--- title: "Power REIT | 10-K: FY2025 Revenue: USD 2.012 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/281232525.md" datetime: "2026-03-31T19:22:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281232525.md) - [en](https://longbridge.com/en/news/281232525.md) - [zh-HK](https://longbridge.com/zh-HK/news/281232525.md) --- # Power REIT | 10-K: FY2025 Revenue: USD 2.012 M 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. #### Overall Financial Performance - **Total Revenue**: - 2025: $2,011,783 - 2024: $3,049,875 - 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. - **Net Loss Attributable to Common Shareholders**: - 2025: - $2,847,910 - 2024: - $25,363,569 - **Core FFO Available to Common Shareholders**: - 2025: - $1,024,487 - 2024: - $3,884,098 - **Total Expenses**: - 2025: $5,650,313 - 2024: $28,358,456 - 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. - **Other Income (Expense)**: - 2025: $1,443,448 - 2024: $597,840 - 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. #### Segmented Property Metrics (as of December 31, 2025) - **Total Portfolio Gross Book Value**: $50,836,900 - **Net Book Value**: $23,917,833 - **Railroad Property (P&WV - Norfolk Southern)**: - Gross Book Value: $9,150,000 - Infrastructure: Approximately 112 miles of railroad infrastructure and related real estate. - Rental Income (2025): $915,000 - Rental Income (2024): $915,000 - Revenue Concentration (2025): 50% of total rental income and direct financing lease income. - Revenue Concentration (2024): 32% of total rental income and direct financing lease income. - **Solar Farm Land (California - PWRS)**: - Gross Book Value: $9,183,548 - Land Area: Approximately 447 acres. - Generating Capacity: Approximately 82 Megawatts. - Rental Income (2025): $803,117 - Revenue Concentration (2025): 43% of total rental income and direct financing lease income. - Revenue Concentration (2024): 28% of total rental income and direct financing lease income. - **Greenhouse Portfolio (Controlled Environment Agriculture - CEA)**: - Gross Book Value: $32,503,352 - Land Area: Approximately 82 acres. - Cultivation Space: Approximately 357,000 square feet of existing or partially complete CEA properties. - Impairment and Allowance for Receivable (Total): $21,758,101 - Depreciation and Amortization (Total): $5,160,966 - Many properties are vacant or have leases in default. - Non-cash impairment charges: - 2025: $562,000 - 2024: $20,000,000 - 2023: $8,200,000 - 2022: $16,700,000 - Michigan and Nebraska Properties were written off in April 2025, resulting in a non-cash gain of $1,093,000. - 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. #### Cash Flow - **Cash and Cash Equivalents and Restricted Cash**: - As of December 31, 2025: $2,235,306 - As of December 31, 2024: $2,231,586 - **Cash Used in Operating Activities**: - 2025: - $68,316 - 2024: - $1,393,709 - 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. - **Cash Provided by Investing Activities**: - 2025: $542,861 - 2024: $1,759,142 - 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. - **Cash Used in Financing Activities**: - 2025: - $470,825 - 2024: - $2,238,731 - 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. #### Operational Metrics - **Impairment Expense/Allowance for Receivable**: - 2025: $1,159,204 - 2024: $19,954,260 - **Depreciation Expense**: - 2025: $63,551 - 2024: $819,893 - **Interest Expense**: - 2025: $2,058,446 - 2024: $3,866,140 - **Stock-Based Compensation**: - 2025: $334,161 - 2024: $693,575 - **Gain on Extinguishment of Debt (2025)**: $1,092,670 - **Gain (Loss) on Sale of Properties**: - 2025: - $7,628 - 2024: $247,136 #### Unique Financial Indicators - **Common Shares Outstanding (as of March 31, 2026)**: 3,672,274 shares. - **Preferred Stock (Series A Cumulative Redeemable Perpetual Preferred Stock)**: - Issued and Outstanding (as of December 31, 2025 and 2024): 336,944 shares. - Total Cumulative Undeclared Dividends (as of December 31, 2025): Approximately $2,122,000. - **Current Loan Liabilities**: - As of December 31, 2025: Approximately $760,000. - As of December 31, 2024: Approximately $17,400,000. - **Long-Term Debt (net of unamortized discount)**: - As of December 31, 2025: Approximately $19,213,071. - As of December 31, 2024: Approximately $19,965,043. - **Seller Financing Agreements (Remaining Balance, as of December 31, 2025)**: $981,035. - **Net Operating Loss (for tax purposes, as of December 31, 2024)**: $41.0 million, which may reduce or eliminate the REIT distribution requirement. #### Outlook / Guidance 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. 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