Power REIT (NYSE American: PW) is a real estate investment trust that owns and leases special-purpose properties across three asset categories: solar power production land, railroad property, and controlled-environment agriculture facilities in the form of greenhouses. The Trust generates revenue primarily through lease income from tenants operating in these sectors. As of the fiscal year ended December 31, 2025, the portfolio was heavily concentrated in greenhouse properties suitable for cannabis cultivation, a position that exposed the Trust to material credit and industry risk. Following a default by greenhouse tenants and related lender litigation, Power REIT resolved its Greenhouse Loan in April 2025 by conveying properties in Nebraska and Michigan via deeds-in-lieu of foreclosure, eliminating approximately $16.7 million in loan obligations recorded as of December 31, 2024. The Trust is actively seeking to sell or re-lease remaining greenhouse properties and is exploring a broader repositioning toward real estate-related situations including properties, loans, and companies. Power REIT has issued 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock with a $25.00 per share liquidation preference, listed on NYSE American.

Revenue model

Lease income from tenants occupying special-purpose real estate assets, specifically solar land, railroad property, and greenhouse facilities. Late charges, forbearance fees, and related loan fees contributed approximately $554,000 in FY2025 and $850,000 in FY2024.

Products and services

Solar power production land leases, railroad property leases (including a lease agreement with Norfolk and Western Railway dating to 1962), and greenhouse properties suitable for cannabis cultivation leased to cultivators.

Customers and end markets

Industry-specific tenants including cannabis cultivators occupying greenhouse facilities, solar energy operators, and railroad operators. The cannabis cultivation sector represents the largest concentration of the portfolio as of December 31, 2025, exposing the Trust to risks tied to state-by-state cannabis regulation across 40 states plus the District of Columbia that had passed medical cannabis laws as of December 31, 2025.

Value-chain role

Landlord and capital provider to special-purpose asset operators. The Trust owns real property and leases it to single-industry tenants; it does not operate the underlying businesses. Assets cannot be easily repurposed, creating concentration risk tied to tenant and industry performance.

Geographic exposure

United States. Greenhouse properties have included locations in Nebraska and Michigan, both surrendered via deeds-in-lieu of foreclosure effective April 11, 2025. Remaining properties span solar and railroad assets in unspecified U.S. locations per the FY2025 10-K.

Source: SEC 10-K, filed 2026-03-31

Industry: Real Estate Investment Trusts Peers: American Tower Corp Global Self Storage Inc CatchMark Timber Trust, Inc. CorEnergy Infrastructure Trust, Inc. Farmland Partners Inc Gladstone Land Corp