Financial Performance - Revenue for the three months ended September 30, 2023, was $488,531, a decrease of 75.7% from $2,007,645 in the same period of 2022[113]. - Revenue for the nine months ended September 30, 2023, was $1,711,161, down 72.6% from $6,226,114 in the same period of 2022[115]. - Net loss attributable to common shareholders for the three months ended September 30, 2023, was ($10,185,943), compared to a net income of $419,762 in 2022, representing a decrease of $10,605,705[113]. - Net loss attributable to common shareholders for the nine months ended September 30, 2023, was ($13,042,842), a decrease of $15,078,999 from a net income of $2,036,157 in 2022[115]. - Total expenses for the three months ended September 30, 2023, increased by $9,086,592, primarily due to a non-cash impairment charge of $8,235,136[113]. - Core FFO available to common shares for the three months ended September 30, 2023, was ($1,090,924), compared to $1,139,835 in 2022[123]. - Core FFO per common share for the three months ended September 30, 2023, was ($0.32), down from $0.34 in 2022[123]. Assets and Portfolio - As of September 30, 2023, the Trust's assets included approximately 112 miles of railroad infrastructure, 501 acres of land leased for solar power generating projects with a capacity of approximately 88 Megawatts, and 263 acres of Controlled Environment Agriculture properties totaling approximately 2,211,000 square feet[96]. - The total gross book value of the Trust's portfolio is approximately $91.9 million, with a net book value of $65.0 million after impairment and depreciation[110]. - Cash and cash equivalents totaled $3,605,689 as of September 30, 2023, a decrease of $242,182 from December 31, 2022[117]. Strategic Initiatives - The Trust aims to improve its balance sheet by reducing debt and leverage, maintaining liquidity, and enhancing the overall quality of its property portfolio[101]. - The Trust is exploring acquisition opportunities for properties that meet its financial and strategic criteria, potentially involving the use of debt or equity capital[107]. - The Trust's business strategy includes maximizing rental income and cash flows to enhance shareholder value and property values[100]. - The Trust completed asset sales in early 2023 for total gross proceeds of $2.5 million, as part of its strategy to dispose of non-core properties[104]. - On November 1, 2023, a subsidiary sold a cannabis-related greenhouse facility for total consideration of $4,787,000, with $3,400,000 paid in cash and $850,000 in seller financing[102]. Operational Challenges - The Trust reported substantial doubt regarding its ability to continue as a going concern due to net losses, expected reduced revenue, and increased property maintenance expenses, with $3.6 million in cash and cash equivalents as of September 30, 2023[103]. - The Trust has substantial doubt about its ability to continue as a going concern due to net losses and expected reduced revenue[118]. - The Trust's management is focused on selling properties and improving collections to alleviate liquidity concerns[119]. Sustainability Efforts - The greenhouse cultivation method used by the Trust consumes approximately 70% less energy and 95% less water compared to traditional methods, representing a sustainable business model[99].

Financial Performance - Total revenue for the three months ended June 30, 2023, was $217,898, a decrease of 90.2% compared to $2,232,953 for the same period in 2022[110] - Revenue for the six months ended June 30, 2023, was $1,222,630, a decrease of 71.0% compared to $4,218,469 for the same period in 2022[112] - Net loss attributable to common shareholders for the three months ended June 30, 2023, was ($2,354,646), a decrease of $3,136,368 compared to net income of $781,722 in 2022[110] - Net loss attributable to common shareholders for the six months ended June 30, 2023, was ($2,856,899), a decline of $4,473,294 from net income of $1,616,395 in 2022[112] - Core Funds From Operations (Core FFO) for the six months ended June 30, 2023, was ($2,078,872), compared to $2,743,941 in 2022[120] - Core FFO per common share for the six months ended June 30, 2023, was ($0.61), down from $0.81 in 2022[120] Assets and Portfolio - The Trust's assets as of June 30, 2023, included approximately 112 miles of railroad infrastructure, 501 acres of solar farm land with a generating capacity of 88 Megawatts, and 263 acres of Controlled Environment Agriculture properties totaling approximately 2,211,000 square feet[94] - The Trust's total portfolio gross book value was $101,004,421, with a net book value of $78,679,458 after accounting for impairment and depreciation[107] - Cash and cash equivalents totaled $4,272,933 as of June 30, 2023, an increase of $425,062 from December 31, 2022[114] Dividends and Shareholder Returns - The Trust accrued a quarterly dividend of approximately $326,000 ($0.484375 per share) on its 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock[96] - The Trust accrued and paid a cash dividend of $326,414 to holders of Series A Preferred Stock for the six months ended June 30, 2023[113] Operational Challenges and Strategies - The Trust incurred substantial doubt about its ability to continue as a going concern due to net losses and expected reduced revenue[117] - The Trust is focused on improving its balance sheet by reducing debt and leveraging its operating performance, including selling non-core properties and underperforming assets[99][102] - The Trust plans to continue seeking acquisition opportunities for properties with better operating metrics than its existing portfolio, potentially involving debt or equity capital[104] Cost Management - The Trust's property maintenance expenses increased by $1,035,496, contributing to the overall rise in total expenses for the six months ended June 30, 2023[112] - Other income increased by $880,452 due to a gain on the disposal of the Tulare property[112] Energy Efficiency - The Trust's greenhouse cultivation method uses approximately 70% less energy and 95% less water compared to traditional methods, positioning it as a sustainable solution[97] Share Statistics - Weighted average shares outstanding for the six months ended June 30, 2023, was 3,389,661, slightly up from 3,367,396 in 2022[120]

Financial Performance - Total revenue for the three months ended March 31, 2023, was $1,004,732, a decrease from $1,985,516 in the same period of 2022, primarily due to a $338,016 decrease in rental income from related parties and a $724,043 decrease from unrelated parties [111]. - The company reported revenue of $1,004,732 for the three months ended March 31, 2023, a decrease of 49.5% compared to $1,985,516 in the same period of 2022 [120]. - Net loss attributable to common shares for the three months ended March 31, 2023, was ($502,253), a decrease of $1,336,926 compared to net income of $834,673 in the same period of 2022 [111]. - The net loss for the quarter was $339,046, compared to a net income of $997,880 in the prior year [120]. - Core Funds From Operations (Core FFO) available to common shares was $(632,641) for Q1 2023, down from $1,348,533 in Q1 2022, resulting in a Core FFO per common share of $(0.19) compared to $0.40 [120]. Cash and Liquidity - As of March 31, 2023, the Trust's consolidated balance sheet reflected $5.3 million in cash and cash equivalents, including $1 million of restricted cash related to a credit facility [101]. - As of March 31, 2023, the company's cash and cash equivalents totaled $5,306,664, an increase of $1,458,793 from December 31, 2022 [113]. - The company had approximately $4.3 million of non-restricted cash available as of March 31, 2023, with potential asset sales expected to support operations [116]. - There is substantial doubt regarding the company's ability to continue as a going concern due to net losses, expected reduced revenue, and increased property maintenance expenses [116]. - The company is focusing on selling properties and improving collections from existing tenants to alleviate liquidity concerns [116]. - The company may need to raise additional capital to meet obligations, with no assurance that financing will be available on favorable terms [114]. Asset Management and Strategy - The Trust completed sales of assets for total gross proceeds of $2.5 million in early 2023, with additional properties being marketed for sale or lease [102]. - The Trust aims to improve its portfolio by selling non-core properties and re-leasing vacant or underperforming assets to enhance overall performance [103]. - The Trust's business strategy includes raising capital by monetizing embedded value in its portfolio and reducing debt levels to strengthen its balance sheet [98]. - The Trust is exploring strategic transactions, including potential mergers, to enhance shareholder value and capitalize on acquisition opportunities [105]. Sustainability - The Trust's greenhouse properties utilize approximately 70% less energy and 95% less water compared to traditional growing methods, representing a sustainable cultivation solution [96]. Shareholder Information - The Trust accrued a quarterly dividend of approximately $163,000 ($0.484375 per share) on its 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock [95]. - The weighted average shares outstanding (basic) increased to 3,389,661 in Q1 2023 from 3,367,531 in Q1 2022 [120].

Financial Performance - Total revenue for the fiscal year 2022 was $8,517,720, a slight increase from $8,457,914 in 2021, while net loss attributed to common shares was $14,906,310 compared to a net income of $4,491,656 in 2021[312] - Core FFO available to common shares for the year ended December 31, 2022 was $4,449,917, down from $6,139,903 in 2021[349] - Core FFO per common share decreased to $1.32 in 2022 from $1.93 in 2021[349] Impairment and Expenses - An impairment expense of $16,739,040 was recorded in 2022 due to challenges in the cannabis cultivation industry and a reduction in property values[312] - In 2022, the company recorded approximately $16.7 million in non-cash impairment charges, compared to no impairment charges in 2021[342] Cash and Liquidity - As of December 31, 2022, the Trust's cash and cash equivalents totaled $3,847,871, an increase of $676,570 from the previous year[318] - The Trust generated net cash from operating activities of $6,840,237 in 2022, down from $8,000,559 in 2021, primarily due to tenant defaults[319] - The Trust's net cash used in investing activities was $20,955,110 in 2022, a decrease from $42,097,290 in 2021 due to fewer acquisitions[321] - The company has established a minimum liquidity amount requirement as part of the amended Debt Facility terms[334] Debt and Financing - The Trust's total debt as of December 31, 2022, was $39,100,104, with a debt service due of $1,168,819 over the next twelve months[324] - As of December 31, 2022, the balance of the PWSS Term Loan was approximately $490,000, with a fixed interest rate of 5.0%[330] - The balance of the 2015 PWRS Loan as of December 31, 2022 was approximately $7,393,000, with an interest rate of 4.34%[331] - The PW PWV Loan balance as of December 31, 2022 was $14,615,000, with a fixed interest rate of 4.62%[332] - As of December 31, 2022, $16,000,000 has been drawn against the Debt Facility, compared to $0 outstanding at December 31, 2021[333] - The total principal payments remaining on Power REIT's long-term debt as of December 31, 2022 is $39,100,104[335] - The Debt Facility's total commitment was reduced from $20 million to $16 million, with a maturity date changed to December 21, 2025[334] Dividends - The Trust did not declare a dividend on its Series A Preferred Stock in Q4 2022, resulting in cumulative unpaid dividends totaling approximately $163,000[328] Revenue Sources - Approximately 57% of consolidated revenue in 2022 came from four properties, with the largest tenant contributing 22%[314] - The Trust plans to generate approximately $1,800,506 in cash rent and anticipates sales of at least two properties totaling around $8,500,000[324] Asset Sales - In early 2023, the Trust completed sales of assets for total gross proceeds of $2.5 million[308]

Real Estate Acquisitions - As of June 30, 2022, the company's portfolio included approximately 112 miles of railroad infrastructure, 601 acres of land for solar power generating projects with a capacity of 108 MW, and 263 acres of land with about 2,211,000 square feet of greenhouses [92]. - During the first half of 2022, the company acquired a new greenhouse property in Nebraska for tomato cultivation and amended two existing cannabis leases to increase rental income [93]. - The company executed seven lease amendments to provide relief to Colorado tenants due to market compression, restructuring monthly cash payments to lower rent in 2022 and increase it in 2023 or 2024 [93]. - The company acquired a 1,121,513 square foot greenhouse facility in Nebraska for $9,350,000, with an annual straight-line rent of approximately $1,099,387, yielding an estimated 11% [99]. - A new triple-net lease with Elevate & Bloom, LLC was established, with a total commitment of approximately $1,282,000 and an annual straight-line rent of about $239,000, representing an 18.6% unleveraged FFO yield [101]. - The Walsenburg Lease was amended to provide $625,000 for processing space and equipment, with revenue recognition currently on a cash basis [97]. - The Sweet Dirt Lease was amended to fund $3,508,000 for property improvements, with an annual straight-line rent of approximately $654,000 [98]. - The company is focused on expanding its real estate acquisitions in the Controlled Environment Agriculture (CEA) sector related to food and cannabis production [88]. - The company is actively seeking to grow its portfolio of CEA properties for food and cannabis production [92]. Financial Performance - Revenue for the three months ended June 30, 2022, was $2,232,953, a decrease of 1.5% from $2,267,848 in the same period of 2021 [111]. - Net income attributable to common shares for the three months ended June 30, 2022, was $781,722, down 43.2% from $1,376,493 in 2021 [111]. - For the six months ended June 30, 2022, total revenue increased to $4,218,469, up 3.2% from $4,088,775 in 2021 [113]. - Net income attributable to common shares for the six months ended June 30, 2022, was $1,616,395, a decrease of 30.3% compared to $2,321,411 in 2021 [113]. - Cash and cash equivalents totaled $1,191,708 as of June 30, 2022, a decrease of $1,979,593 from December 31, 2021 [115]. - The company anticipates generating $11,959,403 in cash rent over the next twelve months based on existing leases [119]. - Total expenses for the six months ended June 30, 2022, increased by $834,709 compared to the same period in 2021, primarily due to higher general and administrative expenses and depreciation [113]. - Revenue for the three months ended June 30, 2022, was $2,232,953, a decrease of 1.5% compared to $2,267,848 in 2021 [123]. - Net income for the same period was $944,928, down 38.7% from $1,539,695 in 2021 [123]. - Core FFO available to common shares for the three months ended June 30, 2022, was $1,395,408, a decrease of 16.8% from $1,677,637 in 2021 [123]. - Core FFO per common share decreased to $0.41 from $0.51, representing a decline of 19.6% [123]. - Total revenue for the six months ended June 30, 2022, increased to $4,218,469, up 3.2% from $4,088,775 in 2021 [123]. - Net income for the six months ended June 30, 2022, was $1,942,808, a decrease of 26.6% compared to $2,647,823 in 2021 [123]. - Stock-based compensation increased to $109,100 for the three months ended June 30, 2022, compared to $86,815 in 2021, reflecting a rise of 25.6% [123]. - Interest expense - amortization of debt costs rose to $21,818 for the three months ended June 30, 2022, compared to $8,528 in 2021, an increase of 156.5% [123]. - Depreciation on land improvements for the three months ended June 30, 2022, was $388,520, significantly higher than $146,515 in 2021, marking a 164.5% increase [123]. - Weighted average shares outstanding (basic) increased to 3,367,261 for the three months ended June 30, 2022, from 3,312,001 in 2021 [123]. Market Conditions - The national regulated cannabis market has experienced significant price compression, impacting tenant viability and rental income [110]. - A write-off was taken to eliminate the impact of straight-lining rent, with future rent treated on a cash or straight-line basis as applicable [106]. - The lease with Marengo Cannabis LLC was amended to restructure rent payments, with payments scheduled to begin in January 2023 [95]. - The company is focused on non-dilutive capital sources, such as debt and potential issuance of additional preferred stock, to fund property improvements and acquisitions [118].

Portfolio and Acquisitions - As of March 31, 2022, the company's portfolio included approximately 112 miles of railroad infrastructure, 601 acres of land for solar power generating projects with a capacity of 108 MW, and 263 acres of land with about 2,211,000 square feet of greenhouses[82]. - During Q1 2022, the company acquired a greenhouse property in Nebraska for tomato cultivation and amended two cannabis leases to increase rental income[83]. - The Walsenburg Lease was amended to provide $625,000 for processing space, with an annual straight-line rent of approximately $120,000 over a ten-year term[84]. - The Sandlot Lease was established for 20 years with an annual straight-line rent of approximately $462,000, increasing the construction budget by $71,000[85]. - The Sweet Dirt Lease was amended to fund $3,508,000 for property improvements, providing an annual straight-line rent of approximately $654,000[86]. - On March 31, 2022, the company acquired a greenhouse facility for $9,350,000, with an annual straight-line rent of approximately $1,099,387, yielding an estimated 11%[87]. - The total gross book value of the company's properties as of May 2022 was $107,433,803, with annual straight-line net rent totaling $16,348,006[90]. - The company is focused on expanding its portfolio in the Controlled Environment Agriculture (CEA) sector, particularly in food and cannabis production[78]. Financial Performance - Revenue for the three months ended March 31, 2022, was $1,985,516, representing a 9% increase from $1,820,927 in the same period of 2021[102]. - Net income attributable to common shares decreased by 10% to $834,673 for the three months ended March 31, 2022, down from $944,918 in 2021[102]. - Core Funds From Operations (Core FFO) available to common shareholders increased by 6% to $1,348,533 for the three months ended March 31, 2022, compared to $1,274,939 in 2021[102]. - Core FFO per common share decreased by 13% to $0.40 for the three months ended March 31, 2022, compared to $0.46 in 2021[102]. Cash and Debt Management - Cash and cash equivalents totaled $1,938,889 as of March 31, 2022, a decrease of $1,232,412 from December 31, 2021, primarily due to land acquisition and construction payments[96]. - The company anticipates generating $13,646,229 in cash rent over the next twelve months based on existing leases as of March 31, 2022[99]. - Total debt as of March 31, 2022, was $35,203,111, with $683,755 due within the next twelve months[99]. - The company is focused on non-dilutive capital sources, such as debt and potential issuance of additional preferred stock, to fund property improvements and acquisitions[98]. Expenses and Dividends - General and administrative expenses increased by $127,755 for the three months ended March 31, 2022, contributing to the overall increase in expenses[94]. - Preferred stock dividends paid were $163,207 for the three months ended March 31, 2022, consistent with the previous year[95]. Accounting Policies - The company has established a depreciable life of 20 years for greenhouse improvements and 39 years for housing facilities[88]. - The company has determined to treat rent on a cash basis or a straight-line basis going forward, based on the uncertainty of collectability[92].

Financial Performance - In 2021, Power REIT achieved total revenue of $8,457,914, a 98.5% increase from $4,272,709 in 2020[269] - Net income attributed to common shares for 2021 was $4,491,656, compared to $1,891,644 in 2020, reflecting a 137% growth[268] - For the year ended December 31, 2021, Power REIT reported revenue of $8,457,914, representing a 98% increase from $4,272,709 in 2020[302] - Net income for the same period was $5,144,490, a 137% increase compared to $2,171,874 in 2020[302] - Core Funds From Operations (Core FFO) available to common shareholders was $6,139,903, reflecting a 140% growth from $2,560,225 in the previous year[302] - Core FFO per common share increased by 44% to $1.93 from $1.34 in 2020[302] Asset Acquisition and Growth - The company acquired nine greenhouse properties in 2021, totaling approximately 873,000 square feet, with a capital commitment of about $51.9 million[263] - As of December 31, 2021, Power REIT's assets included approximately 601 acres of land leased to solar power projects with a total capacity of 108 MW[264] Cash Flow and Financing - Net cash generated by operating activities in 2021 was $8,000,559, up from $2,956,886 in 2020[276] - The company raised gross proceeds of approximately $36.7 million from a non-dilutive Rights Offering in 2021[272] - Power REIT entered into a Debt Facility with an initial availability of $20 million, structured with a 5.52% interest rate and a debt service coverage ratio of at least 2.0 to 1.0[288] - As of March 22, 2022, Power REIT had drawn $2,500,000 against the Debt Facility[288] - As of December 31, 2021, Power REIT's long-term debt amounted to $23,775,083, with principal payments of $675,370 due in 2022 and $19,661,847 due thereafter[290] Lease Structure and Revenue Recognition - Power REIT's unique lease structure for cannabis operators includes a period of higher rent initially, providing strong protection to its investment[262] - The company recognizes lease revenue from solar land and CEA properties on a straight-line basis, with deferred rent receivable or liability recorded as necessary[294] General and Administrative Expenses - The company expects G&A expenses to continue increasing in 2022 and beyond as it implements its business plan[270] Management Perspective - Management believes Core FFO is a useful measure for assessing operating performance, excluding non-recurring expenses and certain non-cash items[300]

Financial Performance - Total revenue for the three months ended September 30, 2021, was $2,547,348, a significant increase from $1,115,586 in the same period of 2020, representing a growth of 128.3%[16] - Net income attributable to common shareholders for the three months ended September 30, 2021, was $1,662,802, up from $506,006 in the same period of 2020, reflecting a growth of 228.5%[16] - Net income for the nine months ended September 30, 2021, was $4,473,834, a significant increase from $1,307,904 in 2020, representing a growth of approximately 242%[22] - Basic income per common share for the nine months ended September 30, 2021, was $1.27, compared to $0.57 in 2020, representing an increase of approximately 123%[36] - The company reported a basic income per common share of $0.50 for the three months ended September 30, 2021, compared to $0.26 for the same period in 2020, an increase of 92.3%[16] Revenue Sources - Rental income increased to $1,751,140 for the three months ended September 30, 2021, compared to $882,625 in the same period of 2020, marking a rise of 98.3%[16] - Total revenue from leases recognized for the nine months ended September 30, 2021, is approximately $5.9 million, compared to $2.1 million for the same period in 2020[69] - Total rental income recognized from affiliated tenants in Colorado, Oklahoma, and Michigan was $262,362, $151,872, and $256,298, respectively, for the nine months ended September 30, 2021[82] Assets and Liabilities - Total assets as of September 30, 2021, reached $87,470,428, compared to $40,539,219 as of December 31, 2020, indicating an increase of 115.0%[14] - Total liabilities as of September 30, 2021, were $26,515,739, a slight increase from $25,329,062 as of December 31, 2020, showing a growth of 4.7%[14] - The total equity as of September 30, 2021, was $52,464,737, up from $11,718,008 as of December 31, 2020, reflecting a substantial increase of 347.5%[14] Cash Flow - Cash and cash equivalents increased to $9,277,605 as of September 30, 2021, from $5,601,826 as of December 31, 2020, representing a growth of 65.5%[14] - Net cash provided by operating activities increased to $6,081,876 for the nine months ended September 30, 2021, compared to $1,982,199 in 2020, marking a growth of about 206%[22] - The Trust's cash and cash equivalents at the end of the period were $9,277,605, up from $7,639,392 in 2020, reflecting a positive cash flow position[22] Investments and Acquisitions - Power REIT completed the acquisition of the Canndescent Property for $7.685 million, funded by $2.685 million in cash and the issuance of 192,308 shares of Series A Preferred Stock[51] - The total capital commitment for the Walsenburg Property acquisition is approximately $3.9 million, with $1.6 million allocated for upgrades and additional greenhouse construction[55] - Power REIT's largest acquisition to date is the PW Marengo Property, purchased for $18.392 million, with a total capital commitment of approximately $21.5 million for improvements[58] - The total assets acquired from the Canndescent Property are valued at $7,784,789, including land, improvements, and capitalized acquisition costs[52] Dividends and Shareholder Returns - The company declared cash dividends of $0.48 per Series A Preferred Share for the three months ended September 30, 2021, consistent with the previous year[16] - The Trust paid approximately $490,000 in dividends to holders of Series A Preferred Stock during the nine months ended September 30, 2021[80] - Cash dividends paid on preferred stock during the nine months ended September 30, 2021, totaled approximately $489,621, compared to $210,174 in 2020, indicating an increase of 132.9%[22] Operational Highlights - The company has continued to expand its greenhouse cultivation and processing facilities, with total real estate assets increasing to $72,139,936 as of September 30, 2021, from $29,876,105 as of December 31, 2020[14] - The Trust recorded depreciation expense of approximately $569,000 for the nine months ended September 30, 2021, compared to $96,000 in 2020, reflecting increased asset acquisitions and improvements[41] - Power REIT is monitoring the impact of COVID-19 on its operations, particularly regarding supply chain disruptions affecting construction timelines[42] Stock and Compensation - The total unrecognized share-based compensation expense as of September 30, 2021, was approximately $891,000, which will be recognized through the second quarter of 2024[78] - The Trust recorded approximately $268,000 of non-cash expense related to restricted stock and options granted during the nine months ended September 30, 2021, compared to approximately $189,000 for the same period in 2020[78] - The weighted average remaining term of stock options is less than one year, with a balance of 106,000 options as of September 30, 2021[74]

Financial Performance - Total revenue for the six months ended June 30, 2021, was $4,088,775, representing a 132.5% increase from $1,762,510 in the same period of 2020[16] - Net income for the six months ended June 30, 2021, was $2,647,823, compared to $731,840 for the same period in 2020, indicating a 262.5% increase[22] - Net income for the three months ended June 30, 2021, was $1,539,695, resulting in a basic income per common share of $0.42 and diluted income per common share of $0.41[36] - Total revenue for the three months ended June 30, 2021, was $2,267,848, a 132.4% increase from $975,122 in the same period of 2020[16] - Basic income per common share for the six months ended June 30, 2021, was $0.77, up from $0.31 in the same period of 2020, reflecting a 148% increase[36] Cash and Assets - Cash and cash equivalents increased to $28,829,442 as of June 30, 2021, from $5,601,826 at the end of 2020, reflecting a 414.5% growth[14] - Total assets rose to $85,294,180 as of June 30, 2021, up from $40,539,219 at the end of 2020, marking a 110.5% increase[14] - Total liabilities as of June 30, 2021, were $26,110,040, compared to $25,329,062 at the end of 2020, indicating a slight increase of 3.1%[14] Share Issuance and Dividends - The company issued 1,383,394 common shares for cash, raising $36,596,672 during the first half of 2021[19] - Preferred stock dividends for the six months ended June 30, 2021, totaled $326,412, compared to $140,116 in the same period of 2020, showing a 132.5% increase[22] - The Trust paid approximately $326,000 in dividends to holders of Series A Preferred Stock during the six months ended June 30, 2021[74] - On July 22, 2021, Power REIT declared a quarterly dividend of $0.484375 per share on its 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock[80] Investments and Acquisitions - The company invested $9,965,906 in land and greenhouse facilities during the first half of 2021, compared to $1,601,655 in the same period of 2020[22] - Power REIT completed the acquisition of the Canndescent Property for $7.685 million, funded by $2.685 million in cash and the issuance of 192,308 shares of Series A Preferred Stock[48] - Power REIT acquired the Walsenburg Property for a total of $2,347,636, including $945,000 for land and $1,355,000 for construction in progress[53] - The Vinita Property was acquired for $2.1 million, with an additional $550,000 committed for facility upgrades, totaling approximately $2.65 million[53] - The JKL Property was acquired for $400,000, with a total capital commitment of approximately $2.9 million for immediate construction of a greenhouse and support buildings[54] Revenue from Leases - Total revenue from leases for the six months ended June 30, 2021, was approximately $4.1 million, compared to $1.7 million for the same period in 2020, representing a growth of approximately 141%[64] - The combined annual straight-line rent from eight acquisitions and one expansion is approximately $4.6 million, with leases having a term of 20 years and options to extend[56] - The aggregate annual cash to be received from all leases as of June 30, 2021, is projected to be $202,974,184 over the remaining lease terms[66] Operating Activities and Expenses - Net cash provided by operating activities for the six months ended June 30, 2021, was $3,156,507, compared to $1,200,609 in 2020, representing a 163.3% increase[22] - The company incurred total expenses of $1,440,952 for the six months ended June 30, 2021, compared to $1,030,670 in the same period of 2020, reflecting a 39.7% increase[16] - Power REIT's depreciation expense for the six months ended June 30, 2021, was approximately $343,000, compared to $56,000 for the same period in 2020[40] Future Commitments and Debt - Power REIT's long-term debt as of June 30, 2021, totals approximately $24,148,183, with principal payments scheduled for subsequent years[63] - The total principal payments remaining on Power REIT's long-term debt as of June 30, 2021, is approximately $24.15 million[63] - The Trust's total capital commitment for the Grail Properties acquisition and construction is approximately $2.4 million, with $1,024,000 funded as of June 30, 2021[46] - The Trust's total capital commitment for the Walsenburg Property acquisition and upgrades is approximately $3.9 million, with $649,000 funded as of June 30, 2021[51] Other Notable Transactions - Power REIT entered into two lease transactions with Millennium Investment and Acquisition Company Inc. (MILC), with MILC set to become a 77.5% owner of the tenant upon regulatory approval in Colorado[78] - MILC agreed to provide a loan of up to $750,000 to the tenant of Power REIT's Walsenburg, Colorado property[78] - For the six months ended June 30, 2021, Power REIT recognized rental income of approximately $106,000 from these tenants[78]

Financial Performance & Growth - Power REIT's equity market capitalization was $142 million as of May 21, 2021[7] - The share price was $38.90 as of May 21, 2021[7] - The pro forma run rate FFO multiple is approximately 12.1x[7] - A rights offering closed on February 9, 2021, raising $36.7 million through the issuance of 1.38 million common shares[18] - Total legal cannabis sales in the U S market are projected to reach between $25 0 and $30 4 billion by 2023[48] Portfolio & Strategy - Power REIT focuses on sustainable real estate, particularly Controlled Environment Agriculture (CEA) for cannabis and food cultivation[7] - The company has 91 acres of land with 470,000 square feet of greenhouse/processing space for medical cannabis cultivation[7] - Power REIT also leases 600 acres of land to solar farms generating over 107 Megawatts[7] - The company owns 112 miles of railroad in Marcellus Shale territory[7] - The company has an acquisition pipeline exceeding $100 million at various stages of negotiation[8]