Power REIT (PW): Business Model Canvas [Jan-2025 Mise à jour]

Power REIT (PW) apparaît comme une fiducie de placement immobilier pionnier qui transforme le paysage des énergies renouvelables en louant stratégiquement les propriétés en développeurs d'énergies solaires et éoliennes. Avec une approche axée sur le laser sur les investissements durables, ce FPI innovant comble l'écart entre l'expansion de l'énergie propre et les opportunités immobilières stratégiques, offrant aux investisseurs une voie unique pour participer à la révolution de l'énergie verte tout en générant des rendements stables à long terme.

Power REIT (PW) - Modèle commercial: partenariats clés

Focus sur les énergies renouvelables de l'investissement immobilier (REIT)

Power REIT (NYSE American: PW) fonctionne comme une FPI spécialisée avec des partenariats dédiés dans la location d'infrastructures d'énergie renouvelable.

Catégorie de partenariat	Nombre de partenariats actifs	Contribution annuelle des revenus
Développeurs d'infrastructures solaires	7	3,2 millions de dollars
Partenaires du projet d'énergie éolienne	3	1,8 million de dollars
Collaborations d'entreprises de services publics	5	2,5 millions de dollars

Partenariats d'infrastructures d'énergie solaire et éolienne

• Partenariats confirmés avec les principaux développeurs solaires comme Cypress Creek Renewables
• Accords de location de terres stratégiques pour les projets d'énergie renouvelable
• Le portefeuille comprend environ 32 sites d'énergie renouvelable

Relations avec les investisseurs institutionnels

Power REIT maintient des partenariats financiers stratégiques avec des investisseurs institutionnels axés sur les investissements durables des infrastructures.

Type d'investisseur	Investissement total	Pourcentage d'investissement
Fonds de pension	12,5 millions de dollars	35%
Fonds d'investissement environnemental	8,3 millions de dollars	23%
Sociétés de capital-investissement	6,7 millions de dollars	19%

Relations stratégiques de l'entreprise de services publics

• Partenariats avec des sociétés de services publics régionales dans les régions du nord-est et du Midwest
• Les accords de location à long terme ont en moyenne 20-25 ans
• Couverture de partenariat utilitaire actuel dans 6 États

Power REIT (PW) - Modèle commercial: activités clés

Acquérir et gérer les actifs immobiliers pour des projets d'énergie renouvelable

En 2024, Power REIT se concentre sur l'acquisition et la gestion des actifs immobiliers spécifiquement pour les infrastructures d'énergie renouvelable. Le portefeuille de l'entreprise comprend:

Type d'actif	Acres totaux	Valeur d'investissement
Baux terrestres solaires	2 500 acres	37,8 millions de dollars
Propriétés de l'énergie éolienne	1 200 acres	22,5 millions de dollars

Louer des terres et des propriétés aux opérateurs d'énergie solaire et éolienne

La principale stratégie de génération de revenus de Power REIT consiste à louer des terres d'énergie renouvelable aux opérateurs.

• Portfolio de location actuel: 15 baux d'énergie renouvelable active
• Durée du bail moyenne: 25 ans
• Revenus de location annuels: 4,2 millions de dollars

Identification et évaluation des investissements potentiels d'infrastructure durable

La Société utilise un processus de dépistage des investissements rigoureux avec des critères spécifiques:

Critères d'investissement	Paramètres spécifiques
Focus géographique	Principalement nord-est et Midwest des États-Unis
Seuil d'investissement minimum	5 millions de dollars par projet
Préférence de type d'énergie renouvelable	Solaire et vent

Gestion du portefeuille et optimisation des actifs stratégiques

L'approche de gestion des actifs de Power REIT comprend:

• Évaluation continue du portefeuille
• Évaluation régulière du rendement des propriétés
• Renégociations de location stratégique

Mesures de performance clés pour 2024:

Métrique	Valeur
Valeur totale du portefeuille	62,3 millions de dollars
Taux d'occupation	98.5%
Taux de renouvellement de location	92%

Power REIT (PW) - Modèle commercial: Ressources clés

Portefeuille de terres

En 2024, Power REIT possède environ 880 acres de terrain dans plusieurs États, stratégiquement positionnés pour le développement des infrastructures d'énergie renouvelable.

Type de terrain	Acres totaux	Distribution géographique
Terre de développement solaire	620 acres	Pennsylvanie, Maryland, New Jersey
Terre agricole	260 acres	Vermont, Massachusetts

Capacités financières

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 54,3 millions de dollars
• Capitalisation boursière: 38,2 millions de dollars
• Equivalents en espèces et en espèces: 2,1 millions de dollars
• Ratio dette / fonds propres: 0,65

Équipe de direction

Détails clés du leadership:

Position	Nom	Années d'expérience
PDG	David Hamud	15 ans d'énergie renouvelable
Directeur financier	Joseph Mazzarella	20 ans de gestion financière

Processus d'évaluation des actifs

Métriques de diligence raisonnable:

• Fréquence annuelle de l'évaluation des propriétés: 2 fois par an
• Critères de dépistage des investissements: potentiel d'énergie renouvelable, qualité des terres, accessibilité des infrastructures
• Cadre d'évaluation des risques: analyse environnementale et financière complète

Power REIT (PW) - Modèle d'entreprise: propositions de valeur

Fournir des investissements immobiliers stables à long terme dans le secteur des énergies renouvelables

Power REIT se concentre sur les investissements immobiliers en énergies renouvelables avec des caractéristiques de portefeuille spécifiques:

Catégorie d'investissement	Allocation de portefeuille	Retour annuel
Infrastructure solaire	62.5%	4.7%
Terre d'énergie renouvelable	37.5%	3.9%

Offrir une exposition aux investisseurs à des actifs d'infrastructure durables

Power REIT offre des opportunités d'investissement ciblées sur les infrastructures durables:

• Valeur totale de l'actif: 56,3 millions de dollars
• Portfolio des terres d'énergie renouvelable: 1 100 acres
• Couverture de bail des installations solaires: 99,8%

Faciliter le développement d'énergie propre grâce à la location de propriétés stratégiques

Approche de location stratégique avec des mesures clés:

Métrique de location	Performance actuelle
Durée de location moyenne	20,3 ans
Revenus de location annuelle	3,2 millions de dollars

Générer un revenu cohérent grâce à des investissements immobiliers spécialisés

Indicateurs de performance de génération de revenus:

• Fonds des opérations (FFO): 2,1 millions de dollars
• Rendement des dividendes: 3,6%
• Taux d'occupation: 100%

Power REIT (PW) - Modèle d'entreprise: relations clients

Accords de location à long terme avec développeurs de projets d'énergie renouvelable

Power REIT entretient des accords de location stratégiques à long terme avec des développeurs de projets d'énergie renouvelable. Depuis 2023, la société a:

Type de location	Nombre d'accords	Durée totale de location
Baux du projet solaire	12 accords actifs	20-25 ans par contrat
Baux de terrains d'énergie renouvelable	8 partenariats actuels	15-30 ans par accord

Communication transparente avec les investisseurs et les parties prenantes

Power REIT utilise plusieurs canaux de communication pour l'engagement des investisseurs:

• Rapports de bénéfices trimestriels
• Réunions annuelles des actionnaires
• Présentations détaillées des investisseurs
• Divulgations financières en temps réel

Gestion proactive des actifs et rapport de performance

Métriques de performance pour la gestion des actifs en 2023:

Métrique	Valeur
Taux d'occupation du portefeuille	98.5%
Taux d'utilisation des actifs	95.3%
Performance des actifs d'énergie renouvelable	92,7% d'efficacité opérationnelle

Gestion des relations d'investissement personnalisées

Statistiques de gestion des relations avec les investisseurs pour 2023:

• Base totale des investisseurs: 3 427 investisseurs individuels et institutionnels
• Taux de rétention moyen des investisseurs: 87,6%
• Équipe de relations avec les investisseurs dédiés: 4 professionnels à temps plein
• Temps de réponse moyen aux demandes des investisseurs: 24 heures

Power REIT (PW) - Modèle commercial: canaux

Équipe de relations avec les investisseurs directs

Power REIT maintient une équipe dédiée aux relations avec les investisseurs accessible à travers:

• Courriel: investisseurs@powerreit.com
• Téléphone: (484) 575-9180
• Adresse postale: 280 Route 313, Erwinna, PA 18920

Plateformes d'information financière

Plate-forme	Accessibilité	Fréquence des mises à jour
Sec Edgar	Publique	Trimestriel / annuel
Site Web de l'entreprise	Section des investisseurs	En temps réel
Webdication trimestriel	Investisseurs enregistrés	Trimestriel

Listes de bourses

Liste principale: Nyse American (Symbole en bourse: PW)

Échange	Symbole de trading	Niveau de marché
Nyse américain	PW	Capuchon

Conférences et présentations des investisseurs

• Réunion des actionnaires annuelle
• Présentations de la journée des investisseurs virtuels
• Participation de la conférence sur l'investissement immobilier

Plateformes de présentation des investisseurs:

Plate-forme	Accessibilité
Site Web de l'entreprise	PDF téléchargeable
Recherche d'alpha	Transcriptions des bénéfices
Yahoo Finance	Présentations des investisseurs

Power REIT (PW) - Modèle d'entreprise: segments de clientèle

Développeurs d'infrastructures d'énergie renouvelable

Power REIT fournit des solutions de location immobilière spécialisées pour les projets d'énergie renouvelable.

Caractéristiques du segment	Détails de l'investissement
Portefeuille immobilier total en énergies renouvelables	56,4 millions de dollars (au quatrième trimestre 2023)
Baux terrestres solaires et énergétiques renouvelables	Environ 3 200 acres
Durée de location moyenne	35 à 40 ans

Investisseurs institutionnels

Power REIT cible les investisseurs institutionnels à la recherche d'investissements durables dans les infrastructures.

• Capitalisation boursière: 96,8 millions de dollars (janvier 2024)
• Rendement des dividendes: 2,5%
• Actif total: 72,3 millions de dollars

Fonds d'investissement durable

Le FPI attire des fonds axés sur les investissements sur les infrastructures d'énergie propre.

Métriques d'investissement	Chiffres
Investissements d'infrastructure durable	41,2 millions de dollars
Note de conformité ESG	A- (MSCI)

Investisseurs immobiliers à long terme

Power REIT offre des investissements immobiliers stables à long terme dans des secteurs d'énergie renouvelable.

• Revenus récurrents: 4,6 millions de dollars par an
• Taux de renouvellement de location: 98%
• Note de crédit moyen du locataire: BBB +

Power REIT (PW) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des biens

En 2024, les frais d'acquisition et de maintenance des biens de Power REIT sont structurés comme suit:

Catégorie de dépenses	Coût annuel ($)
Acquisition immobilière	3,250,000
Maintenance des biens	425,000
Assurance immobilière	175,000
Taxes foncières	612,000

Gestion et frais généraux administratifs

Les frais généraux administratifs pour Power REIT comprennent:

• Rémunération des cadres: 850 000 $
• Salaires des employés: 1 200 000 $
• Frais de bureau: 185 000 $
• Infrastructure technologique: 225 000 $

Frais juridiques et de conformité

Dépenses de conformité	Coût annuel ($)
Services juridiques externes	375,000
Conformité réglementaire	250,000
Services d'audit et de comptabilité	195,000

Recherche d'investissement et dépenses de diligence raisonnable

La recherche en investissement et la diligence raisonnable des coûts des coûts:

• Étude de marché: 150 000 $
• Services d'analyse financière: 275 000 $
• Frais d'évaluation des biens: 125 000 $
• Diligence raisonnable technique: 85 000 $

Power REIT (PW) - Modèle commercial: Strots de revenus

Revenu de location à long terme du portefeuille de biens des énergies renouvelables

Depuis 2024, Power REIT génère des revenus grâce à des baux à long terme avec des locataires de biens des énergies renouvelables. Le revenu total de location de la société pour l'exercice 2023 était de 2 387 000 $.

Type de propriété	Revenu de location annuel	Durée de location
Installations solaires	$1,845,000	15-20 ans
Baux terrestres agricoles	$542,000	10-15 ans

Appréciation des biens et croissance de la valeur des actifs

Le portefeuille de propriétés de Power REIT a démontré un Appréciation de la valeur des actifs de 5,7% en 2023, avec des actifs immobiliers totaux d'une valeur de 54 320 000 $.

• Valeur du portefeuille de propriétés solaires: 42 650 000 $
• Valeur du portefeuille de terres agricoles: 11 670 000 $

Distributions de dividendes aux actionnaires

En 2023, Power REIT a distribué des dividendes totaux de 1,42 $ par action, avec un versement total de dividendes de 1 987 000 $.

Type de dividende	Montant	Fréquence
Dividende trimestriel	0,35 $ par action	4 fois par an

Ventes de propriétés stratégiques et rééquilibrage du portefeuille

Power REIT a exécuté les ventes de biens totalisant 3 250 000 $ en 2023, en se concentrant sur l'optimisation stratégique du portefeuille.

• Ventes des installations solaires: 2 450 000 $
• Ventes de terrains agricoles: 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.