Power REIT 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 001-36312(Commission file number) POWER REIT (Exact name of registrant as specified in its charter) Maryland(State or other jurisdiction of incorporation or organization) (212) 750-0371(Registrant’s telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: 7.75% Series A Cumulative RedeemablePerpetual Preferred Stock, LiquidationPreference $25 per Share Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 367,120 common shares, $0.001 par value, outstanding at August 6, 2026. TABLE OF CONTENTS PageNo.PART I – FINANCIAL INFORMATION3Item 1 – Financial Statements (Unaudited)3Consolidated Balance Sheets as of June 30, 2026 and December 31, 20253Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 20254Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2026 and20255Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 20256Notes to Unaudited Consolidated Financial Statements7Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations21Item 3 – Quantitative and Qualitative Disclosures About Market Risk28Item 4 – Controls and Procedures28PART II – OTHER INFORMATION29Item 1 – Legal Proceedings29Item 1A – Risk Factors29Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds33Item 3 – Defaults Upon Senior Securities33Item 4 – Mine Safety Disclosures33Item 5 – Other Information33Item 6 – Exhibits33SIGNATURE342 POWER REIT AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited) * On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statementshave been retroactively adjusted to reflect the reverse stock split for all periods presented. * On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statementshave been retroactively adjusted to reflect the reverse stock split for all periods presented. The accompanying notes are an integral part of these unaudited consolidated financial statements. * On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statementshave been retroactively adjusted to reflect the reverse stock split for all periods presented. The accompanying notes are an integral part of these unaudited consolidated financial statements. POWER REIT AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) 1 – GENERAL INFORMATION Power REIT (the “Registrant” or the “Trust”, and together with its consolidated subsidiaries or “Power REIT”, unless the contextrequires otherwise) is a Maryland-domiciled, internally-managed real estate investment trust (a “REIT”) that owns a portfolio of realestate assets related to transportation, energy infrastructure and Controlled Environment Agriculture (“CEA”) in the United States. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting p