions - Schedule of Fair Value of Assets Acquired (Details) - Greenhouse Property [Member] - PW CA CanRE Canndescent LLC [Member]	3 Months Ended
	Mar. 31, 2021 USD ($)
Land	$ 258,420
Improvements (Greenhouses / Processing Facilities)	7,426,580
Acquisition Costs Capitalized	92,289
Total Assets Acquired	$ 7,777,289

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Long-Term Debt (Details Narrative) - USD ($)				3 Months Ended
Long-Term Debt (Details Narrative) - USD ($)	Nov. 25, 2019	Nov. 06, 2015	Dec. 31, 2012	Mar. 31, 2021	Dec. 31, 2020	Jul. 05, 2013
Debt fixed interest rate	4.62%
Outstanding loan balance				$ 24,344,619
Capitalized debt cost	$ 312,000
Debt maturity year	2054
Proceeds from long term debt	$ 15,500,000
Pittsburgh & West Virginia Railroad [Member]
Outstanding loan balance				14,948,000	$ 14,994,000
Capitalized debt cost				300,000	302,000
Municipal Debt [Member]
Debt term			10 years
Debt interest rate			5.00%
Debt maturity date			Feb. 01, 2022
Municipal debt securities carrying value				$ 64,000	70,000
PWSS Term Loan [Member]
Debt term						10 years
Debt amount						$ 750,000
Debt fixed interest rate						5.00%
Debt description				The PWSS Term Loan carries a fixed annual interest rate of 5.0% for a term of 10 years and amortizes based on a 20-year principal amortization schedule.
Outstanding loan balance				$ 544,000	551,000
Capitalized debt cost				6,200	6,800
PWRS Bonds [Member]
Outstanding loan balance				8,185,000	8,183,000
Unamortized debt costs				$ 297,000	$ 303,000
PWRS Bonds [Member] \| Land and Intangibles [Member]
Debt maturity date		Oct. 14, 2034
Debt amount		$ 10,150,000
Debt fixed interest rate		4.34%

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Long-Term Debt - Schedule of Long-Term Debt (Details)	Mar. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2021 (9 months remaining)	$ 569,956
2022	675,374
2023	1,168,408
2024	715,777
2025	755,634
Thereafter	20,459,470
Long term debt	$ 24,344,619

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Leases (Details Narrative) - USD ($)	3 Months Ended
Leases (Details Narrative) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Rental revenue	$ 1,820,927	$ 787,388
Minimum [Member]
Average lease term	20 years
Maximum [Member]
Average lease term	99 years

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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

XML 38 R29.htm IDEA: XBRL DOCUMENT

Leases - Schedule of Minimum Future Rentals (Details)	Mar. 31, 2021 USD ($)
Leases [Abstract]
2021 (9 months remaining)	$ 7,488,252
2022	12,220,108
2023	11,770,002
2024	8,333,375
2025	6,420,368
Thereafter	111,801,966
Total	$ 158,034,071

XML 39 R30.htm IDEA: XBRL DOCUMENT

Equity and Long-Term Compensation (Details Narrative) - USD ($)			3 Months Ended
	Feb. 03, 2021	Jan. 07, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Par value per share			$ 0.001		$ 0.001
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares authorized			1,675,000		1,675,000
Proceeds from issuance of common stock			$ 36,598,055
Offering expenses			61,886
Non-cash expense related to restricted stock and options granted			66,158	75,159
Unrecognized share-based compensation expense			$ 241,000
Stock Options [Member]
Weighted average remaining term			1 year 4 months 9 days
Non-cash expense related to restricted stock and options granted			$ 66,000	$ 75,000
PW RO Holdings LLC [Member] \| David H. Lesser [Member]
Stock issued during the period, shares			132,074
Equity percentage owned			100.00%
PW RO Holdings 2 LLC [Member] \| David H. Lesser [Member]
Stock issued during the period, shares			155,000
PW RO Holdings 3 LLC [Member] \| David H. Lesser [Member]
Stock issued during the period, shares			123,020
13310 LMR2A [Member] \| David H. Lesser [Member]
Stock issued during the period, shares			68,679
Trust [Member]
Number of common shares issued			1,383,394
Series A Preferred Stock [Member]
Number of common shares issued	192,308
Proceeds from issuance of common stock	$ 5,000,008
Debt issuance costs	$ 2,205
Preferred stock dividends			$ 163,000
Common Stock [Member]
Stock issued during the period, shares		1,500,000	235,917
Par value per share		$ 0.001
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares authorized		1,675,000

XML 40 R31.htm IDEA: XBRL DOCUMENT

Equity and Long-Term Compensation - Summary of Stock Based Compensation Activity (Details) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Number of Options, Beginning balance \| shares	106,000
Number of Options, Plan Awards \| shares
Number of Options, Options Exercised \| shares
Number of Options, Ending balance \| shares	106,000
Number of Options, Vested \| shares	106,000
Weighted Average Exercise Price, Beginning balance \| $ / shares	$ 7.96
Weighted Average Exercise Price, Plan Awards \| $ / shares
Weighted Average Exercise Price, Options Exercised \| $ / shares
Weighted Average Exercise Price, Ending balance \| $ / shares	7.96
Weighted Average Exercise Price, Options Vested \| $ / shares	$ 7.96
Aggregate Intrinsic Value, Ending balance \| $	$ 3,951,680
Aggregate Intrinsic Value, Options Vested \| $	$ 3,951,680

XML 41 R32.htm IDEA: XBRL DOCUMENT

Equity and Long-Term Compensation - Summary of Restricted Stock Plan Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of Shares Restricted Stock, Beginning balance \| shares	35,066
Number of Shares Restricted Stock, Plan Awards \| shares
Number of Shares Restricted Stock, Restricted Stock Vested \| shares	(7,400)
Number of Shares Restricted Stock, Ending balance \| shares	27,666
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 8.76
Weighted Average Grant Date Fair Value, Plan Awards \| $ / shares
Weighted Average Grant Date Fair Value, Restricted Stock Vested \| $ / shares	8.94
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 8.71

XML 42 R33.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)		3 Months Ended
	Jan. 02, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2016
Board of Trustees [Member]
Increase in reimbursement	$ 4,000
David H. Lesser [Member]
Payments to affiliate		$ 24,000	$ 5,250
Hudson Bay Partners, L.P [Member] \| Board of Trustees [Member]
Reimbursing an affiliate, per month		$ 15,000		$ 1,000

XML 43 R34.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative)	Apr. 20, 2021 USD ($) a ft²	Apr. 30, 2021 $ / shares	Mar. 31, 2021 $ / shares
Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Dividend paid per share \| $ / shares			$ 0.484375
Subsequent Event [Member] \| Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Dividend paid per share \| $ / shares		$ 0.484375
Percentage of redeemable perpetual preferred stock		775.00%
Subsequent Event [Member] \| PW Cloud Nine [Member]
Area of land \| a	4.0
Purchase price \| $	$ 300,000
Subsequent Event [Member] \| Greenhouse [Member]
Area of land \| ft²	38,440
Purchase price \| $	$ 2,950,000

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Equity and Long-Term Compensation - Summary of Stock Based Compensation Activity (Details) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Number of Options, Beginning balance \| shares	106,000
Number of Options, Plan Awards \| shares
Number of Options, Options Exercised \| shares
Number of Options, Ending balance \| shares	106,000
Number of Options, Vested \| shares	106,000
Weighted Average Exercise Price, Beginning balance \| $ / shares	$ 7.96
Weighted Average Exercise Price, Plan Awards \| $ / shares
Weighted Average Exercise Price, Options Exercised \| $ / shares
Weighted Average Exercise Price, Ending balance \| $ / shares	7.96
Weighted Average Exercise Price, Options Vested \| $ / shares	$ 7.96
Aggregate Intrinsic Value, Ending balance \| $	$ 3,951,680
Aggregate Intrinsic Value, Options Vested \| $	$ 3,951,680