Power REIT(PW) - 2022 Q4 - Annual Report

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]