Power REIT (PW) 10-Q/A 31 Jul 20 2020 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 29, 2020
Cover [Abstract]
Entity Registrant Name	Power REIT
Entity Central Index Key	0001532619
Document Type	10-Q/A
Document Period End Date	Jun. 30, 2020
Amendment Flag	true
Amendment Description	Amendment No. 1
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	true
Entity Common Stock, Shares Outstanding		1,912,939
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Land	$ 7,778,644	$ 6,928,644
Greenhouse cultivation facilities, net of accumulated depreciation	2,315,080	1,619,687
Construction in progress - greenhouse cultivation facilities	4,842,686
Net investment in direct financing lease - railroad	9,150,000	9,150,000
Total real estate assets	24,086,410	17,698,331
Cash and cash equivalents	10,219,212	15,842,504
Prepaid expenses	79,205	14,626
Intangible assets, net of accumulated amortization	3,470,884	3,589,453
Deferred rent receivable	997,380	546,187
Other assets	16,975	16,700
TOTAL ASSETS	38,870,066	37,707,801
LIABILITIES AND EQUITY
Deferred revenue	106,660	29,342
Tenant security deposit	691,872	114,378
Accounts payable	73,238	54,993
Accrued interest	80,895	84,313
Current portion of long-term debt, net of unamortized discount	594,389	564,682
Long-term debt, net of unamortized discount	23,545,095	23,797,191
TOTAL LIABILITIES	25,092,149	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 June 30, 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 June 30, 2020 and 1,872,939 at December 31, 2019)	1,913	1,873
Additional paid-in capital	11,944,737	11,821,486
Accumulated deficit	(1,660,882)	(2,252,606)
Total Equity	10,285,768	9,570,753
TOTAL LIABILITIES AND EQUITY	$ 38,870,066	$ 37,707,801

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUE
Lease income from direct financing lease - railroad	$ 228,750	$ 228,750	$ 457,500	$ 457,500
Rental income	735,441	262,528	1,238,643	525,055
Misc. income	10,931	4,333	66,367	7,649
TOTAL REVENUE	975,122	495,611	1,762,510	990,204
EXPENSES
Amortization of intangible assets	59,284	59,285	118,569	118,570
General and administrative	104,166	102,273	253,500	218,048
Property tax	10,105	5,557	14,657	11,113
Depreciation Expense	29,612		56,262
Interest expense	292,202	115,038	587,682	231,770
TOTAL EXPENSES	495,369	282,153	1,030,670	579,501
NET INCOME	479,753	213,458	731,840	410,703
Preferred Stock Dividends	(70,058)	(70,058)	(140,116)	(140,116)
NET INCOME ATTRIBUTABLE TO COMMON SHARES	$ 409,695	$ 143,400	$ 591,724	$ 270,587
Income Per Common Share:
Basic	$ 0.21	$ 0.08	$ 0.31	$ 0.14
Diluted	$ 0.21	$ 0.08	$ 0.3	$ 0.14
Weighted Average Number of Shares Outstanding:
Basic	1,912,939	1,870,192	1,906,126	1,870,165
Diluted	1,976,050	1,870,192	1,955,568	1,870,165
Cash dividend per Series A Preferred Share	$ 0.48	$ 0.48	$ 0.97	$ 0.97

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, 2018	$ 1,870	11,616,154	(2,919,268)	8,698,756
Balance, shares at Dec. 31, 2018	1,870,139
Net Income				410,703
Balance at Jun. 30, 2019	$ 1,873	11,727,232	(2,648,681)	9,080,424
Balance, shares at Jun. 30, 2019	1,872,939
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
Net Income			213,458	213,458
Cash Dividends on Preferred Stock			(70,058)	(70,058)
Stock-Based Compensation	$ 3	47,124		47,127
Stock-Based Compensation, shares	2,800
Balance at Jun. 30, 2019	$ 1,873	11,727,232	(2,648,681)	9,080,424
Balance, shares at Jun. 30, 2019	1,872,939
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)	9,827,940
Balance, shares at Mar. 31, 2020	1,912,939
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				731,840
Balance at Jun. 30, 2020	$ 1,913	11,944,737	(1,660,882)	10,285,768
Balance, shares at Jun. 30, 2020	1,912,939
Balance at Mar. 31, 2020	$ 1,913	11,896,604	(2,070,577)	9,827,940
Balance, shares at Mar. 31, 2020	1,912,939
Net Income			479,753	479,753
Cash Dividends on Preferred Stock			(70,058)	(70,058)
Stock-Based Compensation		48,133		48,133
Balance at Jun. 30, 2020	$ 1,913	$ 11,944,737	$ (1,660,882)	$ 10,285,768
Balance, shares at Jun. 30, 2020	1,912,939

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net Income	$ 731,840	$ 410,703
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	118,569	118,570
Amortization of debt costs	17,055	12,595
Stock-based compensation	123,291	111,081
Depreciation	56,262
Changes in operating assets and liabilities
Accounts payable, related party		(1,374)
Other assets	(275)	(275)
Deferred rent receivable	(451,193)	(71,155)
Prepaid expenses	(64,579)	(34,954)
Accounts payable	18,245	16,901
Security deposit	577,494
Accrued interest	(3,418)	(3,454)
Deferred revenue	77,318	76,889
Net cash provided by operating activities	1,200,609	635,527
Investing activities
Cash paid for land and greenhouse cultivation facilities	(1,601,655)
Cash paid for construction in progress	(4,842,686)
Net cash used in investing activities	(6,444,341)
Financing Activities
Principal payment on long-term debt	(239,444)	(132,629)
Cash dividends paid on preferred stock	(140,116)	(140,116)
Net cash used in financing activities	(379,560)	(272,745)
Net increase (decrease) in cash and cash equivalents	(5,623,292)	362,782
Cash and cash equivalents, beginning of period	15,842,504	1,771,011
Cash and cash equivalents, end of period	10,219,212	2,133,793
Supplemental disclosure of cash flow information:
Interest paid	$ 568,987	$ 222,629

General Information

General Information	6 Months Ended
	Jun. 30, 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 eleven wholly-owned, special purpose subsidiaries that have been formed in order to hold real estate assets, obtain financing and generate lease revenue. As of June 30, 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 26 acres of land with approximately 131,000 sf of existing or under construction greenhouses leased to five 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 June 30, 2020, the Trust paid a quarterly dividend of approximately $140,000 ($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	6 Months Ended
	Jun. 30, 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”).” Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Principles of Consolidation The accompanying consolidated financial statements include Power REIT and its wholly-owned subsidiaries. All intercompany balances have been eliminated in consolidation. Income per Common Share Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted net income per common share is computed similar to basic net income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The dilutive effect of the Company’s options is computed using the treasury stock method. The following table sets forth the computation of basic and diluted Income per Share: For the three months ended For the six months ended 30-Jun-20 30-Jun-20 2020 2019 2020 2019 Numerator: Net Income $ 409,695 $ 143,400 $ 591,724 $ 270,587 Numerator for basic and diluted EPS - income available to common Shareholders $ 409,695 $ 143,400 $ 591,724 $ 270,587 Denominator: Denominator for basic EPS - Weighted average shares 1,912,939 1,870,192 1,906,126 1,870,165 Dilutive Effect of Options 63,111 - 49,442 - Denominator for diluted EPS - adjusted Weighted average shares 1,976,050 1,870,192 1,955,568 1,870,165 Basic income per common share $ 0.21 $ 0.08 $ 0.31 $ 0.14 Diluted income per common share $ 0.21 $ 0.08 $ 0.30 $ 0.14 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 June 30, 2020 and December 31, 2019.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 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 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 is $1,908,400 plus acquisition expenses. As of June 30, 2020, the total construction in progress that was funded by Power REIT is approximately $846,200. 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. Accordingly, Power REIT’s total capital commitment is $1,843,800 plus acquisition costs. As of June 30, 2020, the total construction in progress that was funded by Power REIT is approximately $1,114,600. 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. Accordingly, Power REIT’s total capital commitment is $1,358,125. As of June 30, 2020, the total construction in progress that was funded by Power REIT is approximately $708,900. On May 15, 2020, through a newly formed wholly owned subsidiary, PW ME CanRE SD, LLC, Power REIT completed the acquisition of a 3.04 acre property in York County, Maine for $1,000,000. The property includes a 32,800 square-foot greenhouse and 2,800 square foot processing/distribution building that are both under active construction. As part of the acquisition, Power REIT reimbursed Sweet Dirt $950,000 related to the partially built greenhouse and fund up to approximately $2.97 million of additional costs to complete the construction. Accordingly, Power REIT’s total investment in the property is approximately $4.92 million plus acquisition expenses of $45,500. As of June 30, 2020, the total construction in progress that was funded by Power REIT is approximately $335,000. The acquisitions described above 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 cannabis cultivation at the facilities. The combined straight-line annual rent from these four acquisitions is approximately $1,877,000. 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 summarized 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 / Processing Building) 710,424 Total Assets Acquired $ 860,424 The following table summarizes the allocation of the purchase consideration for Sweet Dirt based on the fair values of the assets acquired: Land $ 400,000 Construction in Progress 1,550,000 Total Assets Acquired $ 1,950,000

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 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 June 30, 2020, and December 31, 2019, the balance of the PWRS Bonds was approximately $8,421,000 (net of unamortized debt costs of approximately $314,000) 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 June 30, 2020 and December 31, 2019 is approximately $565,000 (net of approximately $8,000 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 June 30, 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 are amortized over the life of the financing. The balance of the loan as of June 30, 2020 and December 31, 2019 is $15,082,000 (net of approximately $307,000 of capitalized debt costs) and 15,168,000 (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 June 30, 2020 is as follows for the subsequent years ended December 31: Total Debt 2020 (six months remaining) $ 364,934 2021 635,502 2022 675,374 2023 1,168,297 2024 715,777 Thereafter 21,208,698 Long term debt $ 24,768,582

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	5. LEASES Information as Lessor Under ASC Topic 842 To generate positive cash flow, as a lessor, the Trust leases its facilities to tenants in exchange for monthly payments. The Trust’s leases for its railroad, solar farms and greenhouse cultivation facilities have an average lease term of ranging between 20 and 99 years. Payments from the Trust’s leases are recognized on a straight-line basis over the terms of the respective leases. Rental revenue recognized for the six months ended June 30, 2020 is approximately $1,696,000. The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of June 30, 2020 is as follows for the subsequent years ended December 31: Total 2020 (six months remaining) $ 1,493,876 2021 $ 5,921,568 2022 $ 6,275,144 2023 $ 5,819,737 2024 $ 3,633,474 Thereafter $ 79,275,779 Total $ 102,419,578

Equity and Long-Term Compensati

Equity and Long-Term Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Equity and Long-Term Compensation	6. EQUITY AND LONG-TERM COMPENSATION Summary of Stock Based Compensation Activity – Options The summary of stock based compensation activity for the six months ended June 30, 2020, with respect to the Trust’s stock options, was as follows: Summary of Activity - Options Weighted Aggregate Number of Average Intrinsic Options Exercise Price Value Balance as of December 31, 2019 106,000 7.96 - Plan Awards - - - Options Exercised - - - Balance as of June 30, 2020 106,000 7.96 2,203,740 Options vested at June 30, 2020 106,000 7.96 2,203,740 The weighted average remaining term of the options is approximately 2.12 years. Summary of Plan Activity – Restricted Stock The summary of Plan activity for the six months ended June 30, 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 (17,367 ) 7.10 Balance as of June 30, 2020 46,666 7.73 Stock-based Compensation During the first six months of 2020, the Trust recorded approximately $123,000 of non-cash expense related to restricted stock and options granted compared to approximately $111,000 for the first six months of 2019. As of June 30, 2020, there was approximately $360,000 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. Power REIT’s 2020 Equity Incentive Plan was adopted by the Board on May 27, 2020 and approved by the shareholders on June 24, 2020. The plan is the successor of the prior 2012 Equity Incentive Plan. It provides for the grant of the following Awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options; (iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards. The Plan’s purpose is to secure and retain the services of Employees, Directors and Consultants, to provide incentives for such persons to exert maximum efforts for the success of the Trust and to provide a means by which such persons may be given an opportunity to benefit from increases in value of the common Stock through the granting of Awards. The aggregate number of shares of Common Stock that may be issued pursuant to Awards is currently 239,117. Preferred Stock Dividends During the first six months of 2020, the Trust paid a total of approximately $140,000 of dividends to holders of Power REIT’s Series A Preferred Stock.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	7. 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 six months ended June 30, 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 $10,500 was paid pursuant to this arrangement during the first six months ended June 30, 2020 compared to $6,000 paid during the first six 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	8. SUBSEQUENT EVENTS On July 28, 2020, 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 September 15, 2020 to shareholders of record on August 15, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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”).”
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.
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.
Income Per Common Share	Income per Common Share Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted net income per common share is computed similar to basic net income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The dilutive effect of the Company’s options is computed using the treasury stock method. The following table sets forth the computation of basic and diluted Income per Share: For the three months ended For the six months ended 30-Jun-20 30-Jun-20 2020 2019 2020 2019 Numerator: Net Income $ 409,695 $ 143,400 $ 591,724 $ 270,587 Numerator for basic and diluted EPS - income available to common Shareholders $ 409,695 $ 143,400 $ 591,724 $ 270,587 Denominator: Denominator for basic EPS - Weighted average shares 1,912,939 1,870,192 1,906,126 1,870,165 Dilutive Effect of Options 63,111 - 49,442 - Denominator for diluted EPS - adjusted Weighted average shares 1,976,050 1,870,192 1,955,568 1,870,165 Basic income per common share $ 0.21 $ 0.08 $ 0.31 $ 0.14 Diluted income per common share $ 0.21 $ 0.08 $ 0.30 $ 0.14
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 June 30, 2020 and December 31, 2019.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Income Per Common Share	The following table sets forth the computation of basic and diluted Income per Share: For the three months ended For the six months ended 30-Jun-20 30-Jun-20 2020 2019 2020 2019 Numerator: Net Income $ 409,695 $ 143,400 $ 591,724 $ 270,587 Numerator for basic and diluted EPS - income available to common Shareholders $ 409,695 $ 143,400 $ 591,724 $ 270,587 Denominator: Denominator for basic EPS - Weighted average shares 1,912,939 1,870,192 1,906,126 1,870,165 Dilutive Effect of Options 63,111 - 49,442 - Denominator for diluted EPS - adjusted Weighted average shares 1,976,050 1,870,192 1,955,568 1,870,165 Basic income per common share $ 0.21 $ 0.08 $ 0.31 $ 0.14 Diluted income per common share $ 0.21 $ 0.08 $ 0.30 $ 0.14

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Schedule of Fair Value of Assets Acquired	The following table summarized 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 / Processing Building) 710,424 Total Assets Acquired $ 860,424 The following table summarizes the allocation of the purchase consideration for Sweet Dirt based on the fair values of the assets acquired: Land $ 400,000 Construction in Progress 1,550,000 Total Assets Acquired $ 1,950,000

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 is as follows for the subsequent years ended December 31: Total Debt 2020 (six months remaining) $ 364,934 2021 635,502 2022 675,374 2023 1,168,297 2024 715,777 Thereafter 21,208,698 Long term debt $ 24,768,582

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Aggregate Annual Cash to be Received	The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of June 30, 2020 is as follows for the subsequent years ended December 31: Total 2020 (six months remaining) $ 1,493,876 2021 $ 5,921,568 2022 $ 6,275,144 2023 $ 5,819,737 2024 $ 3,633,474 Thereafter $ 79,275,779 Total $ 102,419,578

Equity and Long-Term Compensa_2

Equity and Long-Term Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock Based Compensation Activity	The summary of stock based compensation activity for the six months ended June 30, 2020, with respect to the Trust’s stock options, was as follows: Summary of Activity - Options Weighted Aggregate Number of Average Intrinsic Options Exercise Price Value Balance as of December 31, 2019 106,000 7.96 - Plan Awards - - - Options Exercised - - - Balance as of June 30, 2020 106,000 7.96 2,203,740 Options vested at June 30, 2020 106,000 7.96 2,203,740
Summary of Restricted Stock Plan Activity	The summary of Plan activity for the six months ended June 30, 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 (17,367 ) 7.10 Balance as of June 30, 2020 46,666 7.73

General Information (Details Na

General Information (Details Narrative)	6 Months Ended
	Jun. 30, 2020USD ($)ft²$ / shares
Trust's assets, description	As of June 30, 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 26 acres of land with approximately 131,000 sf of existing or under construction greenhouses leased to five separate medical cannabis operators.
Dividend paid | $	$ 140,000
Dividend paid per share | $ / shares	$ 0.484375
Percentage of redeemable perpetual preferred stock	7.75%
Preferred stock dividends description	Trust paid a quarterly dividend of approximately $140,000 ($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	26
Medical Cannabis Operator [Member] | Greenhouse [Member]
Acres of land	131,000
P&WV [Member]
Acres of land	601

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Income Per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Net Income	$ 409,695	$ 143,400	$ 591,724	$ 270,587
Numerator for basic and diluted EPS - income available to common Shareholders	$ 409,695	$ 143,400	$ 591,724	$ 270,587
Denominator for basic EPS - Weighted average shares	1,912,939	1,870,192	1,906,126	1,870,165
Dilutive Effect of Options	$ 63,111		$ 49,442
Denominator for diluted EPS - adjusted Weighted average shares	1,976,050	1,870,192	1,955,568	1,870,165
Basic income per common share	$ 0.21	$ 0.08	$ 0.31	$ 0.14
Diluted income per common share	$ 0.21	$ 0.08	$ 0.3	$ 0.14

Acquisitions (Details Narrative

Acquisitions (Details Narrative)	May 15, 2020USD ($)aft²	May 01, 2020USD ($)	Mar. 19, 2020USD ($)aft²	Feb. 20, 2020USD ($)aft²	Jan. 30, 2020USD ($)aft²	Jun. 30, 2020USD ($)
Greenhouse Property One [Member] | PW CO CanRE Mav 14, LLC [Member]
Acquisition amount					$ 850,000
Area of land | a					5.54
Business acquisition 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 acquisition transaction cost					$ 1,058,400
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 One [Member] | PW CO CanRE Mav 14, LLC [Member] | Greenhouse Space Construction in Progress [Member]
Business acquisition transaction cost						$ 846,200
Greenhouse Property Two [Member] | PW CO CanRE Sherman 6, LLC [Member]
Acquisition amount				$ 150,000
Area of land | a				5
Business acquisition cost				$ 724
Capital commitment				$ 1,843,800
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 acquisition transaction cost				$ 1,693,800
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 Construction in Progress [Member]
Business acquisition transaction cost						1,114,600
Greenhouse Properties [Member]
Cash rental per annum						$ 1,877,000
Depreciation estimated useful life						20 years
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			$ 1,358,125
Land improvements at the property		$ 340,000
Cash rental per annum		$ 63,000
Greenhouse Properties [Member] | PW CO CanRE Mav 5, LLC [Member] | Head-house/Processing Space on Property [Member]
Area of land | ft²			4,920
Business acquisition transaction cost			$ 868,125
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 Construction in Progress [Member]
Business acquisition transaction cost						$ 708,900
Greenhouse Properties Four [Member] | PW ME CanRE SD, LLC [Member]
Acquisition amount	$ 1,000,000
Area of land | a	3.04
Greenhouse Properties Four [Member] | PW ME CanRE SD, LLC [Member] | Greenhouse Space Construction in Progress [Member]
Area of land | ft²	32,800
Greenhouse Properties Four [Member] | PW ME CanRE SD, LLC [Member] | Processing Distribution Building [Member]
Area of land | ft²	2,800
Greenhouse Properties Four [Member] | Sweet Dirt [Member]
Acquisition amount	$ 950,000
Business acquisition cost	45,500
Capital commitment	4,920,000
Greenhouse Properties Four [Member] | Sweet Dirt [Member] | Partially Puilt Greenhouse Construction in Progress [Member]
Business acquisition transaction cost	$ 2,970,000					$ 335,000

Acquisitions - Schedule of Fair

Acquisitions - Schedule of Fair Value of Assets Acquired (Details)	Jun. 30, 2020USD ($)
Greenhouse Property One [Member] | PW CO CanRE Mav 14, LLC [Member]
Land	$ 150,000
Improvements (Greenhouses / Processing Building)	710,424
Total Assets Acquired	860,424
Greenhouse Properties Four [Member] | Sweet Dirt [Member]
Land	400,000
Construction in Progress	1,550,000
Total Assets Acquired	$ 1,950,000

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($)	Nov. 25, 2019	Nov. 06, 2015	Dec. 31, 2012	Jun. 30, 2020	Jun. 30, 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				$ 24,768,582
Proceeds from long term debt	$ 15,500,000
Amortization debt issuance cost	$ 312,200			17,055	$ 12,595
Pittsburgh & West Virginia Railroad [Member]
Outstanding loan balance				15,082,000			$ 15,168,600
Capitalized debt cost				307,000			311,000
PWSS Term Loan [Member]
Debt amount								$ 750,000
Debt fixed interest rate								5.00%
Outstanding loan balance				$ 565,000			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				$ 8,000			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				8,421,000			8,538,000
Unamortized debt costs				$ 314,000			$ 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)	Jun. 30, 2020USD ($)
Debt Disclosure [Abstract]
2020 (six months remaining)	$ 364,934
2021	635,502
2022	675,374
2023	1,168,297
2024	715,777
Thereafter	21,208,698
Long term debt	$ 24,768,582

Leases (Details Narrative)

Leases (Details Narrative)	Jun. 30, 2020USD ($)
Rental revenue	$ 1,696,000
Minimum [Member]
Average lease term	20 years
Maximum [Member]
Average lease term	99 years

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Annual Cash to be Received (Details)	Jun. 30, 2020USD ($)
Leases [Abstract]
2020 (six months remaining)	$ 1,493,876
2021	5,921,568
2022	6,275,144
2023	5,819,737
2024	3,633,474
Thereafter	79,275,779
Total	$ 102,419,578

Equity and Long-Term Compensa_3

Equity and Long-Term Compensation (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Weighted average remaining term	2 years 1 month 13 days
Non-cash expense related to restricted stock and options granted	$ 123,291	$ 111,081
Unrecognized share-based compensation expense	$ 360,000
2020 Equity Incentive Plan [Member] | Common Stock [Member]
Stock issued during the period, shares	239,117
Series A Preferred Stock [Member]
Preferred stock dividends	$ 140,000

Equity and Long-Term Compensa_4

Equity and Long-Term Compensation - Summary of Stock Based Compensation Activity (Details) - Stock Options [Member]	6 Months Ended
	Jun. 30, 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 | $	$ 2,203,740
Aggregate Intrinsic Value, Options Vested | $	$ 2,203,740

Equity and Long-Term Compensa_5

Equity and Long-Term Compensation - Summary of Restricted Stock Plan Activity (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 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	(17,367)
Number of Shares Restricted Stock, Ending balance | shares	46,666
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	7.10
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 7.73

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jan. 28, 2020	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2016
Board of Directors [Member]
Increase in reimbursement	$ 1,750
David H. Lesser [Member]
Payments to affiliate		$ 10,500	$ 6,000
Hudson Bay Partners, L.P [Member] | Board of Directors [Member]
Reimbursing an affiliate, per month				$ 1,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - $ / shares	Jul. 28, 2020	Jun. 30, 2020
Dividend paid per share		$ 0.484375
Percentage of redeemable perpetual preferred stock		7.75%
Preferred stock dividends description		Trust paid a quarterly dividend of approximately $140,000 ($0.484375 per share) on Power REIT's 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock.
Subsequent Event [Member] | 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Dividend paid per share	$ 0.484375
Percentage of redeemable perpetual preferred stock	7.75%
Preferred stock dividends description	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 September 15, 2020 to shareholders of record on August 15, 2020.