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]
Power REIT(PW) - 2023 Q2 - Quarterly Report