Power REIT (PW) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Cover [Abstract]
Entity Registrant Name	Power REIT
Entity Central Index Key	0001532619
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
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		3,299,533
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Land	$ 8,976,460	$ 8,333,040
Greenhouse cultivation and processing facilities, net of accumulated depreciation	19,216,552	10,305,979
Greenhouse cultivation and processing facilities - construction in progress	3,439,602	2,087,086
Net investment in direct financing lease - railroad	9,150,000	9,150,000
Total real estate assets	40,782,614	29,876,105
Cash and cash equivalents	37,071,322	5,601,826
Prepaid expenses	64,514	89,345
Intangible assets, net of accumulated amortization	3,293,028	3,352,313
Deferred rent receivable	2,109,365	1,602,655
Other assets	16,975	16,975
TOTAL ASSETS	83,337,818	40,539,219
LIABILITIES AND EQUITY
Accounts payable	74,514	83,562
Accrued interest	77,468	80,579
Deferred rent liability	234,751	123,966
Tenant security deposits	1,237,482	1,137,481
Prepaid rent	155,286	105,331
Current portion of long-term debt, net of unamortized discount	613,165	605,272
Long-term debt, net of unamortized discount	23,128,061	23,192,871
TOTAL LIABILITIES	25,520,727	25,329,062
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 (1,675,000 shares authorized; 336,944 and 144,636 issued and outstanding as of March 31, 2021 and December 31, 2020)	8,489,952	3,492,149
Equity:
Common Shares, $0.001 par value (100,000,000 shares authorized; 3,299,533 shares issued and outstanding at March 31, 2021 and 1,916,139 at December 31, 2020)	3,299	1,916
Additional paid-in capital	48,739,884	12,077,054
Retained earnings (accumulated deficit)	583,956	(360,962)
Total Equity	49,327,139	11,718,008
TOTAL LIABILITIES AND EQUITY	$ 83,337,818	$ 40,539,219

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	1,675,000	1,675,000
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares issued	336,944	144,636
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares outstanding	336,944	144,636
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	3,299,533	1,916,139
Common stock, shares outstanding	3,299,533	1,916,139

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUE
Lease income from direct financing lease - railroad	$ 228,750	$ 228,750
Rental income	1,591,931	503,202
Other income	246	55,436
TOTAL REVENUE	1,820,927	787,388
EXPENSES
Amortization of intangible assets	59,285	59,285
General and administrative	163,528	149,334
Property taxes	6,307	4,552
Depreciation expense	196,051	26,650
Interest expense	287,628	295,480
TOTAL EXPENSES	712,799	535,301
NET INCOME	1,108,128	252,087
Preferred Stock Dividends	(163,210)	(70,058)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 944,918	$ 182,029
Income Per Common Share:
Basic	$ 0.34	$ 0.1
Diluted	$ 0.33	$ 0.09
Weighted Average Number of Shares Outstanding:
Basic	2,755,502	1,899,313
Diluted	2,839,474	1,921,664
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]	Retained Earnings (Accumulated Deficit) [Member]	Total
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, 2020	$ 1,916	12,077,054	(360,962)	11,718,008
Balance, shares at Dec. 31, 2020	1,916,139
Net Income			1,108,128	1,108,128
Cash Dividends on Preferred Stock			(163,210)	(163,210)
Issuance of Common Shares for Cash	1,383	36,596,672		36,598,055
Stock-Based Compensation		66,158		66,158
Stock-Based Compensation, shares
Balance at Mar. 31, 2021	$ 3,299	$ 48,739,884	$ 583,956	$ 49,327,139
Balance, shares at Mar. 31, 2021	3,299,533

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 1,108,128	$ 252,087
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	8,527
Stock-based compensation	66,158	75,159
Depreciation	196,051	26,650
Changes in operating assets and liabilities
Deferred rent receivable	(506,710)	(193,596)
Deferred rent liability	110,785
Prepaid expenses	24,831	(23,012)
Accounts payable	(9,048)	3,094
Tenant security deposits	100,001	277,494
Accrued interest	(3,111)	(2,260)
Prepaid rent	49,955	117,409
Net cash provided by operating activities	1,204,852	600,837
Investing activities
Cash paid for land, greenhouse cultivation and processing facilities	(4,752,241)	(1,161,146)
Cash paid for greenhouse cultivation and processing facilities - construction in progress	(1,352,516)	(1,541,850)
Net cash used in investing activities	(6,104,757)	(2,702,996)
Financing Activities
Net proceeds from issuance of common stock	36,598,055
Principal payment on long-term debt	(65,444)	(58,476)
Cash dividends paid on preferred stock	(163,210)	(70,058)
Net cash provided by (used in) financing activities	36,369,401	(128,534)
Net increase (decrease) in cash and cash equivalents	31,469,496	(2,230,693)
Cash and cash equivalents, beginning of period	5,601,826	15,842,504
Cash and cash equivalents, end of period	37,071,322	13,611,811
Supplemental disclosure of cash flow information:
Interest paid	282,212	284,693
Preferred stock issuance for purchase of greenhouse cultivation and processing facility	$ 4,997,803

General Information

General Information	3 Months Ended
	Mar. 31, 2021
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 Trust, 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 24, 2021. Power REIT (the “Registrant” or the “Trust”, and together with its consolidated subsidiaries, “we”, “us”, “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 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 Registrant. The Trust is structured as a holding company and owns its assets through seventeen 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, 2021, 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 52 acres of land with approximately 327,000 sf of existing or under construction greenhouses leased to twelve 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, 2021, The Trust raised approximately gross proceeds of approximately $36.7 million and issued an additional 1,383,394 common shares through a rights offering that closed on February 5, 2021. The offer commenced in December, 2020 whereby shareholders of record as of December 28, 2020 could purchase one additional share at $26.50 per share for every share owned. See Note 6. On February 3, 2021, we issued 192,308 additional shares of Power REIT’s Series A Preferred Stock as part of a transaction to acquire a property located in Riverside County, CA (the “Canndescent Property”) through a newly formed wholly owned subsidiary (“PW Canndescent”). See Note 3. During the quarter ended March 31, 2021, the Trust paid a quarterly dividend of approximately $163,000 ($0.484375 per share) on Power REIT’s 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock. 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. As of December 31, 2019, the last tax return completed to date, the Trust has a net operating loss of $17 million, which may reduce or eliminate this requirement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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. 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 Trust’s options is computed using the treasury stock method. The following table sets forth the computation of basic and diluted Income per Share: Three Months Ended March 31, 2021 2020 Numerator: Net Income $ 1,108,128 $ 252,087 Preferred Stock Dividends (163,210 ) (70,058 ) Numerator for basic and diluted EPS - income available to common Shareholders $ 944,918 $ 182,029 Denominator: Denominator for basic EPS - Weighted average shares 2,755,502 1,899,313 Dilutive effect of options 83,972 22,351 Denominator for diluted EPS - Adjusted weighted average shares 2,839,474 1,921,664 Basic income per common share $ 0.34 $ 0.10 Diluted income per common share $ 0.33 $ 0.09 Real Estate Assets and Depreciation of Investment in Real Estate The Trust expects that most of its transactions will be accounted for as asset acquisitions. In an asset acquisition, the Trust is required to capitalize closing costs and allocates the purchase price on a relative fair value basis. For the quarter ended March 31, 2021, all acquisitions were considered to be asset acquisitions. In making estimates of relative fair values for purposes of allocating purchase price, the Trust utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Trust also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible acquired. The Trust allocates the purchase price of acquired real estate to various components as follows: ● Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with existing property improvements. ● Improvements – Based on the allocation of the relative fair value of the improvements acquired. Depreciation is calculated on a straight-line method over the useful life of the improvements. ● Lease Intangibles – The Trust considers the value of an acquired in-place lease if in excess of the value of the land improvements and the amortization of the lease intangible is over the remaining term of the lease on a straight-line basis. ● Construction in Progress (CIP) - The Trust classifies greenhouses or buildings under development and/or expansion as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained upon which the asset is then classified as an Improvement. Power REIT has several leases with tenants whereby the tenants are responsible for implementing improvements to Power REIT’s properties and Power REIT has committed to fund the cost of such improvements. Power REIT capitalized the costs of such property improvements but has determined not to capitalize interest expense based on a determination that the amount for each project would not be material and each project has a relatively short construction period. Depreciation Depreciation is computed using the straight-line method over the estimated useful lives of up to 20 years for greenhouses and 39 years for auxiliary buildings. The Trust recorded an increase in depreciation expense for the quarter ended March 31, 2021 related to depreciation on properties that it acquired and the placement into service of tenant improvements at our properties. Depreciation expense for the three months ended March 31, 2021 and March 31, 2020 is approximately $196,100 and $26,700, respectively. 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, 2021 and December 31, 2020.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions	3. ACQUISITIONS On January 4, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Grail, LLC, (“PW Grail”), completed the acquisition of two properties totaling 4.41 acres of vacant land (“Grail Properties”) approved for medical cannabis cultivation in southern Colorado for $150,000 plus acquisition costs. As part of the transaction, the Trust agreed to fund the immediate construction of an approximately 21,732 square foot greenhouse and processing facility for approximately $1.69 million. On February 23, 2021, PW Grail amended the Grail Project Lease making approximately $518,000 of more funds available to construct an additional 6,256 square feet to the cannabis cultivation and processing space. Accordingly, the Trust’s total capital commitment is approximately $2.4 million. As of March 31, 2021, the total construction in progress that was funded by Power REIT is approximately $407,000. On January 14, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Apotheke, LLC, (“PW Apotheke”), completed the acquisition of a property totaling 4.31 acres of vacant land (“Apotheke Property”) approved for medical cannabis cultivation in southern Colorado for $150,000 plus acquisition costs. As part of the transaction, the Trust agreed to fund the immediate construction of an approximately 21,548 square foot greenhouse and processing facility for approximately $1.66 million. Accordingly, PW Apotheke’s total capital commitment is approximately $1.81 million. On February 3, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CA CanRE Canndescent LLC, (“PW Canndescent”), completed the acquisition of a 37,000 square foot greenhouse cultivation facility on a .85 acre of property located in Riverside County, CA (the “Canndescent Property”). The purchase price was $7.685 million and we paid for the property with $2.685 million cash on hand and the issuance of 192,308 shares of Power REIT’s Series A Preferred Stock. The following table summarized the preliminary allocation of the purchase consideration for the Canndescent Property based on the relative fair values of the assets acquired: Land $ 258,420 Assets Subject to Depreciation: Improvements (Greenhouses / Processing Facilities) 7,426,580 Acquisition Costs Capitalized 92,289 Total Assets Acquired $ 7,777,289 On March 12, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Gas Station, LLC, (“PW Gas Station”), completed the acquisition of a property totaling 2.2 acres of vacant land (“Gas Station Property”) approved for medical cannabis cultivation in southern Colorado for $85,000 plus acquisition costs. As part of the transaction, the Trust agreed to fund the immediate construction of an approximately 24,512 square foot greenhouse and processing facility for approximately $2.03 million. Accordingly, PW Gas Station’s total capital commitment is approximately $2.1 million. 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 for greenhouses and 39 years for buildings. Concurrent with the closing of the acquisitions, Power REIT entered in leases with tenants that are licensed for the production of medical cannabis cultivation at the facilities. The combined annual straight-line rent from these four acquisitions and one expansion is approximately $2.3 million. Each tenant is responsible for paying all expenses related to the properties including maintenance, insurance and taxes. The term of the Grail, Apotheke and Gas Station leases are 20 years with options to extend for additional five-year periods and have financial guarantees from affiliates of the tenants, whereas, the Canndescent lease was already in place and assigned to the Trust.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	4. LONG-TERM DEBT On December 31, 2012, as part of the Salisbury land acquisition, PW Salisbury Solar, LLC (“PWSS”) assumed existing municipal financing (“Municipal Debt”). The Municipal Debt has approximately 10 years remaining. The Municipal Debt has a simple interest rate of 5.0% that is paid annually, with the next payment due February 1, 2022. The balance of the Municipal Debt as of March 31, 2021 and December 31, 2020 is approximately $64,000 and $70,000 respectively. In July 2013, PWSS borrowed $750,000 from a regional bank (the “PWSS Term Loan”). The PWSS Term Loan carries a fixed annual interest rate of 5.0% for a term of 10 years and amortizes based on a 20-year principal amortization schedule. The loan is secured by PWSS’ real estate assets and a parent guarantee from the Trust. The balance of the PWSS Term Loan as of March 31, 2021 and December 31, 2020 is approximately $544,000 (net of approximately $6,200 of capitalized debt costs which are being amortized over the life of the financing) and $551,000 (net of approximately $6,800 of capitalized debt costs which are being amortized over the life of the financing), respectively. On November 6, 2015, PWRS entered into a loan agreement (the “2015 PWRS Loan Agreement”) with a lender for $10,150,000 (the “2015 PWRS Loan”). The 2015 PWRS Loan is secured by land and intangibles owned by PWRS. PWRS issued a note to the benefit of the lender dated November 6, 2015 with a maturity date of October 14, 2034 and an annual 4.34% interest rate. As of March 31, 2021, and December 31, 2020, the balance of the 2015 PWRS Loan was approximately $8,185,000 (net of unamortized debt costs of approximately $297,000) and $8,183,000 (net of unamortized debt costs of approximately $303,000), respectively. On November 25, 2019, Power REIT, through a newly formed subsidiary, PW PWV Holdings LLC (“PW PWV”), entered into a loan agreement (the “PW PWV Loan Agreement”) with a lender for $15,500,000 (the “PW PWV Loan”). The PW PWV Loan is secured by pledge of PW PWV’s equity interest in P&WV, its interest in the Railroad Lease and a security interest in a deposit account (the “Deposit Account”) pursuant to a Deposit Account Control Agreement dated November 25, 2019 into which the P&WV rental proceeds were deposited. Pursuant to the Deposit Account Control Agreement, P&WV has instructed its bank to transfer all monies deposited in the Deposit Account to the escrow agent as a dividend/distribution payment pursuant to the terms of the PW PWV Loan Agreement. The PW PWV Loan is evidenced by a note issued by PW PWV to the benefit of the lender for $15,500,000, with a fixed annual interest rate of 4.62% and the capitalized debt costs of $312,000 which is amortized over the life of the financing which matures in 2054. The balance of the loan as of March 31, 2021 and December 31, 2020 is $14,948,000 (net of approximately $300,000 of capitalized debt costs) and 14,994,000 (net of approximately $302,000 of capitalized debt costs). The approximate amount of principal payments remaining on Power REIT’s long-term debt as of March 31, 2021 is as follows for the subsequent years ending December 31: Total Debt 2021 (9 months remaining) 569,956 2022 675,374 2023 1,168,408 2024 715,777 2025 755,634 Thereafter 20,459,470 Long term debt $ 24,344,619

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
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 payments. The Trust’s leases for its railroad, solar farms and greenhouse cultivation facilities have an average lease term 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. Total revenue from its leases recognized for the quarter ended March 31, 2021 is approximately $1.82 million. The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of March 31, 2021 is as follows for the subsequent years ending December 31: Total 2021 (9 months remaining) $ 7,488,252 2022 $ 12,220,108 2023 $ 11,770,002 2024 $ 8,333,375 2025 $ 6,420,368 Thereafter $ 111,801,966 Total $ 158,034,071

Equity and Long-Term Compensati

Equity and Long-Term Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity and Long-Term Compensation	6. EQUITY AND LONG-TERM COMPENSATION Increase in Authorized Preferred Stock On January 7, 2021, the Trust filed Articles Supplementary with the State of Maryland to classify an additional 1,500,000 unissued shares of beneficial interest, par value $0.001 per share, 7.75% Series A Preferred Stock, such that the Trust shall now have authorized an aggregate of 1,675,000 shares of Series A Preferred Stock, all of which shall constitute a single series of Series A Preferred Stock. On February 3, 2021, as part of the closing for the Canndescent acquisition, the Trust issued 192,308 shares of Power REIT’s Series A Preferred Stock with a fair value of $5,000,008 less $2,205 of costs. Stock Issued for Cash During the quarter ended March 31, 2021, the Trust raised gross proceeds of approximately $36.7 million and issued an additional 1,383,394 common shares through a rights offering that closed on February 5, 2021. Offering expenses of $61,886 were incurred in connection with the offering and recorded as contra-equity netting against the proceeds of offering. Hudson Bay Partner, LP (“HBP”) which is 100% owned by David Lesser, is the Managing Member of PW RO Holdings LLC which participated in the rights offering and acquired 132,074 shares, is the Managing Member of PW RO Holdings 2 LLC which participated in the rights offering and acquired 155,000 shares and is the Managing Member of PW RO Holdings 3 LLC which participated in the rights offering and acquired 123,020 shares. HBP became the Co-Managing Member of 13310 LMR2A (“13310”) after the Trust acquired the Canndescent property from 13310 which participated in the rights offering and acquired 68,679 shares. Summary of Stock Based Compensation Activity – Options The summary of stock based compensation activity for the quarter ended March 31, 2021, with respect to the Trust’s stock options, is as follows: Summary of Activity - Options Weighted Number of Average Aggregate Options Exercise Price Intrinsic Value Balance as of December 31, 2020 106,000 7.96 - Plan Awards - - - Options Exercised - - - Balance as of March 31, 2021 106,000 7.96 3,951,680 Options vested at March 31, 2021 106,000 7.96 3,951,680 The weighted average remaining term of the options is approximately 1.36 years. Summary of Plan Activity – Restricted Stock The summary of Plan activity for the quarter ended March 31, 2021, with respect to the Trust’s restricted stock, was as follows: Summary of Activity - Restricted Stock Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Balance as of December 31, 2020 35,066 8.76 Plan Awards - - Restricted Stock Vested (7,400 ) 8.94 Balance as of March 31, 2021 27,666 8.71 Stock-based Compensation During the quarter ended March 31, 2021, the Trust recorded approximately $66,000 of non-cash expense related to restricted stock and options granted compared to approximately $75,000 for quarter ended March 31, 2020. As of March 31, 2021, there was approximately $241,000 of total unrecognized share-based compensation expense, which will be recognized through the second quarter of 2023. 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, which superseded the 2012 Equity Incentive Plan, was adopted by the Board on May 27, 2020 and approved by the shareholders on June 24, 2020. 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. As of March 31, 2021, the aggregate number of shares of Common Stock that may be issued pursuant to outstanding awards is currently 235,917. Preferred Stock Dividends During the quarter ended March 31, 2021, the Trust paid a total of approximately $163,000 of dividends to holders of Power REIT’s Series A Preferred Stock.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	7. 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. The spouse of the Trust’s Chairman, CEO, Secretary and Treasurer is a partner at Morrison Cohen. During the quarter ended March 31, 2021, 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 Trust, David Lesser, provides the Trust and its subsidiaries with office space at no cost. Effective September 2016, the Board of Trustees 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. The amount paid each month has increased over time with the Board of Trustees approval and effective February 23, 2021, the monthly amount paid to the affiliate of HBP increased to $4,000. During the quarter ended March 31, 2021, with the Board of Trustee’s approval, a special one-time payment of $15,000 was made to cover the time allocated to the processing of the Rights Offering. A total of $24,000 was paid pursuant to this arrangement during the quarter ended March 31, 2021 compared to $5,250 paid during the first quarter of 2020. 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 to determine if the transaction is 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 arrangements are fair and reasonable and in the interest of the Trust.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	8. SUBSEQUENT EVENTS On April 20, 2021, we acquired two properties (the “Cloud Nine Properties”) for $300,000 located in southern Colorado through a newly formed wholly owned subsidiary (“PW Cloud Nine”) of our wholly owned subsidiary which is comprised of approximately 4.0 acres. As part of the transaction, we agreed to fund the immediate construction of an approximately 38,440 square foot greenhouse and processing facility for approximately $2.95 million including the land acquisition cost. Concurrent with the acquisition, PW Cloud Nine entered into a 20-year “triple-net” lease (the “Cloud Nine Lease”) with Cloud Nine Farms LLC (“Cloud Nine”) which will operate a cannabis cultivation facility. The lease requires Cloud Nine to pay all property related expenses including maintenance, insurance and taxes. After the initial 20-year term, the Cloud Nine Lease provides two, five-year renewal options. The lease also has a personal guarantee from the owner of Cloud Nine. On April 30, 2021, 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 June 15, 2021 to shareholders of record on May 15, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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.
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 Trust’s options is computed using the treasury stock method. The following table sets forth the computation of basic and diluted Income per Share: Three Months Ended March 31, 2021 2020 Numerator: Net Income $ 1,108,128 $ 252,087 Preferred Stock Dividends (163,210 ) (70,058 ) Numerator for basic and diluted EPS - income available to common Shareholders $ 944,918 $ 182,029 Denominator: Denominator for basic EPS - Weighted average shares 2,755,502 1,899,313 Dilutive effect of options 83,972 22,351 Denominator for diluted EPS - Adjusted weighted average shares 2,839,474 1,921,664 Basic income per common share $ 0.34 $ 0.10 Diluted income per common share $ 0.33 $ 0.09
Real Estate Assets and Depreciation of Investment in Real Estate	Real Estate Assets and Depreciation of Investment in Real Estate The Trust expects that most of its transactions will be accounted for as asset acquisitions. In an asset acquisition, the Trust is required to capitalize closing costs and allocates the purchase price on a relative fair value basis. For the quarter ended March 31, 2021, all acquisitions were considered to be asset acquisitions. In making estimates of relative fair values for purposes of allocating purchase price, the Trust utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Trust also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible acquired. The Trust allocates the purchase price of acquired real estate to various components as follows: ● Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with existing property improvements. ● Improvements – Based on the allocation of the relative fair value of the improvements acquired. Depreciation is calculated on a straight-line method over the useful life of the improvements. ● Lease Intangibles – The Trust considers the value of an acquired in-place lease if in excess of the value of the land improvements and the amortization of the lease intangible is over the remaining term of the lease on a straight-line basis. ● Construction in Progress (CIP) - The Trust classifies greenhouses or buildings under development and/or expansion as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained upon which the asset is then classified as an Improvement. Power REIT has several leases with tenants whereby the tenants are responsible for implementing improvements to Power REIT’s properties and Power REIT has committed to fund the cost of such improvements. Power REIT capitalized the costs of such property improvements but has determined not to capitalize interest expense based on a determination that the amount for each project would not be material and each project has a relatively short construction period.
Depreciation	Depreciation Depreciation is computed using the straight-line method over the estimated useful lives of up to 20 years for greenhouses and 39 years for auxiliary buildings. The Trust recorded an increase in depreciation expense for the quarter ended March 31, 2021 related to depreciation on properties that it acquired and the placement into service of tenant improvements at our properties. Depreciation expense for the three months ended March 31, 2021 and March 31, 2020 is approximately $196,100 and $26,700, respectively.
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, 2021 and December 31, 2020.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Income Per Common Share	The following table sets forth the computation of basic and diluted Income per Share: Three Months Ended March 31, 2021 2020 Numerator: Net Income $ 1,108,128 $ 252,087 Preferred Stock Dividends (163,210 ) (70,058 ) Numerator for basic and diluted EPS - income available to common Shareholders $ 944,918 $ 182,029 Denominator: Denominator for basic EPS - Weighted average shares 2,755,502 1,899,313 Dilutive effect of options 83,972 22,351 Denominator for diluted EPS - Adjusted weighted average shares 2,839,474 1,921,664 Basic income per common share $ 0.34 $ 0.10 Diluted income per common share $ 0.33 $ 0.09

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Fair Value of Assets Acquired	The following table summarized the preliminary allocation of the purchase consideration for the Canndescent Property based on the relative fair values of the assets acquired: Land $ 258,420 Assets Subject to Depreciation: Improvements (Greenhouses / Processing Facilities) 7,426,580 Acquisition Costs Capitalized 92,289 Total Assets Acquired $ 7,777,289

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 is as follows for the subsequent years ending December 31: Total Debt 2021 (9 months remaining) 569,956 2022 675,374 2023 1,168,408 2024 715,777 2025 755,634 Thereafter 20,459,470 Long term debt $ 24,344,619

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Schedule of Minimum Future Rentals	The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of March 31, 2021 is as follows for the subsequent years ending December 31: Total 2021 (9 months remaining) $ 7,488,252 2022 $ 12,220,108 2023 $ 11,770,002 2024 $ 8,333,375 2025 $ 6,420,368 Thereafter $ 111,801,966 Total $ 158,034,071

Equity and Long-Term Compensa_2

Equity and Long-Term Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Based Compensation Activity	Summary of Activity - Options Weighted Number of Average Aggregate Options Exercise Price Intrinsic Value Balance as of December 31, 2020 106,000 7.96 - Plan Awards - - - Options Exercised - - - Balance as of March 31, 2021 106,000 7.96 3,951,680 Options vested at March 31, 2021 106,000 7.96 3,951,680
Summary of Restricted Stock Plan Activity	The summary of Plan activity for the quarter ended March 31, 2021, with respect to the Trust’s restricted stock, was as follows: Summary of Activity - Restricted Stock Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Balance as of December 31, 2020 35,066 8.76 Plan Awards - - Restricted Stock Vested (7,400 ) 8.94 Balance as of March 31, 2021 27,666 8.71

General Information (Details Na

General Information (Details Narrative) - USD ($)	Feb. 03, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Trust's assets, description		As of March 31, 2021, 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 52 acres of land with approximately 327,000 sf of existing or under construction greenhouses leased to twelve separate medical cannabis operators. Power REIT is actively seeking to grow its portfolio of real estate related to CEA for food and cannabis production.
Proceeds from issuance of common stock		$ 36,598,055
Price per share		$ 26.50
Percentage of redeemable perpetual preferred stock		90.00%
Net operating loss				$ 17,000,000
Series A Preferred Stock [Member]
Proceeds from issuance of common stock	$ 5,000,008
Number of common shares issued	192,308
Number of shares issued for acquisition	192,308
Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Dividend paid		$ 163,000
Dividend paid per share		$ 0.484375
Percentage of redeemable perpetual preferred stock		7.75%
Trust [Member]
Number of common shares issued		1,383,394

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Depreciation expense	$ 196,051	$ 26,650
Greenhouse [Member]
Estimated useful lives	P20Y
Depreciation expense	$ 196,100
Auxiliary Buildings [Member]
Estimated useful lives	P39Y
Depreciation expense	$ 26,700

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Income Per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Net Income	$ 1,108,128	$ 252,087
Preferred Stock Dividends	(163,210)	(70,058)
Numerator for basic and diluted EPS - income available to common Shareholders	$ 944,918	$ 182,029
Denominator for basic EPS - Weighted average shares	2,755,502	1,899,313
Dilutive effect of options	$ 83,972	$ 22,351
Denominator for diluted EPS - Adjusted weighted average shares	2,839,474	1,921,664
Basic income per common share	$ 0.34	$ 0.1
Diluted income per common share	$ 0.33	$ 0.09

Acquisitions (Details Narrative

Acquisitions (Details Narrative)	Mar. 12, 2021USD ($)aft²	Feb. 23, 2021USD ($)ft²	Feb. 03, 2021USD ($)ft²shares	Jan. 14, 2021USD ($)aft²	Jan. 04, 2021USD ($)aft²	Mar. 31, 2021USD ($)
Rent income						$ 2,300,000
Lease term						20 years
Option to extend						P5Y
Auxiliary Buildings [Member]
Depreciation estimated useful life						39 years
Series A Preferred Stock [Member]
Issuance of shares | shares			192,308
PW Apotheke [Member]
Area of land | a				4.31
Business acquisition transaction cost				$ 150,000
PW Canndescent [Member]
Purchase price			$ 7,685,000
Acquisition amount			$ 2,685,000
PW Canndescent [Member] | Series A Preferred Stock [Member]
Issuance of shares | shares			192,308
PW Gas Station [Member]
Area of land | a	2.2
Business acquisition cost	$ 85,000
Greenhouse Property One [Member] | PW Grail [Member]
Area of land | a					4.41
Purchase price					$ 150,000
Greenhouse Property One [Member] | PW Grail [Member] | Greenhouse Space [Member]
Area of land | ft²		6,256
Business acquisition transaction cost		$ 518,000				$ 407,000
Capital commitment		$ 2,400,000
Greenhouse and Processing Facility [Member] | PW Grail [Member]
Area of land | ft²					21,732
Purchase price					$ 1,690,000
Greenhouse and Processing Facility [Member] | PW Apotheke [Member]
Area of land | ft²				21,548
Purchase price				$ 1,660,000
Business acquisition transaction cost				376,000
Capital commitment				$ 1,810,000
Greenhouse and Processing Facility [Member] | PW Canndescent [Member]
Area of land | ft²			37,000
Greenhouse and Processing Facility [Member] | PW Gas Station [Member]
Area of land | ft²	24,512
Capital commitment	$ 2,100,000
Acquisition amount	2,030,000
Business acquisition cost	$ 158,000
Greenhouse Properties [Member]
Depreciation estimated useful life						20 years

Acquisitions - Schedule of Fair

Acquisitions - Schedule of Fair Value of Assets Acquired (Details) - Greenhouse Property [Member] - PW CA CanRE Canndescent LLC [Member]	3 Months Ended
	Mar. 31, 2021USD ($)
Land	$ 258,420
Improvements (Greenhouses / Processing Facilities)	7,426,580
Acquisition Costs Capitalized	92,289
Total Assets Acquired	$ 7,777,289

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($)	Nov. 25, 2019	Nov. 06, 2015	Dec. 31, 2012	Mar. 31, 2021	Dec. 31, 2020	Jul. 05, 2013
Debt fixed interest rate	4.62%
Outstanding loan balance				$ 24,344,619
Capitalized debt cost	$ 312,000
Debt maturity year	2054
Proceeds from long term debt	$ 15,500,000
Pittsburgh & West Virginia Railroad [Member]
Outstanding loan balance				14,948,000	$ 14,994,000
Capitalized debt cost				300,000	302,000
Municipal Debt [Member]
Debt term			10 years
Debt interest rate			5.00%
Debt maturity date			Feb. 1, 2022
Municipal debt securities carrying value				$ 64,000	70,000
PWSS Term Loan [Member]
Debt term						10 years
Debt amount						$ 750,000
Debt fixed interest rate						5.00%
Debt description				The PWSS Term Loan carries a fixed annual interest rate of 5.0% for a term of 10 years and amortizes based on a 20-year principal amortization schedule.
Outstanding loan balance				$ 544,000	551,000
Capitalized debt cost				6,200	6,800
PWRS Bonds [Member]
Outstanding loan balance				8,185,000	8,183,000
Unamortized debt costs				$ 297,000	$ 303,000
PWRS Bonds [Member] | Land and Intangibles [Member]
Debt maturity date		Oct. 14, 2034
Debt amount		$ 10,150,000
Debt fixed interest rate		4.34%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details)	Mar. 31, 2021USD ($)
Debt Disclosure [Abstract]
2021 (9 months remaining)	$ 569,956
2022	675,374
2023	1,168,408
2024	715,777
2025	755,634
Thereafter	20,459,470
Long term debt	$ 24,344,619

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Rental revenue	$ 1,820,927	$ 787,388
Minimum [Member]
Average lease term	20 years
Maximum [Member]
Average lease term	99 years

Leases - Schedule of Minimum Fu

Leases - Schedule of Minimum Future Rentals (Details)	Mar. 31, 2021USD ($)
Leases [Abstract]
2021 (9 months remaining)	$ 7,488,252
2022	12,220,108
2023	11,770,002
2024	8,333,375
2025	6,420,368
Thereafter	111,801,966
Total	$ 158,034,071

Equity and Long-Term Compensa_3

Equity and Long-Term Compensation (Details Narrative) - USD ($)	Feb. 03, 2021	Jan. 07, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Par value per share			$ 0.001		$ 0.001
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares authorized			1,675,000		1,675,000
Proceeds from issuance of common stock			$ 36,598,055
Offering expenses			61,886
Non-cash expense related to restricted stock and options granted			66,158	75,159
Unrecognized share-based compensation expense			$ 241,000
Stock Options [Member]
Weighted average remaining term			1 year 4 months 9 days
Non-cash expense related to restricted stock and options granted			$ 66,000	$ 75,000
PW RO Holdings LLC [Member] | David H. Lesser [Member]
Stock issued during the period, shares			132,074
Equity percentage owned			100.00%
PW RO Holdings 2 LLC [Member] | David H. Lesser [Member]
Stock issued during the period, shares			155,000
PW RO Holdings 3 LLC [Member] | David H. Lesser [Member]
Stock issued during the period, shares			123,020
13310 LMR2A [Member] | David H. Lesser [Member]
Stock issued during the period, shares			68,679
Trust [Member]
Number of common shares issued			1,383,394
Series A Preferred Stock [Member]
Number of common shares issued	192,308
Proceeds from issuance of common stock	$ 5,000,008
Debt issuance costs	$ 2,205
Preferred stock dividends			$ 163,000
Common Stock [Member]
Stock issued during the period, shares		1,500,000	235,917
Par value per share		$ 0.001
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares authorized		1,675,000

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, 2021USD ($)$ / 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 | $	$ 3,951,680
Aggregate Intrinsic Value, Options Vested | $	$ 3,951,680

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, 2021$ / sharesshares
Number of Shares Restricted Stock, Beginning balance | shares	35,066
Number of Shares Restricted Stock, Plan Awards | shares
Number of Shares Restricted Stock, Restricted Stock Vested | shares	(7,400)
Number of Shares Restricted Stock, Ending balance | shares	27,666
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 8.76
Weighted Average Grant Date Fair Value, Plan Awards | $ / shares
Weighted Average Grant Date Fair Value, Restricted Stock Vested | $ / shares	8.94
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 8.71

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jan. 02, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2016
Board of Trustees [Member]
Increase in reimbursement	$ 4,000
David H. Lesser [Member]
Payments to affiliate		$ 24,000	$ 5,250
Hudson Bay Partners, L.P [Member] | Board of Trustees [Member]
Reimbursing an affiliate, per month		$ 15,000		$ 1,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	Apr. 20, 2021USD ($)aft²	Apr. 30, 2021$ / shares	Mar. 31, 2021$ / shares
Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Dividend paid per share | $ / shares			$ 0.484375
Subsequent Event [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Dividend paid per share | $ / shares		$ 0.484375
Percentage of redeemable perpetual preferred stock		775.00%
Subsequent Event [Member] | PW Cloud Nine [Member]
Area of land | a	4
Purchase price | $	$ 300,000
Subsequent Event [Member] | Greenhouse [Member]
Area of land | ft²	38,440
Purchase price | $	$ 2,950,000