Revenue: As of FY2025, the actual value is USD 2.012 M.EPS: As of FY2025, the actual value is USD -0.83.EBIT: As of FY2025, the actual value is USD 308.96 K.<h4>Overall Financial Performance</h4><ul><li>Total Revenue:<ul><li>2025: $2,011,783 </li><li>2024: $3,049,875 </li><li>The decrease in 2025 was primarily due to a - $785,000 reduction in rental income from related parties and a - $207,817 decline in other rental income, which included approximately $925,000 recognized from non-refundable security deposits related to defaulted leases in 2024.</li></ul></li><li>Net Loss Attributable to Common Shareholders:<ul><li>2025: - $2,847,910 </li><li>2024: - $25,363,569 </li></ul></li><li>Core FFO Available to Common Shareholders:<ul><li>2025: - $1,024,487 </li><li>2024: - $3,884,098 </li></ul></li><li>Total Expenses:<ul><li>2025: $5,650,313 </li><li>2024: $28,358,456 </li><li>The decrease in 2025 was primarily driven by a - $18,795,056 decrease in impairment expense/allowance for receivable, a - $1,807,694 decrease in interest expense (due to Greenhouse Loan settlement), a - $756,342 decrease in depreciation expense, a - $1,029,078 decrease in property expenses, and a - $319,973 decrease in general and administrative expense.</li></ul></li><li>Other Income (Expense):<ul><li>2025: $1,443,448 </li><li>2024: $597,840 </li><li>The increase in 2025 was primarily due to a $1,092,670 gain on extinguishment of debt and a $377,578 realized gain on marketable securities, partially offset by a - $19,172 unrealized loss on marketable securities and a - $350,704 decrease in forgiveness of accounts payable.</li></ul></li></ul><h4>Segmented Property Metrics (as of December 31, 2025)</h4><ul><li>Total Portfolio Gross Book Value: $50,836,900 </li><li>Net Book Value: $23,917,833 </li><li>Railroad Property (P&amp;WV - Norfolk Southern):<ul><li>Gross Book Value: $9,150,000 </li><li>Infrastructure: Approximately 112 miles of railroad infrastructure and related real estate.</li><li>Rental Income (2025): $915,000 </li><li>Rental Income (2024): $915,000 </li><li>Revenue Concentration (2025): 50% of total rental income and direct financing lease income.</li><li>Revenue Concentration (2024): 32% of total rental income and direct financing lease income.</li></ul></li><li>Solar Farm Land (California - PWRS):<ul><li>Gross Book Value: $9,183,548 </li><li>Land Area: Approximately 447 acres.</li><li>Generating Capacity: Approximately 82 Megawatts.</li><li>Rental Income (2025): $803,117 </li><li>Revenue Concentration (2025): 43% of total rental income and direct financing lease income.</li><li>Revenue Concentration (2024): 28% of total rental income and direct financing lease income.</li></ul></li><li>Greenhouse Portfolio (Controlled Environment Agriculture - CEA):<ul><li>Gross Book Value: $32,503,352 </li><li>Land Area: Approximately 82 acres.</li><li>Cultivation Space: Approximately 357,000 square feet of existing or partially complete CEA properties.</li><li>Impairment and Allowance for Receivable (Total): $21,758,101 </li><li>Depreciation and Amortization (Total): $5,160,966 </li><li>Many properties are vacant or have leases in default.</li><li>Non-cash impairment charges:<ul><li>2025: $562,000 </li><li>2024: $20,000,000 </li><li>2023: $8,200,000 </li><li>2022: $16,700,000 </li></ul></li><li>Michigan and Nebraska Properties were written off in April 2025, resulting in a non-cash gain of $1,093,000.</li><li>Property Taxes in Arrears (as of December 31, 2025): Approximately $1,331,000, with properties subject to tax foreclosure actions starting in Q1 2026 if taxes remain delinquent.</li></ul></li></ul><h4>Cash Flow</h4><ul><li>Cash and Cash Equivalents and Restricted Cash:<ul><li>As of December 31, 2025: $2,235,306 </li><li>As of December 31, 2024: $2,231,586 </li></ul></li><li>Cash Used in Operating Activities:<ul><li>2025: - $68,316 </li><li>2024: - $1,393,709 </li><li>The decrease in cash used in operating activities in 2025 was primarily due to a smaller net loss and favorable changes in working capital, partially offset by lower non-cash expenses.</li></ul></li><li>Cash Provided by Investing Activities:<ul><li>2025: $542,861 </li><li>2024: $1,759,142 </li><li>The decrease in 2025 was mainly due to lower proceeds from property sales and less cash received from mortgage loans, offset by investments in marketable securities.</li></ul></li><li>Cash Used in Financing Activities:<ul><li>2025: - $470,825 </li><li>2024: - $2,238,731 </li><li>The decrease in 2025 was primarily due to lower principal payments on long-term debt, partially offset by new debt proceeds and proceeds from stock issuance.</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Impairment Expense/Allowance for Receivable:<ul><li>2025: $1,159,204 </li><li>2024: $19,954,260 </li></ul></li><li>Depreciation Expense:<ul><li>2025: $63,551 </li><li>2024: $819,893 </li></ul></li><li>Interest Expense:<ul><li>2025: $2,058,446 </li><li>2024: $3,866,140 </li></ul></li><li>Stock-Based Compensation:<ul><li>2025: $334,161 </li><li>2024: $693,575 </li></ul></li><li>Gain on Extinguishment of Debt (2025): $1,092,670 </li><li>Gain (Loss) on Sale of Properties:<ul><li>2025: - $7,628 </li><li>2024: $247,136 </li></ul></li></ul><h4>Unique Financial Indicators</h4><ul><li>Common Shares Outstanding (as of March 31, 2026): 3,672,274 shares.</li><li>Preferred Stock (Series A Cumulative Redeemable Perpetual Preferred Stock):<ul><li>Issued and Outstanding (as of December 31, 2025 and 2024): 336,944 shares.</li><li>Total Cumulative Undeclared Dividends (as of December 31, 2025): Approximately $2,122,000.</li></ul></li><li>Current Loan Liabilities:<ul><li>As of December 31, 2025: Approximately $760,000.</li><li>As of December 31, 2024: Approximately $17,400,000.</li></ul></li><li>Long-Term Debt (net of unamortized discount):<ul><li>As of December 31, 2025: Approximately $19,213,071.</li><li>As of December 31, 2024: Approximately $19,965,043.</li></ul></li><li>Seller Financing Agreements (Remaining Balance, as of December 31, 2025): $981,035.</li><li>Net Operating Loss (for tax purposes, as of December 31, 2024): $41.0 million, which may reduce or eliminate the REIT distribution requirement.</li></ul><h4>Outlook / Guidance</h4>Power REIT aims to maximize long-term shareholder value by increasing rental income, cash flows, net operating income, and property values through monetizing embedded value, selling non-core assets, and re-leasing vacant properties. The company is exploring strategic alternatives, including distressed real estate investments, and intends to raise capital via debt or equity to provide liquidity, though the outcome is uncertain.

Power REIT | 10-K: FY2025 Revenue: USD 2.012 M