Power REIT (PW) 10-Q 27 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 24, 2020
Document And Entity Information
Entity Registrant Name	Power REIT
Entity Central Index Key	0001532619
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,912,939
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Land	$ 7,378,644	$ 6,928,644
Greenhouse cultivation facilities, net of accumulated depreciation	2,304,183	1,619,687
Construction in progress - greenhouse cultivation facilities	1,541,850
Net investment in direct financing lease - railroad	9,150,000	9,150,000
Total real estate assets	20,374,677	17,698,331
Cash and cash equivalents	13,611,811	15,842,504
Prepaid expenses	37,363	14,626
Intangible assets, net of accumulated amortization	3,530,168	3,589,453
Deferred rent receivable	739,783	546,186
Other assets	16,975	16,701
TOTAL ASSETS	38,310,777	37,707,801
LIABILITIES AND EQUITY
Deferred revenue	146,751	29,342
Security deposit	391,872	114,378
Accounts payable	58,087	54,993
Accrued interest	82,053	84,313
Current portion of long-term debt, net of unamortized discount	579,626	564,682
Long-term debt, net of unamortized discount	23,732,298	23,797,191
TOTAL LIABILITIES	24,990,687	24,644,899
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 (175,000 shares authorized; 144,636 issued and outstanding as of March 31, 2020 and December 31, 2019)	3,492,149	3,492,149
Equity:
Common Shares, $0.001 par value (100,000,000 shares authorized; 1,912,939 shares issued and outstanding at March 31, 2020 and 1,872,939 at December 31, 2019)	1,913	1,873
Additional paid-in capital	11,896,605	11,821,486
Accumulated deficit	(2,070,577)	(2,252,606)
Total Equity	9,827,941	9,570,753
TOTAL LIABILITIES AND EQUITY	$ 38,310,777	$ 37,707,801

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	1,912,939	1,872,939
Common stock, shares outstanding	1,912,939	1,872,939

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUE
Lease income from direct financing lease - railroad	$ 228,750	$ 228,750
Rental income	503,202	262,527
Misc. income	55,436	3,316
TOTAL REVENUE	787,388	494,593
EXPENSES
Amortization of intangible assets	59,285	59,285
General and administrative	149,334	115,775
Property tax	4,552	5,556
Depreciation Expense	26,650
Interest expense	295,480	116,732
TOTAL EXPENSES	535,301	297,348
NET INCOME	252,087	197,245
Preferred Stock Dividends	(70,058)	(70,058)
NET INCOME ATTRIBUTABLE TO COMMON SHARES	$ 182,029	$ 127,187
Income Per Common Share:
Basic	$ 0.1	$ 0.07
Diluted	$ 0.09	$ 0.07
Weighted Average Number of Shares Outstanding:
Basic	1,899,313	1,870,139
Diluted	1,921,664	1,870,139
Cash dividend per Series A Preferred Share	$ 0.48	$ 0.48

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 1,870	$ 11,616,154	$ (2,919,268)	$ 8,698,756
Balance, shares at Dec. 31, 2018	1,870,139
Net Income			197,245	197,245
Cash Dividends on Preferred Stock			(70,058)	(70,058)
Stock-Based Compensation		63,954		63,954
Balance at Mar. 31, 2019	$ 1,870	11,680,108	(2,792,081)	8,889,897
Balance, shares at Mar. 31, 2019	1,870,139
Balance at Dec. 31, 2019	$ 1,873	11,821,486	(2,252,606)	9,570,753
Balance, shares at Dec. 31, 2019	1,872,939
Net Income			252,087	252,087
Cash Dividends on Preferred Stock			(70,058)	(70,058)
Stock-Based Compensation	$ 40	75,118		75,158
Stock-Based Compensation, shares	40,000
Balance at Mar. 31, 2020	$ 1,913	$ 11,896,604	$ (2,070,577)	$ 9,827,941
Balance, shares at Mar. 31, 2020	1,912,939

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net Income	$ 252,087	$ 197,245
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	59,285	59,285
Amortization of debt costs	8,527	6,297
Stock-based compensation	75,159	63,954
Depreciation	26,650
Changes in operating assets and liabilities
Deferred rent receivable	(193,596)	(106,358)
Prepaid expenses	(23,012)	(53,079)
Accounts payable	3,094	40,225
Security deposit	277,494
Accrued interest	(2,260)	(2,927)
Deferred revenue	117,409	117,195
Net cash provided by operating activities	600,837	321,837
Investing activities
Cash paid for land and greenhouse cultivation facilities	(1,161,146)
Cash paid for construction in progress	(1,541,850)
Net cash used in investing activities	(2,702,996)
Financing Activities
Principal payment on long-term debt	(58,476)	(13,661)
Cash dividends paid on preferred stock	(70,058)	(70,058)
Net cash used in financing activities	(128,534)	(83,719)
Net increase (decrease) in cash and cash equivalents	(2,230,693)	238,118
Cash and cash equivalents, beginning of period	15,842,504	1,771,011
Cash and cash equivalents, end of period	13,611,811	2,009,129
Supplemental disclosure of cash flow information:
Interest paid	$ 284,693	$ 115,232

General Information

General Information	3 Months Ended
	Mar. 31, 2020
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 30, 2020. 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, alternative energy infrastructure and Controlled Environment Agriculture (CEA) in the United States. The Trust is structured as a holding company and owns its assets through ten wholly-owned, special purpose subsidiaries that have been formed in order to hold real estate assets, obtain financing and generate lease revenue. As of March 31, 2020, 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”), approximately 601 acres of fee simple land leased to a number of utility scale solar power generating projects with an aggregate generating capacity of approximately 108 Megawatts (“MW”) and approximately 23 acres of land with approximately 90,200 sf of existing or under construction greenhouses leased to four separate medical cannabis operators. Power REIT is actively seeking to grow its portfolio of real estate related to CEA for food and cannabis production. During the quarter ended March 31, 2020, the Trust paid a quarterly dividend of approximately $70,000 ($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	3 Months Ended
	Mar. 31, 2020
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”).” 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. o 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. o 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. o 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 March 31, 2020 and December 31, 2019.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions	3. ACQUISITIONS On January 30, 2020, through a newly formed wholly owned subsidiary, PW CO CanRe Mav 14, LLC, Power REIT completed the acquisition of a greenhouse property in southern Colorado (“Maverick 14”). Maverick 14 was acquired for $850,000 and is 5.54 acres with an existing greenhouse and processing facility totaling approximately 8,300 square feet approved for medical cannabis cultivation. The purchase price plus acquisition expenses of $10,424 was paid with existing working capital. As part of the transaction, the Trust agreed to fund the construction of 15,120 square feet of greenhouse space for $1,058,400 of which $414,000 is in construction in progress as of March 31, 2020 and the tenant has agreed to fund the construction of approximately 2,520 additional square feet of head-house/processing space on the property. Accordingly, Power REIT’s total capital commitment totals $1,908,400 plus acquisition expenses. On February 20, 2020, through a newly formed wholly owned subsidiary, PW CO CanRE Sherman 6, LLC, Power REIT completed the acquisition of a property in southern Colorado (“Sherman 6”). Sherman 6 was acquired for $150,000 plus $724 in acquisition expenses and is 5.0 acres of vacant land approved for medical cannabis cultivation. As part of the transaction, the Trust agreed to fund the construction of 15,120 square feet of greenhouse space and 7,520 square feet of head-house/processing space on the property for $1,693,800 of which $498,000 is in construction in progress as of March 31, 2020 . Accordingly, Power REIT’s total capital commitment totals $1,843,800 plus acquisition costs. On March 19, 2020, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Mav 5, LLC completed the acquisition of a property in southern Colorado (“Maverick 5”). Maverick 5 was acquired for $150,000 and is 5.2 acres of vacant land approved for medical cannabis cultivation. As part of the transaction, the Trust has agreed to fund the construction of 5,040 square feet of greenhouse space and 4,920 square feet of head-house/processing space on the property for $868,125 of which $125,000 is in construction in progress as of March 31, 2020 . Accordingly, Power REIT’s total capital commitment totals $1,018,125. The acquisitions are accounted for as asset acquisitions under ASC 805-50. Power REIT has established a depreciable life for the property improvements of 20 years. Concurrent with the closing on the acquisitions, Power REIT entered into leases with tenants that are licensed for the production of medical marijuana at the facilities The combined straight-line annual rent from these three acquisitions is approximately $894,000. Each tenant is responsible for paying all expenses related to the properties including maintenance, insurance and taxes. The term of each lease is 20 years and provides two options to extend for additional five-year periods. The leases also have financial guarantees from affiliates of the tenant. The following table summarizes the allocation of the purchase consideration for Maverick 14 based on the fair values of the assets acquired: Land $ 150,000 Assets subject to depreciation: Improvements (greenhouses) 710,424 Total Assets Acquired $ 860,424

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	4. LONG-TERM DEBT On November 6, 2015, PWRS, one of the subsidiaries of the Trust, borrowed $10,150,000 pursuant to a bond offering (the “PWRS Bonds”). The PWRS Bonds are secured by land and intangibles owned by PWRS and have a total obligation of $10,150,000. The PWRS Bonds carry a fixed annual interest rate of 4.34% and matures in 2034. During 2015, the Trust capitalized approximately $441,000 of expenses related to the PWRS Bonds of which approximately $97,000 was paid in cash and approximately 344,000 was incurred through issuance of debt. This amount is amortized over the life of the PWRS Bonds. As of March 31, 2020 and December 31 2019, the balance of the PWRS Bonds was approximately $8,543,000 (net of unamortized debt costs of approximately $320,000) and $8,538,000 (net of unamortized debt costs of approximately $325,000), respectively. On July 5, 2013, PWSS, one of the subsidiaries of the Trust, 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 March 31, 2020 and December 31, 2019 is approximately $572,000 (net of approximately $9,000 of capitalized debt costs which are being amortized over the life of the financing) and $579,000 (net of approximately $9,500 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 11 years remaining. The Municipal Debt has a simple interest rate of 5.0% that is paid annually, with the next payment due February 1, 2021. The balance of the Municipal Debt as of March 31, 2020 and December 31, 2019 is approximately $70,000 and $77,000 respectively. On November 25, 2019, Power REIT, through a newly formed wholly owned subsidiary, completed a financing that is intended to provide capital for acquisition of additional properties on an accretive basis. The financing is in the form of long-term fixed rate bonds with gross proceeds of $15,500,000. The bonds carry a fixed interest rate of 4.62% and fully amortize over the life of the financing which matures in 2054 (35 years). The bonds are fully secured by the equity interest in Power REIT’s indirect wholly owned subsidiary – PWV. The total debt issuance costs of approximately $312,200 will be amortized over the life of the financing. The balance of the loan as of March 31, 2020 and December 31, 2019 is $15,126,000 (net of approximately $309,000 of capitalized debt costs) and 15,168,600 (net of approximately $311,000 of capitalized debt costs). The approximate amount of principal payments remaining on Power REIT’s long-term debt as of March 31, 2020 is as follows for the subsequent years ended December 31: Total Debt 2020 (nine months remaining) $ 546,088 2021 635,511 2022 675,384 2023 1,168,091 2024 715,777 Thereafter 21,208,699 Long term debt $ 24,949,550

Equity and Long-Term Compensati

Equity and Long-Term Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Equity and Long-Term Compensation	5. EQUITY AND LONG-TERM COMPENSATION Summary of Stock Based Compensation Activity – Options The summary of stock based compensation activity for the three months ended March 31, 2020, with respect to the Trust’s stock options, was as follows: Summary of Activity - Options Weighted Number of Average Aggregate Options Exercise Price Intrinsic Value Balance as of December 31, 2019 106,000 7.96 - Plan Awards - - - Options Exercised - - - Balance as of March 31, 2020 106,000 7.96 261,820 Options vested at March 31, 2020 106,000 7.96 261,820 The weighted average remaining term of the options is approximately 2.36 years. Summary of Plan Activity – Restricted Stock The summary of Plan activity for the three months ended March 31, 2020, with respect to the Trust’s restricted stock, was as follows: Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Balance as of December 31, 2019 24,033 6.14 Plan Awards 40,000 8.41 Restricted Stock Vested (10,700 ) 7.02 Balance as of March 31, 2020 53,333 7.67 Stock-based Compensation During the first three months of 2020, the Trust recorded approximately $75,000 of non-cash expense related to restricted stock and options granted compared to approximately $64,000 for the first three months of 2019. As of March 31, 2020, there was approximately $409,000 of total unrecognized share-based compensation expense, which expense will be recognized through the third quarter of 2022. 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 three months of 2020, the Trust paid a total of approximately $70,000 of dividends to holders of Power REIT’s Series A Preferred Stock.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	6. RELATED PARTY TRANSACTIONS The Trust and its subsidiaries have hired 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 three months ended March 31, 2020, Power REIT (on a consolidated basis) did not pay any legal fees and costs to Morrison Cohen. 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. Effective January 1, 2020, the Board of Directors approved increasing the amount paid to HBP to $1,750 per month based on an increased work level and the conclusion that it would pay more for such support from an unaffiliated third party for the same functions. A total of $5,250 was paid pursuant to this arrangement during the first three months ended March 31, 2020 compared to $3,000 paid during the first three months of 2019. 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 described herein, and the reimbursement to HBP described herein, the independent trustees approved such arrangements having determined such arrangement are fair and reasonable and in the interest of the Trust.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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”).”
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. o 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. o 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. o 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 March 31, 2020 and December 31, 2019.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of Fair Value of Assets Acquired	The following table summarizes the allocation of the purchase consideration for Maverick 14 based on the fair values of the assets acquired: Land $ 150,000 Assets subject to depreciation: Improvements (greenhouses) 710,424 Total Assets Acquired $ 860,424

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The approximate amount of principal payments remaining on Power REIT’s long-term debt as of March 31, 2020 is as follows for the subsequent years ended December 31: Total Debt 2020 (nine months remaining) $ 546,088 2021 635,511 2022 675,384 2023 1,168,091 2024 715,777 Thereafter 21,208,699 Long term debt $ 24,949,550

Equity and Long-Term Compensa_2

Equity and Long-Term Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock Based Compensation Activity	The summary of stock based compensation activity for the three months ended March 31, 2020, with respect to the Trust’s stock options, was as follows: Summary of Activity - Options Weighted Number of Average Aggregate Options Exercise Price Intrinsic Value Balance as of December 31, 2019 106,000 7.96 - Plan Awards - - - Options Exercised - - - Balance as of March 31, 2020 106,000 7.96 261,820 Options vested at March 31, 2020 106,000 7.96 261,820
Summary of Restricted Stock Plan Activity	The summary of Plan activity for the three months ended March 31, 2020, with respect to the Trust’s restricted stock, was as follows: Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Balance as of December 31, 2019 24,033 6.14 Plan Awards 40,000 8.41 Restricted Stock Vested (10,700 ) 7.02 Balance as of March 31, 2020 53,333 7.67

General Information (Details Na

General Information (Details Narrative)	3 Months Ended
	Mar. 31, 2020USD ($)ft²$ / shares
Trust's assets, description	As of March 31, 2020, 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"), approximately 601 acres of fee simple land leased to a number of utility scale solar power generating projects with an aggregate generating capacity of approximately 108 Megawatts ("MW") and approximately 23 acres of land with approximately 90,200 sf of existing or under construction greenhouses leased to four separate medical cannabis operators.
Dividend paid | $	$ 70,000
Dividend paid per share | $ / shares	$ 0.484375
Percentage of redeemable perpetual preferred stock	7.75%
Preferred stock dividends description	The Trust paid a quarterly dividend of approximately $70,000 ($0.484375 per share) on Power REIT's 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock.
Minimum percentage of taxable income to be distributed to shareholders	90.00%
Medical Cannabis Operator [Member]
Acres of land	23
Medical Cannabis Operator [Member] | Greenhouse [Member]
Acres of land	90,200
P&WV [Member]
Acres of land	601

Acquisitions (Details Narrative

Acquisitions (Details Narrative)	Mar. 19, 2020USD ($)aft²	Feb. 20, 2020USD ($)aft²	Jan. 30, 2020USD ($)aft²	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Cash rental per annum				$ 503,202	$ 262,527
Greenhouse Property One [Member] | PW CO CanRE Mav 14, LLC [Member]
Acquisition amount			$ 850,000
Area of land | a			5.54
Business acquisiion cost			$ 10,424
Capital commitment			$ 1,908,400
Greenhouse Property One [Member] | PW CO CanRE Mav 14, LLC [Member] | Medical Cannabis Cultivation [Member]
Area of land | ft²			8,300
Greenhouse Property One [Member] | PW CO CanRE Mav 14, LLC [Member] | Greenhouse Space [Member]
Area of land | ft²			15,120
Business acquisiion transaction cost			$ 1,058,400
Greenhouse Property One [Member] | PW CO CanRE Mav 14, LLC [Member] | Greenhouse Space Construction in Progress [Member]
Business acquisiion transaction cost			$ 414,000
Greenhouse Property One [Member] | PW CO CanRE Mav 14, LLC [Member] | Head-house/Processing Space on Property [Member]
Area of land | ft²			2,520
Greenhouse Property Two [Member] | PW CO CanRE Sherman 6, LLC [Member]
Acquisition amount		$ 150,000
Area of land | a		5
Business acquisiion cost		$ 724
Capital commitment		$ 1,843,800
Greenhouse Property Two [Member] | PW CO CanRE Sherman 6, LLC [Member] | Greenhouse Space Construction in Progress [Member]
Area of land | ft²		15,120
Greenhouse Property Two [Member] | PW CO CanRE Sherman 6, LLC [Member] | Head-house/Processing Space on Property [Member]
Area of land | ft²		7,520
Business acquisiion transaction cost		$ 1,693,800
Greenhouse Property Two [Member] | PW CO CanRE Sherman 6, LLC [Member] | Head-house/Processing Space on Property Construction in Progress [Member]
Business acquisiion transaction cost		$ 498,000
Greenhouse Properties [Member]
Depreciation estimated useful life				20 years
Cash rental per annum				$ 894,000
Leases terms				20 years
Greenhouse Properties [Member] | PW CO CanRE Mav 5, LLC [Member]
Acquisition amount	$ 150,000
Area of land | a	5.2
Capital commitment	$ 1,018,125
Greenhouse Properties [Member] | PW CO CanRE Mav 5, LLC [Member] | Greenhouse Space Construction in Progress [Member]
Area of land | ft²	5,040
Greenhouse Properties [Member] | PW CO CanRE Mav 5, LLC [Member] | Head-house/Processing Space on Property [Member]
Area of land | ft²	4,920
Business acquisiion transaction cost	$ 868,125
Greenhouse Properties [Member] | PW CO CanRE Mav 5, LLC [Member] | Head-house/Processing Space on Property Construction in Progress [Member]
Business acquisiion transaction cost	$ 125,000

Acquisitions - Schedule of Fair

Acquisitions - Schedule of Fair Value of Assets Acquired (Details)	Mar. 31, 2020USD ($)
Business Combinations [Abstract]
Land	$ 150,000
Improvements (greenhouses)	710,424
Total Assets Acquired	$ 860,424

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($)	Nov. 25, 2019	Nov. 06, 2015	Dec. 31, 2012	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2015	Dec. 31, 2019	Jul. 05, 2013
Debt fixed interest rate	4.62%
Debt maturity year	2054 (35 years)
Outstanding loan balance				$ 24,949,550
Proceeds from long term debt	$ 15,500,000
Amortization debt issuance cost	$ 312,200			8,527	$ 6,297
Pittsburgh & West Virginia Railroad [Member]
Outstanding loan balance				15,126,000			$ 15,168,600
Capitalized debt cost				309,000			311,000
PWSS Term Loan [Member]
Debt amount								$ 750,000
Debt fixed interest rate								5.00%
Outstanding loan balance				$ 572,000			579,000
Debt term								10 years
Debt description				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.
Capitalized debt cost				$ 9,000			9,500
Municipal Debt [Member]
Debt term			11 years
Debt interest rate			5.00%
Debt maturity date			Feb. 1, 2019
Municipal debt securities carrying value				70,000			77,000
PWRS Bonds [Member]
Capitalized expenses						$ 441,000
Debt repayment in cash						$ 97,000
Number of shares issued for debt						344,000
Outstanding loan balance				8,543,000			8,538,000
Unamortized debt costs				$ 320,000			$ 325,000
PWRS Bonds [Member] | Land and Intangibles [Member]
Debt amount		$ 10,150,000
Debt fixed interest rate		4.34%
Debt maturity year		2034

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details)	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
2020 (nine months remaining)	$ 546,088
2021	635,511
2022	675,384
2023	1,168,091
2024	715,777
Thereafter	21,208,699
Long-term Debt	$ 24,949,550

Equity and Long-Term Compensa_3

Equity and Long-Term Compensation (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Weighted average remaining term	2 years 4 months 9 days
Non-cash expense related to restricted stock and options granted	$ 75,159	$ 63,954
Unrecognized share-based compensation expense	409,000
Series A Preferred Stock [Member]
Preferred stock dividends	$ 70,000

Equity and Long-Term Compensa_4

Equity and Long-Term Compensation - Summary of Stock Based Compensation Activity (Details) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Number of Options, Beginning balance | shares	106,000
Number of Options, Plan Awards | shares
Number of Options, Options Exercised | shares
Number of Options, Ending balance | shares	106,000
Number of Options, Vested | shares	106,000
Weighted Average Exercise Price, Beginning balance | $ / shares	$ 7.96
Weighted Average Exercise Price, Plan Awards | $ / shares
Weighted Average Exercise Price, Options Exercised | $ / shares
Weighted Average Exercise Price, Ending balance | $ / shares	7.96
Weighted Average Exercise Price, Options Vested | $ / shares	$ 7.96
Aggregate Intrinsic Value, Ending balance | $	$ 261,820
Aggregate Intrinsic Value, Options Vested | $	$ 261,820

Equity and Long-Term Compensa_5

Equity and Long-Term Compensation - Summary of Restricted Stock Plan Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Shares Restricted Stock, Beginning balance | shares	24,033
Number of Shares Restricted Stock, Plan Awards | shares	40,000
Number of Shares Restricted Stock, Restricted Stock Vested | shares	(10,700)
Number of Shares Restricted Stock, Ending balance | shares	53,333
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 6.14
Weighted Average Grant Date Fair Value, Plan Awards | $ / shares	8.41
Weighted Average Grant Date Fair Value, Restricted Stock Vested | $ / shares	7.02
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 7.67

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jan. 28, 2020	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2016
Board of Directors [Member]
Increase in reimbursement	$ 1,750
David H. Lesser [Member]
Payments to affiliate		$ 5,250	$ 3,000
Hudson Bay Partners, L.P [Member] | Board of Directors [Member]
Reimbursing an affiliate, per month				$ 1,000