Power REIT (PW) 10-Q 15 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 15, 2021
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
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]
Title of 12(b) Security	Common Shares
Trading Symbol	PW
Security Exchange Name	NYSE
7.75% Series A Cumulative Redeemable Perpetual Preferred Stock, Liquidation Preference $25 per Share
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

Consolidated Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Land	$ 10,915,460	$ 8,333,040
Greenhouse cultivation and processing facilities, net of accumulated depreciation	42,958,885	10,305,979
Greenhouse cultivation and processing facilities - construction in progress	9,115,591	2,087,086
Net investment in direct financing lease - railroad	9,150,000	9,150,000
Total real estate assets	72,139,936	29,876,105
Cash and cash equivalents	9,277,605	5,601,826
Prepaid expenses	141,840	89,345
Intangible assets, net of accumulated amortization	3,174,457	3,352,313
Deferred rent receivable	2,684,615	1,602,655
Other assets	51,975	16,975
TOTAL ASSETS	87,470,428	40,539,219
LIABILITIES AND EQUITY
Accounts payable	75,578	83,562
Accounts payable – related party	122,384
Accrued interest	2,387	80,579
Deferred rent liability	678,224	123,966
Tenant security deposits	2,311,075	1,137,481
Prepaid rent	78,199	105,331
Current portion of long-term debt, net of unamortized discount	632,080	605,272
Long-term debt, net of unamortized discount	22,615,812	23,192,871
TOTAL LIABILITIES	26,515,739	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 September 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 September 30, 2021 and 1,916,139 at December 31, 2020)	3,322	1,916
Additional paid-in capital	48,838,164	12,077,054
Retained earnings (accumulated deficit)	3,623,251	(360,962)
Total Equity	52,464,737	11,718,008
TOTAL LIABILITIES AND EQUITY	$ 87,470,428	$ 40,539,219

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUE
Lease income from direct financing lease – railroad	$ 228,750	$ 228,750	$ 686,250	$ 686,250
Rental income	1,751,140	882,625	5,271,826	2,121,268
Rental income – related parties	564,189		670,532
Other income	3,269	4,211	7,515	70,578
TOTAL REVENUE	2,547,348	1,115,586	6,636,123	2,878,096
EXPENSES
Amortization of intangible assets	59,285	59,285	177,856	177,854
General and administrative	216,742	145,868	612,250	399,368
Property taxes	6,380	5,960	18,989	20,617
Depreciation expense	226,915	39,767	569,481	96,029
Interest expense	212,015	288,642	783,713	876,324
TOTAL EXPENSES	721,337	539,522	2,162,289	1,570,192
NET INCOME	1,826,011	576,064	4,473,834	1,307,904
Preferred Stock Dividends	(163,209)	(70,058)	(489,621)	(210,174)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 1,662,802	$ 506,006	$ 3,984,213	$ 1,097,730
Income Per Common Share:
Basic	$ 0.50	$ 0.26	$ 1.27	$ 0.57
Diluted	$ 0.49	$ 0.25	$ 1.24	$ 0.56
Weighted Average Number of Shares Outstanding:
Basic	3,322,433	1,915,200	3,129,978	1,909,151
Diluted	3,408,279	1,984,727	3,215,464	1,967,481
Cash dividend per Series A Preferred Share	$ 0.48	$ 0.48	$ 1.45	$ 1.45

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Common Stock [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
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
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
Balance, shares at Dec. 31, 2019	1,872,939
Net Income				1,307,904
Ending balance, value at Sep. 30, 2020	$ 1,916	12,010,895	(1,154,876)	10,857,935
Balance, shares at Sep. 30, 2020	1,916,139
Beginning balance, value at Mar. 31, 2020	$ 1,913	11,896,604	(2,070,577)	9,827,940
Balance, shares at Mar. 31, 2020	1,912,939
Net Income			479,753	479,753
Cash dividends on Preferred Stock			(70,058)	(70,058)
Stock-based compensation		48,133		48,133
Ending balance, value at Jun. 30, 2020	$ 1,913	11,944,737	(1,660,882)	10,285,768
Balance, shares at Jun. 30, 2020	1,912,939
Net Income			576,064	576,064
Cash dividends on Preferred Stock			(70,058)	(70,058)
Stock-based compensation	$ 3	66,158		66,161
Stock-based compensation,shares	3,200
Ending balance, value at Sep. 30, 2020	$ 1,916	12,010,895	(1,154,876)	10,857,935
Balance, shares at Sep. 30, 2020	1,916,139
Beginning balance, value 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
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
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
Balance, shares at Dec. 31, 2020	1,916,139
Net Income				4,473,834
Ending balance, value at Sep. 30, 2021	$ 3,322	48,838,164	3,623,251	52,464,737
Balance, shares at Sep. 30, 2021	3,322,433
Beginning balance, value at Mar. 31, 2021	$ 3,299	48,739,884	583,956	49,327,139
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-based compensation	23	86,792		86,815
Stock Issuance Costs		(96,259)		(96,259)
Stock-based compensation,shares	22,900
Ending balance, value at Jun. 30, 2021	$ 3,322	48,730,417	1,960,449	50,694,188
Balance, shares at Jun. 30, 2021	3,322,433
Net Income			1,826,011	1,826,011
Cash dividends on Preferred Stock			(163,209)	(163,209)
Stock-based compensation		114,677		114,677
Stock Issuance Costs		(6,930)		(6,930)
Ending balance, value at Sep. 30, 2021	$ 3,322	$ 48,838,164	$ 3,623,251	$ 52,464,737
Balance, shares at Sep. 30, 2021	3,322,433

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income	$ 4,473,834	$ 1,307,904
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	177,856	177,854
Amortization of debt costs	25,582	25,582
Stock-based compensation	267,650	189,452
Depreciation	569,481	96,029
Changes in operating assets and liabilities
Other assets	(35,000)	(276)
Deferred rent receivable	(1,081,960)	(586,707)
Deferred rent liability	554,258	37,227
Prepaid expenses	(52,495)	(55,138)
Accounts payable	(7,984)	15,401
Accounts payable – related party	122,384
Tenant security deposits	1,173,594	779,494
Accrued interest	(78,192)	(4,623)
Prepaid rent	(27,132)
Net cash provided by operating activities	6,081,876	1,982,199
Investing activities
Cash paid for land, greenhouse cultivation and processing facilities	(30,807,004)	(2,746,019)
Cash paid for greenhouse cultivation and processing facilities - construction in progress	(7,028,505)	(6,686,138)
Net cash used in investing activities	(37,835,509)	(9,432,157)
Financing Activities
Net proceeds from issuance of common stock	36,494,866
Principal payment on long-term debt	(575,833)	(542,980)
Cash dividends paid on preferred stock	(489,621)	(210,174)
Net cash provided by (used in) financing activities	35,429,412	(753,154)
Net increase (decrease) in cash and cash equivalents	3,675,779	(8,203,112)
Cash and cash equivalents, beginning of period	5,601,826	15,842,504
Cash and cash equivalents, end of period	9,277,605	7,639,392
Supplemental disclosure of cash flow information:
Interest paid	836,323	846,119
Preferred stock issuance for purchase of greenhouse cultivation and processing facility	$ 4,997,803

GENERAL INFORMATION

GENERAL INFORMATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [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-three wholly-owned, special purpose subsidiaries that have been formed in order to hold real estate assets, obtain financing and generate lease revenue. As of September 30, 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 172 acres of land with approximately 1,090,000 sf of existing or under construction greenhouses leased to seventeen 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 nine months ended September 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 nine months ended September 30, 2021, the Trust paid quarterly dividends of approximately $ 490,000 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 22.7 POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 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 similarly 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Numerator: Net Income $ 1,826,011 $ 576,064 $ 4,473,834 $ 1,307,904 Preferred Stock Dividends (163,209 ) (70,058 ) (489,621 ) (210,174 ) Numerator for basic and diluted EPS - income available to common Shareholders $ 1,662,802 $ 506,006 $ 3,984,213 $ 1,097,730 Denominator: Denominator for basic EPS - Weighted average shares 3,322,433 1,915,200 3,129,978 1,909,151 Dilutive effect of options 85,846 69,527 85,486 58,330 Denominator for diluted EPS - Adjusted weighted average shares 3,408,279 1,984,727 3,215,464 1,967,481 Basic income per common share $ 0.50 $ 0.26 $ 1.27 $ 0.57 Diluted income per common share $ 0.49 $ 0.25 $ 1.24 $ 0.56 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 nine months ended September 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/comparable 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 AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements 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 55 569,000 96,000 Covid – 19 Impact We are monitoring Covid-19 closely. Our operations have been affected by the COVID-19 outbreak due to manufacturing and supply chain disruptions for materials which also may be experiencing delays related to transportation of such materials which is impacting construction timeframes. The ultimate severity of the outbreak and its impact on the economic environment is uncertain at this time. Impact of New Accounting Standards The Company has evaluated all recent accounting pronouncements and believes either they are not applicable or that none of them will have a significant effect on the Company’s financial statements. 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. POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements In determining fair value, the Trust utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk. The carrying amounts of Power REIT’s financial instruments, including cash and cash equivalents, deposits, and accounts payable approximate fair value because of their relatively short-term maturities. The carrying value of long-term debt approximates fair value since the related rates of interest approximate current market rates. There are no financial assets and liabilities carried at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 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 1,365,000 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 1,007,000 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 99,789 Total Assets Acquired $ 7,784,789 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 $ 2.1 682,000 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 1,069,000 POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements 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 2.3 1.6 102,800 Accordingly, PW Walsenburg’s total capital commitment is approximately $ 3.9 1,045,000 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 Improvements (Greenhouses / Processing Facilities) 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 $ 2.65 222,000 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 Improvements (Greenhouses / Processing Facilities) 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 1,054,000 On September 3, 2021, Power REIT, through a newly formed wholly owned subsidiary, PW MI CanRE Marengo, LLC, (“PW Marengo”), completed the acquisition of a 556,146 square foot greenhouse cultivation facility on a 61.14 -acre property in Marengo Township, Michigan (“PW Marengo Property”) for $ 18.392 million plus acquisition costs. As part of the transaction, the Trust agreed to fund $ 2.98 million worth of improvements and upgrades for the facility. Accordingly, PW Marengo’s total capital commitment is approximately $ 21.5 million. This is Power REIT’s largest acquisition to date. As of September 30, 2021, the total construction in progress that was funded by Power REIT is approximately $ 206,000 . POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements The following table summarized the allocation of the purchase consideration for the PW Marengo Property based on the relative fair values of the assets acquired: SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED Land $ 244,000 Improvements (Greenhouses / Processing Facilities) 18,148,000 Acquisition Costs Capitalized 194,567 Total Assets Acquired $ 18,586,567 The acquisitions described above are accounted for as asset acquisitions under ASC 805-50, Business Combinations – Related Issues. 20 55 Concurrent with the closing of the acquisitions, Power REIT entered into leases with tenants that are licensed for the production of medical cannabis cultivation at the facilities. The combined annual straight-line rent from these nine acquisitions and one expansion is approximately $ 8.9 million. Each tenant is responsible for paying all expenses related to the properties including maintenance, insurance and taxes. The term of the leases are 20 years with two options to extend for additional five-year periods and have financial guarantees from affiliates of the tenants, except for the Canndescent lease which was already in place and assigned to the Trust.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 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 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 September 30, 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 September 30, 2021 and December 31, 2020 is approximately $ 528,000 (net of approximately $ 4,800 of capitalized debt costs that 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 October 14, 2034 4.34 7,799,000 286,000 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 (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 September 30, 2021 and December 31, 2020 is $ 14,857,000 (net of approximately $ 295,000 of capitalized debt costs) and 14,994,000 (net of approximately $ 302,000 of capitalized debt costs). POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements The approximate amount of principal payments remaining on Power REIT’s long-term debt as of September 30, 2021 is as follows for the subsequent years ending December 31: SCHEDULE OF LONG-TERM DEBT Total Debt 2021 (3 months remaining) 59,595 2022 675,369 2023 1,168,405 2024 715,777 2025 755,634 Thereafter 20,459,470 Long term debt $ 23,834,250

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
Leases
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-six leases are recognized on a straight-line basis over the terms of the respective leases. Total revenue from its leases recognized for the nine months ended September 30, 2021 and 2020 is approximately $ 5.9 million and $ 2.1 million, respectively. The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of September 30, 2021 is as follows for the subsequent years ending December 31: SCHEDULE OF MINIMUM FUTURE RENTALS 2021 (3 months remaining) $ 3,237,800 2022 $ 16,728,636 2023 $ 21,781,850 2024 $ 18,740,382 2025 $ 14,489,375 Thereafter $ 196,539,430 Total $ 271,517,473 POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements

EQUITY AND LONG-TERM COMPENSATI

EQUITY AND LONG-TERM COMPENSATION	9 Months Ended
	Sep. 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 nine months ended September 30, 2021, the Trust raised gross proceeds of approximately $ 36.7 1,383,394 158,145 100 132,074 155,000 136,344 18,656 123,020 68,679 Summary of Stock Based Compensation Activity – Options The summary of stock-based compensation activity for the nine months ended September 30, 2021, with respect to the Trust’s stock options, is as follows: SUMMARY OF STOCK BASED COMPENSATION ACTIVITY Summary of Activity - Options 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 September 30, 2021 106,000 7.96 4,453,060 Options vested at September 30, 2021 106,000 7.96 4,453,060 The weighted average remaining term of the options is less than one year. POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements Summary of Plan Activity – Restricted Stock The summary of Plan activity for the nine months ended September 30, 2021, with respect to the Trust’s restricted stock, was as follows: SUMMARY OF RESTRICTED STOCK PLAN ACTIVITY 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 22,900 37.18 Restricted Stock Vested (21,031 ) 12.73 Balance as of September 30, 2021 36,935 24.12 Stock-based Compensation During the nine months ended September 30, 2021, the Trust recorded approximately $ 268,000 189,000 891,000 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 September 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 nine months ended September 30, 2021, the Trust paid a total of approximately $ 490,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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 48,000 18,000 Power REIT has entered into a synergistic relationship with Millennium Investment and Acquisition Company Inc. (“MILC’). David H Lesser, Power REIT’s Chairman and CEO, is also Chairman and CEO of MILC. MILC established cannabis cultivation projects in Colorado, Oklahoma, and Michigan which are related to the May 21, 2021, June 11, 2021, and September 3, 2021 acquisitions as mentioned in Note 3. Power REIT has entered into lease transactions with the related tenants in which MILC has controlling interests. Total rental income recognized for the nine months ended September 30, 2021 from the affiliated tenants in Colorado, Oklahoma and Michigan was $ 262,362 , $ 151,872 and $ 256,298 respectively. Accounts payable - related parties for the nine months ended September 30, 2021 consists of a security deposit adjustment and construction costs due to MILC. POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements 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	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	8. SUBSEQUENT EVENTS On September 8, 2021, PW CO CanRE MF LLC (“CanRe MF”), a subsidiary of Power REIT filed an action to evict PSP Management LLC (“ PSP and thus On November 3, 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 December 15, 2021 to shareholders of record on November 15, 2021. On November 2, 2021, PW Marengo amended the existing lease with Marengo Cannabis LLC. Pursuant to the lease amendment, PW Marengo is providing funding for additional improvements to the Marengo Property on the same economic terms as the original Marengo Lease. Power REIT’s capital commitment related to the additional budget items is approximately $ 4,100,000 830,000 On November 5, 2021, Power REIT, through a wholly owned subsidiary of the Trust PW CO CanRE Mav 5, LLC (“ CanRE Mav 5 483,743 36% 1,358,664 CanRE Mav 5 Golden Mav 5 Golden

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 similarly 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Numerator: Net Income $ 1,826,011 $ 576,064 $ 4,473,834 $ 1,307,904 Preferred Stock Dividends (163,209 ) (70,058 ) (489,621 ) (210,174 ) Numerator for basic and diluted EPS - income available to common Shareholders $ 1,662,802 $ 506,006 $ 3,984,213 $ 1,097,730 Denominator: Denominator for basic EPS - Weighted average shares 3,322,433 1,915,200 3,129,978 1,909,151 Dilutive effect of options 85,846 69,527 85,486 58,330 Denominator for diluted EPS - Adjusted weighted average shares 3,408,279 1,984,727 3,215,464 1,967,481 Basic income per common share $ 0.50 $ 0.26 $ 1.27 $ 0.57 Diluted income per common share $ 0.49 $ 0.25 $ 1.24 $ 0.56
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 nine months ended September 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/comparable 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 AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements 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 55 569,000 96,000
Covid – 19 Impact	Covid – 19 Impact We are monitoring Covid-19 closely. Our operations have been affected by the COVID-19 outbreak due to manufacturing and supply chain disruptions for materials which also may be experiencing delays related to transportation of such materials which is impacting construction timeframes. The ultimate severity of the outbreak and its impact on the economic environment is uncertain at this time.
Impact of New Accounting Standards	Impact of New Accounting Standards The Company has evaluated all recent accounting pronouncements and believes either they are not applicable or that none of them will have a significant effect on the Company’s financial statements.
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. POWER REIT AND SUBSIDIARIES Notes to Unaudited Consolidated Financial Statements In determining fair value, the Trust utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk. The carrying amounts of Power REIT’s financial instruments, including cash and cash equivalents, deposits, and accounts payable approximate fair value because of their relatively short-term maturities. The carrying value of long-term debt approximates fair value since the related rates of interest approximate current market rates. There are no financial assets and liabilities carried at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Numerator: Net Income $ 1,826,011 $ 576,064 $ 4,473,834 $ 1,307,904 Preferred Stock Dividends (163,209 ) (70,058 ) (489,621 ) (210,174 ) Numerator for basic and diluted EPS - income available to common Shareholders $ 1,662,802 $ 506,006 $ 3,984,213 $ 1,097,730 Denominator: Denominator for basic EPS - Weighted average shares 3,322,433 1,915,200 3,129,978 1,909,151 Dilutive effect of options 85,846 69,527 85,486 58,330 Denominator for diluted EPS - Adjusted weighted average shares 3,408,279 1,984,727 3,215,464 1,967,481 Basic income per common share $ 0.50 $ 0.26 $ 1.27 $ 0.57 Diluted income per common share $ 0.49 $ 0.25 $ 1.24 $ 0.56

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2021
PW CA CanRE Cann Descent 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 99,789 Total Assets Acquired $ 7,784,789
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 Improvements (Greenhouses / Processing Facilities) 1,355,000 Acquisition Costs Capitalized 47,636 Total Assets Acquired $ 2,347,636
PW CanREOK 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 Improvements (Greenhouses / Processing Facilities) 2,050,000 Acquisition Costs Capitalized 44,328 Total Assets Acquired $ 2,144,328
PW MI CanRE Marengo 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 PW Marengo Property based on the relative fair values of the assets acquired: SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED Land $ 244,000 Improvements (Greenhouses / Processing Facilities) 18,148,000 Acquisition Costs Capitalized 194,567 Total Assets Acquired $ 18,586,567

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 is as follows for the subsequent years ending December 31: SCHEDULE OF LONG-TERM DEBT Total Debt 2021 (3 months remaining) 59,595 2022 675,369 2023 1,168,405 2024 715,777 2025 755,634 Thereafter 20,459,470 Long term debt $ 23,834,250

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
Leases
SCHEDULE OF MINIMUM FUTURE RENTALS	The aggregate annual cash to be received by the Trust on all leases related to its portfolio as of September 30, 2021 is as follows for the subsequent years ending December 31: SCHEDULE OF MINIMUM FUTURE RENTALS 2021 (3 months remaining) $ 3,237,800 2022 $ 16,728,636 2023 $ 21,781,850 2024 $ 18,740,382 2025 $ 14,489,375 Thereafter $ 196,539,430 Total $ 271,517,473

EQUITY AND LONG-TERM COMPENSA_2

EQUITY AND LONG-TERM COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
SUMMARY OF STOCK BASED COMPENSATION ACTIVITY	SUMMARY OF STOCK BASED COMPENSATION ACTIVITY Summary of Activity - Options 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 September 30, 2021 106,000 7.96 4,453,060 Options vested at September 30, 2021 106,000 7.96 4,453,060
SUMMARY OF RESTRICTED STOCK PLAN ACTIVITY	The summary of Plan activity for the nine months ended September 30, 2021, with respect to the Trust’s restricted stock, was as follows: SUMMARY OF RESTRICTED STOCK PLAN ACTIVITY 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 22,900 37.18 Restricted Stock Vested (21,031 ) 12.73 Balance as of September 30, 2021 36,935 24.12

GENERAL INFORMATION (Details Na

GENERAL INFORMATION (Details Narrative) - USD ($)	Feb. 03, 2021	Feb. 03, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Trust's assets, description			As of September 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 172 acres of land with approximately 1,090,000 sf of existing or under construction greenhouses leased to seventeen 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			$ 36,494,866
Price per share			$ 26.50
Percentage of redeemable perpetual preferred stock			90.00%
Net operating loss					$ 22,700,000
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			$ 490,000
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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Net Income	$ 1,826,011	$ 1,539,695	$ 1,108,128	$ 576,064	$ 479,753	$ 252,087	$ 4,473,834	$ 1,307,904
Preferred Stock Dividends	(163,209)			(70,058)			(489,621)	(210,174)
Numerator for basic and diluted EPS - income available to common Shareholders	$ 1,662,802			$ 506,006			$ 3,984,213	$ 1,097,730
Denominator for basic EPS - Weighted average shares	3,322,433			1,915,200			3,129,978	1,909,151
Dilutive effect of options	$ 85,846			$ 69,527			$ 85,486	$ 58,330
Denominator for diluted EPS - Adjusted weighted average shares	3,408,279			1,984,727			3,215,464	1,967,481
Basic income per common share	$ 0.50			$ 0.26			$ 1.27	$ 0.57
Diluted income per common share	$ 0.49			$ 0.25			$ 1.24	$ 0.56

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 226,915	$ 39,767	$ 569,481	$ 96,029
Greenhouse [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives			20
Auxiliary buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives				55

SCHEDULE OF FAIR VALUE OF ASSET

SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED (Details) - USD ($)	Sep. 03, 2021	Jun. 11, 2021	May 21, 2021	Feb. 03, 2021
PW CA CanRE Cann Descent LLC [Member]
Business Acquisition [Line Items]
Land				$ 258,420
Improvements (Greenhouses / Processing Facilities)				7,426,580
Acquisition Costs Capitalized				99,789
Total Assets Acquired				$ 7,784,789
PW CO CanRE Walsenburg LLC [Member]
Business Acquisition [Line Items]
Land			$ 945,000
Improvements (Greenhouses / Processing Facilities)			1,355,000
Acquisition Costs Capitalized			47,636
Total Assets Acquired			$ 2,347,636
PW CanREOK Vinita LLC [Member]
Business Acquisition [Line Items]
Land		$ 50,000
Improvements (Greenhouses / Processing Facilities)		2,050,000
Acquisition Costs Capitalized		44,328
Total Assets Acquired		$ 2,144,328
PW MI CanRE Marengo LLC [Member]
Business Acquisition [Line Items]
Land	$ 244,000
Improvements (Greenhouses / Processing Facilities)	18,148,000
Acquisition Costs Capitalized	194,567
Total Assets Acquired	$ 18,586,567

ACQUISITIONS (Details Narrative

ACQUISITIONS (Details Narrative)

Sep. 03, 2021USD ($)a

Jun. 18, 2021USD ($)aft²

Jun. 11, 2021USD ($)aft²

May 21, 2021USD ($)aft²

Apr. 20, 2021USD ($)aft²

Mar. 12, 2021USD ($)aft²

Feb. 23, 2021USD ($)ft²

Feb. 03, 2021USD ($)ft²shares

Jan. 14, 2021USD ($)aft²

Jan. 04, 2021USD ($)aft²

Feb. 03, 2021ft²shares

Mar. 31, 2021

Sep. 30, 2021USD ($)

Sep. 03, 2021ft²

Jun. 30, 2021

Business Acquisition [Line Items]

Straight Line Rent Adjustments

$ 8,900,000

Lessee, Operating Lease, Term of Contract

20 years

Lessor, Operating Lease, Option to Extend

five-year

Auxiliary buildings [Member]

Business Acquisition [Line Items]

Depreciation estimated useful life

55 years

Series A Preferred Stock [Member]

Business Acquisition [Line Items]

Issuance of shares | shares

192,308

192,308

P W Apotheke [Member]

Business Acquisition [Line Items]

Area of land | a

4.31

Business acquisition cost

$ 150,000

P W Canndescent [Member]

Business Acquisition [Line Items]

Purchase price

$ 7,685,000

Acquisition amount

$ 2,685,000

P W Canndescent [Member] | Series A Preferred Stock [Member]

Business Acquisition [Line Items]

Issuance of shares | shares

192,308

P W Gas Station [Member]

Business Acquisition [Line Items]

Area of land | a

2.2

Business acquisition cost

$ 300,000

$ 85,000

P W Cloud Nine [Member]

Business Acquisition [Line Items]

Area of land | a

4

P W Walsenburg [Member]

Business Acquisition [Line Items]

Area of land | a

35

Business acquisition cost

$ 2,300,000

P W Vinita [Member]

Business Acquisition [Line Items]

Area of land | a

9.35

Capital commitment

$ 2,900,000

Acquisition amount

$ 550,000

Business acquisition cost

2,100,000

P W J K L [Member]

Business Acquisition [Line Items]

Area of land | a

10

Business acquisition cost

$ 1,054,000

Acquisition amount

$ 2,500,000

Business acquisition cost

$ 400,000

PW MI CanRE Marengo LLC [Member]

Business Acquisition [Line Items]

Area of land

61.14

556,146

Business acquisition cost

206,000

Capital commitment

$ 21,500,000

Acquisition amount

2,980,000

Business acquisition cost

$ 18,392,000

Greenhouse Property One [Member] | P W Grail [Member]

Business Acquisition [Line Items]

Area of land | a

4.41

Purchase price

$ 150,000

Greenhouse Property One [Member] | P W Grail [Member] | Greenhouse Space [Member]

Business Acquisition [Line Items]

Area of land | ft²

6,256

Business acquisition cost

$ 518,000

1,365,000

Capital commitment

$ 2,400,000

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

Business Acquisition [Line Items]

Area of land | ft²

21,732

Purchase price

$ 1,690,000

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

Business Acquisition [Line Items]

Area of land | ft²

21,548

Purchase price

$ 1,660,000

Business acquisition cost

1,007,000

Capital commitment

$ 1,810,000

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

Business Acquisition [Line Items]

Area of land | ft²

37,000

37,000

Greenhouse And Processing Facility [Member] | P W Gas Station [Member]

Business Acquisition [Line Items]

Area of land | ft²

24,512

Business acquisition cost

682,000

Capital commitment

$ 2,950,000

$ 2,100,000

Acquisition amount

$ 2,030,000

Greenhouse And Processing Facility [Member] | P W Cloud Nine [Member]

Business Acquisition [Line Items]

Area of land | ft²

38,440

Business acquisition cost

1,069,000

Acquisition amount

$ 2,650,000

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

Business Acquisition [Line Items]

Area of land | ft²

102,800

Business acquisition cost

1,045,000

Capital commitment

$ 3,900,000

Acquisition amount

$ 1,600,000

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

Business Acquisition [Line Items]

Area of land | ft²

40,000

Business acquisition cost

$ 222,000

Capital commitment

$ 2,650,000

Greenhouse And Processing Facility [Member] | P W J K L [Member]

Business Acquisition [Line Items]

Area of land | ft²

12,000

Office Space [Member] | P W Vinita [Member]

Business Acquisition [Line Items]

Area of land | ft²

3,000

Fully Fenced Outdoor Growing Space [Member] | P W Vinita [Member]

Business Acquisition [Line Items]

Area of land | ft²

100,000

Support Buldings [Member] | P W J K L [Member]

Business Acquisition [Line Items]

Area of land | ft²

12,880

Greenhouse Properties [Member]

Business Acquisition [Line Items]

Depreciation estimated useful life

20 years

SCHEDULE OF LONG-TERM DEBT (Det

SCHEDULE OF LONG-TERM DEBT (Details)	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
2021 (3 months remaining)	$ 59,595
2022	675,369
2023	1,168,405
2024	715,777
2025	755,634
Thereafter	20,459,470
Long term debt	$ 23,834,250

LONG-TERM DEBT (Details Narrati

LONG-TERM DEBT (Details Narrative) - USD ($)	Nov. 25, 2019	Nov. 06, 2015	Dec. 31, 2012	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Jul. 05, 2013
Short-term Debt [Line Items]
Debt fixed interest rate	4.62%
Outstanding loan balance					$ 23,834,250
Capitalized debt cost	$ 312,000
Proceeds from Issuance of Long-term Debt	$ 15,500,000
Debt Instrument, Maturity Date, Description	2054
Pittsburgh & West Virginia Railroad [Member]
Short-term Debt [Line Items]
Outstanding loan balance					14,857,000	$ 14,994,000
Capitalized debt cost					295,000	302,000
P W R S Bonds [Member]
Short-term Debt [Line Items]
Outstanding loan balance					7,799,000	8,183,000
Unamortized debt costs					286,000	303,000
Municipal Debt [Member]
Short-term Debt [Line Items]
Long-term Debt, Term			10 years
Debt Instrument, Interest Rate, Stated Percentage			5.00%
Debt maturity date			Feb. 1, 2022
Municipal Debt Securities, at Carrying Value					64,000	70,000
PWSS Term Loan [Member]
Short-term Debt [Line Items]
Long-term Debt, Term							10 years
Debt amount							$ 750,000
Long-term Debt, Description				The PWSS Term Loan carries a fixed annual interest rate of
Debt fixed interest rate							5.00%
Outstanding loan balance					528,000	551,000
Capitalized debt cost					$ 4,800	$ 6,800
Land and Intangibles [Member] | P W R S Bonds [Member]
Short-term Debt [Line Items]
Debt maturity date		Oct. 14, 2034
Debt amount		$ 10,150,000
Debt fixed interest rate		4.34%

SCHEDULE OF MINIMUM FUTURE RENT

SCHEDULE OF MINIMUM FUTURE RENTALS (Details)	Sep. 30, 2021USD ($)
Leases
2021 (3 months remaining)	$ 3,237,800
2022	16,728,636
2023	21,781,850
2024	18,740,382
2025	14,489,375
Thereafter	196,539,430
Total	$ 271,517,473

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Lease, Lease Income	$ 5.9	$ 2.1
Minimum [Member]
Lessor, Operating Lease, Term of Contract	20 years
Maximum [Member]
Lessor, Operating Lease, Term of Contract	99 years

SUMMARY OF STOCK BASED COMPENSA

SUMMARY OF STOCK BASED COMPENSATION ACTIVITY (Details) - Share-based Payment Arrangement [Member]	9 Months Ended
	Sep. 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
Number of Options, Plan Awards | shares
Weighted Average Exercise Price, Plan Awards | $ / shares
Number of Options, Options Exercised | shares
Weighted Average Exercise Price, Options Exercised | $ / shares
Number of Options, Ending balance | shares	106,000
Weighted Average Exercise Price, Ending balance | $ / shares	$ 7.96
Aggregate Intrinsic Value, Ending balance | $	$ 4,453,060
Number of Options, Vested | shares	106,000
Weighted Average Exercise Price, Options Vested | $ / shares	$ 7.96
Aggregate Intrinsic Value, Options Vested | $	$ 4,453,060

SUMMARY OF RESTRICTED STOCK PLA

SUMMARY OF RESTRICTED STOCK PLAN ACTIVITY (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 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	(21,031)
Weighted Average Grant Date Fair Value, Restricted Stock Vested | $ / shares	$ 12.73
Number of Shares Restricted Stock, Ending balance | shares	36,935
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 24.12

EQUITY AND LONG-TERM COMPENSA_3

EQUITY AND LONG-TERM COMPENSATION (Details Narrative) - USD ($)	Oct. 08, 2021	Feb. 03, 2021	Jan. 07, 2021	Feb. 03, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Nov. 05, 2021	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						$ 36,494,866
Offering expenses						158,145
Non-cash expense related to restricted stock and options granted						267,650	189,452
Unrecognized share-based compensation expense						891,000
Share-based Payment Arrangement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash expense related to restricted stock and options granted						$ 268,000	$ 189,000
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity percentage owned								36.00%
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 percentage owned						100.00%
PW RO Holdings 2 LLC [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during the period ownership, shares	18,656
PW RO Holdings 2 LLC [Member] | Subsequent Event [Member] | Investor ROH [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during the period investors, shares	136,344
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						$ 490,000
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
Number of common shares issued					1,383,394

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jan. 02, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2016
Tenant [Member] | Cannabis cultivation project in Colorado [Member]
Related Party Transaction [Line Items]
Rental Income, Nonoperating		$ 262,362
Tenant [Member] | Cannabis cultivation project in Oklahoma [Member]
Related Party Transaction [Line Items]
Rental Income, Nonoperating		151,872
Tenant [Member] | Cannabis cultivation project in Michigan [Member]
Related Party Transaction [Line Items]
Rental Income, Nonoperating		256,298
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		48,000	$ 18,000
Hudson Bay Partners LP [Member] | Board of Trustess [Member]
Related Party Transaction [Line Items]
Reimbursing an affiliate, per month		$ 15,000		$ 1,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Nov. 05, 2021	Nov. 02, 2021	Nov. 03, 2021	Sep. 30, 2021
Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share				$ 0.484375
Subsequent Event [Member]
Subsequent Event [Line Items]
Lease commitment		$ 4,100,000
Rent paid		$ 830,000
Investment percentage	36.00%
Total investment	$ 1,358,664
Subsequent Event [Member] | Tenant [Member]
Subsequent Event [Line Items]
Rent paid	$ 483,743
Subsequent Event [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share			$ 0.484375
Percentage of redeemable perpetual preferred stock			7.75%