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DIRECT FINANCING LEASES AND OPERATING LEASES | 9 Months Ended
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Sep. 30, 2025
Direct Financing Leases And Operating Leases |
DIRECT FINANCING LEASES AND OPERATING LEASES | 5 – DIRECT FINANCING LEASES AND OPERATING LEASES Information as Lessor Under ASC Topic 842 To generate positive cash flow, as a lessor, the Trust leases its facilities to tenants in exchange for payments. The Trust’s leases for its railroad, solar farms and greenhouse cultivation facilities have lease terms ranging between 5 and 99 years. Payments from the Trust’s leases are recognized on a straight-line basis over the terms of the respective leases or on a cash basis for tenants with collectability issues. During the three and nine months ended September 30, 2025 and 2024, the Trust wrote off a net amount of $0 in straight-line rent receivable against rental income. Total revenue from its leases recognized for the three months ended September 30, 2025 and 2024 is approximately $474,000 and $1,367,000 (which includes recognition of approximately $925,000 of rental income for non-refundable security deposits related to defaulted leases) respectively. Total revenue from its leases recognized for the nine months ended September 30, 2025 and 2024 is approximately $1,379,000 and $2,315,000 (which includes recognition of approximately $925,000 of rental income for non-refundable security deposits related to defaulted leases as allowed per the terms of the lease and based on the determination that these defaults will be not be cured), respectively. Due to significant price compression in the wholesale cannabis market, the Trust’s cannabis related tenants have experienced severe financial distress. Unfortunately, starting in 2022, collections from the CEA portfolio has diminished to a nominal amount. The Trust is exploring strategic alternatives with respect to the CEA portfolio and has listed assets for sale. Historically, the Trust’s revenue has been concentrated to a relatively limited number of investments, industries and lessees. During the nine months ended September 30, 2025, Power REIT collected approximately 93% of its consolidated revenue from two properties. The tenants were Norfolk Southern Corp (“NSC”) and Regulus Solar, LLC which represent 50% and 43% of consolidated revenue respectively. Comparatively, during the nine months ended September 30, 2024, Power REIT collected approximately 92% of its consolidated revenue from two properties. The tenants were NSC and Regulus Solar, LLC which represent 49% and 43% of consolidated revenue respectively. During the three months ended September 30, 2025, Power REIT collected approximately 91% of its consolidated revenue from two properties. The tenants were Norfolk Southern Corp (“NSC”) and Regulus Solar, LLC which represent 48% and 42% of consolidated revenue respectively. Comparatively, during the three months ended September 30, 2024, Power REIT collected approximately 97% of its consolidated revenue from two properties. The concentration percentages do not include the income from the recognition of security deposits related to defaulted leases. The tenants were NSC and Regulus Solar, LLC which represent 52% and 45% of consolidated revenue respectively. The following is a schedule by years of minimum future rentals on non-cancelable operating leases as of September 30, 2025 for assets and assets held for sale where revenue recognition is considered on a straight-line basis: SCHEDULE OF MINIMUM FUTURE RENTALS ON NON-CANCELABLE OPERATION LEASES
|  | Assets Held for Use |  |  | Assets Held for Sale |
2025 (3 months remaining) |  | $ | 95,403 |  |  |  | - |
2026 |  |  | 820,004 |  |  |  | - |
2027 |  |  | 828,155 |  |  |  | - |
2028 |  |  | 836,388 |  |  |  | - |
2029 |  |  | 844,703 |  |  |  | - |
Thereafter |  |  | 4,310,559 |  |  |  | - |
Total |  | $ | 7,735,212 |  |  | $ | - |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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