$PW

Power REIT

CIK:0001532619|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

INCOME

Lease income from direct financing lease – railroad

$ 228,750

$ 457,500

Rental income

222,279

236,139

437,958

446,918

Other income

838,722

41,894

874,729

88,159

TOTAL INCOME

1,289,751

506,783

1,770,187

992,577

EXPENSES

Amortization of intangible assets

56,872

113,744

General and administrative

240,687

341,373

446,748

668,301

Property expenses and taxes

79,655

250,202

162,095

734,628

Depreciation expense

6,377

20,283

17,243

22,985

Impairment expense

118,764

13,600

366,117

13,600

Interest expense

239,810

571,769

481,659

1,570,677

TOTAL EXPENSES

742,165

1,254,099

1,587,606

3,123,935

OTHER INCOME/(EXPENSE)

Loss on sale of properties

(110,473)

(7,628)

(604,363)

(7,628)

Gain on extinguishment of debt

1,092,670

Unrealized loss on marketable securities

(1,565)

(16,813)

(35,942)

(45,883)

TOTAL OTHER INCOME/(EXPENSE)

(112,038)

1,068,229

(640,305)

1,039,159

NET INCOME/(LOSS)

435,548

320,913

(457,724)

(1,092,199)

Preferred Stock Dividends

(163,207)

(326,414)

NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

$ 272,341

$ 157,706

$ (784,138)

$ (1,418,613)

Income/(Loss) Per Common Share:

Basic

^[1]

$ 0.74

$ 0.47

$ (2.14)

$ (4.19)

Diluted

^[1]

$ 0.74

$ 0.47

$ (2.14)

$ (4.19)

Weighted Average Number of Shares Outstanding:

Basic

^[1]

367,174

338,966

367,174

338,966

Diluted

^[1]

367,174

338,966

367,174

338,966

Cash dividend per Series A Preferred Share:

Accumulated undeclared dividend per Series A Preferred Shares:

$ 0.48

$ 0.97

[1]	On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (457,724)	$ (1,092,199)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible lease asset	113,744	113,744
Amortization of debt costs	15,695	15,695
Stock-based compensation		286,424
Impairment expense	366,117	13,600
Depreciation	17,243	22,985
Unrealized loss on marketable securities	35,942	45,883
Loss on sale of property	604,363	7,628
Gain on extinguishment of debt		(1,092,670)
Changes in operating assets and liabilities
Deferred rent receivable	220,905	(151,145)
Prepaid expenses and deposits	(96,640)	346,808
Other assets	763	(170,293)
Other liabilities		(295,447)
Accounts payable	63,323	37,784
Accrued expenses	27,359	1,228,966
Prepaid rent		5,100
Net cash provided by/(used in) operating activities	911,090	(677,137)
Investing activities
Cash received for sale of properties	272,421	132,274
Investment of marketable securities	(1,429)	(197,254)
Cash received for mortgage loan receivables	57,488	74,802
Net cash provided by investing activities	328,480	9,822
Financing Activities
Proceeds received from debt		459,919
Principal payment on debt	(334,928)	(542,841)
Proceeds from stock issuance	10,945
Cash paid in lieu of fractional shares - reverse stock split	(883)
Cash paid for offering related expenses	(2,516)
Net cash used in financing activities	(327,382)	(82,922)
Net increase/(decrease) in cash and cash equivalents	912,188	(750,237)
Cash and cash equivalents and restricted cash, beginning of period	2,235,306	2,231,586
Cash and cash equivalents and restricted cash, end of period	3,147,494	1,481,349
Supplemental disclosure of cash flow information:
Interest paid	452,919	479,716
Non-cash transactions
Accrued interest transferred to loan		1,070,468
Transfer of previously paid S-3 expense from other assets to APIC	1,276
Land and greenhouse properties transferred in lieu of debt repayment		17,082,500
Mortgage loan receivables entered into in connection with sale of properties		105,000
Equipment written off against financing liabilities		$ 53,756

Consolidated Balance Sheets (Unaudited) - USD ($)

Jun. 30, 2026

Dec. 31, 2025

ASSETS

Land

$ 4,512,075

Greenhouse cultivation and processing facilities, net of accumulated depreciation

433,638

446,393

Net investment in direct financing lease - railroad

9,150,000

Total real estate assets

14,095,713

14,108,468

Cash and cash equivalents

3,147,494

2,235,306

Prepaid expenses and deposits

228,607

131,967

Intangible lease asset, net of accumulated amortization

1,935,701

2,049,445

Deferred rent receivable

107,388

328,293

Mortgage loan receivables

923,547

981,035

Assets held for sale

5,461,042

6,790,448

Other assets

264,779

298,813

TOTAL ASSETS

26,164,271

26,923,775

LIABILITIES AND EQUITY

Accounts payable

268,469

216,768

Accrued expenses

81,325

130,155

Liabilities held for sale

1,472,333

1,466,537

Current portion of long-term debt, net of unamortized discount

780,933

759,821

Long-term debt, net of unamortized discount

18,872,726

19,213,071

TOTAL LIABILITIES

21,475,786

21,786,352

Equity:

Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 (1,675,000 shares authorized; 336,944 issued and outstanding as of June 30, 2026 and December 31, 2025)

8,489,952

Common Shares, $0.001 par value (98,325,000 shares authorized; 367,120 and 366,149 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)

^[1]

367

366

Additional paid-in capital

^[1]

48,539,635

48,530,850

Accumulated deficit

(52,341,469)

(51,883,745)

Total Equity

4,688,485

5,137,423

TOTAL LIABILITIES AND EQUITY

$ 26,164,271

$ 26,923,775

[1]	On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.