Power REIT(US:PW)2021-08-06 10:02Financial 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]