Power REIT Business Summary

Power REIT (PW) is an internally managed real estate investment trust (REIT) specializing in sustainable infrastructure through a triple-net lease revenue model. The company operates across three primary business segments: Controlled Environment Agriculture (CEA), Renewable Energy, and Transportation. Its CEA segment focuses on acquiring and developing greenhouse facilities for food and cannabis cultivation, while its Renewable Energy division manages fee-simple land leased to utility-scale solar projects. The Transportation segment consists of a legacy 112-mile railroad infrastructure asset leased to Norfolk Southern Corporation. Positioned as a micro-cap specialty player, Power REIT competes directly with cannabis-focused REITs like Innovative Industrial Properties (IIPR) and NewLake Capital Partners (NLCP), as well as agricultural peers like Gladstone Land (LAND). It differentiates itself by maintaining a diversified, infrastructure-heavy portfolio that blends high-growth agricultural assets with stable, long-term utility and transportation leases. The company is led by Chairman and CEO David H. Lesser, who orchestrated the firm's 2011 reincorporation and subsequent pivot toward sustainable infrastructure. Lesser brings over 30 years of real estate and investment banking experience, including senior roles at Merrill Lynch and Crescent Real Estate Equities. The executive team includes Susan Hollander, who serves as Chief Accounting Officer with over three decades of expertise in REIT accounting and financial reporting, and Arun Mittal, the Vice President of Business Development. The Board of Trustees features notable industry veterans such as William S. Susman, an investment banker with deep transportation expertise, and Patrick R. Haynes III, a specialist in commercial real estate acquisitions. Significant institutional and insider backing includes 10% owner Henry Posner III, reflecting the company's deep roots in the Pittsburgh & West Virginia Railroad legacy.