Power REIT

Below is a chart that summarizes our properties owned as of December 31, 2025:

Property Type/Name · Acres · Size1 · Gross Book Value2

Railroad Property

P&WV - Norfolk Southern · 112 miles · 9,150,000

Solar Farm Land

PWRS · 447 · 82 · 9,183,548

Solar Total · 447 · 82 · 9,183,548

Greenhouse - Cannabis

Maverick 1 5,6 · 5.20 · 17,368 · 1,594,582

Maverick 143,5,6 · 5.54 · 26,940 · 1,908,400

Tamarack 73,5 · 4.32 · 18,000 · 1,364,585

Tamarack 7 (MIP)4,5 · 636,351

Tamarack 193,5,6 · 2.11 · 18,528 · 1,311,116

Tamarack 8 - Apotheke 4,5 · 4.31 · 21,548 · 2,061,542

Tamarack 35,6 · 2.20 · 24,512 · 2,080,414

Tamarack 27 and 283,5,6 · 4.00 · 38,440 · 1,872,340

Maverick 5 - Jacksons Farms 4,5 · 5.20 · 15,000 · 1,358,634

Tamarack 4 and 53,5,6 · 4.41 · 26,076 · 2,239,870

Mortgage Loan · 884,142

Mortgage Loan · 96,893

Walsenburg, Colorado 3,5,6 · 35.00 · 74,800 · 4,219,170

Desert Hot Springs, California3,5,6 · 0.85 · 35,505 · 7,685,000

Vinita, Oklahoma3,5,6 · 9.35 · 40,000 · 2,593,313

Eliot, ME - Mortgage Loan5,7 · 597,000

Greenhouse Total · 82.49 · 356,717 · 32,503,352

Total Portfolio · 50,836,900

Impairment and Allowance for Receivable · 21,758,101

Depreciation and Amortization · 5,160,966

Net Book Value Net of Impairment, Allowance for Receivable, Depreciation and Amortization · 23,917,833

1 Solar Farm Land size represents Megawatts and CEA property size represents greenhouse square feet

2 Gross Book Value for our Greenhouse Portfolio represents purchase price (excluding capitalized acquisition costs) plus improvements costs

3Property is vacant

4Tenant is not current on rent/in default

5An impairment/allowance for receivable has been taken against this asset

6Asset held for sale

7Loan is in default

Railway Property

Pittsburgh & West Virginia Railroad (“P&WV”), a wholly owned subsidiary, is a business trust organized under the laws of Pennsylvania which owns railroad assets that are currently leased to Norfolk Southern Railway (“NSC”) pursuant to a 99-year lease that became effective in 1964 and is subject to an unlimited number of 99-year renewal periods under the same terms and conditions, including annual rent payments, at the option of NSC (the “Railroad Lease”). Norfolk Southern Corporation has an investment grade rating of BBB+ by S&P Global Ratings. P&WV’s assets consist of a railroad line of approximately 112 miles in length plus branch lines, extending through Connellsville, Washington and Allegheny Counties in the Commonwealth of Pennsylvania, through Brooke County in the State of West Virginia and through Jefferson and Harrison Counties in the State of Ohio, to Pittsburgh Junction in Harrison County, Ohio. There are also branch lines that total approximately 20 miles in length located in Washington and Allegheny Counties in Pennsylvania and Brooke County in West Virginia. NSC pays P&WV base cash rent of $915,000 per year, payable in quarterly installments. For the twelve months ended December 31, 2025, P&VW recorded rental income of $915,000.

Solar Ground Lease Property

PW Regulus Solar, LLC (“PWRS”) is a California limited liability company and a wholly owned subsidiary of the Trust that owns approximately 447 acres of land leased to a utility scale solar farm with an aggregate generating capacity of approximately 82 Megawatts in Kern County, California near Bakersfield. PWRS’s lease was structured to provide it with initial quarterly rental payments until the solar farm achieved commercial operation which occurred on November 11, 2014. During the primary term of the lease which extends for 20 years from achieving commercial operations, PWRS receives an initial annual rent of approximately $735,000 per annum which grows at 1% per annum. The lease is a “triple net” lease with all expenses to be paid by the tenant. At the end of the primary term of the lease, the tenant has three options to renew the lease for 5-year terms in the first two options, and 4 years and 11 months in the third renewal option. Rent during the renewal option periods is to be calculated as the greater of a minimum stated rental amount or a percentage of the total project-level gross revenue. The acquisition price, not including transaction and closing costs, was approximately $9.2 million. For the twelve months ended December 31, 2025, PWRS recorded rental income of $803,117.

CEA Greenhouse Properties – Cannabis Related

Colorado Portfolio

• Our greenhouse tenants may be unable to renew or maintain their licenses and authorizations for their cannabis operations, which may result in such tenants not being able to operate their businesses and defaulting on their lease payments.
• Our business activities, and the business activities of our cannabis tenants, while believed to be compliant with applicable U.S. state and local laws, are currently illegal under U.S. federal law.
• Our business strategy includes growth plans. Our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth or investments effectively.
• Even if we are able to execute our business strategy, that strategy may not be successful.
• We operate in a highly competitive market for investment opportunities and we may be unable to identify and complete acquisitions of real property assets.
• We acquired some of our properties, and expect to acquire other properties, “as-is” or otherwise with limited recourse to the prior owner, which significantly increases the risk of an investment.
• Because we may distribute a significant portion of our income to our stockholders or lenders, we will continue to need additional capital to make new investments. If additional funds are unavailable or not available on favorable terms, our ability to make new investments will be impaired.
• The investment portfolio is, and in the future may continue to be, concentrated in its exposure to a relatively few numbers of investments, industries and lessees.
• Our property portfolio has a high concentration of properties located in certain states.
• Our operating results may be negatively affected by potential development and construction delays and cost overruns.
• A failure to maintain properties can lead to deterioration of value.
• We may not be able to timely sell our cannabis-related properties at attractive values, or at all, and the transition could adversely affect our results and financial condition.
• A perceived difficulty of operating special purpose properties may affect profitably and property values.
• The valuation and accounting treatment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill, could result in future asset impairments, which would be recorded as operating losses.
• The illiquidity of real estate investments might delay or prevent us from selling properties that we determine no longer meet the strategic and financial criteria we apply and could significantly affect our ability to respond in a timely manner to adverse changes in the performance of our properties and harm our financial condition.
• Many factors, including changes in interest rates and the negative perceptions of the cannabis sector generally, can have an adverse effect on the value of our assets, our access to debt financing and the trading price of our securities.
• Individual taxpayers might perceive REIT securities as less desirable relative to the securities of other corporations because of the lower tax rate on certain dividends from such corporations to the extent we pay dividends in the future, which might have an adverse effect on the market value of our securities.
• The issuance of securities with claims that are senior to those of our common shares, including our Series A Preferred Stock, may limit or prevent us from paying dividends on our common shares. There is no limitation on our ability to issue securities senior to the Trust’s common shares or incur indebtedness.
• We are dependent upon Mr. David H. Lesser for our success.
• From time to time, our management team may own interests in our lessees or other counterparties, and may thereby have interests that conflict or appear to conflict with the Trust’s interests.
• Our lessees and many future lessees will likely be structured as special purpose vehicles (“SPVs”), and therefore their ability to pay us is expected to be dependent solely on the revenues of a specific project, without additional credit support.
• Some losses related to our real property assets may not be covered by insurance or indemnified by our lessees, and so could adversely affect us.
• Discovery of previously undetected environmentally hazardous conditions may adversely affect our operating results.
• Legislative, regulatory, accounting or tax rules, and any changes to them or actions brought to enforce them, could adversely affect us.
• Our quarterly results may fluctuate.
• We may not be able to sell our real property assets when we desire. In particular, in order to maintain our status as a REIT, we may be forced to borrow funds or sell assets during unfavorable market conditions.
• If an investment that was initially believed to be a real property asset is later deemed not to have been a real property asset at the time of investment, we could lose our status as a REIT or be precluded from investing according to our current business plan.
• Our failure to remain qualified as a REIT would subject us to U.S. federal income tax and applicable state and local taxes, which would reduce the amount of cash available for distribution to our stockholders and have significant adverse consequences on the market price of our common shares.
• If we are deemed to be subject to Section 280E of the Code because of the business activities of our tenants, the resulting disallowance of tax deductions could cause us to incur U.S. federal income tax and jeopardize our REIT status.
• Legislative, regulatory or administrative changes could adversely affect us or our stockholders.
• If we were deemed to be an investment company under the Investment Company Act of 1940, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on the price of our securities.
• Net leases may not result in fair market lease rates over time.
• If a sale-leaseback transaction is recharacterized in a lessee’s bankruptcy proceeding, our financial condition could be adversely affected.
• Provisions of the Maryland General Corporation Law and our Declaration of Trust and Bylaws could deter takeover attempts and have an adverse impact on the price of our common shares.
• Our business and operations would suffer in the event of system failures.
• We are increasingly dependent on information technology, and our systems and infrastructure face certain risks, including cybersecurity and data leakage risks.
• We have identified material weaknesses in our internal controls, and we cannot provide assurances that these material weaknesses will be effectively remediated or that additional weaknesses will not occur in the future.
• As a result of our failure to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, security holders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common shares.
• Risks Related to our Investment Strategy
• Each property in our portfolio could be considered a special purpose use asset which may impact market value and the ability to lease to generate income.
• Our real estate investments include greenhouse properties suitable for the cultivation of cannabis, and a decrease in demand for such facilities has and could continue to materially and adversely affect our business. These properties may be difficult to sell or re-lease upon tenant defaults or lease terminations, either of which could adversely affect our business.
• Our focus on non-traditional real estate asset classes including CEA, alternative energy and transportation infrastructure sectors will subject us to more risks than if we were broadly diversified to include other asset classes.
• Renewable energy resources are complex, and our investments in them rely on long-term projections of resource and equipment availability and capital and operating costs; if our or our lessees’ projections are incorrect, we may suffer losses.
• Infrastructure assets may be subject to the risk of fluctuations in commodity prices and in the supply of and demand for infrastructure consumption.
• Infrastructure investments are subject to obsolescence risks.
• Renewable energy investments may be adversely affected by variations in weather patterns.
• Investments in renewable energy may be dependent on equipment or manufacturers that have limited operating histories or financial or other challenges.
• Our portfolio of marketable securities, is subject to market, interest and credit risk that may reduce its value.
• Risks Related to our Securities
• There is a 9.9% limit on the amount of our equity securities that any one person or entity may own.
• We cannot assure you that our common shares and our Series A Preferred Stock will remain listed on the NYSE American.
• Low trading volumes in the Trust’s listed securities may adversely affect holders’ ability to resell their securities at prices that are attractive, or at all.
• Our stock price has fluctuated in the past, has recently been volatile and may be volatile in the future, and as a result, investors in our common shares could incur substantial losses.
• Our ability to issue preferred stock in the future could adversely affect the rights of existing holders of our equity securities.
• The issuance of additional equity securities may dilute existing equity holders.
• Our Series A Preferred Stock has not been rated and is junior to our existing and future debt, and the interests of holders of Series A Preferred Stock could be diluted by the issuance of additional parity-preferred securities and by other transactions.
• Holders of Series A Preferred Stock have limited voting rights.
• Dividends on our Series A Preferred Stock can be suspended and not paid on a current basis.
• We may issue additional Series A Preferred Stock at a discount to liquidation value or at a discount to the issuance value of shares of Series A Preferred Stock already issued.
• The change of control conversion and delisting conversion features of our Series A Preferred Stock may not adequately compensate a holder of such securities upon a Change of Control or Delisting Event (as such terms as defined in regard to our Series A Preferred Stock), and the change of control conversion, delisting conversion and redemption features of our Series A Preferred Stock may make it more difficult for a party to take over our trust or may discourage a party from taking over our trust.
• Ownership limitations may restrict change in control or business combination opportunities in which our stockholders might receive a premium for their shares.
• Our Series A Preferred Stock is subject to interest rate risk.
• Inflation may negatively affect the value of our Series A Preferred Stock and the dividends we pay.
• Risks Related to Regulation
• The U.S. federal government’s approach towards cannabis laws may be subject to change or may not proceed as previously outlined.
• Laws, regulations and the policies with respect to the enforcement of such laws and regulations affecting the cannabis industry in the United States are constantly changing, and we cannot predict the impact that future regulations may have on us.
• We may be subject to anti-money laundering laws and regulations in the United States.
• Litigation, complaints, enforcement actions and governmental inquiries could have a material adverse effect on our business, financial condition and results of operations.