Power REIT
Business
Power REIT is a Maryland-domiciled, internally-managed real estate investment trust that owns a portfolio of transportation, energy infrastructure, and controlled environment agriculture properties in the United States. The Trust holds approximately 112 miles of railroad infrastructure leased to Norfolk Southern, approximately 447 acres of utility-scale solar farm land in California, and approximately 82 acres of greenhouse properties for cannabis and food cultivation. Power REIT operates through nineteen wholly-owned special purpose subsidiaries and generates revenue through lease agreements and direct financing leases, though its greenhouse portfolio has experienced significant underperformance and vacancy.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Lease income from direct financing lease railroad | 915,000 | 915,000 | 915,000 | — | — | |
| Rental income | 927,376 | 2 | 1 | 7 | 7 | |
| Other income | 169,407 | 214,682 | 168,335 | 181 | 7,551 | |
| TOTAL REVENUE | 2 | 3 | 2 | 9 | 8 | |
| Amortization of intangible assets | 227,488 | 227,488 | 227,488 | 371,804 | 399,733 | |
| General and administrative | 1 | 1 | 2 | 2 | 880,863 | |
| Property expenses and taxes | 967,258 | 2 | 2 | 516,012 | — | |
| Depreciation expense | 64,000 | 820,000 | 2 | 2 | 867,000 | |
| Impairment expense/Allowance for receivable | 1 | 20 | 8 | 17 | — | |
| Interest expense | 2 | 4 | 3 | 2 | 1 | |
| TOTAL EXPENSES | 6 | 28 | 18 | 23 | 3 | |
| Gain (loss) on sale of properties | −7,628 | 247,136 | 1 | — | — | |
| Gain on extinguishment of debt | 1 | — | 135,000 | — | — | |
| Unrealized loss on marketable securities | −19,172 | — | — | — | — | |
| Realized gain on marketable securities | 377,578 | — | — | — | — | |
| Forgiveness of accounts payable | — | 351,000 | — | — | — | |
| TOTAL OTHER INCOME | 1 | 597,840 | 1 | — | — | |
| NET LOSS | −2 | −25 | −14 | −14 | 5 | |
| Preferred Stock Dividends | −652,828 | −652,828 | −652,829 | −652,827 | −652,834 | |
| NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | −3 | −25 | −15 | −15 | 4 | |
| Basic (per share) | −0.83 | −7.48 | −4.43 | −4.41 | 1.41 | |
| Diluted (per share) | −0.83 | −7.48 | −4.43 | −4.41 | 1.38 | |
| Basic (shares) | 3 | 3 | 3 | 3 | 3 | |
| Diluted (shares) | 3 | 3 | 3 | 3 | 3 | |
| Cash dividend per Series A Preferred Share: | — | — | — | 1.45 | 1.94 | |
| Accumulated undeclared dividend per Series A Preferred Shares: | 1.94 | 1.94 | 1.94 | 0.48 | — |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Land | 5 | 5 | 4 | 6 | 8 | |
| Greenhouse cultivation and processing facilities, net of accumulated depreciation | 1 | 1 | — | — | — | |
| Net investment in direct financing lease - railroad | 9 | 9 | 9 | 9 | 9 | |
| Total real estate assets | 15 | 15 | 14 | 56 | 58 | |
| Cash and cash equivalents | 2 | 2 | 2 | 3 | 3 | |
| Restricted cash | — | 37,084 | 2 | 1 | — | |
| Prepaid expenses and deposits | 131,967 | 207,177 | 210,686 | 6,580 | 493,196 | |
| Intangible lease asset, net of accumulated amortization | 2 | 2 | 3 | 3 | 3 | |
| Deferred rent receivable | 328,293 | 338,106 | 438,994 | 431,907 | 1 | |
| Mortgage loan receivables | 981,035 | 2 | 850,000 | — | — | |
| Assets held for sale | 6 | 24 | 48 | 23 | 19 | |
| Other assets | 310,376 | 21,395 | — | — | 50,000 | |
| TOTAL ASSETS | 27 | 46 | 70 | 86 | 85 | |
| Accounts payable | 216,768 | 173,700 | 3,647 | 1 | 18,173 | |
| Accrued expenses | 234,701 | 166,320 | 512,029 | — | — | |
| Liabilities held for sale | 1 | 2 | 3 | 2 | 1 | |
| Current portion of long-term debt, net of unamortized discount | 759,821 | 17 | 15 | 624,491 | 641,238 | |
| Long-term debt, net of unamortized discount | 19 | 20 | 21 | 37 | 23 | |
| TOTAL LIABILITIES | 22 | 39 | 39 | 42 | 27 | |
| Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 (1,675,000 shares authorized; 336,944 issued and outstanding as of December 31, 2025 and December 31, 2024) | 8 | 8 | 8 | — | — | |
| Common Shares, $0.001 par value (98,325,000 shares authorized; 3,661,493 and 3,389,661 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) | 3,661 | 3,389 | 3,389 | 3,389 | 3,367 | |
| Additional paid-in capital | 49 | 48 | 47 | — | — | |
| Accumulated deficit | −52 | −50 | −25 | −11 | 4 | |
| Total Equity | 5 | 7 | 31 | 44 | 50 | |
| TOTAL LIABILITIES AND EQUITY | 27 | 46 | 70 | 86 | 85 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Amortization of debt costs | 31,391 | 31,391 | 290,554 | 87,430 | 35,106 | |
| Stock-based compensation | 334,000 | 694,000 | 885,000 | 682,259 | 382,328 | |
| Loss (gain) on sale of properties | 7,628 | −247,136 | −1 | — | — | |
| Interest expense added to debt principal | 1 | — | — | — | — | |
| Deferred rent receivable | 9,813 | 100,888 | 320,818 | 1 | −491,637 | |
| Prepaid expenses and deposits | 510,908 | −454,729 | −28,627 | 486,616 | — | |
| Other liabilities | −302,619 | 298,779 | — | — | — | |
| Accounts payable | 39,188 | −181,667 | −573,258 | 1 | — | |
| Tenant security deposits | — | −992,216 | 517,492 | −1 | 1 | |
| Accrued expenses | 426,546 | 3 | 578,165 | 473,621 | — | |
| Prepaid rent | — | −33,000 | −4,161 | — | — | |
| Net cash used in operating activities | −68,316 | −1 | −3 | 7 | 8 | |
| Cash received for sale of properties | 132,274 | 1 | 5 | — | — | |
| Sale of marketable securities | 645,808 | — | — | — | — | |
| Purchase of marketable securities | −364,186 | −9,752 | — | — | — | |
| Unrealized gain on marketable securities | — | −79 | — | — | — | |
| Cash received for mortgage loan receivables | 128,965 | 498,000 | — | — | — | |
| Net cash provided by investing activities | 542,861 | 2 | 5 | −21 | −42 | |
| Proceeds received from debt | 459,919 | 257,054 | — | — | — | |
| Principal payment on debt | −963,934 | −2 | −2 | −674,979 | −635,103 | |
| Cash paid for offering related expenses | −244,640 | — | — | — | — | |
| Proceeds from stock issuance | 277,830 | — | — | — | 36 | |
| Net cash used in financing activities | −470,825 | −2 | −2 | 15 | 32 | |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 3,720 | −2 | 257,013 | 676,570 | −2 | |
| Interest paid | 947,542 | 1 | 2 | 2 | 1 | |
| Land and greenhouse properties transferred in lieu of debt repayment | 17 | — | — | — | — | |
| Mortgage loan receivables entered into in connection with sale of properties | 105,000 | 1 | 850,000 | — | — | |
| Accrued interest and loan expenses transferred to loan | — | 3 | — | — | — | |
| Equipment written off against financing liabilities | 53,756 | — | — | — | — | |
| Offering related expenses included in accounts payable | 32,364 | — | — | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Power REIT's CIK number?
Power REIT's SEC CIK number is 0001532619 (1532619). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Power REIT's SEC filings?
All of Power REIT's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Power REIT last report earnings?
Power REIT (PW) most recently filed an earnings 8-K with the SEC on Aug 12, 2022, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001493152-22-022332). This is Power REIT's most recent earnings filing of record — not a forecast of its next earnings date.
What is Power REIT's most recent earnings 8-K?
Power REIT's latest earnings 8-K (Item 2.02) was filed Aug 12, 2022 under accession 0001493152-22-022332. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Power REIT's latest earnings 8-K →
Look up any company's CIK number →