Power REIT

Power REIT is a Maryland-domiciled, internally-managed real estate investment trust (REIT) that owns a portfolio of real estate assets related to transportation, energy infrastructure and Controlled Environment Agriculture (CEA) in the United States. The Trust is structured as a holding company and owns its assets through nineteen direct and indirect wholly-owned, special purpose subsidiaries formed to hold real estate assets, obtain financing and generate lease revenue. As of December 31, 2025, Power REIT's assets consisted of approximately 112 miles of railroad infrastructure and related real estate owned by its subsidiary, Pittsburgh & West Virginia Railroad (P&WV); approximately 447 acres of fee simple land leased to a utility scale solar power generating project with an aggregate generating capacity of approximately 82 Megawatts (MW); and approximately 82 acres of land with approximately 357,000 square feet of CEA properties in the form of greenhouses (the Greenhouse Portfolio). Power REIT invested in greenhouses for state-licensed cannabis and food cultivation. The market for both opportunities has been challenging, and the Greenhouse Portfolio has performed poorly with significant vacancy. Power REIT is currently focused on monetizing the Greenhouse Portfolio, including selling and/or re-leasing the vacant properties and increasing cash flow from the occupied properties. A subsidiary of the Trust had a loan secured by most of the Greenhouse Portfolio (the Greenhouse Loan). The Greenhouse Loan was non-recourse to the Trust, was in default, and the lender had initiated litigation including foreclosure actions. Effective as of April 11, 2025, Power REIT resolved issues with its lender concerning the Greenhouse Loan by entering into a settlement agreement with the lender and, pursuant to its terms, providing deeds-in-lieu of foreclosure for Greenhouse Portfolio properties in Michigan and Nebraska. In return, the lender released the remaining collateral secured by the Greenhouse Loan back to subsidiaries of Power REIT and released obligations related to the Greenhouse Loan.