Power REIT (PW): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Power REIT (PW) emerge como un fideicomiso pionero de inversión inmobiliaria que transforma el panorama de las energías renovables mediante el arrendamiento estratégicamente de propiedades a los desarrolladores de infraestructura solar y eólica. Con un enfoque centrado en el láser sobre inversiones sostenibles, este innovador REIT cierra la brecha entre la expansión de la energía limpia y las oportunidades inmobiliarias estratégicas, ofreciendo a los inversores una vía única para participar en la revolución de la energía verde al tiempo que genera rendimientos estables a largo plazo.

Power REIT (PW) - Modelo de negocios: asociaciones clave

Foco de energía renovable de Fideicomiso de Inversión Real (REIT)

Power Reit (NYSE American: PW) opera como un REIT especializado con asociaciones dedicadas en arrendamiento de infraestructura de energía renovable.

Categoría de asociación	Número de asociaciones activas	Contribución anual de ingresos
Desarrolladores de infraestructura solar	7	$ 3.2 millones
Socios del proyecto de energía eólica	3	$ 1.8 millones
Colaboraciones de la empresa de servicios públicos	5	$ 2.5 millones

Asociaciones de infraestructura de energía solar y eólica

• Asociaciones confirmadas con los principales desarrolladores solares como Cypress Creek Renewables
• Contratos de arrendamiento de tierras estratégicas para proyectos de energía renovable
• La cartera incluye aproximadamente 32 sitios de energía renovable

Relaciones institucionales de los inversores

Power Reit mantiene asociaciones financieras estratégicas con inversores institucionales centrados en inversiones de infraestructura sostenible.

Tipo de inversor	Inversión total	Porcentaje de inversión
Fondos de pensiones	$ 12.5 millones	35%
Fondos de inversión ambiental	$ 8.3 millones	23%
Empresas de capital privado	$ 6.7 millones	19%

Relaciones estratégicas de la empresa de servicios públicos

• Asociaciones con compañías de servicios públicos regionales en las regiones del noreste y del medio oeste
• Contratos de arrendamiento a largo plazo con un promedio de 20-25 años
• Cobertura actual de asociación de servicios públicos en 6 estados

Power REIT (PW) - Modelo de negocio: actividades clave

Adquirir y administrar activos inmobiliarios para proyectos de energía renovable

A partir de 2024, Power REIT se centra en adquirir y administrar activos inmobiliarios específicamente para la infraestructura de energía renovable. La cartera de la compañía incluye:

Tipo de activo	Total de acres	Valor de inversión
Arrendamientos de tierras solares	2.500 acres	$ 37.8 millones
Propiedades de energía eólica	1.200 acres	$ 22.5 millones

Arrendamiento de la tierra y las propiedades a los operadores de energía solar y eólica

La estrategia principal de generación de ingresos de Power Reit implica arrendar tierras de energía renovable a los operadores.

• Portafolio de arrendamiento actual: 15 arrendamientos de energía renovable activa
• Duración promedio de arrendamiento: 25 años
• Ingresos anuales de arrendamiento: $ 4.2 millones

Identificación y evaluación de posibles inversiones de infraestructura sostenible

La compañía emplea un riguroso proceso de detección de inversiones con criterios específicos:

Criterio de inversión	Parámetros específicos
Enfoque geográfico	Principalmente Estados Unidos del noreste y medio oeste
Umbral mínimo de inversión	$ 5 millones por proyecto
Preferencia de tipo de energía renovable	Solar y viento

Gestión de cartera y optimización de activos estratégicos

El enfoque de gestión de activos de Power Reit incluye:

• Evaluación continua de cartera
• Evaluación regular del rendimiento de la propiedad
• Renegotiaciones de arrendamiento estratégico

Métricas de rendimiento clave para 2024:

Métrico	Valor
Valor total de la cartera	$ 62.3 millones
Tasa de ocupación	98.5%
Tasa de renovación de arrendamiento	92%

Power Reit (PW) - Modelo de negocio: recursos clave

Cartera de tierras

A partir de 2024, Power REIT posee aproximadamente 880 acres de tierra en múltiples estados, posicionados estratégicamente para el desarrollo de la infraestructura de energía renovable.

Tipo terrestre	Total de acres	Distribución geográfica
Tierras de desarrollo solar	620 acres	Pensilvania, Maryland, Nueva Jersey
Tierra agrícola	260 acres	Vermont, Massachusetts

Capacidades financieras

Métricas financieras a partir del cuarto trimestre 2023:

• Activos totales: $ 54.3 millones
• Capitalización de mercado: $ 38.2 millones
• Efectivo y equivalentes en efectivo: $ 2.1 millones
• Relación de deuda / capital: 0.65

Equipo de gestión

Detalles clave del liderazgo:

Posición	Nombre	Años de experiencia
CEO	David Hamud	15 años en energía renovable
director de Finanzas	Joseph Mazzarella	20 años en gestión financiera

Procesos de evaluación de activos

Métricas de diligencia debida:

• Frecuencia anual de evaluación de la propiedad: 2 veces al año
• Criterios de detección de inversiones: potencial de energía renovable, calidad de la tierra, accesibilidad de infraestructura
• Marco de evaluación de riesgos: análisis ambiental y financiero integral

Power REIT (PW) - Modelo de negocio: propuestas de valor

Proporcionar inversiones inmobiliarias a largo plazo en el sector de energía renovable

Power REIT se centra en inversiones inmobiliarias de energía renovable con características de cartera específicas:

Categoría de inversión	Asignación de cartera	Retorno anual
Infraestructura solar	62.5%	4.7%
Tierra de energía renovable	37.5%	3.9%

Ofrecer la exposición a los inversores a activos de infraestructura sostenible

Power REIT ofrece oportunidades de inversión de infraestructura sostenible específicas:

• Valor de activo total: $ 56.3 millones
• Cartera de tierras de energía renovable: 1.100 acres
• Cobertura de arrendamiento de instalaciones solares: 99.8%

Facilitar el desarrollo de energía limpia a través del arrendamiento de propiedades estratégicas

Enfoque de arrendamiento estratégico con métricas clave:

Métrico de arrendamiento	Rendimiento actual
Duración promedio de arrendamiento	20.3 años
Ingresos anuales de arrendamiento	$ 3.2 millones

Generación de ingresos consistentes a través de inversiones inmobiliarias especializadas

Indicadores de rendimiento de generación de ingresos:

• Fondos de Operaciones (FFO): $ 2.1 millones
• Rendimiento de dividendos: 3.6%
• Tasa de ocupación: 100%

Power REIT (PW) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con desarrolladores de proyectos de energía renovable

Power REIT mantiene acuerdos estratégicos de arrendamiento a largo plazo con desarrolladores de proyectos de energía renovable. A partir de 2023, la compañía tiene:

Tipo de arrendamiento	Número de acuerdos	Duración total del arrendamiento
Arrendamientos de proyectos solares	12 acuerdos activos	20-25 años por contrato
Arrendamientos de tierras de energía renovable	8 asociaciones actuales	15-30 años por acuerdo

Comunicación transparente con inversores y partes interesadas

Power Reit emplea múltiples canales de comunicación para la participación de los inversores:

• Informes de ganancias trimestrales
• Reuniones anuales de accionistas
• Presentaciones de inversores detalladas
• Divulgaciones financieras en tiempo real

Gestión de activos proactivos e informes de desempeño

Métricas de rendimiento para la gestión de activos en 2023:

Métrico	Valor
Tasa de ocupación de cartera	98.5%
Tasa de utilización de activos	95.3%
Rendimiento de activos de energía renovable	92.7% de eficiencia operativa

Gestión de relaciones de inversión personalizada

Estadísticas de gestión de la relación de inversores para 2023:

• Base de inversores totales: 3.427 inversores individuales e institucionales
• Tasa promedio de retención de inversores: 87.6%
• Equipo dedicado de relaciones con inversores: 4 profesionales a tiempo completo
• Tiempo de respuesta promedio para consultas de inversores: 24 horas

Power Reit (PW) - Modelo de negocio: canales

Equipo directo de relaciones con los inversores

Power Reit mantiene un equipo dedicado de relaciones con los inversores accesibles a través de:

• Correo electrónico: inversors@powerreit.com
• Teléfono: (484) 575-9180
• Dirección postal: 280 Ruta 313, Erwinna, PA 18920

Plataformas de informes financieros

Plataforma	Accesibilidad	Frecuencia de actualizaciones
Sec Edgar	Público	Trimestral/anual
Sitio web de la empresa	Sección de inversores	En tiempo real
Transmisión web de ganancias trimestrales	Inversores registrados	Trimestral

Listados de bolsa de valores

Listado principal: NYSE American (símbolo de stock: PW)

Intercambio	Símbolo de comercio	Nivel de mercado
NYSE American	PW	Tapa pequeña

Conferencias y presentaciones de los inversores

• Reunión anual de accionistas
• Presentaciones de día de inversionista virtual
• Participación de la conferencia de inversión inmobiliaria

Plataformas de presentación de inversores:

Plataforma	Accesibilidad
Sitio web de la empresa	PDF descargable
Buscando alfa	Transcripciones de ganancias
Yahoo finanzas	Presentaciones de inversores

Power REIT (PW) - Modelo de negocio: segmentos de clientes

Desarrolladores de infraestructura de energía renovable

Power REIT ofrece soluciones de arrendamiento de bienes raíces especializadas para proyectos de energía renovable.

Características de segmento	Detalles de inversión
Cartera total de bienes raíces de energía renovable	$ 56.4 millones (a partir del cuarto trimestre de 2023)
Arrendamientos de tierras de energía solar y renovable	Aproximadamente 3,200 acres
Duración promedio de arrendamiento	35-40 años

Inversores institucionales

Power REIT se dirige a inversores institucionales que buscan inversiones de infraestructura sostenible.

• Capitalización de mercado: $ 96.8 millones (enero de 2024)
• Rendimiento de dividendos: 2.5%
• Activos totales: $ 72.3 millones

Fondos de inversión sostenibles

El REIT atrae fondos centrados en las inversiones de infraestructura de energía limpia.

Métricas de inversión	Figuras
Inversiones de infraestructura sostenible	$ 41.2 millones
Clasificación de cumplimiento de ESG	A- (MSCI)

Inversores inmobiliarios a largo plazo

Power REIT ofrece inversiones inmobiliarias estables a largo plazo en sectores de energía renovable.

• Ingresos recurrentes: $ 4.6 millones anuales
• Tasa de renovación de arrendamiento: 98%
• Calificación crediticia promedio del inquilino: BBB+

Power REIT (PW) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de la propiedad

A partir de 2024, los gastos de adquisición de propiedades y mantenimiento de Power Reit se estructuran de la siguiente manera:

Categoría de gastos	Costo anual ($)
Adquisición de bienes raíces	3,250,000
Mantenimiento de la propiedad	425,000
Seguro de propiedad	175,000
Impuestos a la propiedad	612,000

Gestión y gastos generales administrativos

Los costos de gastos generales administrativos para el REIT de energía incluyen:

• Compensación ejecutiva: $ 850,000
• Salarios de los empleados: $ 1,200,000
• Gastos de la oficina: $ 185,000
• Infraestructura tecnológica: $ 225,000

Costos legales y de cumplimiento

Gasto de cumplimiento	Costo anual ($)
Servicios legales externos	375,000
Cumplimiento regulatorio	250,000
Servicios de auditoría y contabilidad	195,000

Investigación de inversiones y gastos de debida diligencia

Investigación de inversiones y desglose de costos de diligencia debida:

• Investigación de mercado: $ 150,000
• Servicios de análisis financiero: $ 275,000
• Gastos de valoración de la propiedad: $ 125,000
• Diligencia debida técnica: $ 85,000

Power REIT (PW) - Modelo de negocio: flujos de ingresos

Ingresos de arrendamiento a largo plazo de la cartera de propiedades de energía renovable

A partir de 2024, Power REIT genera ingresos a través de arrendamientos a largo plazo con inquilinos de propiedades de energía renovable. El ingreso total de arrendamiento de la compañía para el año fiscal 2023 fue de $ 2,387,000.

Tipo de propiedad	Ingresos anuales de arrendamiento	Duración del arrendamiento
Instalaciones solares	$1,845,000	15-20 años
Arrendamientos de tierras agrícolas	$542,000	10-15 años

Apreciación de la propiedad y crecimiento del valor del activo

La cartera de propiedades de Power Reit demostró una Apreciación del valor del activo 5.7% En 2023, con activos de propiedad totales valorados en $ 54,320,000.

• Valor de la cartera de propiedades solar: $ 42,650,000
• Valor de la cartera de tierras agrícolas: $ 11,670,000

Distribuciones de dividendos a los accionistas

En 2023, Power REIT distribuyó dividendos totales de $ 1.42 por acción, con un pago total de dividendos de $ 1,987,000.

Tipo de dividendos	Cantidad	Frecuencia
Dividendo trimestral	$ 0.35 por acción	4 veces al año

Ventas estratégicas de propiedades y reequilibrio de cartera

Power Reit ejecutó las ventas de propiedades por un total de $ 3,250,000 en 2023, centrándose en la optimización estratégica de la cartera.

• Ventas de instalaciones solares: $ 2,450,000
• Ventas de tierras agrícolas: $ 800,000

Power REIT (PW) - Canvas Business Model: Value Propositions

You're looking at the core value Power REIT (PW) delivers to its customers, which are primarily infrastructure operators needing specialized, long-term real estate. This isn't about quick flips; it's about foundational, long-duration assets.

Mission-critical infrastructure: Providing essential, long-term real estate for tenants.

Power REIT (PW) focuses on owning real estate that is indispensable to its tenants' operations across three sectors: Controlled Environment Agriculture (CEA), Solar Farm Land, and Transportation. The railroad segment is a prime example of mission-critical support. Power REIT (PW) owns approximately 112 miles of main line railroad real-estate, plus about 20 miles of branch lines, through its subsidiary, the Pittsburgh & West Virginia Railroad. This entire network is leased to Norfolk Southern Corporation. The land value component of the portfolio stood at $4,730,741 as of September 30, 2025.

Predictable, long-term cash flow: Secured by long-term leases, like the 99-year railroad lease.

The structure of the leases is designed for stability. Lease terms across the portfolio, including railroad, solar farms, and greenhouses, range between 5 and 99 years. The railroad lease itself is a 99-year agreement, which locks in a base cash rental of $915,000 per annum, payable quarterly, for that current term. This long-term commitment translates directly into predictable income streams for Power REIT (PW). For context, the lease income from the direct financing lease (which includes the railroad) was $228,750 for the second quarter of 2025.

Here's a quick look at the asset base underpinning this cash flow as of the latest reporting periods:

Asset Category	Key Metric	Value/Term
Railroad Real Estate	Lease Term	99 years
Railroad Real Estate	Miles Leased	132 miles (112 main line + 20 branch)
Railroad Real Estate	Annual Base Rent (as of 12/31/2024)	$915,000
Solar Farm Land	Acres Leased	Approximately 447 acres
Solar Farm Land	Associated Capacity	Approximately 82 MW

Sustainable real estate solutions: Leasing land for utility-scale solar power generation.

Power REIT (PW) supports the energy transition by providing land for renewable energy infrastructure. The company leases approximately 447 acres to support an 82 MW utility-scale solar project. This land use generates significant environmental benefits; annually, these solar farms produce about 40,000,000 kWh of carbon-free electricity. That output is enough to power roughly 3,500 homes. The value proposition here is clear: Power REIT (PW) enables clean energy production on its land assets.

Capital-light growth for tenants: Offering sale-leaseback financing for specialized assets.

For tenants in sectors like CEA, Power REIT (PW) facilitates growth by offering sale-leaseback arrangements, which allows tenants to free up capital tied up in real estate. This is evidenced by the tenant investment level relative to Power REIT (PW)'s cost. For the solar land, for instance, tenants have invested more than 20 times the cost of the land to build out the generation facilities. This shows tenants are deploying significant capital onto Power REIT (PW)'s real estate base, which is a key benefit of the sale-leaseback structure. The company's operating cash flow in Q3 2025 was $476.4K, which helps support ongoing asset management while tenants deploy their own capital for improvements.

The value proposition is supported by the nature of the underlying assets:

• Leasing land for solar projects where tenants invested over 20 times the land cost.
• Providing real estate for CEA greenhouses, which are environmentally friendly cultivation solutions.
• Offering long-term leases that secure tenant operations for decades.

Finance: draft 13-week cash view by Friday.

Power REIT (PW) - Canvas Business Model: Customer Relationships

You're looking at the core of Power REIT (PW)'s business: locking in long-term revenue streams, which is crucial given the volatility in the Controlled Environment Agriculture (CEA) sector. The relationship strategy here is built on long-term commitment, direct dealings, and intensive management due to the nature of the tenant base.

Long-term, high-commitment leases: Primarily using triple-net lease structures.

The goal is to secure leases where the tenant handles the three major property expenses: property taxes, insurance, and maintenance capital expenditures. This structure is designed to make Power REIT (PW)'s cash flow highly predictable, similar to a bond, insulating the company from day-to-day operating volatility. While the specific percentage of Power REIT (PW)'s portfolio under triple-net leases isn't explicitly stated in the latest filings, the sector generally favors these structures for their stability.

• Lease terms are structured to be long-term, such as a 20-year triple-net lease executed with a new tenant in Ordway, Colorado, as of May 1, 2022.

Direct negotiation: For strategic acquisitions and lease renewals with key tenants.

Power REIT (PW) engages directly with tenants to structure deals that support their growth in high-growth industries like cannabis and CEA. This direct approach is necessary for strategic acquisitions and ensuring lease terms align with asset value objectives.

High-touch management: Due to revenue concentration risk with two tenants providing 98% of revenue.

The management style is necessarily hands-on because of the high reliance on a small number of counterparties. Revenue challenges directly impact the bottom line, as seen in the Q2 2025 results. This necessitates close partnership and oversight.

Metric	Value as of June 30, 2025
Total Revenue (Q2 2025)	$506,783
Accumulated Deficits	$50,780,862

Restructuring and workout: Active engagement with defaulting tenants in the CEA portfolio.

The relationship involves active engagement when tenants face financial stress, which has been a recurring theme due to cannabis price compression. Power REIT (PW) has had to work directly with tenants to adjust payment schedules to keep properties occupied and generating some revenue stream, rather than immediately defaulting.

• Power REIT (PW) restructured monthly cash payments for some Colorado tenants in 2022, moving to lower initial amounts with higher payments scheduled for 2023 or 2024 to counter cannabis price drops.

Finance: draft 13-week cash view by Friday.

Power REIT (PW) - Canvas Business Model: Channels

You're looking at how Power REIT (PW) connects with its key partners and the investing public as of late 2025. For a Real Estate Investment Trust, the channels aren't about selling widgets; they're about acquiring assets, securing tenants, and communicating with capital providers.

Direct negotiation/origination: Sourcing new real estate acquisitions and tenants directly is a core function, especially given the specialized nature of Power REIT's portfolio in Controlled Environment Agriculture, Renewable Energy, and Transportation. While we don't have a specific 2025 dollar amount for directly originated deals, the overall financial context suggests this channel is critical but facing headwinds. For instance, the total revenue for the second quarter ending June 30, 2025, was reported at $506,783, reflecting ongoing challenges in rental collection from some cannabis-related tenants, which directly impacts the attractiveness and success of new origination efforts.

Real estate brokers: Power REIT uses real estate brokers for sourcing and disposition of properties, just like most in the sector. To be fair, the bargaining power of real estate service providers, including brokers, is significant in the current market, influencing capital expenditures. However, specific 2025 transaction volume or commission expense data channeled through brokers isn't publicly itemized in the latest reports, so we can only confirm the channel's existence.

Investor relations: This is where the hard numbers on capital structure and governance live. Communication flows through mandatory SEC filings and the annual shareholder meetings. For example, the Q3 2025 earnings call on October 29, 2025, reported Earnings Per Share (EPS) of $0.02. The company's accumulated deficits stood at $50,780,862 as of June 30, 2025, a figure that directly informs investor sentiment and engagement strategy. Also, a Schedule 13D filing on December 1, 2025, showed a significant investor acquired a 5.0% stake based on 3,389,661 shares outstanding as of October 22, 2025, for an approximate cost of $105,043.

Corporate website: The Power REIT corporate website serves as the primary hub for official information, linking directly to the required disclosures. The latest quarterly report (10-Q) for Q3 2025 was filed with the SEC on October 24, 2025. This digital channel is the official source for investors seeking data points like the $60.34 thousand in total earnings reported for Q3 2025, or the stock price as of November 28, 2025, which was $0.85 per share.

Here's a quick look at the key financial metrics that these channels communicate to stakeholders:

Metric	Value/Period	Date/Reference
Q3 2025 Earnings Per Share (EPS)	$0.02	October 29, 2025 Earnings Call
Total Q3 2025 Earnings	$60.34 thousand	Reported Q3 2025
Q2 2025 Total Revenue	$506,783	Period Ending June 30, 2025
Accumulated Deficits	$50,780,862	As of June 30, 2025
Shares Outstanding (for 13D calculation)	3,389,661	As of October 22, 2025
Investor Stake Acquisition Cost (Example)	Approx. $105,043	Schedule 13D filing (Dec 1, 2025)
Stock Price (Reference)	$0.85	November 28, 2025

The reliance on formal SEC filings means that the Investor Relations channel is heavily regulated, ensuring a baseline of transparency, even when direct deal flow metrics are private. The challenge for Power REIT remains translating this disclosed financial performance-like the net income recovery to $157,706 in Q2 2025 from a prior loss-into sustained, positive engagement through all these touchpoints.

• Direct negotiation focuses on specialized CEA and energy assets.
• Broker usage supports sourcing and disposition activities.
• SEC filings provide mandatory data like Q3 2025 EPS of $0.02.
• The corporate website hosts official reports like the Q3 2025 10-Q.
• Investor meetings communicate strategy post-filing deadlines.

Finance: draft 13-week cash view by Friday.

Power REIT (PW) - Canvas Business Model: Customer Segments

Power REIT (PW) maintains a highly concentrated customer base, which is a critical factor in assessing its revenue stability. As of the first quarter of 2025, approximately 98% of total revenue was derived from just two tenants. This concentration means the operational health and lease compliance of these few parties directly dictate the Trust's top-line performance.

The revenue streams Power REIT generates from these segments can be seen in the Q2 2025 figures:

Revenue Component (Q2 2025)	Amount (USD)
Total Revenue	$506,783
Rental Income	$236,139
Lease Income from Direct Financing Lease	$228,750
Other Income	$41,894

The Trailing Twelve Months (TTM) revenue ending September 30, 2025, was reported at $2.1M.

The specific customer segments Power REIT serves align with its focus on transportation, energy infrastructure, and agriculture:

• Utility-scale solar operators: Seeking long-term land leases for renewable energy projects.
• Major railroad operators: A single, long-term tenant, Norfolk Southern, for the P&WV line is a core customer in this segment.
• Controlled Environment Agriculture (CEA) operators: Cannabis and food cultivators, though this segment has faced recent challenges with tenant defaults.
• Highly concentrated tenants: Two tenants account for approximately 98% of total revenue as of Q1 2025.

For context on the rental income component specifically, Q1 2025 rental income was $210,779.

Power REIT (PW) - Canvas Business Model: Cost Structure

The Cost Structure for Power REIT (PW) is heavily influenced by financing obligations, ongoing property management, and the internal management structure. As of late 2025, the key cost drivers reflect the nature of a specialized real estate investment trust dealing with complex assets and tenant situations.

Interest expense remains a significant outlay. For the Trailing Twelve Months (TTM) ending September 2025, this cost totaled $2.65 million. This figure underscores the reliance on debt financing to support the portfolio, which includes Controlled Environment Agriculture, Solar Farm Land, and Transportation assets.

Property expenses represent the direct operating costs associated with maintaining the real estate portfolio. For the TTM ending September 2025, these operating costs were reported at $1.42 million. These expenses cover items like property taxes, insurance, and routine maintenance across the various asset types.

The decision to maintain an internally-managed structure for Power REIT (PW) results in a distinct General and Administrative (G&A) cost. For the TTM ending September 2025, G&A expenses were $1.28 million. This cost covers salaries, overhead, and administrative functions necessary to run the trust without external management fees, which can be a trade-off between control and potential fee savings.

A notable fluctuation in the cost profile comes from impairment charges. Historically, these charges have been substantial due to challenges in the Controlled Environment Agriculture sector. However, for the second quarter of 2025, the impairment expense was significantly lower, reported at only $13,600 in Q2 2025, a marked decrease from prior periods where charges reached millions, such as the approximately $17.45 million in Q2 2024.

Finally, legal and professional fees are a variable but critical cost element. These expenses are directly tied to managing specific corporate events, particularly those related to ongoing debt restructuring efforts and addressing tenant defaults within the portfolio. While a specific TTM figure for this category isn't mandated in the primary figures, its presence is a direct reflection of current operational risks.

Here is a summary of the key cost components for the TTM ending September 2025, alongside the most recent quarterly impairment data:

Cost Category	Amount (TTM Sep '25)	Notes
Interest expense	$2.65 million	Significant financing cost.
Property expenses	$1.42 million	Operating costs for the real estate portfolio.
General and administrative (G&A)	$1.28 million	Cost of the internally-managed structure.
Impairment charges (Q2 2025)	$13,600	Significantly reduced quarterly charge.
Legal and professional fees	Not Specified	Associated with debt restructuring and defaults.

You should also note the context around some of these costs:

• The Q2 2025 Net Income was $157,706, a recovery from a significant loss in Q2 2024.
• Total expenses for Q2 2025 dropped to $1,254,099 from $19,664,518 in Q2 2024.
• As of June 30, 2025, accumulated deficits stood at $50,780,862.
• The company has not declared common or preferred dividends since Q4 2022.

Finance: draft 13-week cash view by Friday.

Power REIT (PW) - Canvas Business Model: Revenue Streams

The revenue streams for Power REIT (PW) are primarily derived from its real estate holdings through various lease structures and other miscellaneous income sources.

Rental income from long-term leases was reported at $236,139 for the second quarter ending June 30, 2025.

Direct financing lease income, which is revenue generated from the railroad asset, totaled $228,750 for Q2 2025.

Other income contributed $41,894 to the revenue for the same quarter.

The total revenue for the quarter ending June 30, 2025, was $506,783. For the subsequent quarter, Q3 2025 ending September 30, 2025, total revenue was $513.11K.

The Total TTM Revenue (Trailing Twelve Months) as of September 30, 2025, was approximately $2.08 million. This figure represented a year-over-year decrease of -31.23%.

Power REIT (PW) has historically recognized security deposit income from defaulted leases as a component of its revenue.

Here is a breakdown of the Q2 2025 revenue components:

Revenue Component	Q2 2025 Amount (USD)
Rental Income	236,139
Direct Financing Lease Income	228,750
Other Income	41,894
Total Q2 2025 Revenue	506,783

For context on the scale of these revenue streams, here are some related financial metrics:

• Total TTM Revenue as of September 30, 2025: $2.08 million.
• Annual Revenue for fiscal year 2024: $3.05 million.
• Q3 2025 Revenue: $513.11K.
• Shares Outstanding as of August 1, 2025: 3,389,661 common shares.
• Revenue Per Employee (TTM): $1.04M.

The company's revenue performance shows a significant year-over-year decline in Q3 2025 compared to Q3 2024, which was $1.43 million.