Power REIT (PW) 10-Q 5 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 05, 2018
Document And Entity Information
Entity Registrant Name	Power REIT
Entity Central Index Key	1,532,619
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		1,870,139
Trading Symbol	PW
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Land	$ 6,788,067	$ 6,788,067
Net investment in capital lease - railroad	9,150,000	9,150,000
Total real estate assets	15,938,067	15,938,067
Cash and cash equivalents	1,607,418	1,146,730
Prepaid expenses	17,827	13,903
Intangible assets, net of accumulated amortization	3,885,881	4,063,737
Other assets	287,131	297,442
TOTAL ASSETS	21,736,324	21,459,879
LIABILITIES AND EQUITY
Deferred revenue	73,157	42,775
Accounts payable	33,386	21,206
Accounts payable - Related party	1,374	1,176
Accrued interest	87,099	91,529
Current portion of long-term debt	389,627	366,520
Long-term debt	9,168,485	9,527,068
TOTAL LIABILITIES	9,753,128	10,050,274
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 (175,000 shares authorized; 144,636 issued and outstanding as of September 30, 2018 and December 31, 2017)	3,492,149	3,492,149
Commitments and Contingencies
Equity:
Common Shares, $0.001 par value (100,000,000 shares authorized; 1,870,139 shares issued and outstanding at September 30, 2018 and 1,827,339 at December 31, 2017)	1,870	1,827
Additional paid-in capital	11,552,200	11,393,476
Accumulated deficit	(3,063,023)	(3,477,847)
Total Equity	8,491,047	7,917,456
TOTAL LIABILITIES AND EQUITY	$ 21,736,324	$ 21,459,879

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Series A 7.75% Cumulative redeemable perpetual preferred stock cumulative redeemable percentage	7.75%	7.75%
Series A 7.75% Cumulative redeemable perpetual preferred stock, par value	$ 25	$ 25
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares authorized	175,000	175,000
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares issued	144,636	144,636
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares outstanding	144,636	144,636
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	1,870,139	1,827,339
Common stock, shares outstanding	1,870,139	1,827,339

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUE
Lease income from capital lease - railroad, net	$ 228,750	$ 228,750	$ 686,250	$ 686,250
Rental income	262,527	262,527	787,582	787,582
Misc. income	2,803	480	6,493	558
TOTAL REVENUE	494,080	491,757	1,480,325	1,474,390
EXPENSES
Amortization of intangible assets	59,286	59,285	177,856	177,856
General and administrative	104,043	82,480	301,871	294,075
Property tax	5,521	5,552	13,790	17,163
Litigation expenses (see note 5)		120,439		124,516
Interest expense	122,371	121,275	361,810	368,652
TOTAL EXPENSES	291,221	389,031	855,327	982,262
NET INCOME	202,859	102,726	624,998	492,128
Preferred Stock Dividends	(70,058)	(69,968)	(210,174)	(209,904)
NET INCOME ATTRIBUTABLE TO COMMON SHARES	$ 132,801	$ 32,758	$ 414,824	$ 282,224
Income Per Common Share:
Basic and diluted	$ 0.07	$ 0.02	$ 0.23	$ 0.16
Weighted Average Number of Shares Outstanding:
Basic and diluted	1,827,804	1,827,339	1,827,494	1,803,783
Cash dividend per Series A Preferred Share	$ 0.48	$ 0.48	$ 1.45	$ 1.45

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities
Net Income	$ 624,998	$ 492,128
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	177,856	177,856
Amortization of debt costs	18,894	18,890
Stock-based compensation	158,767	148,526
Changes in operating assets and liabilities
(Increase) in other receivables	(21,230)
(Increase) decrease in other assets		(16,297)
(Increase) in prepaid expenses	(7,147)	(15,358)
(Decrease) increase in accounts payable	(19,116)	60,543
(Decrease) in accrued interest	(4,430)	(4,274)
Increase in prepaid rent	30,382	123,459
Increase in deferred revenue	66,258	59,677
Net cash provided by operating activities	1,025,232	1,045,150
Financing Activities
Principal payment on long-term debt	(354,370)	(337,244)
Cash dividends paid on preferred stock	(210,174)	(209,904)
Net cash used in financing activities	(564,544)	(547,148)
Net increase in cash and cash equivalents	460,688	498,002
Cash and cash equivalents, beginning of period	1,146,730	717,104
Cash and cash equivalents, end of period	1,607,418	1,215,106
Supplemental disclosure of cash flow information:
Interest paid	$ 357,311	$ 354,036

General Information

General Information	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
General Information	1. GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company, as defined below, these unaudited consolidated financial statements include all adjustments necessary to present fairly the information set forth herein. All such adjustments are of a normal recurring nature. Results for interim periods are not necessarily indicative of results to be expected for a full year. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes included in our latest Annual Report on Form 10-K filed with the SEC on March 23, 2018. Power REIT (the “Registrant” or the “Trust”, and together with its consolidated subsidiaries, “we”, “us”, the “Company” or “Power REIT”, unless the context requires otherwise) is a Maryland-domiciled real estate investment trust (a “REIT”) that holds, develops, acquires and manages real estate assets related to transportation and energy infrastructure in the United States. Within the transportation and energy infrastructure sectors, Power REIT is focused on making new acquisitions of real estate that are or will be leased to renewable energy generation projects, such as utility-scale solar farms and wind farms, which have low or minimal technology risk. The Trust is structured as a holding company and owns its assets through four wholly-owned, special purpose subsidiaries that have been formed in order to hold real estate assets, obtain financing and generate lease revenue. As of September 30, 2018, the Trust’s assets consisted of approximately 112 miles of railroad infrastructure and related real estate which is owned by its subsidiary Pittsburgh & West Virginia Railroad (“P&WV”) and approximately 601 acres of fee simple land leased to a number of solar power generating projects with an aggregate generating capacity of approximately 108 Megawatts (“MW”). Power REIT is actively seeking to expand its portfolio of real estate related to renewable energy generation projects and is pursuing investment opportunities that qualify for REIT ownership within solar, wind, hydroelectric, geothermal, transmission and other infrastructure projects. During the nine months ended September 30, 2018, the Trust paid a quarterly dividend of approximately $210,000 ($0.484375 per share) on Power REIT’s 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock. The Trust was formed as part of a reorganization and reverse triangular merger of P&WV that closed on December 2, 2011. P&WV survived the reorganization as a wholly-owned subsidiary of the Trust. The Trust has elected to be treated for tax purposes as a REIT, which means that it is exempt from U.S. federal income tax if a sufficient portion of its annual income is distributed to its shareholders, and if certain other requirements are met. In order for the Trust to maintain its REIT qualification, at least 90% of its ordinary taxable annual income must be distributed to shareholders.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).” Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which will replace numerous requirements in U.S. GAAP, including industry-specific requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. In July 2015, the FASB approved the deferral of the new standard’s effective date by one year. The new standard is effective for annual reporting periods beginning after December 15, 2017. We adopted the new revenue guidance effective January 1, 2018. Our analysis of our contracts under the new revenue recognition standard supports the recognition of revenue over time under the straight-line method for our leases, which is consistent with our historical revenue recognition model. Management has concluded that the majority of total revenues consist of rental income from leasing arrangements which is specifically excluded from the standard. Consequently, the adoption of the new standard did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No 2016-02 “Leases” (Topic 842). The standard requires companies that lease valuable assets like aircraft, real estate, and heavy equipment to recognize on their balance sheets the assets and liabilities generated by contracts longer than a year. The standard also requires companies to disclose in the footnotes to their financial statements information about the amount, timing, and uncertainty for the payments they make for the lease agreements. This standard is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. We expect to adopt this standard when effective, and the impact on our financial statements is not currently estimable. In January 2016, the FASB issued ASU No 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”, Financial Instruments - Overall (Subtopic 825-10). The new guidance is intended to improve the recognition and measurement of financial instruments. This guidance requires that financial assets and financial liabilities must be separately presented by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017. The standard includes a requirement that businesses must report changes in the fair value of their own liabilities in other comprehensive income (loss) instead of earnings, and this is the only provision of the update for which the FASB is permitting early adoption. This guidance became effective on January 1, 2018 and it did not have a significant impact on our financial statements. Principles of Consolidation The accompanying consolidated financial statements include Power REIT and its wholly-owned subsidiaries. All intercompany balances have been eliminated in consolidation. Fair Value Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Trust measures its financial assets and liabilities in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. ● Level 1 – valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds. ● Level 2 – valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active. Level 2 includes U.S. Treasury, U.S. government and agency debt securities, and certain corporate obligations. Valuations are usually obtained from third party pricing services for identical or comparable assets or liabilities. ● Level 3 – valuations for assets and liabilities that are derived from other valuation methodologies, such as option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities In determining fair value, the Trust utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk. The carrying amounts of Power REIT’s financial instruments, including cash and cash equivalents, deposits, and accounts payable approximate fair value because of their relatively short-term maturities. The carrying value of long-term debt approximates fair value since the related rates of interest approximate current market rates. There are no financial assets and liabilities carried at fair value on a recurring basis as of September 30, 2018 and December 31, 2017.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	3. LONG-TERM DEBT On November 6, 2015, PWRS completed a financing secured by the real property owned by PWRS (the “PWRS Bonds”). The PWRS Bonds are secured by land owned by PWRS and have a total obligation of $10,150,000. The PWRS Bonds carry a fixed interest rate of 4.34% and mature in 2034. The balance of the PWRS Bonds as of September 30, 2018 and December 31, 2017 is approximately $8,863,000 (net of approximately $353,000 of capitalized debt costs which are being amortized over the life of the financing) and $9,178,000 (net of approximately $370,000 of capitalized debt costs which are being amortized over the life of the financing) respectively. On July 5, 2013, PWSS borrowed $750,000 from a regional bank (the “PWSS Term Loan”). The PWSS Term Loan carries a fixed interest rate of 5.0%, a term of 10-years and amortizes based on a twenty-year principal amortization schedule. In addition to being secured by PWSS’ real estate assets, the term loan is secured by a parent guarantee from the Trust. The balance of the PWSS Term Loan as of September 30, 2018 and December 31, 2017 is approximately $612,000 (net of approximately $13,000 of capitalized debt costs which are being amortized over the life of the financing) and $626,000 (net of approximately $15,000 of capitalized debt costs which are being amortized over the life of the financing), respectively. On December 31, 2012, as part of the Salisbury land acquisition, PWSS assumed existing municipal financing (“Municipal Debt”). The Municipal Debt has approximately 14.5 years remaining. The Municipal Debt has a simple interest rate of 5.0% that is paid annually, with the next payment due February 1, 2019. The balance of the Municipal Debt as of September 30, 2018 and December 31, 2017 is approximately $83,000 and $90,000 respectively.

Equity and Long-Term Compensati

Equity and Long-Term Compensation	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Equity and Long-Term Compensation	4. EQUITY AND LONG-TERM COMPENSATION Summary of Stock Based Compensation Activity – Options The summary of stock based compensation activity for the nine months ended September 30, 2018, with respect to the Trust’s stock options, was as follows: Number of Options Weighted Exercise Price Aggregate Intrinsic Value Balance as of December 31, 2017 106,000 7.96 - Plan Awards - - - Options Exercised - - - Balance as of September 30, 2018 106,000 7.96 - Options vested at September 30, 2018 106,000 7.96 - The weighted average remaining term of the options is approximately 3.9 years. Summary of Plan Activity – Restricted Stock The summary of Plan activity for the nine months ended September 30, 2018, with respect to the Trust’s restricted stock, is as follows: Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Balance as of December 31, 2017 48,833 6.17 Plan Awards 42,800 6.03 Restricted Stock Vested (26,900 ) 5.90 Balance as of September 30, 2018 64,733 6.19 Stock-based Compensation During the nine months of 2018, the Trust recorded approximately $159,000 of non-cash expense related to restricted stock and options granted compared to approximately $149,000 for the first nine months of 2017. On September 26, 2018, 2,800 shares of Common Stock were granted to Trustees with a fair value of $16,884. These shares vest on the following schedule: fifty percent on September 30, 2018, twenty five percent on December 31, 2018 and twenty five percent on March 31, 2019. On September 26, 2018, 40,000 shares of Common Stock was granted to David Lesser with a fair value of $241,200 which will vest over 12 quarters commencing with the quarter ended September 30, 2018. As of September 30, 2018 there was approximately $401,000 of total unrecognized share-based compensation expense, which expense will be recognized through the first quarter of 2021, equating to a weighted average amortization period of approximately 1.5 years from the issuance date. The Trust does not currently have a policy regarding the repurchase of shares on the open market related to equity awards and does not currently intend to acquire shares on the open market. Preferred Stock Dividends During the first nine months of 2018, the Trust paid a total of approximately $210,000 of dividends to holders of Power REIT’s Series A Preferred Stock.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	5. RELATED PARTY TRANSACTIONS The Trust and its subsidiaries have hired Morrison Cohen, LLP (“Morrison Cohen”) as their legal counsel with respect to general corporate matters and the litigation with NSC. The spouse of the Trust’s Chairman, CEO, Secretary and Treasurer is a partner at Morrison Cohen. During the nine months ended September 30, 2018, Power REIT (on a consolidated basis) did not pay any legal fees and costs to Morrison Cohen in connection with various legal matters, including the litigation with NSC. A wholly-owned subsidiary of Hudson Bay Partners, LP (“HBP”), an entity associated with the CEO of the company, David Lesser, provides the Trust and its subsidiaries with office space at no cost. Effective September 2016, the Board of Directors approved reimbursing an affiliate of HBP $1,000 per month for administrative and accounting support based on a conclusion that it would pay more for such support from a third party. A total of $9,000 was paid pursuant to this arrangement during the nine months ended September 30, 2018. Under the Trust’s Declaration of Trust, the Trust may enter into transactions in which trustees, officers or employees have a financial interest, provided however, that in the case of a material financial interest, the transaction is disclosed to the Board of Trustees or the transaction shall be fair and reasonable. After consideration of the terms and conditions of the retention of Morrison Cohen and the reimbursement to HBP described herein, the independent trustees approved such arrangements having determined such arrangements are fair and reasonable and in the interest of the Trust.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	6. SUBSEQUENT EVENTS On October 9, 2018, the Registrant declared a quarterly dividend of $0.484375 per share on Power REIT’s 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock payable on December 15, 2018 to shareholders of record on November 15, 2018.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).”
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which will replace numerous requirements in U.S. GAAP, including industry-specific requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. In July 2015, the FASB approved the deferral of the new standard’s effective date by one year. The new standard is effective for annual reporting periods beginning after December 15, 2017. We adopted the new revenue guidance effective January 1, 2018. Our analysis of our contracts under the new revenue recognition standard supports the recognition of revenue over time under the straight-line method for our leases, which is consistent with our historical revenue recognition model. Management has concluded that the majority of total revenues consist of rental income from leasing arrangements which is specifically excluded from the standard. Consequently, the adoption of the new standard did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No 2016-02 “Leases” (Topic 842). The standard requires companies that lease valuable assets like aircraft, real estate, and heavy equipment to recognize on their balance sheets the assets and liabilities generated by contracts longer than a year. The standard also requires companies to disclose in the footnotes to their financial statements information about the amount, timing, and uncertainty for the payments they make for the lease agreements. This standard is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. We expect to adopt this standard when effective, and the impact on our financial statements is not currently estimable. In January 2016, the FASB issued ASU No 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”, Financial Instruments - Overall (Subtopic 825-10). The new guidance is intended to improve the recognition and measurement of financial instruments. This guidance requires that financial assets and financial liabilities must be separately presented by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017. The standard includes a requirement that businesses must report changes in the fair value of their own liabilities in other comprehensive income (loss) instead of earnings, and this is the only provision of the update for which the FASB is permitting early adoption. This guidance became effective on January 1, 2018 and it did not have a significant impact on our financial statements.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include Power REIT and its wholly-owned subsidiaries. All intercompany balances have been eliminated in consolidation.
Fair Value	Fair Value Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Trust measures its financial assets and liabilities in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. ● Level 1 – valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds. ● Level 2 – valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active. Level 2 includes U.S. Treasury, U.S. government and agency debt securities, and certain corporate obligations. Valuations are usually obtained from third party pricing services for identical or comparable assets or liabilities. ● Level 3 – valuations for assets and liabilities that are derived from other valuation methodologies, such as option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities In determining fair value, the Trust utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk. The carrying amounts of Power REIT’s financial instruments, including cash and cash equivalents, deposits, and accounts payable approximate fair value because of their relatively short-term maturities. The carrying value of long-term debt approximates fair value since the related rates of interest approximate current market rates. There are no financial assets and liabilities carried at fair value on a recurring basis as of September 30, 2018 and December 31, 2017.

Equity and Long-Term Compensa_2

Equity and Long-Term Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Summary of Stock Based Compensation Activity	The summary of stock based compensation activity for the nine months ended September 30, 2018, with respect to the Trust’s stock options, was as follows: Number of Options Weighted Exercise Price Aggregate Intrinsic Value Balance as of December 31, 2017 106,000 7.96 - Plan Awards - - - Options Exercised - - - Balance as of September 30, 2018 106,000 7.96 - Options vested at September 30, 2018 106,000 7.96 -
Summary of Restricted Stock Plan Activity	The summary of Plan activity for the nine months ended September 30, 2018, with respect to the Trust’s restricted stock, is as follows: Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Balance as of December 31, 2017 48,833 6.17 Plan Awards 42,800 6.03 Restricted Stock Vested (26,900 ) 5.90 Balance as of September 30, 2018 64,733 6.19

General Information (Details Na

General Information (Details Narrative)	9 Months Ended
	Sep. 30, 2018USD ($)a$ / shares
Dividend paid | $	$ 210,000
Dividend paid per share | $ / shares	$ 0.484375
Percentage of redeemable perpetual preferred stock	7.75%
Minimum percentage of taxable income to be distributed to shareholders	90.00%
P&WV [Member]
Trust's assets, description	As of September 30, 2018, the Trust's assets consisted of approximately 112 miles of railroad infrastructure and related real estate which is owned by its subsidiary Pittsburgh & West Virginia Railroad ("P&WV") and approximately 601 acres of fee simple land leased to a number of solar power generating projects with an aggregate generating capacity of approximately 108 Megawatts ("MW").
Acres of land | a	601

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($)	Nov. 06, 2015	Jul. 05, 2013	Dec. 31, 2012	Sep. 30, 2018	Dec. 31, 2017
PWSS Term Loan [Member]
Secured debt fixed interest rate		5.00%
Outstanding loan balance				$ 612,000	$ 626,000
Capitalized debt cost				13,000	15,000
Notes principal amount		$ 750,000
Debt term		10 years
Municipal Debt [Member]
Amortization period			14 years 6 months
Notes interest rate percentage for first six month			5.00%
Debt maturity date			Feb. 1, 2019
Municipal debt securities carrying value				83,000	90,000
PWRS Bonds [Member]
Secured debt	$ 10,150,000
Secured debt fixed interest rate	4.34%
Secured debt maturity year	2,034
Outstanding loan balance				8,863,000	9,178,000
Capitalized debt cost				$ 353,000	$ 370,000

Equity and Long-Term Compensa_3

Equity and Long-Term Compensation (Details Narrative) - USD ($)	Sep. 26, 2018	Sep. 30, 2018	Sep. 30, 2017
Weighted average remaining term		3 years 10 months 25 days
Non-cash expense related to restricted stock and options granted		$ 159,000	$ 149,000
Share-based compensation, vesting rights, percentage		50.00%
Unrecognized share-based compensation expense		$ 401,000
Weighted average amortization period		1 year 6 months
Series A Preferred Stock [Member]
Preferred stock dividends paid		$ 210,000
December 31, 2018 [Member]
Share-based compensation, vesting rights, percentage		25.00%
March 31, 2019 [Member]
Share-based compensation, vesting rights, percentage		25.00%
Trustees [Member]
Number of common stock granted during period	2,800
Vlue of common stock granted during period	$ 16,884
David Lesser [Member]
Number of common stock granted during period	40,000
Vlue of common stock granted during period	$ 241,200

Equity and Long-Term Compensa_4

Equity and Long-Term Compensation - Summary of Stock Based Compensation Activity (Details) - Stock Options	9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares
Number of Options Balance Beginning | shares	106,000
Number of Options Plan Awards | shares
Number of Options Exercised | shares
Number of Options Balance Ending | shares	106,000
Number of Options Vested | shares	106,000
Weighted Average Exercise Price Balance Beginning | $ / shares	$ 7.96
Weighted Average Exercise Price Plan Awards | $ / shares
Weighted Average Exercise Price Options Exercised | $ / shares
Weighted Average Exercise Price Balance Ending | $ / shares	7.96
Weighted Average Exercise Price Options Vested | $ / shares	$ 7.96
Aggregate Intrinsic Value Balance Beginning | $
Aggregate Intrinsic Value Balance Ending | $
Aggregate Intrinsic Value Options Vested | $

Equity and Long-Term Compensa_5

Equity and Long-Term Compensation - Summary of Restricted Stock Plan Activity (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Number of Shares Restricted Stock, Balance Beginning | shares	48,833
Number of Shares Restricted Stock, Plan Awards | shares	42,800
Number of Shares Restricted Stock, Restricted Stock Vested | shares	(26,900)
Number of Shares Restricted Stock, Balance Ending | shares	64,733
Weighted Average Grant Date Fair Value, Balance Beginning | $ / shares	$ 6.17
Weighted Average Grant Date Fair Value, Plan Awards | $ / shares	6.03
Weighted Average Grant Date Fair Value, Restricted Stock Vested | $ / shares	5.90
Weighted Average Grant Date Fair Value, Balance Ending | $ / shares	$ 6.19

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - Hudson Bay Partners, L.P [Member] - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2016
Payment to related party	$ 9,000
Board of Directors [Member]
Reimbursing an affiliate, per month		$ 1,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - $ / shares	Oct. 09, 2018	Sep. 30, 2018
Dividend paid per share		$ 0.484375
Subsequent Event [Member] | Series A Preferred Stock [Member]
Dividend paid per share	$ 0.484375
Preferred stock dividend percentage	7.75%
Dividend payable date	Dec. 15, 2018
Dividend payable recorded date	Nov. 15, 2018