P
Power REIT
PW-PACIK 0001532619NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31
Period
FY 2025
Revenue
$2.01M
Net Income
$-2.20M
Total Assets
$26.92M
Equity
$5.14M
Shares Out
3.67M
Op. Cash Flow
$-68.3K
Business
Power REIT is a Maryland‑domiciled, internally‑managed real estate investment trust that owns and manages a portfolio of real estate assets related to transportation, energy infrastructure and controlled environment agriculture in the United States. It acquires, leases, sells and finances properties such as railroad infrastructure, utility‑scale solar land and greenhouse CEA facilities for cannabis and food cultivation. The Trust operates through multiple wholly‑owned special purpose subsidiaries and segments its business into railroad, solar and greenhouse/CEA portfolios. Its U.S. properties are held via ground leases, long‑term leases, mortgage and seller financing, and are marketed for sale or lease as part of capital recycling and opportunistic transactions.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| 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
As of · In millions, except per-share amounts
| 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
Year Ended · In millions, except per-share amounts
| 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
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