Power REIT(US:PW)2022-05-09 20:42Portfolio 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].