Power REIT (PW) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-36312
Entity Registrant Name	POWER REIT
Entity Central Index Key	0001532619
Entity Tax Identification Number	45-3116572
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	301 Winding Road
Entity Address, City or Town	Old Bethpage
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11804
City Area Code	(212)
Local Phone Number	750-0371
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,322,433
Common shares [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Shares
Trading Symbol	PW
Security Exchange Name	NYSE
Sec 7.75 series cumulative redeemable perpetual preferred stock [Member]
Document Information [Line Items]
Title of 12(b) Security	7.75% Series A Cumulative Redeemable Perpetual Preferred Stock, Liquidation Preference $25 per Share
Trading Symbol	PW.PRA
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Land	$ 10,671,460	$ 8,333,040
Greenhouse cultivation and processing facilities, net of accumulated depreciation	22,588,702	10,305,979
Greenhouse cultivation and processing facilities - construction in progress	6,963,451	2,087,086
Net investment in direct financing lease - railroad	9,150,000	9,150,000
Total real estate assets	49,373,613	29,876,105
Cash and cash equivalents	28,829,442	5,601,826
Prepaid expenses	197,973	89,345
Intangible assets, net of accumulated amortization	3,233,742	3,352,313
Deferred rent receivable	2,642,435	1,602,655
Deal deposit	1,000,000
Other assets	16,975	16,975
TOTAL ASSETS	85,294,180	40,539,219
LIABILITIES AND EQUITY
Accounts payable	93,138	83,562
Accrued interest	76,363	80,579
Deferred rent liability	442,953	123,966
Tenant security deposits	1,828,481	1,137,481
Prepaid rent	115,911	105,331
Current portion of long-term debt, net of unamortized discount	623,843	605,272
Long-term debt, net of unamortized discount	22,929,351	23,192,871
TOTAL LIABILITIES	26,110,040	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 June 30, 2021 and December 31, 2020)	8,489,952	3,492,149
Equity:
Common Shares, $0.001 par value (98,325,000 shares authorized; 3,322,433 shares issued and outstanding at June 30, 2021 and 1,916,139 at December 31, 2020)	3,322	1,916
Additional paid-in capital	48,730,417	12,077,054
Retained earnings (accumulated deficit)	1,960,449	(360,962)
Total Equity	50,694,188	11,718,008
TOTAL LIABILITIES AND EQUITY	$ 85,294,180	$ 40,539,219

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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	98,325,000	98,325,000
Common stock, shares issued	3,322,433	1,916,139
Common stock, shares outstanding	3,322,433	1,916,139

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUE
Lease income from direct financing lease – railroad	$ 228,750	$ 228,750	$ 457,500	$ 457,500
Rental income	2,035,098	735,441	3,627,029	1,238,643
Other income	4,000	10,931	4,246	66,367
TOTAL REVENUE	2,267,848	975,122	4,088,775	1,762,510
EXPENSES
Amortization of intangible assets	59,286	59,284	118,571	118,569
General and administrative	231,980	104,166	395,508	253,500
Property taxes	6,302	10,105	12,609	14,657
Depreciation expense	146,515	29,612	342,566	56,262
Interest expense	284,070	292,202	571,698	587,682
TOTAL EXPENSES	728,153	495,369	1,440,952	1,030,670
NET INCOME	1,539,695	479,753	2,647,823	731,840
Preferred Stock Dividends	(163,202)	(70,058)	(326,412)	(140,116)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 1,376,493	$ 409,695	$ 2,321,411	$ 591,724
Income Per Common Share:
Basic	$ 0.42	$ 0.21	$ 0.77	$ 0.31
Diluted	$ 0.41	$ 0.21	$ 0.74	$ 0.30
Weighted Average Number of Shares Outstanding:
Basic	3,312,001	1,912,939	3,033,751	1,906,126
Diluted	3,398,314	1,976,050	3,118,979	1,955,568
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 shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 1,873	$ 11,821,486	$ (2,252,606)	$ 9,570,753
Beginning 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
Ending balance, value at Mar. 31, 2020	$ 1,913	11,896,604	(2,070,577)	9,827,940
Ending balance, shares at Mar. 31, 2020	1,912,939
Beginning balance, value at Dec. 31, 2019	$ 1,873	11,821,486	(2,252,606)	9,570,753
Beginning balance, shares at Dec. 31, 2019	1,872,939
Net Income				731,840
Ending balance, value at Jun. 30, 2020	$ 1,913	11,944,737	(1,660,882)	10,285,768
Ending balance, shares at Jun. 30, 2020	1,912,939
Beginning balance, value at Mar. 31, 2020	$ 1,913	11,896,604	(2,070,577)	9,827,940
Beginning 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
Ending balance, value at Jun. 30, 2020	$ 1,913	11,944,737	(1,660,882)	10,285,768
Ending balance, shares at Jun. 30, 2020	1,912,939
Beginning balance, value at Dec. 31, 2020	$ 1,916	12,077,054	(360,962)	11,718,008
Beginning 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
Issuance of Common Shares for Cash ,shares	1,383,394
Stock-Based Compensation		66,158		66,158
Ending balance, value at Mar. 31, 2021	$ 3,299	48,739,884	583,956	49,327,139
Ending balance, shares at Mar. 31, 2021	3,299,533
Beginning balance, value at Dec. 31, 2020	$ 1,916	12,077,054	(360,962)	11,718,008
Beginning balance, shares at Dec. 31, 2020	1,916,139
Net Income				2,647,823
Ending balance, value at Jun. 30, 2021	$ 3,322	48,730,417	1,960,449	50,694,188
Ending balance, shares at Jun. 30, 2021	3,322,433
Beginning balance, value at Mar. 31, 2021	$ 3,299	48,739,884	583,956	49,327,139
Beginning balance, shares at Mar. 31, 2021	3,299,533
Net Income			1,539,695	1,539,695
Cash Dividends on Preferred Stock			(163,202)	(163,202)
Stock Issuance Costs		(96,259)		(96,259)
Stock-Based Compensation	$ 23	86,792		86,815
Stock-Based Compensation, shares	22,900
Ending balance, value at Jun. 30, 2021	$ 3,322	$ 48,730,417	$ 1,960,449	$ 50,694,188
Ending balance, shares at Jun. 30, 2021	3,322,433

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income	$ 2,647,823	$ 731,840
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	118,571	118,569
Amortization of debt costs	17,055	17,055
Stock-based compensation	152,973	123,291
Depreciation	342,566	56,262
Changes in operating assets and liabilities
Other assets		(275)
Deferred rent receivable	(1,039,780)	(451,193)
Deferred rent liability	318,987	77,318
Prepaid expenses	(108,628)	(64,579)
Accounts payable	9,576	18,245
Tenant security deposits	691,000	577,494
Accrued interest	(4,216)	(3,418)
Prepaid rent	10,580
Net cash provided by operating activities	3,156,507	1,200,609
Investing activities
Cash paid for land, greenhouse cultivation and processing facilities	(9,965,906)	(1,601,655)
Cash paid for greenhouse cultivation and processing facilities - construction in progress	(4,876,365)	(4,842,686)
Deal deposit	(1,000,000)
Net cash used in investing activities	(15,842,271)	(6,444,341)
Financing Activities
Net proceeds from issuance of common stock	36,501,796
Principal payment on long-term debt	(262,004)	(239,444)
Cash dividends paid on preferred stock	(326,412)	(140,116)
Net cash provided by (used in) financing activities	35,913,380	(379,560)
Net increase (decrease) in cash and cash equivalents	23,227,616	(5,623,292)
Cash and cash equivalents, beginning of period	5,601,826	15,842,504
Cash and cash equivalents, end of period	28,829,442	10,219,212
Supplemental disclosure of cash flow information:
Interest paid	550,428	568,987
Preferred stock issuance for purchase of greenhouse cultivation and processing facility	$ 4,997,803

GENERAL INFORMATION

GENERAL INFORMATION	6 Months Ended
	Jun. 30, 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 twenty-two 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, 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 111 acres of land with approximately 533,000 sf of existing or under construction greenhouses leased to sixteen separate regulated cannabis operators. Power REIT is actively seeking to grow its portfolio of real estate related to CEA for food and cannabis production. During the six months ended June 30, 2021, the Trust raised gross proceeds of approximately $ 36.7 1,383,394 26.50 On February 3, 2021, we issued 192,308 During the six months ended June 30, 2021, the Trust paid quarterly dividends of approximately $ 326,000 0.484375 7.75 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 17 POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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: SCHEDULE OF INCOME PER COMMON SHARE 2021 2020 2021 2020 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net Income $ 1,539,695 $ 479,753 $ 2,647,823 $ 731,840 Preferred Stock Dividends (163,202 ) (70,058 ) (326,412 ) (140,116 ) Numerator for basic and diluted EPS - income available to common Shareholders $ 1,376,493 $ 409,695 $ 2,321,411 $ 591,724 Denominator: Denominator for basic EPS - Weighted average shares 3,312,001 1,912,939 3,033,751 1,906,126 Dilutive effect of options 86,313 63,111 85,228 49,442 Denominator for diluted EPS - Adjusted weighted average shares 3,398,314 1,976,050 3,118,979 1,955,568 Basic income per common share $ 0.42 $ 0.21 $ 0.77 $ 0.31 Diluted income per common share $ 0.41 $ 0.21 $ 0.74 $ 0.30 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 allocate the purchase price on a relative fair value basis. For the six months ended June 30, 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. POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements ● 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 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 55 343,000 56,000 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, 2021 and December 31, 2020. POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [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 4.41 150,000 21,732 1.69 518,000 6,256 2.4 1,024,000 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 4.31 150,000 21,548 1.66 Accordingly, PW Apotheke’s total capital commitment is approximately $ 1.81 534,000 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 7.685 2.685 192,308 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: SCHEDULE OF FAIR VALUE OF 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 85,000 24,512 2.03 Accordingly, PW Gas Station’s total capital commitment is approximately $ 2.1 315,000 On April 20, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Cloud Nine, LLC, (“PW Cloud Nine”), completed the acquisition of two properties totaling approximately 4.0 300,000 38,440 2.65 Accordingly, PW Cloud Nine’s total capital commitment is approximately $ 2.95 565,000 On May 21, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE Walsenburg, LLC, (“PW Walsenburg”), completed the acquisition of a 35 -acre property with multiple existing greenhouses plus processing/auxiliary facilities approved for medical cannabis cultivation in Huerfano County, Colorado (“Walsenburg Property”) for $ 2.3 million plus acquisition costs. As part of the transaction, the Trust will fund approximately $ 1.6 million to upgrade the buildings and construct additional greenhouse space resulting in 102,800 square feet of greenhouse and related space. Accordingly, PW Walsenburg’s total capital commitment is approximately $ 3.9 million. As of June 30, 2021, the total construction in progress that was funded by Power REIT is approximately $ 649,000 . POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements The following table summarized the allocation of the purchase consideration for the Walsenburg Property based on the relative fair values of the assets acquired: SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED Land $ 945,000 Construction in Progress 1,355,000 Acquisition Costs Capitalized 47,636 Total Assets Acquired $ 2,347,636 On June 11, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CanRE OK Vinita, LLC, (“PW Vinita”), completed the acquisition of a 9.35 40,000 3,000 100,000 2.1 550,000 Accordingly, PW Vinita’s total capital commitment is approximately $ 2.65 2,400 The following table summarized the allocation of the purchase consideration for the Vinita Property based on the relative fair values of the assets acquired: SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED Land $ 50,000 Construction in Progress 2,050,000 Acquisition Costs Capitalized 44,328 Total Assets Acquired $ 2,144,328 On June 18, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW CO CanRE JKL, LLC, (“PW JKL”), completed the acquisition of a property totaling 10 400,000 12,000 12,880 2.5 Accordingly, PW JKL’s total capital commitment is approximately $ 2.9 518,000 The acquisitions described above are accounted for as asset acquisitions under ASC 805-50, Business Combinations – Related Issues 20 years for greenhouses and up to 55 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 eight acquisitions and one expansion is approximately $ 4.6 20 years five-year

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 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 5.0% February 1, 2022 64,000 70,000 POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements In July 2013, PWSS borrowed $ 750,000 he PWSS Term Loan carries a fixed annual interest rate of 5.0% 10 years 536,000 5,500 551,000 6,800 On November 6, 2015, PWRS entered into a loan agreement (the “2015 PWRS Loan Agreement”) with a lender for $ 10,150,000 October 14, 2034 4.34% 8,051,000 292,000 8,183,000 303,000 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 15,500,000 4.62% 312,000 2054 14,902,000 298,000 14,994,000 302,000 The approximate amount of principal payments remaining on Power REIT’s long-term debt as of June 30, 2021 is as follows for the subsequent years ending December 31: SCHEDULE OF LONG-TERM DEBT Total Debt 2021 (6 months remaining) 373,520 2022 675,374 2023 1,168,408 2024 715,777 2025 755,634 Thereafter 20,459,470 Long term debt $ 24,148,183

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
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 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 twenty-five leases are recognized on a straight-line basis over the terms of the respective leases. Total revenue from its leases recognized for the six months ended June 30, 2021 and 2020 are approximately $ 4.1 million and 1.7 million, respectively. POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of June 30, 2021 is as follows for the subsequent years ending December 31: SCHEDULE OF MINIMUM FUTURE RENTALS June 30, 2021 2021 (6 months remaining) $ 6,010,025 2022 $ 16,350,458 2023 $ 15,983,082 2024 $ 12,428,375 2025 $ 8,103,779 Thereafter $ 144,098,465 Total $ 202,974,184

EQUITY AND LONG-TERM COMPENSATI

EQUITY AND LONG-TERM COMPENSATION	6 Months Ended
	Jun. 30, 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 0.001 1,675,000 192,308 5,000,008 2,205 Stock Issued for Cash During the six months ended June 30, 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 $ 158,145 were incurred in connection with the offering and recorded as contra-equity netting against the proceeds of the 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. David Lesser is the Managing Member of PW RO Holdings 2 LLC which participated in the rights offering and acquired 155,000 shares. David Lesser 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 six months ended June 30, 2021, with respect to the Trust’s stock options, is as follows: Summary of Activity - Options SUMMARY OF STOCK BASED COMPENSATION ACTIVITY Weighted Aggregate Number of Average Intrinsic Options Exercise Price Value Balance as of December 31, 2020 106,000 7.96 - Plan Awards - - - Options Exercised - - - Balance as of June 30, 2021 106,000 7.96 3,414,260 Options vested at June 30, 2021 106,000 7.96 3,414,260 The weighted average remaining term of the options is approximately 1.12 years. POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements Summary of Plan Activity – Restricted Stock The summary of Plan activity for the six months ended June 30, 2021, with respect to the Trust’s restricted stock, was as follows: Summary of Activity - Restricted Stock SUMMARY OF RESTRICTED STOCK PLAN ACTIVITY Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Balance as of December 31, 2020 35,066 8.76 Plan Awards 22,900 37.18 Restricted Stock Vested (15,356 ) 9.96 Balance as of June 30, 2021 42,610 23.60 Stock-based Compensation During the six months ended June 30, 2021, the Trust recorded approximately $ 153,000 of non-cash expense related to restricted stock and options granted compared to approximately $ 123,000 for six months ended June 30, 2020. As of June 30, 2021, there was approximately $ 1,006,000 of total unrecognized share-based compensation expense, which will be recognized through the first quarter of 2024. 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 June 30, 2021, the aggregate number of shares of Common Stock that may be issued pursuant to outstanding awards is currently 213,017 Preferred Stock Dividends During the six months ended June 30, 2021, the Trust paid a total of approximately $ 326,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	7. RELATED PARTY TRANSACTIONS 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 4,000 15,000 36,000 10,500 POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements Power REIT has entered into two lease transactions with tenant/operators that are capitalized by Millennium Investment and Acquisition Company Inc. (ticker: MILC) (“MILC’). David H Lesser, Power REIT’s Chairman and CEO, is also Chairman and CEO of MILC. On May 21, 2021, MILC agreed to provide a loan of up to $ 750,000 77.5 750,000 77.5 106,000 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 reimbursement to HBP, and the relationship with MILC 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	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	8. SUBSEQUENT EVENTS On July 22, 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, 2021 to shareholders of record on August 15, 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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: SCHEDULE OF INCOME PER COMMON SHARE 2021 2020 2021 2020 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net Income $ 1,539,695 $ 479,753 $ 2,647,823 $ 731,840 Preferred Stock Dividends (163,202 ) (70,058 ) (326,412 ) (140,116 ) Numerator for basic and diluted EPS - income available to common Shareholders $ 1,376,493 $ 409,695 $ 2,321,411 $ 591,724 Denominator: Denominator for basic EPS - Weighted average shares 3,312,001 1,912,939 3,033,751 1,906,126 Dilutive effect of options 86,313 63,111 85,228 49,442 Denominator for diluted EPS - Adjusted weighted average shares 3,398,314 1,976,050 3,118,979 1,955,568 Basic income per common share $ 0.42 $ 0.21 $ 0.77 $ 0.31 Diluted income per common share $ 0.41 $ 0.21 $ 0.74 $ 0.30
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 allocate the purchase price on a relative fair value basis. For the six months ended June 30, 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. POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements ● 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 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 55 343,000 56,000
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, 2021 and December 31, 2020.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
SCHEDULE OF INCOME PER COMMON SHARE	The following table sets forth the computation of basic and diluted Income per Share: SCHEDULE OF INCOME PER COMMON SHARE 2021 2020 2021 2020 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net Income $ 1,539,695 $ 479,753 $ 2,647,823 $ 731,840 Preferred Stock Dividends (163,202 ) (70,058 ) (326,412 ) (140,116 ) Numerator for basic and diluted EPS - income available to common Shareholders $ 1,376,493 $ 409,695 $ 2,321,411 $ 591,724 Denominator: Denominator for basic EPS - Weighted average shares 3,312,001 1,912,939 3,033,751 1,906,126 Dilutive effect of options 86,313 63,111 85,228 49,442 Denominator for diluted EPS - Adjusted weighted average shares 3,398,314 1,976,050 3,118,979 1,955,568 Basic income per common share $ 0.42 $ 0.21 $ 0.77 $ 0.31 Diluted income per common share $ 0.41 $ 0.21 $ 0.74 $ 0.30

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2021
PW CA CanRE Canndescent LLC [Member]
Business Acquisition [Line Items]
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: SCHEDULE OF FAIR VALUE OF 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
PW CO CanRE Walsenburg, LLC [Member]
Business Acquisition [Line Items]
SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED	The following table summarized the allocation of the purchase consideration for the Walsenburg Property based on the relative fair values of the assets acquired: SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED Land $ 945,000 Construction in Progress 1,355,000 Acquisition Costs Capitalized 47,636 Total Assets Acquired $ 2,347,636
PW CanRE OK Vinita, LLC [Member]
Business Acquisition [Line Items]
SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED	The following table summarized the allocation of the purchase consideration for the Vinita Property based on the relative fair values of the assets acquired: SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED Land $ 50,000 Construction in Progress 2,050,000 Acquisition Costs Capitalized 44,328 Total Assets Acquired $ 2,144,328

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 is as follows for the subsequent years ending December 31: SCHEDULE OF LONG-TERM DEBT Total Debt 2021 (6 months remaining) 373,520 2022 675,374 2023 1,168,408 2024 715,777 2025 755,634 Thereafter 20,459,470 Long term debt $ 24,148,183

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
SCHEDULE OF MINIMUM FUTURE RENTALS	The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of June 30, 2021 is as follows for the subsequent years ending December 31: SCHEDULE OF MINIMUM FUTURE RENTALS June 30, 2021 2021 (6 months remaining) $ 6,010,025 2022 $ 16,350,458 2023 $ 15,983,082 2024 $ 12,428,375 2025 $ 8,103,779 Thereafter $ 144,098,465 Total $ 202,974,184

EQUITY AND LONG-TERM COMPENSA_2

EQUITY AND LONG-TERM COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
SUMMARY OF STOCK BASED COMPENSATION ACTIVITY	Summary of Activity - Options SUMMARY OF STOCK BASED COMPENSATION ACTIVITY Weighted Aggregate Number of Average Intrinsic Options Exercise Price Value Balance as of December 31, 2020 106,000 7.96 - Plan Awards - - - Options Exercised - - - Balance as of June 30, 2021 106,000 7.96 3,414,260 Options vested at June 30, 2021 106,000 7.96 3,414,260
SUMMARY OF RESTRICTED STOCK PLAN ACTIVITY	The summary of Plan activity for the six months ended June 30, 2021, with respect to the Trust’s restricted stock, was as follows: Summary of Activity - Restricted Stock SUMMARY OF RESTRICTED STOCK PLAN ACTIVITY Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Balance as of December 31, 2020 35,066 8.76 Plan Awards 22,900 37.18 Restricted Stock Vested (15,356 ) 9.96 Balance as of June 30, 2021 42,610 23.60

GENERAL INFORMATION (Details Na

GENERAL INFORMATION (Details Narrative) - USD ($)	Feb. 03, 2021	Feb. 03, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trust's assets, description			As of June 30, 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 111 acres of land with approximately 533,000 sf of existing or under construction greenhouses leased to sixteen separate regulated 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			$ 36,501,796
Price per share			$ 26.50
Percentage of redeemable perpetual preferred stock			90.00%
Net operating loss					$ 17,000,000
Series A Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of common stock	$ 5,000,008
Number of common shares issued	192,308	192,308
Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Dividend paid			$ 326,000
Dividend paid per share			$ 0.484375
Percentage of redeemable perpetual preferred stock			7.75%
Trust [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of common stock			$ 36,700,000
Number of common shares issued			1,383,394

SCHEDULE OF INCOME PER COMMON S

SCHEDULE OF INCOME PER COMMON SHARE (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Net Income	$ 1,539,695	$ 1,108,128	$ 479,753	$ 252,087	$ 2,647,823	$ 731,840
Preferred Stock Dividends	(163,202)		(70,058)		(326,412)	(140,116)
Numerator for basic and diluted EPS - income available to common Shareholders	$ 1,376,493		$ 409,695		$ 2,321,411	$ 591,724
Denominator for basic EPS - Weighted average shares	3,312,001		1,912,939		3,033,751	1,906,126
Dilutive effect of options	$ 86,313		$ 63,111		$ 85,228	$ 49,442
Denominator for diluted EPS - Adjusted weighted average shares	3,398,314		1,976,050		3,118,979	1,955,568
Basic income per common share	$ 0.42		$ 0.21		$ 0.77	$ 0.31
Diluted income per common share	$ 0.41		$ 0.21		$ 0.74	$ 0.30

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 146,515	$ 29,612	$ 342,566	$ 56,262
Greenhouse [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives			20 years
Auxiliary buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives			55 years

SCHEDULE OF FAIR VALUE OF ASSET

SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED (Details) - USD ($)	Jun. 11, 2021	May 21, 2021	Feb. 03, 2021
PW CA CanRE Canndescent LLC [Member]
Business Acquisition [Line Items]
Land			$ 258,420
Improvements (Greenhouses / Processing Facilities)			7,426,580
Construction in Progress
Acquisition Costs Capitalized			92,289
Total Assets Acquired			$ 7,777,289
PW CO CanRE Walsenburg, LLC [Member]
Business Acquisition [Line Items]
Land		$ 945,000
Improvements (Greenhouses / Processing Facilities)		1,600,000
Construction in Progress		1,355,000
Acquisition Costs Capitalized		47,636
Total Assets Acquired		$ 2,347,636
PW CanRE OK Vinita, LLC [Member]
Business Acquisition [Line Items]
Land	$ 50,000
Construction in Progress	2,050,000
Acquisition Costs Capitalized	44,328
Total Assets Acquired	$ 2,144,328

ACQUISITIONS (Details Narrative

ACQUISITIONS (Details Narrative)

Jun. 18, 2021USD ($)aft²

Jun. 11, 2021USD ($)a

May 21, 2021USD ($)

Apr. 20, 2021USD ($)

Mar. 12, 2021USD ($)

Feb. 23, 2021USD ($)ft²

Feb. 03, 2021USD ($)ft²shares

Jan. 14, 2021USD ($)

Jan. 04, 2021USD ($)

Feb. 03, 2021USD ($)ft²shares

Jun. 30, 2021USD ($)

Jun. 11, 2021ft²

May 21, 2021a

May 21, 2021ft²

Apr. 20, 2021a

Apr. 20, 2021ft²

Mar. 12, 2021a

Mar. 12, 2021ft²

Jan. 14, 2021a

Jan. 14, 2021ft²

Jan. 04, 2021a

Jan. 04, 2021ft²

Business Acquisition [Line Items]

Rent income

$ 4,600,000

Lease term

20 years

Option to extend

five-year

Greenhouse [Member]

Business Acquisition [Line Items]

Property, Plant and Equipment, Useful Life

20 years

Auxiliary buildings [Member]

Business Acquisition [Line Items]

Property, Plant and Equipment, Useful Life

55 years

Series A Preferred Stock [Member]

Business Acquisition [Line Items]

Issuance of shares | shares

192,308

192,308

PW CO CanRE Grail, LLC [Member]

Business Acquisition [Line Items]

Area of land

6,256

4.41

21,732

Business acquisition cost

$ 150,000

Greenhouse and processing facility

$ 1,690,000

Business acquisition cost

$ 518,000

$ 1,024,000

Capital commitment

$ 2,400,000

PW CO CanRE Apotheke, LLC [Member]

Business Acquisition [Line Items]

Area of land

4.31

21,548

Business acquisition cost

$ 150,000

Greenhouse and processing facility

1,660,000

Business acquisition cost

534,000

Capital commitment

$ 1,810,000

PW CA CanRE Canndescent LLC [Member]

Business Acquisition [Line Items]

Area of land | ft²

37,000

37,000

Greenhouse and processing facility

$ 7,426,580

$ 7,426,580

Purchase price

7,685,000

Business acquisition transaction facilities

$ 2,685,000

PW CA CanRE Canndescent LLC [Member] | Series A Preferred Stock [Member]

Business Acquisition [Line Items]

Issuance of shares | shares

192,308

PW CO CanRE Gas Station, LLC [Member]

Business Acquisition [Line Items]

Area of land

2.2

24,512

Business acquisition cost

$ 85,000

Greenhouse and processing facility

2,030,000

Business acquisition cost

315,000

Capital commitment

$ 2,100,000

PW CO CanRE Cloud Nine, LLC [Member]

Business Acquisition [Line Items]

Area of land

4

38,440

Business acquisition cost

$ 300,000

Greenhouse and processing facility

2,650,000

Business acquisition cost

565,000

Capital commitment

$ 2,950,000

PW CO CanRE Walsenburg, LLC [Member]

Business Acquisition [Line Items]

Area of land

35

102,800

Business acquisition cost

$ 2,300,000

Greenhouse and processing facility

1,600,000

Business acquisition cost

649,000

Capital commitment

$ 3,900,000

PW CanRE OK Vinita, LLC [Member]

Business Acquisition [Line Items]

Area of land

9.35

3,000

Business acquisition cost

$ 2,100,000

Capital commitment

2,650,000

Business acquisition transaction facilities

550,000

Greenhouse And Processing Facility [Member]

Business Acquisition [Line Items]

Business acquisition cost

2,400

Greenhouse And Processing Facility [Member] | P W Vinita [Member]

Business Acquisition [Line Items]

Area of land | ft²

40,000

Greenhouse And Processing Facility [Member] | PW CO CanRE JKL, LLC [Member]

Business Acquisition [Line Items]

Area of land | ft²

12,000

Fully Fenced Outdoor Growing Space [Member] | PW CanRE OK Vinita, LLC [Member]

Business Acquisition [Line Items]

Area of land | ft²

100,000

PW CO CanRE JKL, LLC [Member]

Business Acquisition [Line Items]

Area of land | a

10

Business acquisition cost

$ 400,000

Business acquisition cost

$ 518,000

Capital commitment

$ 2,900,000

Business acquisition transaction facilities

$ 2,500,000

Support Buldings [Member] | PW CO CanRE JKL, LLC [Member]

Business Acquisition [Line Items]

Area of land | ft²

12,880

LONG-TERM DEBT (Details Narrati

LONG-TERM DEBT (Details Narrative) - USD ($)	Nov. 25, 2019	Nov. 06, 2015	Dec. 31, 2012	Jul. 31, 2013	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding loan balance					$ 24,148,183
2015 PWRS Loan Agreement [Member]
Debt Instrument [Line Items]
Debt maturity date		Oct. 14, 2034
Debt amount		$ 10,150,000
Debt fixed interest rate		4.34%
Outstanding loan balance					8,051,000	$ 8,183,000
Unamortized debt costs					292,000	303,000
PW PWV Loan Agreement [Member]
Debt Instrument [Line Items]
Debt fixed interest rate	4.62%
Outstanding loan balance					14,902,000	14,994,000
Capitalized debt cost	$ 312,000				298,000	302,000
Proceeds from long term debt	$ 15,500,000
Debt maturity year	2054
Municipal Debt [Member]
Debt Instrument [Line Items]
Debt term			10 years
Debt Instrument, Interest Rate, Stated Percentage			5.00%
Debt maturity date			Feb. 1, 2022
Municipal debt securities carrying value					64,000	70,000
PWSS Term Loan [Member]
Debt Instrument [Line Items]
Debt term				10 years
Debt amount				$ 750,000
Debt description				he 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.
Debt fixed interest rate				5.00%
Outstanding loan balance					536,000	551,000
Capitalized debt cost					$ 5,500	$ 6,800

SCHEDULE OF LONG-TERM DEBT (Det

SCHEDULE OF LONG-TERM DEBT (Details)	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
2021 (6 months remaining)	$ 373,520
2022	675,374
2023	1,168,408
2024	715,777
2025	755,634
Thereafter	20,459,470
Long term debt	$ 24,148,183

SCHEDULE OF MINIMUM FUTURE RENT

SCHEDULE OF MINIMUM FUTURE RENTALS (Details)	Jun. 30, 2021USD ($)
Leases [Abstract]
2021 (6 months remaining)	$ 6,010,025
2022	16,350,458
2023	15,983,082
2024	12,428,375
2025	8,103,779
Thereafter	144,098,465
Total	$ 202,974,184

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,267,848	$ 975,122	$ 4,088,775	$ 1,762,510
Minimum [Member]
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Lessor, Operating Lease, Term of Contract	20 years		20 years
Maximum [Member]
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Lessor, Operating Lease, Term of Contract	99 years		99 years

SUMMARY OF STOCK BASED COMPENSA

SUMMARY OF STOCK BASED COMPENSATION ACTIVITY (Details) - Share-based Payment Arrangement [Member]	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Beginning balance | shares	106,000
Weighted Average Exercise Price, Beginning balance | $ / shares	$ 7.96
Aggregate Intrinsic Value, Beginning balance | $
Number of Options, Plan Awards | shares
Weighted Average Exercise Price, Plan Awards | $ / shares
Aggregate Intrinsic Value, Plan Awards | $
Number of Options, Options Exercised | shares
Weighted Average Exercise Price, Options Exercised | $ / shares
Aggregate Intrinsic Value, Options Exercised | $
Number of Options, Ending balance | shares	106,000
Weighted Average Exercise Price, Ending balance | $ / shares	$ 7.96
Aggregate Intrinsic Value, Ending balance | $	$ 3,414,260
Number of Options, Vested | shares	106,000
Weighted Average Exercise Price, Options Vested | $ / shares	$ 7.96
Aggregate Intrinsic Value, Options Vested | $	$ 3,414,260

SUMMARY OF RESTRICTED STOCK PLA

SUMMARY OF RESTRICTED STOCK PLAN ACTIVITY (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Restricted Stock, Beginning balance | shares	35,066
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 8.76
Number of Shares Restricted Stock, Plan Awards | shares	22,900
Weighted Average Grant Date Fair Value, Plan Awards | $ / shares	$ 37.18
Number of Shares Restricted Stock, Restricted Stock Vested | shares	(15,356)
Weighted Average Grant Date Fair Value, Restricted Stock Vested | $ / shares	$ 9.96
Number of Shares Restricted Stock, Ending balance | shares	42,610
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 23.60

EQUITY AND LONG-TERM COMPENSA_3

EQUITY AND LONG-TERM COMPENSATION (Details Narrative) - USD ($)	Feb. 03, 2021	Jan. 07, 2021	Feb. 03, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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				$ 36,501,796
Noninterest Expense Offering Cost				158,145
Share-based Payment Arrangement, Noncash Expense				152,973	123,291
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				1,006,000
Share-based Payment Arrangement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense				$ 153,000	$ 123,000
PW RO Holdings LLC [Member] | David H. Lesser [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during the period, shares				132,074
Equity Method Investment, Ownership Percentage				100.00%
PW RO Holdings 2 LLC [Member] | David H. Lesser [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during the period, shares				155,000
PW RO Holdings 3 LLC [Member] | David H. Lesser [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during the period, shares				123,020
13310 LMR2A [Member] | David H. Lesser [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during the period, shares				68,679
Trust [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares issued				1,383,394
Proceeds from issuance of common stock				$ 36,700,000
Series A Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares issued	192,308		192,308
Proceeds from issuance of common stock	$ 5,000,008
Debt issuance costs	$ 2,205
Preferred stock dividends				$ 326,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during the period, shares		1,500,000		213,017
Par value per share		$ 0.001
Series A 7.75% Cumulative redeemable perpetual preferred stock, shares authorized		1,675,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Feb. 23, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 11, 2021	May 21, 2021	Mar. 31, 2021	Sep. 30, 2016
Tenant [Member]
Related Party Transaction [Line Items]
Rental properties				$ 106,000
Board of Trustess [Member]
Related Party Transaction [Line Items]
Increase in reimbursement	$ 4,000
David H. Lesser [Member]
Related Party Transaction [Line Items]
Payments to affiliate		$ 36,000	$ 10,500
Hudson Bay Partners LP [Member] | Board of Trustess [Member]
Related Party Transaction [Line Items]
Reimbursing an affiliate, per month						$ 15,000	$ 1,000
Millennium Investment Acquisition [Member] | Tenant [Member] | Walsenburg Colorado Property [Member]
Related Party Transaction [Line Items]
Debt instrument, face amount				$ 750,000	$ 750,000
Equity method investment, ownership percentage				77.50%	77.50%

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Series A Cumulative Redeemable Perpetual Preferred Stock [Member] - $ / shares	Jul. 22, 2021	Jun. 30, 2021
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share		$ 0.484375
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.484375
[custom:PercentageOfRedeemablePerpetualPreferredStock-0]	7.75%