Power REIT is a small, internally-managed REIT that owns three types of real estate assets: railroad infrastructure, solar farm land, and greenhouse facilities. The railroad asset — roughly 112 miles of track owned through its Pittsburgh & West Virginia Railroad subsidiary — is leased to Norfolk Southern Railway under a long-term passive ground lease. The solar asset is approximately 447 acres of land in California leased to a utility-scale solar farm operated by Regulus Solar. Together, these two assets account for roughly 93% of rental income and are the only reliably performing parts of the portfolio. Power REIT's business model is simple: own real estate and collect rent under long-term net leases where tenants bear operating costs. The third asset class — roughly 82 acres of greenhouse facilities originally acquired for cannabis and food cultivation — has largely failed. Power REIT invested heavily in greenhouse properties starting in 2019, targeting cannabis cultivators as tenants, but a sharp collapse in wholesale cannabis prices caused widespread tenant defaults. Most greenhouse properties are now vacant. In 2025, Power REIT surrendered its Michigan and Nebraska greenhouse properties via deeds-in-lieu of foreclosure, eliminating roughly $18M of debt but also losing those assets. Power REIT is currently focused on selling or re-leasing remaining greenhouse properties, reducing debt, and exploring strategic alternatives that could include non-real estate investments or mergers. The Trust faces near-term liquidity pressure from delinquent property taxes on the greenhouse portfolio and has not paid its Series A Preferred Stock dividends for more than six consecutive quarters.